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RECON for February 19, 2019RECON for February 19, 2019Bryan PopePope
2019-02-19T06:00:00Z2019-02-19T06:00:00Z

Real Estate Center Online News
Horses run on rural Texas land at sunset.
Texas has approximately 248,000 farm and ranch operations accounting for over 142 million acres of land use. According to the Texas Land Trends project from Texas A&M’s Natural Resources Institute, land fragmentation and conversion is likely to increase over the next decade as lands will likely pass to younger generations. The full story is in today's RECON. (Photo from Center files.)
February 19, 2019

Five Texas cities among nation's 20 fastest-growing suburbs for renters

​​​​​​SANTA BARBARA, Calif. (RentCafe) – Five Texas cities have landed on RentCafe's list of the 20 fastest-growing suburbs in the country. 

Flower Mound, a Dallas-area suburb, ranked third on the list, with the renter population growing 115 percent over the last five years. The average rent was $1,546 in October 2018, up 22 percent over five years.

Eighth Allen and ninth Burleson—both Dallas suburbs—saw their renter populations grow 71 and 70 percent, respectively. Allen rents grew 16 percent to $1,295 while Burleson rents were at $1,187 (up 21 percent over five years​​​​​​​​) in October.

No. 11 Pearland was the only Houston metro on the list, with the renter population change over five years at 67 percent. The average rent was $1,273, up 6 percent over five years.

The Colony (Dallas) ranked 19th. The five-year renter population change was 58 percent. Average rents grew 25 percent over five years to $1,315 in October 2018. 

RentCafe ranked the suburbs by change in renter population since 2013. The rest of the top ten rankings are:
  • No. 1 Chamblee, Ga. (Atlanta, 156 percent five-year renter change);
  • No. 2 Norcross, Ga. (Atlanta, 148 percent);
  • No. 4 Riverview, Fla. (Tampa, 106 percent);
  • No. 5 Clarkston, Ga. (Atlanta, 97 percent);
  • No. 6 Johns Creek, Ga. (Atlanta, 79 percent);
  • No. 7 Lutz, Fla. (Tampa, 74 percent); and
  • No. 10 Lilburn, Ga. (Atlanta, 67 percent).

The U.S. and Texas economies will continue to expand in 2019 but at noticeably decelerated rates. Moderate oil prices (around $50 a barrel), softening global economic activity, uncertain international trade negotiations, and volatility in the financial markets will likely cause the Texas and U.S. economies to lose some forward momentum. Get the details in our exclusive 2019 Texas Housing & Economic Outlook report, written by the Real Estate Center research staff.

National housing affordability relatively unchanged in 4Q 2018

​​​​​WASHINGTON (National Association of Home Builders) – A modest increase in interest rates offset a slight decline in home prices to keep housing affordability essentially level in fourth quarter 2018 and still hovering at a ten-year low, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).

In all, 56.6 percent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $71,900. This is slightly up from the 56.4 percent of homes sold in the third quarter that were affordable to median-income earners.

The national median home price moved down from $268,000 in third quarter 2018 to $263,000 in the fourth quarter. 

At the same time, average mortgage rates rose by 17 basis points in the fourth quarter to 4.89 percent from 4.72 percent. This was the fourth straight quarterly rate hike and the highest rate level since second quarter 2011.

“Builders are finding it increasingly difficult to build at price points most consumers need because they are struggling with burdensome regulations, higher material costs and shortages of lots and labor,” said NAHB Chairman Randy Noel. “Historically, housing has been the canary in the coal mine, and these ongoing affordability woes should serve as a wake-up call to policymakers to take immediate action.”

Youngstown-Warren-Boardman, Ohio-Pa. was the nation’s most affordable major housing market. There, 92.7 percent of homes sold were affordable to families earning the area’s median income of $60,100. 

San Francisco, for the fifth straight quarter, was the nation’s least affordable major market. Just 6 percent of homes sold were affordable to families earning the area’s median income ($116,400).

The Real Estate Center has more Texas housing affordability data ​online. 
29th Annual Outlook for Texas Land Markets
Registration for our 29th Annual Outlook for Texas Land Markets on April 25-26 in San Antonio is now open! The conference provides information on a variety of legal, economic, social, and natural resource issues influencing current land market dynamics. ​Register by Tuesday, March 26, for early-bird pricing. Don't forget to RSVP to our Facebook event to stay in the loop. 

Austin best state capital to live in

​​​​​AUSTIN (WalletHub) – For the second year in a row, Austin has snagged the top spot on WalletHub's list of 2019's best state capitals in which to live.

The Texas capital ranked first in economic well-being, fourth in both quality of education and health and quality of life, and 12th in affordability.

Austin was also fourth in highest median housing income (adjusted for cost of living) and fourth in highest percent of adults with a bachelor's degree or higher. 

It was second in both highest percent of millennial newcomers and lowest premature-death rate. Austin tied with Boston, Honolulu, and Atlanta for most attractions.

Rounding out the top five were Boise, Idaho; Raleigh, N.C.; Madison, Wis.; and Lincoln, Neb.

