TEXAS FORECLOSURE RATES DOWN
COLLEGE STATION (Real Estate Center, RealtyTrac Inc.) – Foreclosure rates may be on the rise, but recent information from RealtyTrac Inc. shows Texas MSAs were not among the top ten foreclosure areas in the United States for the first half of 2007. Among the other findings:
- Fort Worth–Arlington ranked 13th and Dallas ranked 17th among the top 100 MSAs by number of foreclosure filings.
- Texas foreclosure filings were down more than 13 percent compared with the first half of last year, as were all of the major Texas MSAs except Fort Worth–Arlington, which was up 5 percent.
- The number of properties filed upon statewide was down 8 percent from the first half of 2006.
- Houston–Baytown–Sugar Land was the only Texas MSA to register an increase in the number of properties filed upon, and that increase was 1 percent.
“The decline in filings and properties with filings reflects the continued steady increase in Texas residential property values, the continued stable economy and employment and the fact that Texas did not rely on extreme, exotic loan terms to the same extent as other, higher-priced markets,” said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University.
Gaines says a great deal of the national foreclosure market is concentrated in a handful of states, primarily the previously hot markets in California, Florida, Nevada and Arizona, as well as as Michigan, Ohio and Indiana, where the pullback in the automotive industry has resulted in job losses.
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MOSAIC'S SECOND TOWER
HOUSTON (Houston Business Journal) – With the first tower now more than 50 percent sold, Phillips Development & Realty LLC of Tampa, Fla., has broken ground on the second Mosaic residential tower near the Museum District.
Each 33-story building at 5925 Almeda Rd. will have 394 condominiums on top of seven stories that include lobbies, parking garages and retail space.
The average unit size is 980 square feet, and the average price is $350 per square foot with a maintenance fee averaging 39 cents per square foot. The penthouse costs $500,000, and the least expensive unit is $165,000. The combined sales value of all units is estimated at more than $300 million.
Development for both towers will cost $203 million. Phillips secured a $141 million loan from Chicago-based Corus Bankshares Inc.
Atlanta-based Wood Partners was a development partner on the first tower. Miami-based Developer Sales Group is handling Mosaic's condo sales. Adam Brackman of Wulfe & Co. is handling retail space leasing in Mosaic. Retail tenants in tower one include Unity Bank and a Yapa prepared food store. Fit Gym of Houston will operate Mosaic's fitness center.
Tower one will be ready for occupancy this fall. Move-in for tower two will be during the spring of 2009.
VISTA'S SUPERCENTER
FORT WORTH (Dallas Business Journal) – More than 23 acres in the Vista Crossroads will be sold to Wal-Mart.
The retail giant will anchor the retail project with a 175,000-square-foot supercenter, according to Peter Aberg, a partner with the seller, Legacy Capital Co.
Legacy will build a new exit ramp and service road at US 287 and Avondale-Haslet Road as part of the sale.
Dallas-based Legacy is selling the remaining acreage to Hunter Equities, a Dallas developer.
FRONT DOOR ACREAGE SOLD
FORT WORTH (Star-Telegram) – Hunter Equity has purchased 150 acres at the front door of the 9,000-home Sendera Ranch subdivision.
The land is adjacent to the 23 acres that Wal-Mart is purchasing from the same seller, Legacy Capital Co.
Company officials plan to hold the property at US 287 and Avondale Haslet Road until they decide how best to develop it. One of Hunter’s most recent projects is the 91-acre Hunter Plaza on I-635 in Irving. It includes a 24-Hour Fitness, Best Buy and homes.
Legacy Capital Co.'s focus is building infrastructure and then selling the site-ready land to a developer, said Steve Saxon, a Legacy Capital partner.
The I-35W corridor of far north Fort Worth is the Metroplex's fastest-growing area of residential development. The area is also near the fast-growing neighborhoods east of Eagle Mountain Lake.
HOUSTON HOUSING MARKET HOLDING UP
HOUSTON (Houston Association of Realtors) – Despite reports of difficulties facing mortgage companies across the country, the greater Houston existing real estate market held up in July.
- Home sales rebounded from two consecutive months of declining sales, with signs of moderate weakness turning up only on home sales in the $80,000 to $150,000 range.
- Total property sales for the month increased 1.1 percent over July 2006 to 8,114.
- Nearly $1.7 billion in properties were sold, a 5.3 percent increase over last year’s nearly $1.6 billion.
- The median price for a single-family home was $155,100 (a 0.5 percent decrease), and the average single-family home price came in at $209,339 (a 1.8 percent increase).
- Almost 53,000 homes were available at the end of July, a 16.1 percent increase over the same month last year and the 13th month with a year-over-year increase.
- Month-end pending sales increased 8.1 percent to 5,520.
- Total sales for single-family homes were at 6,856, 1.6 percent higher than July 2006.
- Homes were on the market in Houston an average of 76 days.
- The overall median price in the townhouse-condo segment in Houston was up 1.2 percent for July, with the median sales price for the month being $122,000. The average sales price for which a townhouse or condo sold in the greater Houston area was $159,401 in July 2007, 8.2 percent more than the same month last year.
- In the greater Houston area, 660 townhouse and condo units were sold last month, versus 681 properties in July 2006, or a 3.1 percent decrease in year-over-year sales.
RREEF-ER MADNESS
AUSTIN (REBusinessOnline) – The Villas on Guadalupe, one block north of the University of Texas campus, has been purchased by RREEF on behalf of an institutional client.
The 150-unit student housing complex is at Guadalupe Street and Hemphill Park. Amenities include a courtyard pool and hot tub, a fitness center, a clubhouse and access–controlled parking.
Part of Deutsche Bank’s Asset Management division, RREEF, which was represented by CB Richard Ellis, purchased the property from Principal Enterprise Capital.
