June 20, 2000
June 16, 2000
June 10, 2000
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May 26, 2000
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April 28, 2000
April 25, 2000
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April 18, 2000
April 14, 2000
April 11, 2000
April 07, 2000
April 04, 2000
MORTGAGE RATES REVERSE COURSE For more information, go to http://www.freddiemac.com.
GOLF RESORT DEVELOPER BUYS TWO HOUSTON COURSES Greatwood Golf Club in Sugarland, an 18-hole championship course, is part of a 4,000-home master-planned community. Greatwood offers a range of community amenities, and the golf course is the development's most outstanding feature. ClubCorp's improvement plans include expanding and renovating the kitchen in the clubhouse.
AUSTIN CONTRIBUTES TO HOTEL TOWER SLATED FOR SOUTHAMPTON SITE PLAZA HOTEL READY FOR REDEVELOPMENT LOWE'S PLANS SAN ANTONIO STORE GOING UPTOWN Condominiums in The Mercer will range from about 760 square feet to 2,900 square feet. Prices will start at more than $200,000 and go to $750,000 for the penthouses. Construction is scheduled to begin in September and officials expect it will take about 12 months to complete.
RAILROAD TO CUT 200 JOBS HINES TO ADD DOWNTOWN PARKING EL PASO, LAREDO AWARD HUD GRANTS El Paso was awarded $15,675 and Laredo received $19,803. For more information, go to http://www.hud.gov.
INVENTORY REBOUND RAISES EXISTING HOME SALES For more information, go to http://nar.realtor.com.
AMLI RESIDENTIAL ACQUIRES DALLAS APARTMENT COMMUNITY TREC TO CONSIDER ONLINE LICENSE RENEWALS NATURAL GAS STORAGE FACILITY PLANNED RESORT VENTURES INTO CITY TERRITORY According to the Austin American Statesman online, the community has about 200 single-family homes and about 193 townhomes. Residents must drive 20 miles to the nearest grocery, and the only businesses in the community are the pro shop and the Shades restaurant, which floats on Lake Travis.
SCHOOL GETS GRANT FOR CENTER RECYCLED WATER FLOWING INTO RIVER WALK CARPETMAX CLOSES STORES FIRST PROJECT SINCE 1980 TO UPGRADE AIRFIELD The project will include resurfacing portions of the 6,000-foot asphalt runway, restriping the entire airfield, upgrading the airport's signage, adding an automatic weather observation system and installing a new approach-path indicator, reflectors and a lighted wind sock. Work on the $830,000 project will begin in August and should be finished in 120 days.
PARKLAND NEEDS $127 MILLION Parkland administrators have already proposed ways to save about $58 million, including losing 200 staff positions, and asking patients to pay the full cost of their prescriptions if they are not covered by public or private insurance.
PREOWNED DFW HOME SALES BOUNCE BACK JOBLESS RATE REMAINS LOW PERILOUS PLACES FOR PEDESTRIANS OPENING SET FOR NORTH TEXAS GOLF COURSE For more information, go to www.clubcorp.com
GROUP SELECTS HOUSTON FOR HEADQUARTERS EVERYONE'S COMING TO COMAL COUNTY RESIDENTIAL RENAISSANCE The 1,800-square-foot homes, the smallest in the building, will be priced at $360,000. The 3,800-square-foot, two-level penthouses with four bedrooms and a rooftop terrace will cost more than $1 million.
ECONOMIC RECOVERY WORSENS AFFORDABLE HOUSING SHORTAGE The reports says growth in cities has been strong and sustained in high-tech and other jobs, business creation and homeownership. It points out that during the economic expansion, wage growth in cities surpassed that of their surrounding suburbs. Although there has been a strong recovery by cities, suburban growth continues to outpace urban growth -- especially in the important high-wage, high-tech industries.
REAL ESTATE COMMISSIONERS HOLD ARELLO CONFERENCE Program highlights include discussions on legal developments in real estate, recent and future economic trends, ethics in real estate and impact of the North American Free Trade Agreement (NAFTA) on cross-border real estate transactions. Real estate industry and regulatory field experts will conduct workshops on various topics of timely interest including: consumer protection involving internet activities; new trends in professional real estate business practices; fees for service versus one-stop shopping; and regulatory challenges dealing with affinity programs and referral fees.
ASTRODOME COMPLEX ADDS EXPO HALL MORE THAN JUST A GARAGE INNSUITES EXPANDS TO DALLAS-FORT WORTH DFW GETS NEW TERMINAL According to the Dallas Morning News online, the structure will be built on 29 acres south of Terminal B and house all international flights and some domestic ones among its 23 gates. Features include two 50,000-square-foot market spaces, a 7,000-space parking garage and 35,000-square foot plaza between the garage and plaza.
AVERAGE PRICE OF TEXAS HOMES UP 11 PERCENT Garland led with the lowest estimated days-to-sell -- 29; Austin was a close second with 32. McAllen had the most at 213. Texas' overall estimated days-to-sell dropped 6 percent from 71 a year ago to 67, according to TRENDS, a monthly statistical report from the Real Estate Center at Texas A&M University.
APARTMENT RENTS HIT RECORD HIGH The Northwest had the highest overall rents, averaging $1,027 per month. Monthly rental rates in the West averaged $1,013. The Midwest was third with $836, and the South remained the most affordable region with an average rent of $726.
The nation's most expensive rental markets are concentrated in California. San Francisco led the 57 major metros surveyed with a $1,840-per-month average.
For details, go to www.mpfresearch.com
AUSTIN, DALLAS-FORT WORTH LEAD TEXAS APARTMENT GROWTH The Dallas-Fort Worth area has 21,400 units being built, which represents a 4.5 percent expansion of existing apartment inventory in the coming year.
