Home Depot Begins Construction on New Store in Montgomery
Home improvement enthusiasts in Montgomery can look forward to a new addition to their community. Developers have recently started construction on a ten-acre site at the intersection of Buffalo Springs Dr. and SH 105 for a brand new Home Depot store. The 138,000-square-foot store is set to be completed by October next year, and it will be part of the Kroger-anchored Buffalo Springs Shopping Center.
The construction of this Home Depot store comes with several exciting features. The project includes a $1.4 million improvement of a portion of Buffalo Springs Dr. and the construction of a traffic light at the intersection of SH 105. With an estimated cost of $13.8 million, this development brings not only a new shopping destination but also potential job opportunities for the local community.
Caption: Home Depot begins construction on new store in Montgomery
Momentum Multifamily Acquires Apartment Community in Humble
Humble residents will soon see a change in their apartment community landscape. Momentum Multifamily has recently acquired The Henry at Lake Houston, a 296-unit apartment complex. Formerly known as The Cobalt at Lake Houston, this community consists of 14 three-story buildings offering a mix of one-, two-, and three-bedroom units.
Residents of The Henry at Lake Houston will have access to a range of amenities, including a pool, business center, game room, clubhouse, fitness center, putting green, and storage lockers. This acquisition demonstrates Momentum Multifamily's commitment to providing quality living spaces for individuals and families in the Humble area.
Midlothian Retail Center Sold to Investors
Investment group purchases 147,000-square-foot retail center in Midlothian, Texas. Located on US 287 and FM 663, the Midlothian Towne Crossing is anchored by Kroger and features a fully leased space with tenants including Ross Dress for Less, Joann, Petco, Ulta, Burkes Outlet, Edward Jones, and Supercuts. The purchase was negotiated by Younger Partners Investments with assistance from CBRE Group, and the acquisition was made possible through a $27.8 million loan arranged by Marcus & Millichap Capital.
This successful transaction demonstrates the continued investment interest in retail properties in the Midlothian area, and it highlights the stability and attractiveness of the local market.
Volunteer for the 2024 Winter Beach Cleanups
If you're looking for an opportunity to give back and care for our beautiful beaches, then mark your calendars for the 2024 Winter Beach Cleanups organized by the Texas General Land Office's Adopt-A-Beach program. The cleanups will take place on February 2nd at South Padre Island and on February 3rd in the Coastal Bend. There will be multiple cleanup locations available in each area.
The Adopt-A-Beach program has been a successful initiative since its launch in 1986. Thousands of volunteers have come together to pick up tons of trash from Texas beaches, protecting our environment and preserving the beauty of our coastlines. Join the movement and make a positive impact on our beaches.
Caption: Join the Adopt-A-Beach program and help clean up our beaches
Texas Water Development Board Makes Strides in 2023
The Texas Water Development Board (TWDB) has been working tirelessly to ensure the state's water resources can support its growing population. In 2023, the TWDB accomplished several significant milestones:
- Launching the Beta version of the Texas Water Data Hub, which allows for easier access to water data.
- Approving the first-ever regional flood plans, marking a historic step in reducing the risk and impact of flooding.
- Committing $86 million in funding through the Economically Distressed Areas Program (EDAP) to address inadequate residential water or wastewater service.
- Allocating over $1.5 billion in funding from the State Water Implementation Fund for Texas (SWIFT) for various projects.
These achievements highlight the TWDB's dedication to water management and their commitment to ensuring a sustainable future for Texas.
St. Louis Technology Firm Acquires Data Center in Fort Worth
Fort Worth's AllianceTexas development welcomes a new data center campus owner: St. Louis-based TierPoint LCC. The 208,000-square-foot data center, located at 13701 Independence Pkwy., was previously owned by American International Group Inc. With this acquisition, TierPoint now operates 40 facilities nationwide, expanding their reach and capabilities in the data center industry.
Pasadena Convention Center and Fairgrounds Set for Expansion
The city of Pasadena is embarking on a $50 million renovation and expansion project for its convention center and municipal fairgrounds. Built in 1983, the existing building will undergo remodeling to update meeting rooms, restrooms, and finishes. Additionally, a 110,000-square-foot multipurpose arena with 7,500 seats will be added to create an extensive complex spanning approximately 153,000 square feet. The groundbreaking is set to take place next month, and the project is expected to be completed by fall 2025.
Corpus Christi Apartment Complex Changes Ownership
A significant transaction has taken place in Corpus Christi's real estate market. Fuso Investment Inc. has sold Buccaneer Apartments, a 342-unit multifamily community, to Buccaneer Redevelopment LLC. Spanning 28.7 acres, this community offers a range of one- and two-bedroom units. The sale was facilitated by Cravey Real Estate, a trusted name in the local real estate industry.
Galveston Bay Foundation Protects Wetlands through Conservation Project
The Galveston Bay Foundation is leading a $1 million private land conservation project known as Redfish Cove. This initiative aims to protect against future development by acquiring and conserving 63 acres of land. Located in the western region of Galveston Island, Redfish Cove includes approximately 40 acres of estuarine and tidal wetlands. The project is made possible by a $1 million grant from the National Coastal Wetlands Conservation Grant Program.
Aubrey's Silverado Community Leads DFW New-Home Sales
The Silverado residential community in Aubrey has secured its position as the leader in new-home sales in the Dallas-Fort Worth area for the second year in a row. Developed by D.R. Horton, Silverado recorded a total of 721 sales in 2023, with homes starting at $300,000. Windsong Ranch in Prosper came in second with 551 home sales, followed by McKinney's Painted Tree with 448 sales. The remarkable sales figures reflect the strong demand for new homes in North Texas.
