October 12, 2012
Foreclosures Lowest in Five Years
WASHINGTON (Lubbock Avalanche-Journal, Real Estate Center) – U.S. foreclosures are down for the second consecutive month, reaching a five-year low.
According to RealtyTrac, there were 180,427 foreclosure filings across the country in September, down 7 percent from the previous month. That’s 16 percent lower than last September and the lowest number of filings nationally since July 2007.
Real Estate Center Research Economist Dr. Jim Gaines noted that the drop was driven primarily by declines in several large non-judicial foreclosure states, including California, Georgia, Texas, Arizona and Michigan. Texas was down 17 percent in September.
High-end Apartment Tower Coming to BLVD Place
HOUSTON (Houston Chronicle) – A high-rise apartment building will break ground early next year as part of the urban-style BLVD Place development.
Houston-based Hanover Co. is developing the 29-story, 355-unit Hanover Post Oak, a luxury apartment tower on Post Oak Lane. Situated on 1.2 acres in the growing BLVD Place development, units will range from 650 to over 3,000 sf for penthouse units.
Aside from the building’s high-end amenities, Hanover Executive Vice President John Garibaldi says incoming retail like Whole Foods will be a strong selling point.
Gaines' Post-Election Forecast
COLLEGE STATION (Real Estate Center) – On this week's Real Estate Red Zone podcast, Dr. Jim Gaines talks to Houston Realtor Shannon Register about how the outcome of the upcoming presidential election could impact Texas real estate markets.
Also, Bryan Pope and Edie Craig bring you the latest real estate news out of Houston, Austin, Taylor, Weatherford, Bryan, Corpus Christi, Lubbock, Abilene, Amarillo and the Rio Grande Valley.
You can listen to the free podcast from your computer by going to recenter.tamu.edu/podcast and clicking the “play” button beneath each episode. To subscribe, click on the RSS feed found on the podcast page. You can also subscribe through iTunes and download each episode to your iPod.
TREC Launches Online 'Relationship Management' Tool
AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission (TREC) has launched its new Relationship Management Tool, which allows license holders to change their sponsorship relationships online.
Brokers and salespeople can now log into their “My License Online Services” account and send invitations to prospective sponsors or sponsorees.
The tool allows a licensee to search all available license holders by name, region and license number. Brokers and sales people can initiate a request for sponsorship. Once a request is accepted or refused, the tool notifies all affected parties by e-mail.
The same tool allows sponsoring brokers to delegate supervisory status online to any of their sponsored sales persons, which in turn will notify TREC as to which of the broker’s sponsorees are required to take the new broker responsibility course before their next license renewal.
If a salesperson has been delegated supervisory status by their broker, it will be reflected on the salespersons “My License Online Services” account on the “Manage My Sponsorship” page.
One important exception concerns associated brokers. If a broker has associated with another broker, and the primary broker has delegated supervisory responsibility to that associate broker, this delegation must be reported to the agency on a form, since no “sponsorship” relationship exists.
To access this tool, visit TREC's website and click on the “My License Online Services” button at the top of the page.
Oak Lawn Complex Razed for Luxury Apartments
DALLAS (Dallas Business Journal) – Behringer Harvard has begun construction on new luxury apartments that will replace a 1960s complex.
The four-story project at 4110 Fairmount in Dallas’ Oak Lawn neighborhood is being developed by Trammell Crow Residential. Geared toward young professionals, amenities will include stained concrete on first-floor units, granite countertops, wood cabinetry and stainless steel appliances.
The 4.6-acre site will also include 23 townhomes with two-car garages.
Pflugerville Land Sold for Subdivision
PFLUGERVILLE (Austin Business Journal) – A California company made a multimillion-dollar land purchase, with future plans for residential development.
Newport Beach-based Sorrento Holdings LLC acquired 425 acres on Weiss Lane in Pflugerville. Plans call for 961 single-family homes and 68 acres for multifamily housing.
Moss Real Estate Partners led the transaction between Sorrento Holdings and the seller, 130 Cactus Investments LP.
Cedar Park Complex Sells
CEDAR PARK (Austin Business Journal) –Middle Brook Gardens apartment complex has changed hands.
Newton, Mass.-based Northland Investment Corp. acquired the 416-unit complex at 335 Cypress Creek Rd. in Cedar Park. Built in 1998 and 2003, the complex is 97 percent occupied.
ARA represented the seller, Baltimore-based Brown Realty Inc.
Partnership Buys One Hanover Park
ADDISON (Dallas Morning News) – Dallas-based Cawley Partners has partnered with San Francisco-based Stockbridge Capital Group to purchase the eight-story One Hanover Park office building.
The 13-year-old building is on the Dallas North Tollway north of Westgrove Drive. It is about 80 percent leased.
The seller was an affiliate of Miami-based Lennar Partners.
Juniper Buys Abilene Multifamily Pair
ABILENE (GlobeSt.com) – Juniper Investment Group has purchased two '70s-era apartment complexes out of foreclosure.
The 498-unit portfolio consists of:
- the 224-unit Pine Meadows Apartments at 2500 Nonesuch Rd. (75 percent occupied), and
- the 294-unit Fairmont Apartments at 2601 Nonesuch Rd. (90 percent occupied).
Houston-based Juniper paid about $11 million for the properties.
Live Oak Working on the Railroad
THREE RIVERS (Live Oak Railroad) – Work is set to begin next month on Live Oak Railroad, a 250-acre rail yard in the Eagle Ford Shale region.
The rail yard will be about 2.5 miles south of Three Rivers, which is on U.S. 281 between Corpus Christi and San Antonio.
According to the company's website, the planned rail yard is "designed to meet the needs of the petroleum industry as well as logistical and support industries."
"We are on pace to start heavy earthwork on Nov. 1 and, assuming all goes smoothly, should be up and operating phase one by the end of the first quarter of 2013," said Live Oak Railroad's Greg D. Seay.
Technology Powering Austin Office Market
AUSTIN (Austin Business Journal) – While office leasing is down in most major markets, local market performance is strong, bolstered by a strong technology sector.
According to data by Jones Lang LaSalle Inc., Austin has posted a net absorption of nearly 180,000 sf for the quarter and 836,000 sf year-to-date.
Dallas and Houston also performed strongly, Jones Lang LaSalle reported.
Nationally, absorption of office space is down 20.5 percent from a year ago, with most of the declines reported in East Coast cities.
New Townhomes Cropping Up Near Farmers Market
DALLAS (Dallas Morning News) – A steady harvest of home sales has prompted InTown Homes to start its largest project yet. This one is near the city's Farmers Market.
The Houston-based builder has begun work on 108 townhomes at Cesar Chavez Blvd. and Marilla St. The first 12 units under construction have been sold.
The three-story townhomes will include rear-access garages and rooftop decks. Prices start in the $300,000s.
InTown Homes has been building in the neighborhood southeast of downtown since 2010.
Prime Rail Purchases Land for Planned Development
LANCASTER (Colliers International) – Prime Rail Interests LLC has purchased 338 acres south of Dallas for future industrial development.
The acreage is on Pleasant Run Rd. in Lancaster.
"We are assembling land to develop a 3,000-plus-acre industrial business park with on-site rail service capability, providing sites for heavy manufacturing to technology and distribution warehouses," said Prime Rail President Mike Rader.
Colliers International’s Supply Chain Real Estate Advisors represented the seller, American Bank of Texas of Sherman.
Target Hits Terrell Heights
SAN ANTONIO (San Antonio Express-News) – A 135,000-sf Target store opened Tuesday in Terrell Heights.
Located at the corner of Austin Hwy. and Mt. Calvary Dr., the store employs around 200.