BUILDERS ASK CONGRESS TO CONSIDER REGULATORY IMPACT NAHB spokespersons say federal regulations have been layered upon existing state and local requirements, and the new homebuyer has shouldered the extra costs. In 1998, an NAHB study found that about 10 percent of the cost for building a typical new home can be attributed to unnecessary regulation.
COPPER PIPE DETERIORATION MYSTERY Soil characteristics, water quality and the flux used to solder pipe joints are among the culprits under scrutiny. The problem became so severe in Jacksonville, Florida, that the city banned copper pipe in residential construction. Phoenix builders are encasing underground pipe in insulation to help protect it.
Most problems seem to occur in homes less than ten years old.
BANKING ON APARTMENT TRIO
The units will average 953 square feet in size. Construction should be completed by spring 2001. $24.5 MILLION TO HELP PUBLIC HOUSING RESIDENTS GET JOBS Texas received $1,199,757. Grants were awarded under the Resident Opportunities and Self-Sufficient Program. For more information, go to www.hud.gov.
OZONE SPARKS HOT DEBATE
It could get expensive for residents of Texas and Oklahoma if they lose federal dollars for violating air standards. If the state gets blacklisted by the EPA as a non-attaining state, consumers could be forced to pay more for cleaner fuel and stricter auto emission standards.
RESORT PROJECT SET FOR ROCKWALL The building was bought for more than $2.5 million. It is on Stemmons Freeway adjacent to two existing EastGroup interstate distribution centers.
TIPS ON MANAGING SOUTHEAST TEXAS ACREAGE The booklet covers a wide range of ideas on soil types, pasture production, grazing and fencing, weed control, wildlife management, ponds, forestry, choosing homesites and government resources.
The publication is a cooperative effort of the Montgomery County Soil and Water Conservation District and the USDA Natural Resources Conservation Service. Individual copies are $2. Order forms are available at www.mcswcd.org.
EXISTING HOME SALES DOWN,
INVENTORIES UP Sales of existing homes declined 6.2 percent in April to a seasonally adjusted annual rate of 4.88 million units, down from a 5.2-million-unit pace in March. The April resale rate was 6.9 percent less than that recorded in April last year.
At the end of April, there were 1.57 million existing homes available for sale nationwide, a 3.9-month supply at the current sales pace. That was up 25.8 percent from the 3.1-month supply available in March. However, the inventory is 22 percent less than April 1999.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 8.15 percent in April, down from 8.24 percent in March. It was 6.92 percent in April last year.
The national median existing home price was $136,700, up 4.6 percent from the same month last year. DEBATE CONTINUES OVER HOME EQUITY PROTECTION The protection afforded by the Texas Constitution had been in jeopardy from a banking reform bill passed last year. An agreement between the House and Senate places a $100,000 cap on homestead exemptions nationwide for those who have owned homes less than two years. After two years, state law prevails.
In other words, Texans who file for bankruptcy within two years of purchasing a home can shield as much as $100,000 of their home equity from creditors. After two years, an unlimited amount is protected.
NEW PRODUCTS TO HELP TEACHERS BECOME HOMEOWNERS Teacher Flex and Teacher Zero Down are mortgage loans esigned to help teachers and school administrators ease the homeownership cost. Loans as much as $252,700 are eligible for both products, which are available throughout Texas, even in markets without Bank of America offices.
DREAM HOME STUDIO LAUNCHED Dream Home Studio is linked to the company's web site, http://www.khomes.com, and eventually consumers will be able to select their home options online.
The first studio will be in Phoenix. San Antonio is the
only Texas site announced to date.
LUXURY APARTMENTS OPEN The gated complex has two swimming pools with hot tubs, a fitness center, a business center and a clubhouse.
$18 MILLION TOWNHOUSE DEVELOPMENT TO BEGIN Ninety-two luxury units are proposed on the ten-acre site. The two- and three-bedroom floor plans range from 2,000 to 2,500 square feet. Amenities include individual addresses, direct-access garages, outdoor lighting, clubhouse, pool, fitness center and a meeting area.
MORTGAGE LENDER FILES FOR CHAPTER 11 According to the report, Empire owes creditors more than $75 million.
HIGHER INTEREST RATES TAKE TOLL ON TEXAS HOUSING AFFORDABILITY COLLEGE STATION, Tex. -- Advocates of city living now have another reason for avoiding the suburbs. Owning a home in the city can be a better investment than buying one in the suburbs.
According to Dr. Jack C. Harris, research economist for the Real Estate Center at Texas A&M University, single-family homes within Austin's city limits appreciated on average 15.8 percent last year. Those in areas of the county outside the city limits appreciated 9.8 percent. Single-family homes in the metropolitan area outside Travis County appreciated 7.7 percent.
"In NorthTexas, the value of single-family homes gained 10.5 percent in Fort Worth and 10.4 percent in Dallas. In other areas of Dallas and Tarrant Counties, homes appreciated at 6.6 percent. Homes in other counties in the MSA grew 4.9 percent in value," says Harris.
Condominium markets do not present as clear a pattern. Austin's in-city condos appreciated 11 percent on average while elsewhere in Travis County they gained 13 percent. Dallas' 9.2 percent average gain was the highest rate for condos in North Texas. In-city condos averaged only a 2.4 percent gain in Fort Worth, while in other areas of Tarrant County, the appreciation rate was 6.4 percent.
"Various statistical tests showed that initial price, pace of market activity and relatively tight inventories had no significant effect on appreciation," says Harris. "The difference in appreciation by location cannot be easily explained away by pointing to higher prices in the city or lack of homes available in close-in neighborhoods."
