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RECON for July 22, 2022RECON for July 22, 20222022-07-22T05:00:00Z2022-07-22T05:00:00Z

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RECON Texas Real Estate Research Center
REMEMBER WATER? Before the record-breaking heat and widespread drought, TRERC Photographer JP Beato III captured this tranquil scene on the Guadalupe River near Hunt, Texas.
July 22, 2022

Existing Texas homes popular with foreign buyers

WASHINGTON (National Association of Realtors) – Texas is the third most popular state for foreign buyers shopping for existing U.S. homes.

International buyers purchased $59 billion in U.S. residential properties from April 2021 to March 2022, up 8.5 percent from the previous year, breaking a three-year streak of declines.

The average ($598,200) and median ($366,100) purchase prices by international buyers are the highest ever recorded by the National Association of Realtors.

China, Canada, India, Mexico, and Brazil were the top five countries of origin by U.S. residential sales volume. 

Eight percent of international purchases were in Texas. Florida was the preferred destination with 24 percent of all international purchases. California was second with 11 percent, Arizona fourth with 7 percent, and New York and North Carolina tied at 4 percent.

Tesla to add 500,000 sf to Austin Gigafactory

AUSTIN (Connect CRE) – Tesla has filed plans with the city to build a 500,000-sf addition to its newly opened Gigafactory at 13101 Tesla Rd.

The current facility, which opened in April, spans over four million sf.

The expansion will include two new assembly lines.

The Link a 'Dream' project for SA

SAN ANTONIO (Connect CRE) – The city has begun construction on The Link, a public pathway connecting the San Antonio Riverwalk and the San Pedro Creek Culture Park.

Universal Services Group's $400 million project will include green spaces, water features, and public art. A Dream Hotel will anchor one end of the pathway.

The city has allocated $41 million to begin work.

Helping Texans make the best real estate decisions since 1971.

Harwood acquires 170k-sf creative office building in Downtown Dallas

DALLAS (Harwood International) – Harwood International has acquired The Luminary, a 169,005-sf, Class A office building at 409 N. Houston St.

Standing seven stories, the building was built in 2019 by the anchor tenant, Corgan, and is 67 percent leased.

Amenities include a rooftop terrace, bike racks, shower facilities, lobby lounge, and 14-ft floor-to-ceiling, electronically tinted SageGlass.

Harwood plans to add a coffee bar and charging stations and update the lobby lounge and rooftop terrace.

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:

Historical W-K-M buildings converting to mixed-use district

HOUSTON (Houston Chronicle) – Concept Neighborhood plans to convert the roughly 80-year-old buildings that once housed W-K-M in Houston's East End to a walkable, mixed-use district.

The redevelopment will consist of 145,000 sf spanning several sites around 201 Roberts St. It will be home to local businesses, boutiques, restaurants, and small office spaces.

Construction on the first phase, which will include 50,000 sf of retail and 23,000 sf of office space, will begin in fourth quarter 2022.

The redevelopment is expected to be completed by 2026. 

market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

Pearlstone planning 48-story Austin high-rise

AUSTIN (Connect CRE) – Pearlstone Partners is planning a 48-story residential tower on two vacant tracts at 62 and 64 East Ave.

The development will have 245 condominiums.

Construction begins in 2023 and will wrap up in 2026.

Office Properties Income Trust sells 206k-sf Houston office building

HOUSTON (JLL) – Office Properties Income Trust has sold Oak Park Office Center II.

The two-story office building, totaling 206,362 sf, is at 6380 Rogerdale Rd. in the Oak Park Business Park.

Oak Park Office Center II is currently 40.9 percent occupied on a long-term basis by Men's Wearhouse. The tenant uses the first floor as its headquarters. 

Additionally, the property has 1,070 parking spaces and three access points along Rogerdale Rd.

JLL marketed the property on behalf of the seller. 

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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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