Housing sales, prices hit record highs in July

Housing sales, prices hit record highs in July

One of the hottest markets for home sales last month was Georgetown, where 132 single-family residences changed hands last month — a nearly 26 percent jump from a year prior. But much of Central Texas had a sizzling July as residential real estate activity reached historic levels.

That’s according to the latest Austin Board of Realtors numbers, released Thursday. The data show the median price for single-family homes hit $320,000 across the five-county area in July, the highest monthly level ever recorded.

The Austin metro also hit a seven-year high for home sales with 3,103, the most since July 2011 and a 8.8 percent year-over-year increase.

So demand is clearly high. On the supply side, permitting for new single-family homes and apartments is back to pre-recession levels and Metrostudy data show construction started on 4,064 homes in the first quarter, up more than 17 percent year over year. However, housing inventory — the measure of how long it would take to sell all of the homes on the market if new listing stopped — continues to fall in many places. In Austin it dropped to 2.1 months in July; most real estate experts consider at least six months needed for a balanced market.

“Home sales are up across the board in the Austin area, but declines in housing inventory are almost just as steep," Steve Crorey, 2018 president of the Austin Board of Realtors, said in a statement. He said the ABOR figures highlight "the critical need for more housing stock at all price points in and around Austin."

Supporters of CodeNext had hoped Austin’s overhaul of the land-use code would increase density and allow for more home construction, but the process was killed earlier this month. That puts all eyes on City Manager Spencer Cronk, who has been tasked with leading the next overhaul of the code.

More quick takeaways:

• Within Austin city limits, the median price jumped 6 percent year over year to $390,000. There were 952 sales of single-family homes, up 13.5 percent year over year.

• In Williamson County north of Austin, median price increased 2.1 percent to $280,734. There were 1,054 sales of single-family homes, up 5.7 percent year over year.

• In Hays County south of Austin, the median price fell 3 percent to $265,000. There were 347 sales of single-family homes, up 2.7 percent year over year.

• For the entire metro, there were 3,065 pending sales in July, an increase of 10.8 percent from the same month last year. But the number of homes on the market fell 2.7 percent to 7,522.

• For the entire metro, 27 percent of single-family homes sold for less than $250,000, 54 percent sold between $250,000 and $500,000 and 19 percent sold for $500,000 or more.

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What’s on the horizon for Charlotte’s apartment market as it tops list for fast growth?

Charlotte’s apartment market continues to post nation-leading growth.

Within the past eight years, metro Charlotte’s apartment inventory has increased at a rate faster than any other market in the nation, according to a new report from RealPage Inc. (NASDAQ: RP), a Texas-based company that provides software and data analytics to the real estate industry.

Although Charlotte’s total number of units in the current cycle, 41,857, isn’t the overall highest, its 30.6% bump in inventory eclipses that experienced by other quickly growing metropolitan areas. That includes Austin, Texas (29.2%), Nashville, Tennessee (28.3%), Salt Lake City (26%) and San Antonio, Texas (25.3%). It also registers higher than Raleigh’s 25.1% increase in inventory, which came in at 31,890.

In its report, RealPage notes that while substantial new apartment developments have delivered in many of Charlotte’s submarkets since 2010, the uptown/South End submarket has been on the receiving end of the most additional multifamily units, with a surge of 10,150 apartments in the past eight years and inventory growth of about 140%. That ranks among the highest expansion rates among national submarkets, according to RealPage.

Charlotte’s apartment boom continues to be met by "robust" demand, says Jay Parsons, who, based in Charlotte, is RealPage’s vice president. Parsons said that apartment occupancy is holding at 95.2% — nearly matching the 95.8% seen in the cycle’s peak a couple of years ago.

Annual rent growth in the Charlotte market registers at 2.8%, down from about 5% two to three years ago, he said in an email to CBJ.

"Still, Charlotte rents are climbing a little faster than the U.S. norm of 2.5%, and property owners and operators in Charlotte still have more pricing power than is typical in other metros where new supply is coming on stream most rapidly," he said.

