Month: February 2011

by Tim Herriage Tim Herriage No Comments

Video and Recon

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RECON Real Estate Center Online News February 25, 2011 Copyright 2011. 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.

WALMART 'ROLLING BACK'? NOT IN NORTH TEXAS

 

DALLAS (Dallas Morning News) – Walmart has announced that it will invest $200 million to open more than a dozen new projects in North Texas.

Locations for six stores have been announced:

  • Supercenter at I-35 and Ledbetter Rd.
  • Neighborhood Market near South Buckner Blvd. and Scyene Rd.
  • Neighborhood Market near North Hampton Rd. and Fort Worth Ave.
  • Sam’s Club at Webb Chapel and West Northwest Hwy.
  • Supercenter near Webb Chapel and West Northwest Hwy.
  • Supercenter on North Central Expy. at Midpark Rd., north of LBJ Frwy.

The expansion will more than double the retailer's presence in the area and will create thousands of jobs in North Texas.

 

TEXAS HOME SALES, MEDIAN PRICES UP

 

COLLEGE STATION (Real Estate Center) – Some 10,628 existing single-family homes were sold in Texas last month, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University. That's a 2 percent increase over a year ago.

The median price was also up 2 percent from January 2010, at $139,100. There was a 7.3-month inventory.

January 2011 MLS data for many Texas cities (current as of today) are available on the Center's website. Here is a sampling:

  Sales Change from
Last Year
Median
Price
Change from
Last Year
Months'
Inventory
Amarillo 122 up 14% $122,700 down 6% 6.9
Austin 1,066 up 8% $186,300 up 6% 5.6

Corpus
Christi

175 up 11% $128,500 up 2% 9.8
Dallas 2,043 down 8% $150,100 up 7% 6.4
El Paso 339 up 34% $127,900 down 2% 6.6
Fort
Worth
407 down 12% $105,000 up 2% 6.8
Harlingen 56 down 20% $76,000 down 11% unavailable
Houston 3,085 up 8% $136,600 down 4% 7.4
Lubbock 135 down 3% $110,000 up 2% 7
Odessa 50 up 56% $136,700 up 16% 4
San Angelo 63 up 7% $118,900 up 40% 6.3
San Antonio 951 up 11% $143,900 up 4% 7.7
Temple-
Belton
77 down 9% $125,000 up 19% 8.1
Tyler 143 down 11% $120,600 down 13% 12.6
Wichita
Falls
80 down 10% $90,000 up 3% 7.8
Texas 10,628 up 2% $139,100 up 2% 7.3

 

 

ACCOLADES, WALMARTS AND GOLD RUSH TO BOOT

 

COLLEGE STATION (Real Estate Center) – Walmart's increased presence in Dallas. New MLS data. New TREC committee appointments. Budget cuts and BRAC projects.

These are just a few of the stories Bryan Pope and Edie Craig cover on this week's Real Estate Red Zone podcast.

They'll also bring you the latest real estate news from Austin, Texas City-La Marque, El Paso, Ector County and Sequin.

All this plus a special birthday wish for Dallas real estate icon Ebby Halliday.

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.

So kick back, relax and join us in the Red Zone. We'll save a seat for you.

 

CENSUS INFLUENCES ALLSTATE EXPANSION

 

DALLAS (Dallas Business Journal) – Allstate Insurance Co. plans to open 140 new agencies in Texas in 2011, including 40 in North Texas.

The Northbrook, Ill.-based insurer said it is expanding in response to the recent U.S. Census findings, which showed a 20 percent population increase in Texas over the last decade.

 

GALLERIA OFFICE PROPERTIES TRADE HANDS

 

HOUSTON (Holliday Fenoglio Fowler) – Unilev Capital Corporation has paid $176 million for three Class-A office buildings that are part of the Houston Galleria.

The properties, which total more than one million sf, are at 2700 Post Oak Blvd., 5051 Westheimer and 5065–5075 Westheimer.

Holliday Fenoglio Fowler represented the buyer and arranged $130 million in financing through J.P. Morgan Chase Bank N.A.

The seller was an affiliate of Walton Street Capital LLC.

 

GROWTH EXPECTED AFTER TOLLWAY EXPANSION

 

HOUSTON (Houston Real Estate Observer) – A new section of the Sam Houston Tollway could benefit developers in the northeast part of the city after it opens in the next few days.