Harris concludes that the research shows inner-city housing can be a solid investment in growing urban areas.
RAINFOREST SHAREHOLDERS NIX BUYOUT
HOUSTON, Tex. -- Rainforest Cafe shareholders have voted against selling the Minneapolis-based restaurant chain to Landry's Seafood Restaurants of Houston. According to Shopping Centers Today, Landry's responded by withdrawing its $125 million offer.
Rainforest officials said they would abandon attempts to sell the restaurant in favor of other restructuring possibilities.
ATTORNEY GENERAL SUES COLONIAS DEVELOPER AUSTIN, Tex. -- Texas officials have fired another salvo in their attempts to prevent the spread of colonias, Substandard housing projects along the Texas-Mexico border.
The latest target is Eloy Vera and his company, Vera Enterprises, Inc. According to Texas Business online, the developer sold at least eight lots in a subdivision in Starr County between Rio Grande City and Roma.
Texas Attorney General John Cornyn filed a lawsuit and obtained a temporary injunction against the developer. The injunction requires the defendants to provide sewage and water service to the subdivision.
STAUBACH KICKS OFF COMMERCIAL WEB SITE
DALLAS, Tex. -- The Staubach Company has launched www.staubachdispositions.com, a web site featuring commercial real estate portfolios and individual buildings for sale or lease. The site posts detailed information including property descriptions, nationwide location data and aerial photographs of retail, office and industrial buildings and real estate portfolios. The site currently lists 195 properties valued at nearly $1 billion.
COMMISSION TO CONSIDER RULE CHANGES
AUSTIN, Tex. -- A proposed rule requiring real estate schools to disclose financial information when applying for re-accreditation will be considered Monday by the Texas Real Estate Commission.
Under the proposed rule, detailed financial information would be required only if there are unsatisfied final money judgments against the applicant. New schools filing initial applications would still be subject to providing currently required financial disclosures.
Commissioners will discuss prospective amendments to standard promulgated new home contract forms. Possible rule changes relate to real estate license renewals, fees, inactive licensees and change of broker sponsorship.
Also at Monday's 9 a.m. meeting, commissioners will review administrative rules and procedures to improve and update the agency's effectiveness. TREC's strategic plan also will be reviewed. The meeting is in Room 235 of TREC headquarters, 1101 Camino La Costa, Austin.
MAJESTIC SELECTED TO BUILD MATTEL CENTER
FORT WORTH, Tex. /PRNewswire/ -- Los Angeles-based Majestic Realty Co. will build Mattel, Inc.'s massive new 1,007,500-square-foot distribution center in Fort Worth.
Scheduled for completion in February 2001, the project could be north Texas' largest commercial development project of the year. The center in the Railhead Industrial Park along Meacham Boulevard will be large enough to hold two Queen Marys, a horizontal Empire State Building and three reclining Statues of Liberty -- all under one roof.
The Fort Worth project is the largest yet for Mattel. Last year, Mattel shipped more than 18.5 million cartons of toys from its existing Dallas-Fort Worth facilities and received more than 12,600 truckloads of inbound product.
Mattel's new center is a quarter mile south of Loop 820 and just west of I-35 West.
HARCOURT BREAKING GROUND IN AUSTIN
WASHINGTON, DC /PRNewswire/--CarrAmerica Realty Corporation has begun construction on a 192,000-square-foot, build-to-suit project for Harcourt, Inc., at Braker Pointe in Austin.
Located at the northwest corner of Braker Lane and MoPac expressway, the three-building project totals 360,000 square feet. CarrAmerica plans to sell the corner parcel for a full-service hotel. CarrAmerica's Austin portfolio includes 19 buildings with some 1.6 million square feet of office space.
TOMBALL TOWN CENTER UNDERWAY
TOMBALL, Tex. -- Tomball Town Center, a shopping center with a Lowe's Home Improvement Store, a Kmart and 65,000 square feet for other retailers is being built, according to Ralph Bivins in a Houston Chronicle copyrighted story.
The shopping center is on FM 2920 west of Texas 249. Lowe's will open this summer, and Kmart will open next year.
IBM COMPANY PLANS NEW AUSTIN CAMPUS
AUSTIN, Tex. -- (Business Wire)-- Tivoli Systems Inc., has announced plans for a new 90-acre corporate campus in Austin. Featuring more than one million square feet of office space, the new facility will unify Tivoli's 2,000 plus Austin-based employees. Plans include a dining facility, structured parking, customer visitor center, development labs, ATM machines, concierge services for employees and a special location for Tivoli's Friday afternoon employee gatherings.
FIRM OPENS D-FW OFFICES
DALLAS, Tex. -- Austin Ventures is opening its first satellite locations outside its headquarters in downtown Austin. According to yesterday's Dallas Morning Newsonline, the firm is expanding into the Dallas area, with an 8,000-square-foot main office in the West End entertainment district. A smaller office will be opened in Richardson. Both offices are expected to be operating by the end of June.
NEW BUDA H-E-B
BUDA, Tex. -- A new H-E-B Grocery is underway in Buda, according to the Austin Business Journal online. The 61,543-square-foot store is on a 12.8-acre site near I-35. Officials project completion later this year.
WHICH CITIES WILL ATTRACT TOMORROW'S WORKERS?
COLLEGE STATION, Tex. -- In the fast changing world of business, creativity is essential to superior performance. At the recent meeting of the American Real Estate Society, Stephen Roulac, CEO of The Roulac Group, Inc. in San Rafael, Calif., suggested that companies in cities known for enhancing and stimulating creativity are more likely to attract tomorrow's workers.