And don’t expect the Queen City to fall from its perch as a national leader in apartment supply anytime soon.

The new report comes on the heels of another RealPage study that shows Charlotte logging a whopping 64.7% increase in multifamily permits for the year ending in May. Those 10,194 permitted units more than doubled in count from the previous year and ranked eighth, following metros like New York City, Dallas, Seattle, Los Angles and Austin.

Parsons said ongoing apartment construction tops 10,606 units, which is expected to grow the market’s inventory another 5.9% within the next year and a half.

"New product will continue to be delivered in Charlotte at a very rapid pace," Parsons said.

He said that "mild backtracking in Charlotte’s occupancy rate is anticipated over the next year or two, and the rent growth pace likely will slow to 1.5% to 2% as the metro’s delivery volume escalates even more."

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Property Details for 900 Banister Ln Apt H

900 Banister Ln Apt H, Austin, TX 78704
900 Banister Ln Apt H, Austin, TX 78704
Property Features
Master: Double Vanity
Half Bathrooms: 1
Granite/Marble Counters

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JoCo Partners and The ValCap Group Partner on the Acquisition of Two Apartment Communities in Austin, TX

The renovation plans include high-end interior improvements to all the apartment units, including granite countertops, stainless steel appliances, and mosaic backsplash tiling. One of the existing offices will be converted into a clubhouse available for use to the community residents and a mega fitness center to include outdoor spinning, a yoga center and a fully equipped weight and cardio room. There will be extensive exterior renovations to the three pool areas, the addition of an outdoor grilling station and the inclusion of game areas for kids and families. For pet lovers, the construction team will create a dog park as well as a dog washing station that will be open to all residents.

About JoCo Partners: A real estate investment company with over 15 years of experience and a focus in medium to large commercial acquisitions. JoCo Partners collaborates with real estate investors as the asset management division of entities that evaluate, acquire, reposition, manage, and create an exit strategy for each property based on its highest value and best use. JoCo Partners currently has over 2,000 rentals and over $200M under asset management.

About The ValCap Group: Founded in 2012 as a collaboration between Richard Fishman, a former mortgage banker from San Diego, CA, and Jack Franco from Newport Beach, CA. Since its founding, ValCap has completed 12 projects consisting of over 3,200 units which were successfully repositioned and sold. These assets represent in excess of $166 million in total sales over the 6-year time frame. The average IRR for these projects was approximately 22% return for the partnerships involved.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180709005129/en/

CONTACT: JoCo Partners

Elan Gordon



SOURCE: JoCo Partners

Copyright Business Wire 2018.

PUB: 07/09/2018 09:00 AM/DISC: 07/09/2018 09:02 AM

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New Crew stadium site plans in Austin includes more parking, affordable housing – Columbus – Columbus Business First

Precourt Sports Ventures is listening to its critics in Austin.

The company’s business arm in the Texas capital today released a new proposal for a stadium site at McKalla Place, the city-owned, 24-acre parcel that is being eyed as a home for the Columbus Crew SC.

After several Austin City Council members said they wanted to open up the site to other ideas as well, including mixed-use and affordable housing options, MLS2ATX released the new plans that include additional parking and 130 affordable housing units.

The company’s principal, Anthony Precourt, has been looking to move his team there since last fall.

The new rendering is similar to the one released in May. That site plan included a stadium surrounded by about 1,000 parking spaces, walkways and trails, a retention pond, a bicycle valet with room for about 500 bikes, park space, a music or performance space and an optional rail station. It also shows roadway access from nearby roads.

The new proposal includes a 600-car parking garage and the housing units which would go up in partnership with a local affordable housing group Foundation Communities. There are no changes on the size of the parcel or stadium itself.

“Precourt Sports Ventures’ vision is to create a true partnership with the City of Austin at McKalla Place, revitalizing an unused site to generate the greatest community benefit," Richard Suttle, attorney for PSV, said in a statement.