The report compared all 50 state capitals across 51 key metrics, ranging from cost of living to K-12 school-system quality to number of attractions. 
Helping Texans make better real estate decisions since 1971

NRI report shows value of conservation easements

​​COLLEGE STATION (AgriLife Today) – The Texas Land Trends project of Texas A&M’s Natural Resources Institute (NRI) has published a special report​ describing Texas landowner participation in land conservation easements and their value to agricultural production, water and wildlife.

​​About 83 percent of lands in Texas are classified as privately-owned working lands. Land-use conversion, including fragmentation, accounted for the loss of approximately 1.1 million acres of working lands in Texas between 1997 to 2012.

According to NRI director Dr. Roel Lopez, increasing population growth and development has put extra pressure on working lands, often leading to their fragmentation into smaller parcels or conversion to other land uses, such as residential development.

The amount of land fragmentation and conversion is likely to increase over the next decade as lands will likely pass to younger generations who may have less experience or lack the financial capital, motivation, or interest needed to sustain family operations, 

According to the Texas Land Trust Council, conservation easements have been an effective tool to protect around one million acres of private land in Texas. 

Texas has approximately 248,000 farm and ranch operations accounting for over 142 million acres of land use. In 2017, these agricultural operations generated about $23 billion in cash receipts and are reported to contribute over $100 billion annually to the food and fiber sector, says Lopez.

According to the latest Texas State Water Plan, the state will have a nearly nine million acre-feet water deficit by 2070.

Texas Land Trends data shows wildlife management on Texas working lands has increased by over 5.6 million acres since 1997. The interest in wildlife is also reflected in the 2016 National Survey of Fishing, Hunting, and Wildlife-Associated Recreation, showing about 104 million Americans are involved in some type of passive or active wildlife-related recreation. 

The NRI’s analysis suggests that conservation easements in Texas have the potential to provide approximately $5.8 million in total wildlife value annually.

More than 88 percent of conservation easements in the state were executed in the past two decades, indicating an increasing interest and willingness among private landowners to use conservation easements.​
Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

Wheeler wins award for Beaumont multifamily update

​​​​BEAUMONT (Wheeler Commercial) – The Beaumont Board of Realtors has announced that Wheeler Commercial was awarded the 2018 William C. Jennings Award by Texas Realtors at their annual Winter Meeting in Austin on Feb. 11.

The William C. Jennings Award, administered by the commercial division of Texas Realtors, recognizes the year's most outstanding commercial transaction based on contribution to the community, the merit and creativity of the transaction, and the application of commercial real est​ate principles and practices. 

The winning transaction involved a run-down apartment complex in Beaumont that was transformed into a safe, updated property. This award marked the first time in its history that it was given to an entire firm.

The award is named after former Real Estate Center Advisory Committee Chairman William C. Jennings Sr. of Fort Worth. He served has chairman from 1990 to 1991. ​His son, W. Douglas​ Jennings, is the current Advisory Committee ​chairman.
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. 

Longview home sales rise

​​LONGVIEW (Longview News-Journal) – East Texas home sales jumped nearly 8 percent in January 2019 from a year ago, according to new data from the Longview Area Association of Realtors.

Last month, 193 sales closed in the association’s ten-county market, up from 179 in January 2018, which was the slowest month of last year. Monthly average sales were 269 in 2018.

The average sales price was $172,186, up from $171,495 a year ago.

Across the region, homes spent an average of 122 days on the market, up one day from a year ago.

Sales through the association’s Multiple Listing Service typically represent about 85 percent of total sales in the market. It does not capture sales by owners, for example, or some sales of new construction by builders.

Man holding a sign that says
Do you have a real estate or economics question? Tweet us @TexRec with the hashtag #AskTexRec. One of REC's research staff might answer. Plus, your question could be featured on an episode of the Real Estate Red Zone podcast. You can also email info@recenter.tamu.edu.

Killeen-Temple home prices up 4.1 percent YOY

KILLEEN-TEMPLE (Killeen Daily Herald) – Area home prices grew 4.1 percent year over year in fourth quarter 2018, according to a Real Estate​​​ Cen​ter report.

The average home price in the Killeen-Temple area was $160,000, up from $154,000 the year before. 

There were 506 homes sold in the area in December 2018, while the housing inventory stood at 2.9 months. The Center considers a six- to 6.5-month inventory a balanced market. 

Homes spent an average of 75 days on the market.

According to the data, 15.5 percent of homes were foreclosed on. About 65 percent of them are due to VA home loan foreclosures.
Communication Matters video seriesThe Real Estate 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.

Downtown hotel sittin' prim and Proper

AUSTIN (Curbed Austin) – More than two years after breaking ground, Austin Proper Hotel & Residences will open its brand-new building at 200 Nueces St. in June.

The 33-story, 500,000-sf luxury property includes 244 guest rooms and 99 condos for sale. It will offer restaurants, an outdoor lounge, two elevated swimming pools, full-service spa and wellness facility, and nearly 10,000 sf of meeting space.

Proper Hospitality announced that 70 percent of the condos have sold. The hotel prices will start at $350 per night.

Listings spike across Metroplex in January

DALLAS (Dallas Morning News) – A flood of North Texas houses hitting the market in January means it may take longer to sell a Dallas-Fort Worth home.

The number of houses up for sale in Dallas County rose more than 43 percent in January compared with a year earlier, according to the MetroTex Association of Realtors.