According to Roulac, cities that encourage creativity are characterized by:
-- a high degree of ethnic, cultural and generational diversity in population; TITLE COMPANIES REPORT RECORD
FREDERICK, Md. -- Title insurers reported a record $8.7 billion in revenue last year, according to the 12th edition of "CDS Performance of Title Insurance Companies."
Fidelity National Financial had 30 percent of industry revenues. Fidelity owns Chicago Title. Richmond Virginia's LandAmerica Financial Group was second largest with 21.6 percent of revenues. California's First America Financial Group had 21.1 percent. In all, more than half of all U.S. title revenue flowed to Orange County, Calif.
The CDS report is $275 and can be ordered at 800-296-1540.
CINEMAS ROLL FINAL CREDITS
DALLAS, Tex. -- (Business Wire) -- Silver Cinemas Iternational, Inc. has closed 17 unprofitable theaters and reduced its employee base by approximately 160. The closed theaters consisted of 15 discount theaters and two first-run theaters. None of the facilities closed were operated by Silver's art exhibition subsidiary, Landmark Theaters.
INTERNET FIRM MOVES TO LOOP 360
AUSTIN, Tex. -- Internet professional services firm marchFIRST Inc. has moved its Austin offices into a recently completed office building on Loop 360. According to yesterday's Austin Business Journal online, the company has moved into 22,000 square feet of office space in The Reserve at Bull Creek. Over the past year, the number of employees has grown from 20 to 60.
TELECOMMUNICATIONS MANUFACTURER OPENS NEW OFFICE
AUSTIN, Tex. -- (Business Wire) -- General Bandwidth Inc. has opened a 20,000-square-foot development center in Richardson in the Courtyard at Arapaho. The new facility gives the Austin-based telecommunications equipment manufacturer proximity to major players in the telecommunications industry.
For more information, go to www.generalbandwidth.com.
COPART BUYS SAN ANTONIO FACILITY
BENICIA, Calif. -- (Business Wire) -- Copart, Inc. has purchased the Texas Alamo Salvage Pool, Inc. of San Antonio. The new facility includes 40 acres of property and facilities for storage, preparation and sale of salvage and other auction vehicles. The acquisition expands Copart's national network of vehicle auction and storage locations to 75 sites in 35 states. The facility will serve southern Texas and is Copart's ninth facility in Texas.
BANKING OFFICE LEASES DALLAS BUILDING
HOUSTON, Tex. /PRNewswire/ -- Sterling Bancshares, Inc. has signed a lease to open a banking office in Dallas. The new office will be located in a six-story office building near Mockingbird Lane and Stemmons Freeway. Sterling Bank will also lease space in the building for its technology and operational support in Dallas. The company's first bank outside of its traditional Houston market is set to open during the second half of 2000.
LASER ARENA OPENS
HOUSTON, Tex. -- (Business Wire)Entertainment Technologies & Programs Inc. has announced that all construction, installation and testing has been completed for the opening of 3,500-square-foot laser arena at Hero in Pasadena, Texas. The 16,000-square-foot facility previously had batting cages in half the building. Late last year, the batting cages were removed, and almost 8,000 square feet was transformed into a state-of-the-art laser arena, pool tables and hobby shop.
ENVIRONMENTAL EXCELLENCE AWARD WINNERS NAMED
AUSTIN, Tex. -- (Business Wire)-- Gov. George W. Bush and the Texas Natural Resource Conservation Commission (TRNCC) are awarding 11 Texas Environmental Excellence Awards today to companies, organizations, and individuals that have earned the state's highest honor for outstanding environmental achievement.
Winners include: Texas Agriculture Experiment Station, Texas Agricultural Extension Service -- San Angelo; Galveston Bay Foundation -- Webster; Texas A&M University -- Corpus Christi; Texas Department of Transportation -- Austin; Specified Fuels & Chemicals -- Channelview; Karen C. Overgaard -- The Woodlands; Lucent Technologies -- Mesquite; Nalco/Exxon Energy Chemicals -- Sugar Land; Texwood Furniture -- Taylor; and the University of Texas at El Paso -- El Paso.
For more information, go to www.trncc.state.tx.us.
HUD BEGINS SELLING HOMES TO LOCAL GOVERNMENTS FOR $1
WASHINGTON, DC -- The Department of Housing and Urban Development is selling homes to local governments for $1 each in a effort to create housing for families in need and to help revitalize neighborhoods. Under the $1 Home Initiative, single-family homes that are acquired in foreclosure actions by the Federal Housing Administration (FHA) are eligible for sale to local governments around the nation for $1 whenever FHA is unable to sell the homes for six months.
More than 1,000 homes are eligible for sale under the initiative, and additional homes will become available for sale each month. For more information, go to http://www.hud.gov.
HOUSING AFFORDABILITY INDEX DROPS
WASHINGTON, DC -- The ability of the typical American family to buy a median-priced existing home dropped slightly during the first quarter of 2000 compared to a year earlier, announced the National Association of Realtors (NAR). NAR's composite Housing Affordability Index was 131.8 during the first quarter, down 1 percentage point from 134.8 reported in the fourth quarter of 1999. The first quarter index is 13.8 points less than the same period a year earlier when it stood at 145.6.
The index shows half the households in the nation had at least 131.8 percent of income needed to buy a home at the first quarter median existing-home price -- $133,400. According to NAR, the median family income was $49,616 during the quarter.
At the same time, the association's First-time Homebuyer Affordability Index dropped 2 percentage points to 77.9 in the first quarter. This index showed a typical first-time homebuyer household, aged 25 to 44, had 77.9 percent of the income needed to purchase a typical starter home -- $113,400 during the first quarter. The typical first-time homebuyer, earning $28,737, could afford a home costing $88,300 during the first quarter.