ALLSTATE RATES RISING
HOUSTON (Houston Chronicle) – Allstate Texas Lloyds is raising home insurance rates 5.9 percent statewide, and some coastal residents, including those in Harris and Montgomery Counties, will see an additional average 2 percent raise.
According to company officials, the increase is to help cover the cost of reinsurance, which is insurance the company buys for itself to help pay for claims in the event of a catastrophe.
Because Allstate dropped windstorm coverage in counties that touch coastal waters last year, residents of Galveston County and a portion of Harris County will not be hit with the extra 2 percent increase.
The rates will change on policies as they come up for renewal, Allstate said. Rising construction costs also contributed to the rate increase.
About 700,000 of Allstate's 917,000 Texas policyholders are insured by Allstate Texas Lloyds.
BLACKROCK'S GOLD STAR
DALLAS (globest.com) – New York City–based BlackRock Inc. has purchased the 490-unit Jefferson at Park Central from Irving-based JPI.
The 95 percent leased, seven-year-old complex near the Medical City of Dallas features a parking garage and 13,000 square feet of retail leased to Luna de Noche restaurant and FedEx/Kinko.
The Class-A complex is a mix of townhouses, apartments and flats consisting of one-, two- and three-bedroom floor plans in midrise buildings. Units range from 592 to 1,596 square feet with monthly rents ranging from $850 to just over $1,600.
According to tax rolls, the 39-building complex on almost 14 acres at 7927 Forest Ln. is assessed at roughly $42.3 million.
Apartment Realty Advisors of Dallas brokered the sale.
CYPRESSWOOD SOLD TO SOLID GOODS
HOUSTON (globest.com) – Solid Goods Corp. has purchased the 270-unit Villas at Cypresswood from Georgia-based Davis Development.
The three-year-old, 96 percent occupied Class-A complex at 9844 Cypresswood Dr. has a mix of one-, two- and three-bedroom units. Rents range from $819 to $1,539 per month.
Johnson Capital Partners of Arizona LLC secured a $22.4 million Freddie Mac loan for California-based Solid Goods, which will self-manage the property.
LANCASTER DISTRIBUTION CENTER PLANNED
LANCASTER (Dallas Morning News, globest.com) – A joint venture will build a 776,000-square-foot bulk distribution center on 47 acres it recently purchased from Irving Klein Trust.
The project at I-35E and West Street marks the second joint-venture spec in North Texas for Atlanta-based companies Cousins Properties Inc. and Seefried Properties Inc.
Alliance Architects Inc. of Dallas is the project’s designer, Pacheco-Koch is the civil engineer and La Terra Studio Inc. is the landscape architect. Seefried will develop, manage and lease the distribution center.
PORTFOLIO SALE INCLUDES TEXAS
HOUSTON, ABILENE AND CORSICANA (REBusinessOnline) – A joint venture between KBS Real Estate Investment Trust (KBS), Hackman Capital Partners and Calare Properties has purchased an 11.4 million-square-foot industrial portfolio for $516 million.
The three Texas buildings in the 24-property portfolio include a more than 245,000-square-foot light manufacturing facility in Houston, a just over 728,000-square-foot property in Abilene and a 1.4 million-square-foot warehouse property in Corsicana.
The portfolio was sold by Equity Industrial Partners Corp.
HINES EYES LAKE TRAVIS
LAGO VISTA (Austin Business Journal) – Hines Interests LP, a Houston-based international real estate firm, has purchased 875 acres in Lago Vista from a group of families in the Rogers Ranch Group.
According to Lago Vista City Manager Bill Angelo, the plan is to turn the property into an upscale residential development that could include about 2,000 homes. The acreage is located between FM 1431 and Lake Travis, outside the city limits.
CARMEL'S MAMMOTH PURCHASE
HOUSTON (Houston Chronicle) – Carmel Village Retirement Residences has purchased four six-story office buildings totaling more than 378,000 square feet for $31.6 million from Mammoth Equities.
The four buildings, part of a six-building office park on more than 12 acres, range from 81,000 to more than 108,000 square feet. The two other buildings are separately owned.
The buildings at 2600, 2616, 2626 and 2656 South Loop West near Reliant Park were renovated in 2003.
Mammoth was represented by Voit Commercial Brokerage's Irvine office along with Grubb & Ellis. Voit also represented Carmel.
PHOENIX, BALCH SPRINGS EXCHANGE
BALCH SPRINGS (globest.com) – Using a 1031 exchange, an Oregon-based private investor has purchased the 296-unit Stoneleigh on Cartwright for $22.5 million.
After selling a multifamily property in Phoenix, Dr. M.T. Aliniazee bought the 93 percent leased complex on more than 30 acres at 500 W. Cartwright Rd. using 80 percent loan-to-value financing. New York–based Arbor Commercial Mortgage LLC funded the ten-year, 6 percent fixed-interest Fannie Mae loan.
The seller, Dallas-based developer Seneca Investments Inc., developed the Class-A Stoneleigh on Cartwright in 2003. The 21-building complex has one-, two- and three-bedroom units ranging from 615 to 1,234 square feet. Monthly rents range from $680 to $1,200.
Hendricks & Partners' Dallas office represented the seller. Woodmark Real Estate Services Inc., with headquarters in Dallas and Washington, D.C., will lease and manage the complex
DALLAS BUYER LANDS PARCELS
BRAZORIA COUNTY (Houston Chronicle) – Approximately 1,000 acres stretching 2.5 miles on the west line of Texas 288 to the northwest corner of 288 and County Road 51 has been sold.
The land at the southwest corner of Texas 288 and FM 1462 includes parcels from The Hamill Foundation, Edwin Roark and BMW Group
Land Advisors Organization Houston represented the buyer, a Dallas-based investment group.
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