Home listings were also up by more than 42 percent in Denton County and 37 percent in Collin County. In Tarrant County, home listings were up 35 percent over the year.

The wave of properties hitting the market comes at a time when home​ sales in the area are declining and price increases have evaporated.

Sales fell 12.8 percent and 12.6 percent in Denton and Dallas Counties, respectively. Collin County home sales fell 10.5 percent over the year. Sales dropped 8.6 percent in Tarrant County. 

At the end of last month, there were almost 22,000 houses listed for sale with North Texas real estate agents—the largest January inventory in six years. 

More than 10,000 additional home listings hit the market in January alone.

Home prices ​​​grew 3.9 percent to $220,000 in Tarrant County and 3.5 percent to $300,000 in Denton County. Collin County home prices increased 0.6 percent to $313,707. Prices remained unchanged in Dallas C​ounty ($215,000).
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History in the re-making for Amarillo building

AMARILLO (MyHighPlains.com) – The historic Barfield Building is now set to become a boutique hotel as a part of Marriott's Autograph Collection with Coury Hospitality.

Crews began work in December 2018 on the building at 600 Polk St.

The new hotel will have 109 rooms, a restaurant, and a speakeasy.

It is expected to be complete by late 2019.

The property was built in 1926 and has been vacant for almost 25 years.​ 

Building the $120M food chain

SAN ANTONIO (Rivard Report) – Cuisine Solutions recently broke ground on a 290,000-sf facility ​at Brooks.

The $120 million facility will be constructed on 24 acres on Aviation Landing. It is anticipated to open in mid-2020.

This is the Virginia-based food manufacturer and distributor’s fourth U.S. location. It will add over 500 jobs to the area over four years.​
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Copyright © 2019, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=249
RECON for February 15, 2019RECON for February 15, 2019Bryan PopePope
2019-02-15T06:00:00Z2019-02-15T06:00:00Z

Real Estate Center Online News
According to Texas Realtors, 524,511 people moved to Texas in 2017, ranking the state second in the country for relocation activity. For the full story, keep reading today's RECON. (Photo from Center files.)
February 15, 2019

Mortgage delinquencies fall amid stable foreclosure rates

IRVINE, Calif. (Connect Media) – CoreLogic’s Loan P​erformance Insights ​Report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency in November 2018, representing a 1.1 percent-point decline year over year. 

Additionally, the foreclosure inventory rate stood at 0.4 percent, which was down 0.2 percent from November 2017 and was the lowest for any month since January 2000.

Delinquency in the Texas metros also declined year over year, with foreclosure rates remaining steady.

Texas' largest rate drop in 30-days-or-more delinquenc​y was in Houston, where it fell to 5.2 percent in November from 10.4 percent.

In Austin, the delinquency rate was 2.6 percent, the lowest of Texas' major metros and down from 3 percent.

Delinquency rates in Dallas and San Antonio were also down in November. DFW's rate fell to 4 percent from 4.6 percent while San Antonio's was down from 6.5 percent to 5.7 percent​​. 
Jim Gaines portrait on cover of outlook report
The Texas economy will cool off slightly as the housing market returns to normal in the coming year. Get the details in our exclusive 2019 Texas Housing & Economic Outlook report, written by the Real Estate Center research staff.

Welcome home: 525k residents moved to Texas in 2017

AUSTIN (Texas Realtors) – The Lone Star State ranked second in the nation for relocation activity in 2017, according to the ​20​19 Texas Relocation Report​ by Texas Realtors (formerly the Texas Association​​ of Realt​ors).

The state welcomed 524,511 new residents in 2017, fewer than the 531,966 out-of-state residents who moved to Texas in 2016. 

The net gain of out-of-state residents in Texas in 2017 fell from 87,656 in 2016 to 57,173 residents in 2017.

Residents moving to Texas from outside of the United States made up nearly half of the total inflow of residents. 

Among U.S. states, the highest number of new Texans relocated from California (63,175), Florida (33,740), Louisiana (28,700), Illinois (26,214),​​​​ and New York (20,644).

Texas ranked third in the United States for the number of residents moving out of state (467,338) in 2017. 

The most popular out-of-state relocation destinations for Texans were California (40,999), Oklahoma (32,430), Florida (31,625), Colorado (25,212), and Louisiana (17,674).

At the metro level, Los Angeles-Long Beach-Anaheim, New York-Newark-Jersey City, and Chicago-Naperville-Elgin produced the highest volume of residents relocating to Texas. Dallas-Fort Worth-Arlington had the highest number of incoming residents from out of state (230,118), followed by Houston-The Woodlands-Sugar Land (203,279).

​​​The report used data from U-Haul and the U.S. Census Bureau's 2017 American Community Survey five-year estimates.​​
#TXLand2019
Registration for our 29th Annual Outlook for Texas Land Markets on April 25-26 in San Antonio is now open! The conference provides information on a variety of legal, economic, social, and natural resource issues influencing current land market dynamics. ​Register by Tuesday, March 26, for early-bird pricing. Don't forget to RSVP to our Facebook event to stay in the loop. 

