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RECON for July 15, 2022RECON for July 15, 20222022-07-15T05:00:00Z2022-07-15T05:00:00Z

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RECON Texas Real Estate Research Center
JOLLY GOOD SHOW, Y'ALL. This concrete sculpture in the Texas Hill Country, was built  by Al Shepperd and Doug Hill in homage to the original Stonehenge monument in Wiltshire, England. Originally located near Hunt, Texas, it now resides on the campus of the Hill Country Arts Foundation in Ingram. (Photo by Center Photographer JP Beato III).
July 15, 2022

Despite heat, North Texas housing market cools

DALLAS (NBC DFW) – Temperatures may be up, but North Texas' housing market continued to cool in June.

Last month, 9,133 existing single-family homes sold in Dallas-Fort Worth, an 8 percent drop from June 2021, according to the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems.

The median price was $435,000, 20 percent higher than a year ago but the same price as in May.

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Wu Properties goes shopping, buys West Houston retail power center

HOUSTON (Houston Chronicle) –  Locally based Wu Properties has purchased Market Square at Eldridge, a 262,556-sf retail center at 2660 Eldridge Pkwy. S., about four miles south of the Energy Corridor.

The roughly 32-acre property was 98 percent leased at the time of sale. It has an appraised value of more than $44 million, according to the Harris County Central Appraisal District.

Tenants include Burlington, Michael's, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. The strip center also has a Target store and a vacant Sam’s Club, but they weren't included in the transaction.

Market Square is among the top 5 percent of U.S. shopping centers for foot traffic, according to commercial real estate company JLL, which marketed the property on behalf of the seller, Walton Street Capital.

Continental Automotive Systems eyeing completion for 215,000-sf industrial project

NEW BRAUNFELS (Connect CRE) – Continental Automotive Systems is nearing completion on a 215,000-sf manufacturing facility.

The $110 million facility, which will be used to make advanced driver assistance systems, will create 130 jobs when operations begin in September.

In Other News: From the NewsTalk Texas feed
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
 

Swig Co. sells 536,000-sf Fossil Group HQ

​DALLAS (REBusiness) – San Francisco-based The Swig Co. has sold a 536,000-sf office building at 901 S. Central Exwy.

The four-story building houses fashion design company Fossil Group.

JLL represented Swig Co. in the sale.​

How does Texas’ employment rate compare with the national one? Our monthly Texas Employment Report tells you. In addition, it includes rankings of Texas metropolitan statistical areas and various industries. Read the latest edition here and subscribe to our email list to get notified when a new issue is released.

Betenbough's Lubbock Ops Center on the way

LUBBOCK (Connect CRE) – Betenbough Co. has broken ground on its $18 million Lubbock Operations Center at 5307 82nd St.

The 410,000-sf center will house a recording studio with cyclorama wall, garden, and 12 meeting rooms.

The building will hold 400 employees. It​ opens in early 2024.

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Landowner grants reduce wildfire risks

COLLEGE STATION (Texas A&M Forest Service) – Landowners in Central Texas can apply now for grants to help reduce risks posed to their properties by wildfire.

The State Fire Assistance for Mitigation – Mechanical Fuels Grant offers financial assistance to landowners to reduce fuels at high-risk for wildfire by using mechanical fuel reduction practices.

Funding will be provided to private landowners for reimbursement costs associated with hand-cut fuel breaks using chainsaws or mechanical mulching using mechanical brush cutters, forestry mulchers, and similar pieces of equipment.

Fuel breaks are a removed section of vegetation that can decrease intensity of fires, protect first responders by giving them wide access lanes, and slow incoming wildfires.

Thirty-two counties in Central Texas are eligible for funding of actual costs not to exceed $750 per acre for hand-cut fuel breaks or $2,000 per acre for mulched fuel breaks. The maximum reimbursement for either method is $10,000.

Priority will be given to landowners who live within the designated counties, are situated to protect the most homes and values, are located in a county or city that has an active Community Wildfire Protection Plan, or live within a Firewise USA Site.

After the application deadline, submissions will be ranked and approval or denial letters will be sent by Sept. 30, 2022. If approved, applicants have 90 days to contract and complete the fuel break work.

Learn more about the State Fire Assistance for Mitigation – Mechanical Fuel Reduction grant, view an eligibility map, and apply at https://bit.ly/3IB6LDa.

El Paso ninth best city for renters

EL PASO (WalletHub) – A study of more than 180 U.S. cities rates El Paso as the nation's ninth best for renters. Plano is 17th, Laredo 21st, Brownsville 26th, and Austin 27th.

To determine the best local rental markets, WalletHub compared 182 cities, including the 150 most populated, at least two of which came from each state. Two key dimensions were studied: "rental market and affordability" and "quality of life."

Among the findings: 

  • Amarillo has the fourth highest rental vacancy rate. 

  • Brownsville has the lowest cost-of-living index at 73, which is 2.7 times lower than New York City's 195. 

Columbia, MD, was rated the nation's best rental market. Detroit, MI., is the worst.

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Copyright © 2022, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley. 


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