For more information, go to http://nar.realtor.com/news.
April
25, 2000
•RECYCLED WATER FLOWING INTO RIVER WALK
•CARPETMAX CLOSES STORES
•FIRST PROJECT SINCE 1980 TO UPGRADE AIRFIELD
•PARKLAND NEEDS $127 MILLION
•PREOWNED DFW HOME SALES BOUNCE BACK
•JOBLESS RATE REMAINS LOW
•PERILOUS PLACES FOR PEDESTRIANS
•ASTRODOME COMPLEX ADDS EXPO HALL
•MORE THAN JUST A GARAGE
•INNSUITES EXPANDS TO DALLAS-FORT WORTH
•DFW GETS NEW TERMINAL
•AVERAGE PRICE OF TEXAS HOMES UP 11 PERCENT
•APARTMENT RENTS HIT RECORD HIGH
•AUSTIN, DALLAS-FORT WORTH LEAD TEXAS
APARTMENT GROWTH
•BUILDERS ASK CONGRESS TO CONSIDER
REGULATORY IMPACT
•COPPER PIPE DETERIORATION MYSTERY
•BANKING ON APARTMENT TRIO
•$24.5 MILLION TO HELP PUBLIC HOUSING RESIDENTS GET JOBS
•OZONE SPARKS HOT DEBATE
•RESORT PROJECT SET FOR ROCKWALL
•TIPS ON MANAGING SOUTHEAST TEXAS ACREAGE
•NEW HOME SALES RATE FALLS
•$87 MILLION RETIREMENT COMMUNITY PLANNED
•CONSUMERS SEND MIXED SIGNALS
•GROUP BUYS DALLAS BUILDING, HOUSTON ACREAGE
•HAWTHORN SUITES OPENS NO. 19 IN BROWNSVILLE
•LOWE'S, SUPER TARGET, OTHERS COMING TO SAN ANTONIO
•HYATT EXPANSION NEARS COMPLETION
•FREE HURRICANE, FLOOD BROCHURES
•SOUTH DALLAS MALL REBUILDING
•EXISTING HOME SALES DOWN, INVENTORIES UP
•DEBATE CONTINUES OVER HOME EQUITY
PROTECTION
•NEW PRODUCTS TO HELP TEACHERS
BECOME HOMEOWNERS
•DREAM HOME STUDIO LAUNCHED
•LUXURY APARTMENTS OPEN
•$18 MILLION TOWNHOUSE DEVELOPMENT TO BEGIN
•MORTGAGE LENDER FILES FOR CHAPTER 11
•HIGHER INTEREST RATES TAKE
TOLL ON TEXAS HOUSING AFFORDABILITY
•REALTOR INITIATIVE TO BEGIN AT GRASS ROOTS
•INTERNET SITE CONNECTS
TEXAS BROKERS AND BUILDERS
•FLORIDA HAS MOST EXPENSIVE
MEDIAN-PRICED HOMES
•NEW HOME SALES ON RECORD PACE
•AUSTIN APARTMENT RENT SURGES
•AUSTIN NAMED BEST PLACE TO DO BUSINESS
•TOYS R US BUYS HOUSTON
DISTRIBUTION FACILITY
•COLUMBIA/HCA CENTER TO EMPLOY 400
•CONSTRUCTION BEGINS ON
AUSTIN SKYSCRAPER
•HOUSTON APARTMENT GLUT EASING
•3 - 4 PERCENT GROWTH SEEN FOR
REAL ESTATE THROUGH 2001
•TEXANS THIRD MOST MOBILE
•TEXAS, FLORIDA SENIORS HOUSING FINANCED
•AIRLINE TRAINING CENTER TAKES OFF
•FREDDIE MAC AND NATIONAL HISPANIC HOUSING
COUNCIL LAUNCH AFFORDABLE HOUSING EFFORT
•DALLAS TOWNHOMES COMING SOON
•OUTPATIENT CANCER CENTER APPROVED
•CITY WORKING OUT DEAL TO OWN HOTEL
•HIGH FASHION RETAILER COMING TO SAN ANTONIO
•LONG-TERM MORTGAGE RATES HIT FIVE-YEAR HIGH
•WEB SITE POPULATION BOOM
•COUNTRYWIDE OPENS PLANO BUILDING
•TEXAS LOSES NUMBER ONE RANKING. YEA!
•COASTAL RESIDENTS URGED TO PREPARE FOR HURRICANE SEASON
•APPRAISERS FIGHT PROPOSED FTC PRIVACY LEGISLATION
•TECHNOLOGY REVOLUTIONIZING HOMEBUYING
•VACATION HOME MARKET RED HOT
•FRISCO MEDICAL CENTER IN WORKS
•DELL MOVING HEADQUARTERS TO AUSTIN
•UPSCALE MEDITERRANEAN BUILDINGS PLANNED
•SCHWAB OPENING AUSTIN OFFICE
•ICE RINK PLANNED FOR ALAMO CITY
•OLDER AMERICANS WANT TO STAY AT HOME, BUT . . .
•BARGO OKLAHOMA PROPERTIES SOLD
•CITY LIVING NOT ONLY CONVENIENT, IT'S PROFITABLE, TOO
•RAINFOREST SHAREHOLDERS NIX BUYOUT
•ATTORNEY GENERAL SUES COLONIAS DEVELOPER
•STAUBACH KICKS OFF COMMERCIAL WEB SITE
•COMMISSION TO CONSIDER RULE CHANGES
•MAJESTIC SELECTED TO BUILD MATTEL CENTER
•HARCOURT BREAKING GROUND IN AUSTIN
•TOMBALL TOWN CENTER UNDERWAY
•IBM COMPANY PLANS NEW AUSTIN CAMPUS
•FIRM OPENS D-FW OFFICES
•NEW BUDA H-E-B
•WHICH CITIES WILL ATTRACT TOMORROW'S WORKERS?