Transwestern to start on 834K-sf distribution center 

HOUSTON (Houston Chronicle) – Transwestern Development Co. plans to break ground on the Sam Houston Distribution Center, an 833,720-sf industrial project off Fairbanks N. Houston Rd. between Fallbrook Dr. and Taub Rd.

The 60-acre site will have three buildings and additional land for added trailer storage or a build-to-suit opportunity. 

The buildings in the first phase consists of:
  • ​a 200,200-sf front-load building with a 32-ft clear height; 
  • a 494,800-sf, cross-dock facility with a 36-ft clear height; and 
  • a 138,720-sf, front-load facility with a 32-ft clear height.
Completion is planned for 2020, positioning the park to benefit from the $1.8 billion expansion of US 290 that is expected to be completed in late 2019.

Transwestern acquired the land and will develop the project with institutional investors advised by J.P. Morgan Asset Management.
Texas housing at a glance
Read the latest Texas Housing Insight report for more.

Big Alliance industrial project will have room to grow

FORT WORTH (Fort Worth Star-Telegram) – ​Developer Hillwood announced another round of warehouse construction would begin in March totaling 1.5 million sf of industrial space in the AllianceTexas development.

Alliance ​Westp​ort 11, located off the SH 156 frontage road, is designed to become one of the biggest modern distribution centers in the United States. It will offer one million sf of usable space with the ability to expand to more than two million sf. 

In the Northlake portion of Alliance at I-35W and SH 114, Hillwood will build two smaller warehouses totaling 500,000 sf.
Dr. Jim Gaines, Chief EconomistLove (and economics) is in the air on this week's Real Estate Red Zone podcast! Center Chief Economist Dr. Jim Gaines joins in an exlusive interview to talk about the state of the economy. We also look at the best states for singles. Tune in for this and more.

Work starts on 210K-sf Park Place Tower

HOUSTON (Houston Business Journal) – Stonelake Capital Partners has broken ground on its 15-story office building inside the loop near the River Oaks District.

The 210,000-sf Park Place Tower will be at 4200 Westheimer Rd. within the Park Place River Oaks development. The office building is Stonelake’s third phase at Park Place.

It will have first-floor retail and a landscaped terrace on the ninth floor. The building will be surrounded by a one-acre park.

Park Place Tower will be available for occupancy in spring 2020 and is currently in negotiations with three tenants.

Dallas-based Beck Architecture designed the project. Harvey Builders is the general contractor. 
House in a magnifying glass
The Real Estate Center’s research team had its monthly pow-wow earlier this week. Naturally, much of the discussion focused on what to expect from the Texas economy this year. Overall, the outlook is generally positive but with a caveat. Read our latest blog post for more.

1.2M-sf Alliance industrial property changes hands

JUSTIN​ (Commercial Property Executive) – Transwestern Investment Group has acquired a 1.2 million-sf industrial property in Fort Worth's Alliance submarket​ from DHL Supply Chain​. 

The property includes two cross-dock buildings: a 705,955-sf asset at 1753 Chaplin Dr. and a 494,041-sf one at 15453 Wolff Crossing. 

Developed in December 2018, each building includes 36-ft clear heights and is situated north of Fort Worth close to I-35W, US 287 via SH 114, and the DFW International Airport.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Microsoft to renovate former Chevron data center

SAN ANTONIO (San Antonio Business Journal) – Microsoft Corp. plans to renovate a data center once owned by Chevron USA Inc. at 5200 Rogers Rd.

The $44 million renovation will begin in March and wrap up by the end of the year.

The renovation will add administrative offices and a 60,500-sf co-location building that can handle a capacity of 7.2 megawatts.

Corgan Associates is the design firm.​
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Cold storage industrial project underway in south Dallas

DALLAS (Dallas Morning News) – New Jersey-based Preferred Freezer Services is building a 267,000-sf cold​​ storage facility at 7750 Dynasty Dr. near Hutchins south of I-20.

This will be the company’s first facility in North Texas when it opens in late summer 2019.

The storage facility has 62-ft ceilings—double the industry standard—and 15 million cubic feet of space.

Construction costs are estimated​ to be in the $65 million to $70 million range.
Positioning for the Future graphic

The Texas Real Estate Teachers Association's 2019 Positioning for the Future Conference is set for April 4-6 at the Marriott Plaza San Antonio on S. Alamo Dr. The $200 early-bird pricing for TRETA members only ends this Friday. Non-members can attend for $350. 

Allen apartment complex to include medical offices

ALLEN (Business Wire) – Sovereign Properties is developing the $73 million Sovereign at Twin Creeks apartment community at 729 Junction Dr. 

The 366-unit development will include a resident club house, fitness center, business lounge, and resort-style pool. 

The project will also feature a 15,000-sf Class A medical office building adjacent to the community. 

Delivery is expected for late summer 2020.​​

The community is next to Sovereign ​Properties' Dolce Living Twin Creeks apartment community that opened in 2016. ​
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Class A distribution space takes to the Hillwood

AUSTIN (Transwestern) – The recently completed Southpark Commerce Center V has been bought by Hillwood.

The three-building project at 4500 S. Pleasant Valley Rd. totals 350,171 sf of Class A distribution space. 

The park offers 24-ft to 28-ft clear, rear-load design; 150-ft to 180-ft truck courts; and ample car parking. Suites are between 15,000 and 150,000 sf. 