The idea of an MLS stadium in Austin has been getting mixed reviews from City Council.

Precourt Sports Ventures said it would privately finance the $200 million stadium. Under PSV’s proposal, Austin would own the stadium, the infrastructure and land it sits on. The team and PSV would collect the revenue.

"There’s no guarantee that (Precourt would) stay as long as he says he would," Councilwoman Leslie Pool told me a few weeks ago. "Watching what has happened in Columbus raises questions for me, because if he leaves early, then the debt would be the responsibility of Austin taxpayers."

Pool said she has had concerns since the beginning when Precourt was looking at public parkland for a stadium site. Vocal public opposition sent Precourt looking elsewhere for a potential stadium home.

"That was an early indication to me that he was tone deaf to what this community wants, and things haven’t really gotten much better,” she said.

Pool and councilwoman Alison Atler are co-sponsoring a resolution for council’s Thursday meeting that would ask the city manager to look over other potential plans for the McKalla Place development, in addition to the Crew proposal.

Those include a mixed-use development, affordable housing, parks and open space, affordable creative space and public transit, including a train station.

Councilwoman and Mayor Pro Tem Kathie Tovo and Mayor Steve Adler are sponsoring a different resolution that would have the city manager analyze the proposal from Precourt and “begin negotiations for a Major League Soccer stadium to be located at 10414 McKalla Place."

"McKalla seems like a real viable location and I’m excited to see if it can be done without City financing the stadium or being liable for any debt, and with community benefits like affordable housing support and youth soccer programs," Adler said in an email last week.

Precourt is hoping a decision will be made at this week’s meeting on the fate of McKalla Place. The sooner a decision comes, the sooner Precourt can move forward.

In Columbus, Precourt has been sued by the city and the state of Ohio in hopes he will keep the team here or sell it to investors.

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Crew SC | Austin developer inquired about McKalla Place two years ago

As Austin, Texas City Council starts is discussions focused on whether a soccer-specific stadium from Crew operator Precourt Sports Ventures is the right fit for McKalla Place, a city-owned tract in north Austin, other developers interested in the site wonder about their next moves.

Capella Capital Partners, a commercial real estate development firm in Austin, presented its plan for a mixed-use development at the 24-acre site at the Gracywoods Neighborhood Association meeting in north Austin last Tuesday.

Its history with the site goes back much further than that.

Scott Moxham, Capella’s CFO, said Capella first had an interest in the site shortly after September 2015, when it gained control of a 2.93-acre site adjacent to McKalla Place. That site is set to become a $250 million office and apartment complex.

In early 2016, Moxham said, Capella reached out to the city about what could happen with McKalla Place.

“We started kicking the tires and we said, ’Hey, what’s this 24-acre tract of land that’s our next-door neighbor? And of course we found out the City of Austin owns it and we said, ‘Oh, gosh,’” he said. “We looked into the history of it and the issues the property had in the past and the environmental remediation and long story short it had just been sitting there vacant for quite some time, almost two decades.”

After some discussion with the city, including then-city manager Marc Ott and the city’s office of real estate services, Capella indicated it would be interested in pursuing a long-term ground lease.

“They came back after they did a legal review and said, ‘You know what, a 99-year (lease) is equivalent to a sale of the property. That’s going to require an RFP (request for proposal),’” Moxham said. “We said, ‘OK, fine. We have no problem with that.’”

Austin did an appraisal of the site in August 2016 valuing McKalla Place at $29.5 million. Capella put together a team and began working on a land plan for the site with the idea that, based on what the firm had been told by the city as early as March 2017, an RFP was on its way.

It then became a game of hurry up and wait. An RFP that Capella thought would come out by summer 2017 and then by year’s end still has not come out.

“That’s kind of where we are today,” Moxham said. “But we’ve got a land plan on the McKalla site and it’s something that we’ve been looking at for well over two years now.”

