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Texas Property Values Up!

Shannon Register, Broker/Owner — Sun, 12 Feb 2012 17:45:58 +0000

AUSTIN (Austin American-Statesman) – The state comptroller’s estimate of statewide property values showed an increase from $1.67 trillion in 2010 to $1.69 trillion in 2011 — a 1.3 percent difference.

According to the Austin American-Statesman, state budget writers had expected property values to drop 1 percent last year.

Property values affect how much funding schools receive, and although Joe Wisnoski of Moak Casey & Associates, a school financing consulting firm, said the increase will likely make “very, very little difference in the bottom line of school districts,” others say it could still be a positive sign for Texas.

“We’re certainly above the trend line across the board, but it’s still early,” said Dale Craymer, president of the business-backed Texas Taxpayers and Research Association. “If current trends hold, we will be in relatively good shape.”

"Texas Property Values Up!" was originally posted as a blog post at RREA.com on February 12, 2012.

Texas Getting $428 MM from Mortgage Deal

Shannon Register, Broker/Owner — Sat, 11 Feb 2012 17:44:56 +0000

WASHINGTON, D.C. (San Antonio Express-News) – Federal and state officials yesterday announced a $25 billion foreclosure settlement with five of the nation’s largest mortgage lenders. Of that, $428 million will come to Texas. But will it be enough to help?

Of Texas’ share, $141 million will go into the state’s treasury, while the remaining $287 million will go toward restructuring mortgage loans and to some borrowers whose homes were foreclosed.

But only 2 percent of mortgage holders in Texas may qualify, and they’ll probably receive less than $2,000 each. On top of that, the process could take as long as three years.

Real Estate Center Research Economist Dr. Jim Gaines said it looks like the benefit to Texans will be small.

“Of the 3.6 million mortgage loans in Texas, we’re going to maybe — maybe — help 85,000 of them,” he said.

The five lenders involved in the settlement were Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.

"Texas Getting $428 MM from Mortgage Deal" was originally posted as a blog post at RREA.com on February 11, 2012.

Galveston Pier: Something Old, Something New

Shannon Register, Broker/Owner — Thu, 09 Feb 2012 20:01:38 +0000

GALVESTON (Houston Chronicle) – Landry’s founder Tilman Fertitta is restoring a little of Galveston Island’s history.

The Houston Chronicle reports that construction has begun on Fertitta’s $60 million Galveston Island Historic Pleasure Pier, an amusement attraction much like the one that opened in 1943 at 25th St. It was destroyed by Hurricane Carla in 1961.

The new attraction will be built at the same location, jutting out 1,000 feet over the Gulf. The site was most recently home to the Flagship Hotel.

Plans call for 16 rides (including a roller coaster and Ferris wheel), carnival games, souvenir shops, food vendors and the state’s first Bubba Gump Shrimp Co. restaurant.

Pleasure Pier is slated to open in May.

"Galveston Pier: Something Old, Something New" was originally posted as a blog post at RREA.com on February 9, 2012.

Texas Existing Home Sales Up 4%

Shannon Register, Broker/Owner — Tue, 07 Feb 2012 20:07:41 +0000

COLLEGE STATION (Real Estate Center) – Sales of existing single-family Texas homes in December were up 4 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 16,500 homes were sold, data showed. The median home price was $150,700, about the same as a year ago, and the state’s overall inventory was at six months.