•TITLE COMPANIES REPORT RECORD
•CINEMAS ROLL FINAL CREDITS
•INTERNET FIRM MOVES TO LOOP 360
•TELECOMMUNICATIONS MANUFACTURER OPENS NEW OFFICE
•COPART BUYS SAN ANTONIO FACILITY
•BANKING OFFICE LEASES DALLAS BUILDING
•LASER ARENA OPENS
•ENVIRONMENTAL EXCELLENCE AWARD WINNERS NAMED
•HUD BEGINS SELLING HOMES TO LOCAL GOVERNMENTS FOR $1
•HOUSING AFFORDABILITY INDEX DROPS
•HUD HELPS AMARILLO FAMILIES
•TWO SAN ANTONIO OFFICE BUILDINGS BOUGHT
•EPA FINISHES GARLAND SITE CLEANUP
•BREAKING HISTORY
•CIRRUS COMING HOME
•COMPANY ON THE GROW
•COMMERCIAL GIANTS TEAM UP
•FORE!
•MALL SEEKS RETAILERS
•HOMEBUYERS HAVE MOST INTEREST IN LOW INTEREST
•TEXAS COLLECTS MORE, SPENDS MORE THAN MOST
•$1 BILLION COMPANY CREATED
•WORK BEGINS ON COMPLEX
•WAL-MART HEIR MAKES BIG PURCHASE
•AUCTION BIDS ON ABILENE
•INTOWN LIVING COMES TO THE FORE
•BREWERY TO CLOSE
•SOLD -- HISTORIC BUILDING
•TANGLEWOOD RESORT ADDS HOTEL
•HOSPITAL PLANS PUT ON LIFE SUPPORT
•REAL ESTATE FIRM ADDS TO BUYING BINGE
•RURAL HOSPITAL PLANS MAJOR FACE LIFT
•ARMY CHOOSES FIRMS TO TURN BROOKE PRIVATE
•SWIM COMPLEX SET FOR WESTOVER PARK
•WINN-DIXIE RESTRUCTURING
•MANUFACTURED HOME SHIPMENTS DOWN NEARLY 21 PERCENT
•DALLAS APARTMENT COMPLETIONS SURGE -- HIGHEST SINCE 1986
•HOUSING STARTS FALL
CROSSROADS MOVES HEADQUARTERS
•CARQUEST OPERATOR BUY COMPETITOR
•PORT ARTHUR SHOPPING CENTER SOLD
•AMERICAN FREIGHTWAYS OPENS TWO TEXAS CENTERS
•FREEWAY IMPROVEMENTS COULD YIELD $18 BILLION
•CARRAMERICA ANNOUNCES LEASE WITH AMERICAN HONDA FINANCE
•CALIBER BUYS ANOTHER LOCATION
•CONFERENCE PUTS WATER PIECES TOGETHER
•HOUSING MARKET INDEX RECOVERS SLIGHTLY
•NEW BRIDGE OPENS IN LAREDO
•TEXAS RECEIVES THIRD MOST FEDERAL FUNDS
•TEMPLE RESEARCH CENTER OPENS APRIL 19
•TEXAS REAL ESTATE STATS
•SYSTEM LAYS OFF 290
•TESTING FIRM TO EXPAND
•CANCER CENTER PLANS RESEARCH PARK
•EASTGROUP BUYS FOUNDERS
•SPECULATIVE BUILDING SIGNING TENANTS
•TELECOMMUNICATIONS COMPANY EXPANDING
•ECONOMY, HOUSING CHANGING; REMAIN FAVORABLE
•TAX EXEMPTION COULD RESULT IN LOSS OF THOUSANDS
•ALL ABOARD
•OFFICE PARK TO BREAK GROUND
•RE/MAX OF TEXAS CHOOSES HOMES.COM AND ITS BROKER ADVANTAGE
•REGIONS FINANCIAL BUYS BANK
•LUCENT TO MOVE DIVISION
•CONDO PLAN PITCHED NEAR ENRON FIELD
•FIRM SEEKS ROOM TO GROW
•AMERICAN EAGLE TAKES FLIGHT AT DFW
•WOOD REFINERY SOLD
•LAND LEASED ON FARIAS RANCH
•REALTORS ALLIANCE ESTABLISHED WITH NAR
•MORTGAGE RATES CHANGED SLIGHTLY
•TWO PRODUCTION FACILITIES COMPLETE
•SHOPPING CENTER PLANNED FOR FORT BEND COUNTY
•THEATER FOR SALE
•TERMITES, TERMITES EVERYWHERE (EXCEPT ALASKA
•SOUTHERN LIVING 2000 HOME IN FORT WORTH
•LOWE'S TO OPEN NEW TEXAS STORE
•OFFICE BUILDING BREAKS GROUND
•MERGER CREATES HOUSTON-BASED COMPANY
•PAYROLL GROUP BUYS BANK BUILDING
•CENTEX RENEWS PRESERVATION COMMITMENT
•TEXAS SKATE PARK
•AUSTRIAN FIRM TO BUILD HEADQUARTERS IN SOUTHLAKE
McLEAN, VA. -- Mortgage rates which have ticked down over the past several weeks, rose this week. According to a survey released Thursday by Freddie Mac, the average interest rate on a 30-year, fixed-rate mortgage climbed to 8.22 percent for the week ending June 29, 2000, up from last week's average of 8.14 percent. A year ago, the 30-year rates were at 7.71 percent. The average rate on 30-year mortgages hit a five-year high of 8.64 percent in mid-May.