The 13-mile extension, which Houston real estate writer Ralph Bivins said completes the outer loop “only 59 years after it began,” will run from near Bush Intercontinental Airport at US 59 to the east and loop to the southeast to connect at US 90.

The northeast section of the city has produced steady growth over the years but nowhere near the high-velocity new development that the rest of the area has experienced. Some expect that to change.

“The proximity to the tollway will pay off,” said veteran Houston land broker Stan Creech. “More will happen out there in the next five years than has happened in the last 25 years.”

 

TREC APPOINTS THREE TO INSPECTOR COMMITTEE

 

AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission has appointed Greg Eakin, Steven Rinehart and Nancy Carroll to its inspector committee.

Eakin, a graduate of the Master of Real Estate program at Texas A&M University's Mays Business School, owns HomeTeam Inspection Service in Texarkana. He brings nine years of real estate inspection experience to the table. Congrats to you, Greg.

Rinehart is owner of Rinehart Real Estate Inspection Service in Harker Heights. He is a construction science technician with 11 years of experience in the building inspection field.

Nancy Carroll is a Dallas-area attorney. She has owned a title company since 2003 and conducted over 1,100 residential and commercial closings.

The inspector committee is an advisory body that makes recommendations to the Commission for effective regulation and oversight of real estate inspectors. Each new member will serve a six-year term on the committee.

 

CITY PLACE GETS NEW OWNERSHIP

 

FORT WORTH (Fort Worth Star-Telegram) – Spire Realty Group in Dallas has purchased City Place, also known as Tandy Corporation’s former headquarters.

The 1.2 million-sf complex is Spire’s third major acquisition in the past year. It put the property under contract in 2010.

The property stretches from Third to Weatherford between Taylor and Throckmorton.

Radioshack sold the twin towers to Dallas-based PNL Cos. in 2001. PNL renamed it City Place and developed the north tower into offices.

 

SUN CHASE RISING IN EASTERN TRAVIS COUNTY

 

AUSTIN (Austin American-Statesman) – A 1,600-acre mixed-use project could be coming to eastern Travis County courtesy of Qualico CR LP.

According to the Austin American-Statesman, this is one of several projects planned for the area over the next ten to 20 years.

Qualico's Sun Chase master-planned community would include nearly 4,000 homes, townhomes and condominiums; about 900 apartments; 87 acres of retail; two sites for elementary schools; and 612 acres of greenbelt, open space and other amenities.

The Texas limited partnership plans to build Sun Chase south of SH 71 on both sides of Pearce Ln. The land is in the Del Valle school district, east of Austin-Bergstrom International Airport and north of the Formula One racetrack that is under construction.

According to Richard Suttle Jr., attorney for Qualico, construction could begin in 2012, and the project would be completed in phases over 12 to 15 years.

Sun Chase is proposing the project be developed as four municipal utility districts (MUDs).

 

RETAILER SETS UP SHOP IN HENDERSON

 

HENDERSON (Citybizlist) – Atwoods Ranch & Home stores has purchased a 140,373-sf manufacturing building at 1610 Industrial Dr. in this Rusk County town east of Tyler and south of Longview-Marshall.

The property sits on seven acres, includes 11,424 sf of office space and has direct access to Union Pacific Railroad along its eastern side.

The company plans to use the facility as a distribution center for its retail stores.

The transaction was handled by Binswanger.

 

CITY SPRUCING UP AGING GOLF COURSE

 

AMARILLO (Amarillo Globe-News) – Several changes will occur as Landscape Unlimited Inc. makes its presence on the Ross Rogers East Golf Course March through August.

The Amarillo City Commission decided Wednesday to move forward with a $3.3 million revamp of the course on West Hastings Ave. and Broadway Dr.

Renovations will be financed through bonds the city will repay with revenue from the course’s user’s fees, which is $2 for each round members play.

The course usually averages about 100,000 rounds a year and has become increasingly difficult to maintain. Part of the upgrade will be the replacement of an old hydraulic irrigation system with an electronic unit.

 

@ THE CENTER To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website. To send news items for consideration, e-mail Bryan Pope. The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station – the heart of the Research Valley.

Tim Herriage
DFWInvestors.com
tim@new2020rei.wpengine.com
214.607.1227