2024 Texas Real Estate Forecast Predicts Market Trends
According to the Texas Real Estate Research Center's 2024 Texas Real Estate Forecast, several trends are expected in the state's real estate market:
Residential Market
- Single-family home construction will increase, approaching pre-pandemic levels.
- Single-family home prices will remain close to the $340,000 mark.
- Multifamily rent will grow by approximately 2.5 percent.
Commercial Market
- Office space inventory will expand, surpassing 2023 levels.
- Retail rents are projected to increase by 2 percent by the end of the year.
Industrial Market
- Industrial inventory statewide will grow by 1.5 to 3 percent.
- Industrial rents will continue to rise, albeit at a slower pace than in 2023.
These forecasts provide valuable insights into the direction of the real estate market in Texas in the year ahead.
DFW Warehouse Construction Slows Down as Vacancies Increase
The Dallas-Fort Worth industrial real estate sector is experiencing a shift in dynamics. Warehouse vacancies in North Texas rose to just under 10 percent at the end of 2023, with nearly 40 million square feet of additional warehouse construction underway. Despite this, the net leasing of industrial buildings by expanding and relocating tenants decreased from the previous year. The decline in new leasing activity, as well as tightening lending standards and higher interest rates, has led to a significant decrease in the amount of warehouse space in the development pipeline.
Condo Tower to Illuminate Downtown Austin
A new development is set to make its mark on downtown Austin's skyline. Developer Northland Living has announced plans for The Luminary, a 35-story condo tower located at the northwest corner of 14th and Guadalupe Streets. This luxurious tower will offer 286 one- to three-bedroom residences, with prices ranging from $600,000 to over $3 million. The building will also feature 4,800 square feet of street-level retail space, including a spot for a restaurant. With its modern design and prime location, The Luminary aims to become a landmark in the vibrant city of Austin.
Property Tax Cuts and Their Impact on Renters
Texas recently implemented a multibillion-dollar property tax cut package, providing homeowners with $18 billion in property tax relief over the next two years. However, experts warn that there is no guarantee that these tax cuts will translate into lower housing costs for renters. The impact on renters will depend on the dynamics of each local housing market. In areas with vacant rentals, landlords may lower rents to attract tenants and prevent properties from remaining unoccupied. However, in markets with high demand and limited supply, landlords may not feel the need to lower rents.
Kerrville Medical Office Campus Changes Hands
A four-building medical office campus in Kerrville has been sold to a family trust. The 15,547-square-foot campus, located at 708 Hill Country Dr., is currently fully occupied by various medical practices. The sale was brokered by Transwestern Real Estate Services on behalf of HCD Property Group Ltd., with representation for the buyer provided by Kuyrekendall & Company Inc.
Slowdown in North Texas Multifamily Permits
North Texas, which has experienced significant growth in the apartment sector in recent years, is now showing signs of a slowdown. U.S. Census Bureau data reveals a 10.8 percent decrease in new permits for multifamily housing in the region for the year ending in November 2023. This trend aligns with the statewide projection from the Texas Real Estate Research Center, which forecasts a 20 percent drop in apartment deliveries across Texas in 2024 compared to the previous year.
Decline in Million-Dollar Home Sales in Texas
Texas saw a 16 percent decrease in the number of homes sold for $1 million or more from November 2022 to October 2023 compared to the previous year. Despite this decline, the number of high-end home sales remained significant, with 11,780 transactions and a total value of $19.5 billion. These million-dollar homes represented 3.6 percent of total sales but accounted for 14.3 percent of all residential sales volume statewide. The average price per square foot for million-dollar homes decreased from $423 to $409, while the days on the market increased from 47 to 58.
Harris County Begins Renovation of Lamar Plaza
Harris County has commenced a multimillion-dollar renovation project on the 20-story Lamar Plaza office tower, which it acquired in October. The tower, located at 1010 Lamar, will house various county departments, including the engineering and county attorney offices. The renovation will cover repairs and updates to the parking garage, facade, and computer networks. The project aims to modernize these facilities and provide an improved working environment for county employees.
Corpus Christi Housing Market Projections for 2024
Brian Morales, CEO of the Corpus Christi Association of Realtors, shared insights into the city's housing market. While the market has seen fewer sales and a decline in values due to increased mortgage rates, home prices have remained relatively stable throughout the year. The average price per square foot for homes in Corpus Christi has come down from its peak in mid-2023 but has plateaued since then. Looking ahead, the Texas Real Estate Research Center's forecast suggests that overall home price levels statewide will remain flat or experience a slight decrease, with an average price near $340,000.
Attend the Estate-Planning Seminar in Corsicana
If you're interested in estate planning and securing your family's financial future, don't miss the estate-planning seminar hosted by the Texas A&M AgriLife Extension Service. The seminar will take place on January 12th in Corsicana, providing valuable information on legal requirements and the importance of wills and trusts. This event is an opportunity to gain knowledge and insights from experts in the field. Register online or contact the AgriLife Extension office in Navarro County to secure your spot.
These developments and trends offer an exciting glimpse into the diverse and vibrant real estate landscape in Texas. Whether it's a new Home Depot store, a revamped convention center, or changes in housing markets, Texas continues to thrive and evolve in the real estate industry.