DALLAS, Tex. /PRNewswire/ -- ClubCorp will acquire the Golf Club at Cinco Ranch and Greatwood Golf Club near Houston. The Golf Club at Cinco Ranch in Katy is an 18-hole championship course and is part of a master-planned community that will include 8,000 homes. The community was named the National Project of the Year for 1993 by the National Association of Home Builders Institute and offers amenities such as recreation centers, tennis courts, community pools and nature parks.
AUSTIN, Tex. -- The Austin City Council unanimously decided on Thursday to contribute $15 million to an 800-room hotel to serve the downtown convention center. According to today's Austin American Statesman online, once the bonds are paid off in 30 years, the city will own the hotel.
HOUSTON, Tex. -- An 11-story mid-rise tower in the Southampton neighborhood is slated to go up by year's end. Just east of Kirby Drive, the $24-million South Boulevard Place will contain 64 residences ranging from 1,821 square feet to 3,837 square feet. According to the Houston Business Journal online, each unit will have a terrace, and the project will include four two-story penthouse units.
HOUSTON, Tex. -- A Houston developer has contracted to buy the old Plaza Hotel on Montrose Boulevard for a residential redevelopment project. The 1926, nine-story hotel will be converted into 45 apartments, according to the Houston Chronicle online.
SAN ANTONIO, Tex. -- Lowe's, the nation's second-largest home improvement retailer confirmed plans on Wednesday to build a San Antonio store. The 143,000-square-foot home-and-garden retail center will employ between 175 and 200 and occupy a 14-acre site at Bandera Road and Loop 1604, according to the San Antonio Express online. Lowe's will share a new 700,000-square-foot retail center with Super Target and a 60,000-square-foot grocery store.
DALLAS, Tex. -- Post Properties, Inc. has unveiled plans for a nine-story, 159-unit condominium building to be built just south of McKinney Avenue on State Street. According to the Dallas Morning News online, The Mercer in Uptown will be Post's first significant investment in the Dallas condominium market.
DALLAS, Tex. -- Burlington Northern Santa Fe Corp. of Fort Worth has announced a second-quarter charge Monday of between $40 million and $50 million that includes severance expense for 200 workers. Officials from the second-largest U.S. railroad said the job reductions that primarily affect train crew workers and materials handlers would produce pretax savings of about $10 million annually. According to the Dallas Morning News online, railroad officials also plan to relocate 60 workers from its Fort Worth headquarters to Kansas City, Kansas, to staff a new train dispatching center.
HOUSTON, Tex. -- Hines, a Houston real estate firm, is preparing to expand a downtown parking garage. Located across the street from the 55-story 1100 Louisiana Building, the expansion will add 679 new spaces, increasing the total to 2,265 spaces. According to the Houston Chronicle online, the expansion will be completed in the first quarter of 2002.
WASHINGTON, D.C. -- About 700 low-income high school students in 15 communities will learn computer networking skills and help connect their neighborhoods to the Internet during summer internships funded by a $200,000 grant from the Department of Housing and Urban Development and administered by Communities in Schools, the nation's largest stay-in-school network. El Paso and Laredo were two of the communities to receive such a grant.
WASHINGTON, D.C. -- According to the National Association of Realtors, a greater number of homes placed on the market in March and April led to higher sales of existing single-family homes in May. Sales of existing homes rose 4.3 percent in May to a seasonally adjusted annual rate of 5.09 million units from a level of 4.88 million units in April. Last month's sale rate was 1.0 percent higher than the 5.04 million unit rate in May 1999.
CHICAGO, Ill. /PRNewswire/ -- AMLI Residential Properties Trust announced it has purchased AMLI on Frankford, a 582-unit luxury apartment community in Dallas. Set on 29.8 acres adjacent to the recently opened George Bush Tollway, the community was constructed in 1998. There are 517,344 rentable square feet in 29 two- and three-story buildings, with 298 one-bedroom, 246 two-bedroom and 38 three-bedroom apartment homes. The average size of the apartment homes is 889 square feet. The community offers numerous amenities including two resort-style swimming pools and spas, sand volleyball court, state-of-the-art fitness center, resident business center, drive-through mail center and media center.
AUSTIN, Tex. -- In a meeting today, the Texas Real Estate Commission (TREC) will consider clearing a legal path allowing for electronic renewal of real estate broker and salesperson licenses. If adopted, procedures will provide added convenience and a major savings of time for some 110,000 real estate licensees throughout Texas, as well as an eventual reduction in agency costs from renewal processing.
HOUSTON, Tex./PRNewswire/ -- Western Hub Properties plans to construct a high-deliverability natural gas storage facility in Live Oak and Karnes Counties near San Antonio. The facility's initial phase will have a working gas storage capacity of 12 billion cubic feet with an injection capability of 450 million cubic feet per day and a withdrawal capability of 250 million cubic feet per day. Service is expected to begin in May 2001.
AUSTIN, Tex. -- A community made up of homes and townhouses totaling 452 people wants to become a city. On Tuesday, Travis County commissioners approved spending about $2,000, which Point Venture would repay, to hold an incorporation referendum in August. Should voters approve, this tiny village 40 miles northwest of downtown Austin, would become a full-fledged city with its own police force, taxes and municipal government.
AUSTIN, Tex. -- The American Institute for Learning is planning an 18,000-square-foot arts and technology center at a warehouse on Fourth Street. Thanks to a federal grant on Tuesday, the school got a $75,000 boost. According to the Austin American Statesman online, school officials are studying whether renovating or razing the warehouse would be cheaper.
