RECON for July 19, 2022RECON for July 19, 20222022-07-19T05:00:00Z2022-07-19T05:00:00Z

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RECON Texas Real Estate Research Center
LUXURY HOME SALES in Austin in the first five months of 2022 were almost twice the number sold there in all of 2018. The details are below. (Photo by Center Photographer JP Beato III)
July 19, 2022

Austin’s luxury home market catching up with Houston, DFW

COLLEGE STATION, Tex. (Texas Real Estate Research Center) – Sales of luxury homes – those priced at $1 million or more – have risen significantly from pre-pandemic levels in Texas’ four largest metros, with Austin showing particularly strong momentum.

The number of luxury homes sold in Austin in the first five months of 2022 was almost twice the number sold there for all of 2018. Compare that with Houston, Dallas-Fort Worth, and San Antonio, where the number sold during the same period was about on par with the total sold in those cities four years ago.

Housing data show Austin’s luxury market has been gaining momentum over the past few years.

In 2018, the city’s luxury sales were half of those in Houston and DFW. By 2021, though, Austin was only slightly behind Houston. The two cities have been neck and neck this year in terms of luxury home sales, and Joshua Roberson, lead data analyst with the Texas Real Estate Research Center at Texas A&M University, says Austin is poised to surpass Houston.

“What makes this all the more remarkable is that Austin’s population is only about one-sixth the population of Houston and one-seventh that of DFW,” Roberson said.

DFW has led the state in luxury home sales for five years in a row.

“In-state migration, particularly among higher-income households, has propelled luxury home markets,” Roberson said. “And booming DFW and Austin have provided steady growth for the state’s overall luxury market.”

However, while year-to-date sales are on pace to surpass pre-pandemic sales, Roberson says it’s too early to tell if there is enough momentum to exceed 2021 sales.
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Large-scale mixed-use development approved for Las Colinas

IRVING (Dallas Business Journal) – The city council has approved a large-scale mixed-use development for Las Colinas.

The more than 20-acre development will have 800,000 sf of office space, a couple hundred multifamily units, restaurants, and retail.

The project site is along Lake Carolyn within the Las Colinas Urban Center northeast of SH 114. 

Sketchy drawing of commercial buildingsThe Texas Real Estate Research Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Three Pillars Capital Group acquires 544-unit multifamily community

HOUSTON (REBusiness) – Three Pillars Capital Group has acquired Del Mar Apartments and plans to implement a capital improvement program.

The 544-unit multifamily community has one-, two-, and three-bedroom units, a fitness center, and three pools.

Houston Income Properties represented Three Pillars Capital in the deal.

First Choice Management was the seller.

NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:NewsTalk Texas is updated each weekday, throughout the day. 

Carolina Beverage Group adds 494k sf of industrial at AllianceTexas

FORT WORTH (REBusiness) – Carolina Beverage Group has signed a 493,920-sf lease expansion at AllianceTexas.

The company now occupies 695,124 sf there.

The newly leased space includes 36-foot clear heights, 135-foot truck court depths, and ample trailer parking.

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450,000-sf GAF Energy Building coming to Georgetown

GEORGETOWN (Dallas Business Journal) – California-based solar roofing company GAF Energy LLC is developing a 450,000-sf manufacturing, research, and office facility at the corner of I-35 and SE Inner Loop.

The city council unanimously approved the $100 million project July 12. The facility could create at least 265 jobs over five years.

Portman Industrial is handling construction. 

Completion is slated for June 2023 with GAF's lease beginning in 2024.

Communication Matters video seriesThe Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Northeast Houston retail center sells to South Florida investor

HUMBLE (JLL) – JBL Asset Management of Florida has purchased Humblewood Shopping Center from Forge Capital Partners.

The 163,897-sf power center at 19611 US 59 is anchored by Conn’s and Petco. 

Other tenants include Michaels, DSW, Five Below, Texas State Optical, Sketchers, GameStop, Honey Baked Ham, Jason’s Deli, Smoothie King, IHOP, Humble Nails, Gadget MD, and Ace Cash Express.

JLL represented the seller.

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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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