December 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of Jan. 30, 2012):

	Sales	Change from Last Year	Median Price	Change from Last Year	Months’ Inventory
Austin	1,738	up 11%	$188,200	down 2%	4.2
Beaumont	151	up 2%	$114,000	down 14%	11.1
Brownsville	39	down 33%	$86,800	down 22%	12.4
Dallas	3,315	up 3%	$162,800	up 1%	4.7
El Paso	420	down 9%	$97,900	down 27%	7
Fort Worth	645	up 5%	$112,500	down 6%	5.2
Houston	5,048	up 7%	$160,400	up 2%	5.9
Midland	134	up 17%	$184,000	down 1%	3.3
San Antonio	1,393	up 3%	$148,400	down 6%	6.6
Sherman- Denison	84	up 22%	$96,700	up 3%	8.8
Temple- Belton	115	up 4%	$120,700	down 13%	7.9
Tyler	198	down 5%	$130,800	up 1%	11.4
Victoria	74	up 37%	$131,100	down 2%	3.8
Waco	153	up 2%	$116,200	down 1%	9
Wichita Falls	81	down 31%	$102,300	down 9%	7.6
Texas	16,505	up 4%	$150,700	no change	6

"Texas Existing Home Sales Up 4%" was originally posted as a blog post at RREA.com on February 7, 2012.

Apache Renews, Expands Post Oak Lease

Shannon Register, Broker/Owner — Tue, 07 Feb 2012 19:35:11 +0000

HOUSTON (GlobeSt.com) – Apache Corporation has not only renewed its lease of 365,000 sf at the Post Oak Central office building in Houston’s uptown submarket, it has tacked on an additional 132,000 sf.

The oil company signed the lease renewal for five years beyond the expiration of its current lease, which originally was to end later this year.

This is another in a string of large commercial leases that have occurred in Houston over the last couple of months.

Last month, Noble Energy leased the 497,000-sf former Compaq headquarters in northwest Houston. In December, Shell Oil renewed its 1.2-million-sf lease at its downtown One Shell Plaza and Two Shell Plaza.

Cushman & Wakefield represented Apache in the lease negotiations. Crescent Real Estate Holdings represented the building owner.

"Apache Renews, Expands Post Oak Lease" was originally posted as a blog post at RREA.com on February 7, 2012.

Houston Home Sales Rebound

Shannon Register, Broker/Owner — Mon, 06 Feb 2012 03:21:45 +0000

HOUSTON (realtynewsreport.com) – Sales of existing homes in Houston were 4 percent higher in 2011 than 2010, according to the Houston Association of Realtors.

In fact, December marked the seventh consecutive month of sales increases for the city.

Realtynewsreport.com reported that:

Single-family home sales rose 4 percent for the year while sales of all property types increased 4.3 percent.
On a year-to-date basis, the average price rose 0.9 percent to $213,723 while the median price ticked up 0.7 percent to $155,000. Total dollar volume for 2011 climbed 5.2 percent to $13 billion compared with 2010.
Month-end pending sales for December totaled 2,907, up 3 percent from last year.
The number of active listings at the end of December fell 14.1 percent compared with a year ago.

"Houston Home Sales Rebound" was originally posted as a blog post at RREA.com on February 5, 2012.

Houston Office Market: Job Growth Spurs Leasing

Shannon Register, Broker/Owner — Sun, 05 Feb 2012 03:17:32 +0000

HOUSTON (CB Richard Ellis) – H-Town’s office market finished 2011 with more than three million sf of positive net absorption, reports CB Richard Ellis (CBRE) in its latest market analysis. The firm credits area job growth, increasing shale exploration activity and stronger oil prices for the surge in leasing. According to the report, predictions for the city’s 2010 employment gains of 13,700 were later revised to reflect the addition of around 40,000 more new jobs than anticipated. The Greater Houston Partnership’s figures show the city gained 170,700 jobs since economic recovery began. That’s 111.7 percent of the 152,800 jobs lost because of the recession. In addition, CBRE said employment forecasters expect 84,000 jobs to be added this year. Office space absorption in the early part of 2011 was the result of several large transactions that had been shelved during the recession. Fourth quarter absorption, on the other hand, was from many small to medium-sized deals. Class-A vacancy dropped 150 basis points from 12.14 in fourth quarter 2010 to 10.6 percent a year later. With the decreasing vacancy rate and shrinking Class-A available space, proposed developments and new construction are on the rise in the suburban markets.