Transwestern Development Co. sold the property, which is 50 percent leased.
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Cardone Capital secures 351-unit Class A property 

SUGAR LAND (PRWeb) – Miami-based Cardone Capital has acquired the Stella at Riverstone, a 351-unit garden-style apartment community at 4711 LJ Pkwy. 

The Class A asset's amenities include a business center, clubhouse, athletic center, and​ swimming pool with tanning shelves and water features.

This is Cardone’s first acquisition of 2019.

'80s apartments sell to investors

DALLAS (CBRE) – Multifamily Property Group purchased the 192-unit, Class B Smith Creek apartments.

The 185,440-sf community is at 4791 W. Ledbetter Dr. and is accessible from both Loop 12 and I-35.

The complex was built in 1983 and includes two swimming pools and a clubhouse with resident lounge.

Smith Creek was 93 percent occupied at the time of sale, which was facilitated by CBRE.
Texas Association of Realtors quote about Real Estate Center
Copyright © 2019, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=248
RECON for February 12, 2019RECON for February 12, 2019Bryan PopePope
2019-02-12T06:00:00Z2019-02-12T06:00:00Z

Real Estate Center Online News
KC7 ranch photo from Icon Global Group
An El Paso oilman has purchased a 37,000-acre ranch in the foothills of the Davis Mountains for $32.5 million. Get the details on this transaction and more in today's RECON. (Photo from Icon Global Group.)
February 12, 2019

Lakeside office gets city approval, incentives

FLOWER MOUND (Dallas Morning News) – The city has approved construction of the first major office building in the Lakeside business district on Grapevine Lake.

Realty Capital Management's ten-acre Lakeside Center project includes two- and four-story office buildings near FM 2499 and Northwood Dr. 

The 138,500-sf project will be the city's largest new office development.

The city made an economic incentive agreement with the developers that will allow them to finance the project without preleasing.

Lakeside is a mixed-use development with retail, entertainment, residential, and commercial buildings.
Helping Texans make better real estate decisions since 1971

Amazon leases prime Austin real estate

​​​​​AUSTIN (Austin Business Journal) – Amazon.com Inc. is leasing nearly half of the Domain 10 tower, which is under contruction in a development that's becoming known as the city's second downtown.

The online retailer is taking 145,000 sf on four floors in the 15-story high-rise in the Domain Northside project. 

Domain 10 will have 300,000 sf of office space on the top eight floors, with parking on the first seven​. About 12,935 sf of office space is on the ground floor. Delivery is set for second quarter 2020. 

Endeavor Real Estate Group, which is developing the project with TIER REIT Inc., ​is handling leasing.

Local insurance holding company Citizens Inc. will lease 35,000 sf. Another 110,000 sf remains unleased.
Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

El Paso oilman purchases Davis Mountains ranch

​​​REEVES, JEFF DAVIS COUNTIES (Dallas Morning News) – ​Paul Foster, the CEO of El Paso-based Franklin Mountain Capital, has purchased the 37,000-acre KC7 Ranch for $32.5 million.

The iconic ranch is near I-10 in the Davis Mountains. The spread, which dates from the 1890s, includes a nearly 10,000-sf lodge, a rock barn, corrals, and a second house.

Dallas-based Icon Global Group marketed the property for sale. The deal was completed in just 120 days.

Foster bought the ranch with cash out of bankruptcy from Fort Worth oilman Thomas Darden. Creditors ​​in the bankruptcy include Hitachi Infrastructure Systems (America) LLC and Hitachi America Ltd. of Japan.
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. 

Buckhead on the Verge of Summer

​​​ROSENBERG (Buckhead Investment Partners) – Buckhead Investment Partners began construction last month on the 291-unit Verge at Summer Park at the intersection of Park Place Blvd. and August Green Dr.

Located on 15 acres in the Summer Park master-planned community, the $42 million project is a joint venture between Buckhead and Toronto-based Elevation Holdings LLC.

Monthly rents will range from $1,100 for a one-bedroom residence to $2,000 for a large three-bedroom/two-bath floor plan with garage.

Gonzalez Newell Bender Architects provided architectural design services for the project. The general contractor is Rampart Multifamily.

Leasing will begin in late summer 2019 with residents moving in shortly thereafter.

$70M reno for Horseshoe Bay, of course

HORSESHOE BAY (Austin Business Journal) – After more than two years, a $70 million renovation of Horseshoe Bay Resort and its golf courses is nearing completion.

The 7,000-acre property-wide project included the renovation of all 349 guest rooms, multiple clubhouses, and upgrades to existing restaurants and fitness facilities.

Three golf courses received a $7.5 million upgrade. New additions to the resort include the luxury Cap Rock Clubhouse, a beachside bar, a 10,000-sf Palm Pavilion, and eight pickleball courts.

Crescent Hotels & Resorts manages the property.​
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Put a HOLT to this purchase

WACO (KWTX TV) – HOLT CAT will purchase Caterpillar’s former Waco Work Tools plant at 2000 Texas Central Pkwy.

The purchase includes 107 acres with three buildings totaling more than 170,000 sf of manufacturing, warehouse, and office space, which the company will redesign.

Work on the project is scheduled to be completed by the end of the year.