PSV, which announced last October the possibility of relocating the Crew after the 2018 MLS season, switched gears from two parkland sites in Austin to focus on McKalla Place in March. PSV officials have said they would like some sort of stadium deal or letter of intent in place by the end of the month.

Moxham said Capella was never given a specific reason as to why the RFP was delayed, but there are a few good guesses. Ott, who said in an email he doesn’t have any knowledge of the site, left Austin for the International City/County Management Association in 2016 and Capella’s primary contact at the office of real estate services, Lauraine Rizer, retired.

“I don’t really know why other than it’s easy to just draw the conclusion that any time you’re dealing with a political body, these things can get pretty dragged out and (they are) unable to make any decisions,” Moxham said.

Capella has plans for a development that would include 1,500 housing units — a “significant portion” of which would be affordable housing — 120,000 square feet of retail that would include a grocery store, and six acres of parkland. Moxham said a relocation of the Kramer station MetroRail stop would be privately funded.

Another group, developers Marcus Whitfield and John Chen, made an unsolicited offer of $22.5 million to buy McKalla Place or $2.2 million per year with 1.5 percent annual increases over an 80-year lease term to city manager Spencer Cronk last week.

Capella will not follow suit without an RFP, Moxham said.

“I think it has to go through an RFP process to get there,” he said. “Unless there’s something that we don’t understand and the city can circumvent certain legal aspects of this, there’s no reason at this time to come up with some type of offer. That would come out in the RFP.”

Councilmember Leslie Pool has said multiple times she intends to bring a resolution calling for an RFP for McKalla Place at Austin City Council’s June 28 meeting.

“We haven’t yet decided whether a stadium is appropriate for this site because we don’t have sufficient information,” Pool said Tuesday. ”(An RFP) can compare what PSV has offered and any other parties who have indicated an interest.”

Moxham said Capella is not out to stir the pot or create enemies. As a soccer fan, he said he would go to MLS games in Austin. As a developer, Capella would like to see the tract adjacent to its own become a mixed-use development “whether we develop it or not.”

“We feel like that would be better for us and for the community. Ultimately that’s a big discussion and council has to make that decision,” Moxham said. “So, I don’t know that we’ll do anything other than we’re happy to talk about it and we’ll sit back and see what happens like everybody else.”

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Student housing giant Campus Advantage invests Seattle market with $95 million in University District acquisitions – Puget Sound Business Journal

One of the nation’s largest owners of student housing this week made a $94.8 million bet on Seattle’s University District, where it bought nearly 400 units that are delivering some of the highest per-square-foot rental rates in town.

Austin, Texas-based Campus Advantage bought the two-building Identity project (4106 and 4119 and 12th Ave. N.E.) for $53.4 million and Liv Seattle (4717 Brooklyn Ave N.E.). The sellers were limited liability companies that, according to online records, is a combination of CA Student Living of Chicago, and Principal Financial Group of Des Moines, Iowa.

Student housing long has been a driver in the U District, home of the 46,000-student University of Washington. Now that the neighborhood as been upzoned to allow significantly taller buildings, interest is ratcheting up.

Developers are moving ahead with big projects, such as a 24-story tower in the same block as Liv, and some longtime owners of old, small apartment buildings have banded together to jointly sell their properties as one site where around 550 market-rate apartments or housing with 1,100 student beds could be built.

This is no surprise given rental rates. At Identity, which consists of 198 small apartments, rents range from $1,399 to $1,649 for units that are between about 300 to 350 square feet, according to a leasing agent at the property. That works out to around $4.70 a square foot. In urban King County, per-square-foot rents were $2.77 last year, according to Colliers International’s Seattle Multifamily Team.

Rents at Identity have gone up significantly since early 2015, when the property opened. At the time Curbed Seattle reported that asking rents ranged from $814 to $1,409.

Liv is 56 units, though each is divvied up into units with two- to five-bedrooms. A leasing agent at the property said a bed in a five-room unit leases for $1,099, while one in a two-bedroom, two-bath apartment is $1,469. The apartments have a total of 198 beds, the agent said.