"Houston Office Market: Job Growth Spurs Leasing" was originally posted as a blog post at RREA.com on February 4, 2012.

Texas Gets $31 Million in Wildfire Recovery Funding

Shannon Register, Broker/Owner — Fri, 03 Feb 2012 01:54:43 +0000

WASHINGTON, D.C. (Associated Press) – Texas is getting $31 million in federal funding to help with wildfire recovery. At least 80 percent of it will go to Bastrop County, which was devasted by fires that began late last summer.

Community development block grants will help pay for housing, business and infrastructure needs beyond other public and private help.

The money is part of $400 million in nationwide natural disaster assistance from the Department of Housing and Urban Development.

According to the Texas Forest Service, last year’s wildfire season was the worst in the state’s history, covering nearly four million acres and destroying 4,000 structures, and resulting in ten deaths.

"Texas Gets $31 Million in Wildfire Recovery Funding" was originally posted as a blog post at RREA.com on February 2, 2012.

Houston Industrial: Construction Uptick Indicates Market Strength

Shannon Register, Broker/Owner — Thu, 02 Feb 2012 01:57:04 +0000

HOUSTON (CB Richard Ellis) – An increase in building activity marked the strengthening of Houston’s industrial market in fourth quarter 2011, according to CB Richard Ellis’ latest market analysis.

The report showed that 4.1 million sf of active building was taking place at the end of 2011, up 14 percent from the end of the third quarter and more than 450 percent over the end of 2010.

Industrial vacancy rates have declined over the past two years. The overall vacancy rate dropped to 5.6 percent in the fourth quarter from 5.9 percent in the previous quarter and 6.5 percent in fourth quarter 2010.

At the end of fourth quarter 2011, Houston’s industrial market posted 25 million sf of vacant space alongside 2.1 million sf of positive net absorption, pushing year-to-date absorption to 3.8 million sf.

In its report, CB Richard Ellis says “employment now exceeds its prerecession peak in several sectors — oil and gas extraction, food and beverage stores, utilities, and trucking to name a few. The recovery has been rough, and job growth will repeat that trend with only construction and real estate showing signs of significant improvement next year.”

"Houston Industrial: Construction Uptick Indicates Market Strength" was originally posted as a blog post at RREA.com on February 1, 2012.

Oil Industry Boosts Texas Job Growth

Shannon Register, Broker/Owner — Mon, 30 Jan 2012 01:46:08 +0000

COLLEGE STATION (Real Estate Center) – Texas’ mining and logging industry ranked first in job creation in the past year, followed by the professional and business services industry, and the leisure and hospitality industry, according to the latest Monthly Review of the Texas Economy.

Overall, the state’s economy gained 205,100 nonagricultural jobs from December 2010 to December 2011, an annual growth rate of 2 percent compared with 1.3 percent for the United States. The state’s nongovernment sector added 261,200 jobs, an annual growth rate of 3 percent compared with 1.8 percent for the nation’s private sector.

Texas’ seasonally adjusted unemployment rate fell from 8.3 percent to 7.8 percent while the nation’s rate decreased from 9.4 percent to 8.5 percent.

All Texas industries except the information industry, construction industry, and the state’s government sector had more jobs in December 2011 than in December 2010.

All Texas metro areas except Abilene, Wichita Falls, College Station-Bryan, Killeen-Temple-Fort Hood, Brownsville-Harlingen and Beaumont-Port Arthur had more jobs in December 2011 than in December 2010. Laredo ranked first in job creation followed by Corpus Christi, Victoria, Lubbock, Midland and Houston-Sugar Land-Baytown.

The state’s actual unemployment rate in December 2011 was 7.2 percent. Midland had the lowest unemployment rate followed by Amarillo, Odessa, Lubbock, College Station and San Angelo.

"Oil Industry Boosts Texas Job Growth" was originally posted as a blog post at RREA.com on January 29, 2012.