Caterpillar Inc. announced it planned to close the Work Tools facility in February 2018.

Laredo to enjoy Tailwind of 132K-sf warehouse 

​​​​LAREDO (REBusiness Online) – An affiliate of Fort Worth-based Tailwind Real Estate Equities LLC has acquired 10.5 acres for the development of a 132,000-sf warehouse. 

The building will feature 32-ft clear heights, 46 dock doors, administrative/office space, and 76 trailer parking spaces. 

The development team includes Dallas-based Gulf Corp. USA and locally based Park Avenue Construction. 

​Completion is scheduled for early 2020.
Communication Matters video seriesThe Real Estate 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.

Hines to develop 373-unit Houston residential tower

HOUSTON (Dallas Morning News) – Hines it set to develop the 46-story Preston Tower, the tallest residential community in the city.

The 373-unit luxury rental tower is being constructed in partnership with Cresset Wealth Advisors and Levy Family Partners.

Munoz + Albin designed the project.

Joint venture invests big bucks for The Luxx

SAN ANTONIO (Multi-Housing News) – A joint venture of The Preiss Co. (TPCO) and a private real estate fund has acquired The Luxx, a 694-bed student housing community.

The complex at 6023 UTSA Blvd. offers 220 fully furnished units with a mix of one-, two-, and four-bedroom floor plans.

TPCO will operate the community and invest in a multimillion-dollar renovation campaign.​
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Copyright © 2019, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=247
RECON for February 8, 2019RECON for February 8, 2019Bryan PopePope
2019-02-08T06:00:00Z2019-02-08T06:00:00Z

Real Estate Center Online News
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JMJ Development has purchased the over 2,000-acre Bear Creek Ranch in Aledo for nearly $35 million.​ Get the details on this deal and more in today's RECON. (Photo from Ranch Connection LLC.)
February 8, 2019

REC: DFW home sales down 7.6 percent in 4Q 2018

​​​DALLAS (Real Estate Center) – North Texas home sales fell 7.6 percent to 22,402 transactions at the end of the year, according to a fourth quarter 2018 report by the Real Estate Center.

According to the report, the median home price grew 2.4 percent over the year to $260,000. 

Months of inventory for all residential properties rose 32.5 percent to 2.5 months. The Center considers a six- to 6.5-months inventory a balanced market.

Dallas-Fort Worth residential property listings increased 29.4 percent over the year to 20,627 active listings.

The single-family new construction median price decreased by .6 percent to $327,960.

Average rents for single-family homes ended the quarter at $1,695, up 2.7 percent year over year.
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'Now that's refreshing!' $90M pours into Temple

TEMPLE (Temple Economic Development Corp.) – Niagara Bottling LLC will invest $90 million in a new bottling facility on 50 acres in the Temple Industrial Park.

The project will be divided into two phases. Phase one will include a $70 million capital investment and create 49 jobs. The second phase will be a $20 million capital investment and add 21 jobs.

Niagara will start construction on the 450,000-sf facility in March and will begin operations in fourth quarter 2019.​​
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Center Senior Data Analyst Joshua Roberson joins us on this week's Red Zone Podcast to talk about the latest data from the Texas Home Price Index. Plus, we look at a housing costs article and a technical report about renting and investing versus buying a home. Get all this and more in just 15 minutes. (15 min. 01 sec.)

Granite pays $78.4M for Eldridge Place

HOUSTON (Houston Business Journal) – Plano-based Granite Properties has purchased the 824,632-sf Eldridge Place office complex from Dallas-based TIER REIT Inc. for $78.4 million.

The properties are at 777, 757, and 737 N. Eldridge Pkwy. in the Energy Corridor. They consist of:
  • One Eldridge Place, a 12-story, 239,417-sf building that’s 62.1 percent leased;
  • Two Eldridge Place, a 14-story, 279,329-sf building that’s 77.9 percent leased; and
  • Three Eldridge Place, a 13-story, 305,886-sf building that’s 71.1 percent leased. 
HFF represented TIER REIT. Granite was self-represented. ​
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A bear market? Not for this ranch

ALEDO (Dallas Morning News) – JMJ Development has purchased the over 2,000-acre Bear Creek Ranch from the Dixon Water Foundation for nearly $35 million.​

The property, located just 15 minutes west of Fort Worth, is near the 7,200-acre Walsh Ranch community development.

It includes stretches of prairie, limestone outcroppings along creeks, and eight stock tanks. There is also a 3,882-sf pavilion with a two-bedroom apartment on site. 
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Hammertime for Alliance industrial development

NORTHLAKE (Dallas Morning News) – A new 1.2 million-sf shipping hub for tool manufacturer Stanley Black & Decker is bringing more than 300 jobs north of Fort Worth.

The regional distribution center will be in Hillwood Properties​ Alliance Northport business park at the intersection of I-35W and SH 114.

It will open next month.

The site is near Fort Worth's Alliance Airport, BNSF Railway's Alliance Intermodal Facility, the FedEx Express Southwest Regional Hub, and the UPS and FedEx ground-shipping centers.​
TREC logoA real estate license holder may receive up to four hours of continuing education elective credit per license period for attendance in person at a February Texas Real Estate Commission meeting.   