Neither property is offering concessions.

Identity and Liv are the only Washington state assets owned by Campus Advantage, according to the company’s website. The company says it’s the sixth largest student housing owner in the United States.

The company bought the Seattle properties as part of a 1,910-bed portfolio acquisition in five states. Campus Advantage formed a $200 million joint venture with a an unnamed state pension fund. Since 2007, Campus Advantage says it has acquired more than $1.5 billion in student housing assets through partnerships.

Rising rents have lured Campus Advantage of Texas to the Northwest.

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Additional Information About 6104 Janey Dr, Austin, TX 78757

6104 Janey Dr, Austin, TX 78757
6104 Janey Dr, Austin, TX 78757
Year Taxes Land Additions Total Assessment 2017 $16,327 $308,000 + $317,000 = $625,000 2016 $11,705 Price Not Available + N/A = $524,876 2015 $10,956 Price Not Available + N/A = $477,160

The price and tax history data displayed is obtained from public records and/or MLS feeds from the local jurisdiction. Contact your REALTOR® directly in order to obtain the most up-to-date information available.

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Head Of Texas Health Agency Resigns After Bungled Contracts

Charles Smith (Texas Health and Human Services Commission)

AUSTIN, Texas (AP) — The head of Texas’ sprawling health agency is resigning in the wake of it botching millions of dollars in contracts.

Republican Gov. Greg Abbott announced Thursday that Charles Smith, his longtime aid, was leaving his post as executive commissioner of the Texas Health and Human Services Commission at the end of the month.

Charles Smith (Texas Health and Human Services Commission)

Officials discovered last month that staff members incorrectly scored five managed care contracts worth an estimated $600 million.

The State Auditor’s Office released a subsequent report highlighting problems with the agency’s procurement processes.

Smith is the latest of several top agency officials to leave.

Abbott recently tapped former state Sen. Tommy Williams to help correct the agency’s contracting mistakes.

The governor said Williams will now lead it on an interim basis beginning June 1.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Austin real estate market continues to shatter records with best March ever

Austin’s real estate market continues to shatter records in 2018.

Just when you thought it couldn’t get hotter, Austin’s real estate market continues to shatter records. According to the Austin Board of Realtors March 2018 Market Report, Austin home prices are on the rise while the time properties actually spend on the market falls.

The Austin-Round Rock housing market saw a 10.5 percent increase in sales compared to 2017, which translates to a total of 2,714 single-family homes sold in Central Texas — the most ever on record. “This type of growth early in the year indicates a strong summer selling season ahead," says Steve Crorey, 2018 president of ABoR, in a release.

Also continuing its upward trend are prices for single-family homes, which jumped 3.5 percent to $305,233 in the metro area. Good news for residents within the city limits, though. While area prices continued to rise, in Austin proper they remained flat, with only a 0.1 percent year-over-year increase.

In spite of flatlining prices within the city, the amount of time single-family homes are spending on the market is declining. In the metro area, housing inventory levels decreased year-over-year to 2.2 months of inventory. When it comes to homes priced between $150,000-250,000, that shortened to less than 50 days spent on the market.

“Historically, it’s common for some homes to be on the market for 50 days or more, even in markets with strong housing demand,” Crorey says. “Within the city of Austin and other local markets with limited inventory, homes are spending a fraction of time on the market — as little as two weeks in some areas. This is an indicator of just how competitive it’s become to purchase a home in and around Austin.”

As ABoR points out, this increase in demand for home in the $150-250K region has led to the rise of smaller submarkets in suburbs like Del Valle, Manor, and Buda. And speaking of Buda, while the number of home sales sharply declined in March 2018, prices skyrocketed more than 7.4 percent to $280,000, thanks to a decline in available inventory.

All of this points to a very interesting trend: the emergence of Kyle as Austin’s next in-demand suburb, despite being 26 miles from the capital’s city center. This has led to an increase in sales to 19.7 percent and a median price increase of 8.4 percent to $225,000.

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