To be eligible for the credit, you must:
  • Attend the meeting in person;
  • Attend the meeting from the start to the end of the proposed rules portion of the posted agenda;
  • Provide photo identification; and
  • Sign in and out on the class attendance roster for the meeting.

Fifty shades of an Addison Grove multifamily development

ADDISON (Dallas Morning News) – Greystar Real Estate Partners is building the 321-unit Elan Addison Grove​ within the Addison Grove project on Belt Line Rd. west of the Dallas North Tollway.

The apartment project will include a community center, resort-style pool, outdoor kitchen, and fitness center. 

Construction began in July 2018, and first move-ins will start in October of this year.

The mixed-use Addison Grove project will include a rental community, townhouses, and retail space on the 17-acre former site of a big-box retail store.
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Make peace on Miraval's 220-acre resort

AUSTIN (PRNewswire) – Hyatt brings its Miraval spa and wellness brand to 13500 FM 2769 with the opening of Miraval Austin.

Set on 220 acres overlooking Lake Travis, the resort offers 117 guestrooms, a 20,000-sf spa, state-of-the-art restaurant, and a ten-acre farm and ranch.

Guests can also enjoy daily activities such as hiking, yoga, wellness counseling, and nutrition classes.

In December 2016, Hyatt acquired the Travaasa Austin for the purpose of redeveloping the property into the Miraval Austin.

Shops lead Saginaw to Victory

SAGINAW (Fort Worth Star-Telegram) – The southeast corner of Basswood Blvd. and N. Blue Mound Rd. will soon be home to a new retail development called Victory Shops at Basswood.

Managed by the Segovia Retail Group, the development will span over 26 acres and include 19 buildings. 

Future tenants include German grocer Lidl, Chase Bank, Jersey Mike’s Subs, Chipotle, Verizon, Chick-Fil-A, Andy’s Frozen Custard, Starbucks, and Brakes Plus.

​Work will wrap up on the first buildings early this year. 
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Senior livin' kickin' it to Cibolo

​CIBOLO (PRNewswire) – Civitas Senior Living and Trepex Construction have broken ground on a 247,821-sf senior living community called The Brooks of Cibolo.

The property at 816 Bentwood Ranch Dr. will have 156 independent-living, 54 assisted-living, and 24 memory-care units. It will also feature a dog park, movie theater, restaurant, and salon.

When opened in February 2020, the facility will bring between 85 to 100 full-time jobs to the area.

A most aus-picious development

FRISCO (Dallas Morning News) – Auspire, a three building, eight-acre, office and retail project, is in the works within the 900,000-sf The Gate mixed-use development in the city’s $5 billion mile.

Dubai-based owner Invest Group Overseas and developer Ryan Cos. are partnering on The Gate, which is along the west side of the Dallas North Tollway. It is just north of the new Frisco Station and the Dallas Cowboys' Star development.
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Apartments planned for 24-acre Leon Valley site

LEON VALLEY (San Antonio Business Journal) – White-Conlee Development has bought 23.86 acres from Pierce Family Trust.

The property includes five plots and sits near the intersection of Grissom Rd. and Timberhill.

White-Conlee took out a $26.6 million loan for the purchase. The company plans to build a multifamily complex.

Richardson office attracts investment duo

RICHARDSON (Dallas Morning News) – Pillar Commercial teamed up with Ascent Real Estate Advisors of New York to buy the 2703 Telecom Pkwy. building near the Bush Turnpike.

The 121,420-sf building was constructed in 1997 and is leased to Hill & Wilkinson, XPS Solutions, and Bestway.

The seller was a private family investor.
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Copyright © 2019, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=246
RECON for February 5, 2019RECON for February 5, 2019Bryan PopePope
2019-02-05T06:00:00Z2019-02-05T06:00:00Z

Real Estate Center Online News
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Texas A&M University student workers (from L to R) Kyle Brann ('20), Lauren Adams ('19), and Stephen Magee ('19) are hard at work researching and writing stories for RECON and NewsTalk Texas. Stories are published on the Real Estate Center's news feed every weekday. (Photo by Center Photographer JP Beato III.)
February 5, 2019

Texas fifth in LEED Green buildings

​​​WASHINGTON (U.S. Green Building Council​) – For the first time since 2016, Texas has landed on the U.S. Green Building Council's (USGBC) annual list of the top ten states for LEED (Leadership in Energy and Environmental Design) buildings. 

The Lone Star State ranked fifth, certifying 277 buildings total over 88.4 million gross sf (GSF) in 2018. That is 3.52 GSF of LEED-certified space per resident. 

Although Texas ranked fifth in GSF per capita, it was behind only California in total square footage (112.4 million gsf).

USGBC ranked states by gsf per capita. Other states in the top ten are:
  • No. 1 Illinois, 5.31 GSF per capita;
  • No. 2 Massachusetts, 5.3 GSF;
  • No. 3 Washington, 4.25 GSF;
  • No. 4 New York, 3.76 GSF;
  • No. 6 Colorado, 3.39 GSF;
  • No. 7 Hawaii, 3.31 GSF;
  • No. 8 Virginia, 3.17 GSF;
  • No. 9 California, 3.02 GSF; and 
  • No. 10 Maryland, 2.92 GSF.
Washington D.C. had the highest GSF per capita at 61.74. However, it was not included in the rankings as it is a federal district rather than a state. 

Nationally, 2,886 commercial projects were LEED-certified in 2018.
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Houston first in 2018 construction employment growth

​​​​​​ARLINGTON, Va. (Associated General Contractors of America) – Houston-The Woodlands-Sugar Land added ​19,400 construction jobs in 2018, more than any other metro, according to a report from the Associated General Contractors of America (AGC). ​That's a growth rate of 9 percent.

Dallas-Plano-Irving ​followed closely behind, growing by 12 percent, or 17,700 construction jobs, from December 2017 to December 2018.

Abilene (-300 jobs) and Wichita Falls (-200 jobs) were among the metros with the largest losses, both seeing a 7 percent decrease in construction employment.

Construction employment grew in 273 out of 358 metro areas between December 2017 and December 2018, declined in 37, and was unchanged in 48.

The largest percentage job gain occurred in Weirton-Steubenville, W. Va.-Ohio (28 percent, 500 jobs).

Anaheim-Santa Ana-Irvine, Calif. (-2,800 jobs, -3 percent) had the largest job loss. Lawrence-Methuen Town-Salem, Mass.-N.H. (-9 percent, -300 jobs) had the largest job loss by percentage.
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Three's not a crowd for new EPISD megaschool

EL PASO (KFOX TV)– Construction kicked off on the city’s newest public school, which will combine three El Paso Independent School District schools into one.

Lincoln Middle School at 500 Mulberry Ave. will be the new home for the roughly 2,000 students currently attending Roberts Elementary, Bond Elementary, and Lincoln Middle School, hosting students from pre-K to eighth grade.

It will be renamed after the late University of Texas – El Paso basketball coach Don Haskins.

Existing classrooms will be renovated to use for elementary school grades. New middle school classrooms, gym, library, fine arts classrooms, and administrative offices will also be constructed.

The $44.2 million project is expected to open in fall 2021.
According to 2017 Census data, Texas ranks 18th among all U.S. states in average annual homeowner costs. How do those costs differ across metros? Read "Contrasting Costs: Location-Based Differences in Homeowner Expenses," a Tierra Grande digital first.

DFW home prices growing slower than national average

​​​​​​DALLAS (Dallas Morning News) – North Texas home prices were up 4 percent over the year in November but continue to lag nationwide increases.

The Dallas-Fort Worth price gain was slightly below the nation's 5.2 percent rise in the latest Standard & Poor's/Case-Shiller Home Price Index.

Home prices in North Texas are now growing at about half the rate they were a year or two ago.

However, with the latest increases, DFW home prices are now almost 50 percent higher than they were during the Great Recession.

North Texas home sales slowed significantly in the final months of 2018, and the region was the only major Texas metro area with a drop in total home sales last year. Sales were down 2.4 percent from 2017's record level.

In the last year, the housing inventory has grown almost 25 percent, and the average days on market has risen more than 20 percent.
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. 

Austin office absorption ends year at nearly 900K sf

​​​​​AUSTIN (Transwestern) – The city ended the year with over 70.2 million sf of office space across 997 buildings in its inventory, according to ​Transwestern's​ January 2019 Office Marke​tWatch report​.​

Citywide net absorption was at 897,481 sf, and lease activity was over 5.2 million sf. 

The vacancy rate remained below 15 percent throughout 2018. Direct occupancy and total occupancy ended the year at 93.4 percent and 92.5 percent, respectively.​

According to the report, 59 office properties totaling nearly seven million sf sold ​for $1.9 billion.​​ That's an average price per sf of $331.

The average net rent was $26.43 per sf. Class A, B, and C rents were at $31.41, $22.72, and $17.79, respectively.​
Communication Matters video seriesThe Real Estate 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.

'Quad' pro quo—'60s era development changes hands

DALLAS (Dallas Business Journal) – Stream Realty Partners has purchased The Quadrangle, a mixed-use project in the heart of Uptown, from American Realty Advisors.

The new owner plans to renovate the 194,322-sf property, which is on four acres at the corner of Routh and Laclede Streets.

The development was built as a series of shops in 1966 when the Uptown area was a stretch of single-family homes. It was redeveloped in the 1980s to include the eight-story office tower that stands there today.

American Realty Advisors purchased the property in 2006 and put it on the market in 2017.
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Rice Management has its 'Ion' historic Sears building 

HOUSTON (CultureMap Houston) – Rice University announced the construction details of the historic Sears building's transformation into The Ion.

Construction on the 270,000-sf building will begin in May and conclude by the end of 2020. 

The building will serve as a coworking space, provide resources for entrepreneurs and startups, host events, and offer retail space for restaurants and entertainment amenities.

Rice Management Company is leading the project. Station Houston has been named as the programming partner and will have a major presence in the hub.​
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Holdin' on for Hope Tower

LUBBOCK (EverythingLubbock.com) – Covenant Medical Center will start construction on its new Hope Tower mid-February.

The 220,000-sf building will sit on the site of the old hospital at 3615 19th St. It will have 89 beds with room for 60 more.

Construction on the $125 million project is expected to last two years.
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Copyright © 2019, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=245

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