SAN ANTONIO, Tex. -- The San Antonio River has received a new source of water, saving the Edwards Aquifer hundreds of millions of gallons of tap water each year. Officials began releasing highly treated wastewater into the headwaters of the river on Monday, shutting off one of three city pumps that use Edwards water, according the San Antonio Express online.
SAN ANTONIO, Tex. -- Carpet and tile retailer Flooring American filed for Chapter 11 bankruptcy protection last week and closed 35 of its stores, including the San Antonio outlets. According to the San Antonio Express online, the company cut its headquarters workforce of 300 by half as part of a sweeping cost-cutting effort. All of Flooring America's San Antonio stores operated under the name CarpetMax.
FORT WORTH, Tex. -- The City of Fort Worth will spend almost $1 million over the next few months on improvements to the largely undeveloped Spinks Airport. According to the Dallas Business Journal online, money for the airport improvements will come largely from a $760,000 grant received earlier this month from the Texas Department of Transportation, along with a 10% match from the city of Fort Worth.
DALLAS, Tex. -- Parkland Health and Hospital System officials are searching for $127 million to fill the biggest hole their budget has ever seen. According to today's Dallas Morning News online, at worst, Dallas' public hospital would close clinics and scale back medical care offered to the county's poorest residents. And at the very least, staff positions will be cut, more money will be collected from patients and county commissioners will be asked for a tax increase.
DALLAS, Tex. -- After Dallas Fort Worth homes sales dropped in April, preowned home sales bounced back in May. According to the Dallas Morning News online, real estate agents sold 5,941 preowned homes last month, an increase of 4 percent from May 1999. The median price of preowned homes sold in the area last month was $125,500 -- up 5 percent from a year earlier; condominium sale prices were up 8 percent to $85,000 and condo resales rose 14 percent with a total of 324 units sold.
AUSTIN, Tex. -- The Texas labor market continued to grow in May, with the seasonally adjusted unemployment rate dropping to 4.4 percent from the previous month's rate of 4.5 percent, according to the Texas Workforce Commission. Since May 1999, 288,100 jobs have been added to the market. The lowest unemployment rate among the Metropolitan Statistical Areas (MSA) was 1.5 percent in Bryan-College Station. Austin-San Marcos followed at 1.9 percent, Lubbock at 2.4 percent and Dallas and San Antonio at 3.0 percent. The highest rate was 12.5 percent in the McAllen-Edinburg-Mission MSA.
AUSTIN, Tex. -- The Victoria Metropolitan Statistical Area (MSA) is the most dangerous city for walkers, with a yearly average of 3.04 deaths per 100,000 people, according to yesterday's Austin American Statesman online. The Austin-San Marcos MSA is the 25th most dangerous place to walk in the United States with 2.12 pedestrian deaths per 100,000 people. Dallas has an average of 2.24, Houston had 2.36 and San Antonio had 2.66 deaths per 100,000 people.
FRISCO, Tex. /PRNewswire/ -- Stonebriar Country Club announced it will open to Stonebriar members starting November 1, 2000. The club is the first Fazio-designed golf course in North Texas. Construction on the private club began in June 1999.
HOUSTON, Tex. -- Twenty-one North American energy and utility companies banded together to create a business-to-business Internet marketplace and have now chosen Houston as headquarters for the new business entity. According to the Houston Business Journal online, the group is reportedly looking at office space in The Woodlands. The most critical component in choosing Houston was the availability of skilled people. Fifty to 100 people will be employed initially.
NEW BRAUNFELS, Tex. -- Comal County, one of the fastest growing areas in the state, is projected to quadruple in population over the next 30 years, county officials say. Most of the growth will be fueled by rural area development, according to the San Antonio Express online. Over the past year, plans to build 22 subdivisions totaling more than 7,700 lots were announced.
HOUSTON, Tex. -- Old commercial buildings and repair shops are giving way to expensive residential development on South Boulevard, according to the Houston Business Journal online. Most of the projects announced so far are small townhome projects. An 11-story, 64-unit condominium tower may really accelerate growth. Construction on the $24 million project is expected to begin by the end of 2000 with opening scheduled for the end of 2001.
SEATTLE, Wash. -- The booming national economy and the growth of high-tech jobs have helped reverse decades of decline in America's cities. But the recovery has driven up home purchase prices at twice the inflation rate and rents at 1.5 times the inflation rate -- worsening an affordable housing shortage, according to a report issued Monday by the Department of Housing and Urban Development (HUD).
AUSTIN, Tex. -- The annual Southern District of the Association of Real Estate License Law Officials (ARELLO) is being hosted by the Texas Real Estate Commission on June 22 through June 24. The regional meeting will be held at the Radisson Hotel & Suites at 111 East Cesar Chavez in Austin. One hundred fifty real estate regulatory law officials and their staffs from 15 states and territories are expected to attend.
HOUSTON, Tex. -- The Astrodome's $600 million face lift was furthered by Harris County when ground broke on a giant exposition center yesterday. According to the Houston Chronicle online, the 1.4 million-square-foot center will be five football fields long and dwarf the city's 600,000-square-foot George R. Brown Convention Center. Completion is scheduled for May 2002.
SAN ANTONIO, Tex. -- Alamo Architects have plans to make the $8.3 million, 700-space city parking garage not look like a boring block-long garage, as part of the Houston Street Redevelopment Project. The garage, fronting the entire block of St. Mary's Street, has design details that make the it look like a number of different buildings -- not one of them a parking garage, according to the San Antonio Express online.
PHOENIX, Ariz./PRNewswire/ -- The InnSuites Hotel System has completed the addition of the 166 Studio and Two-room Suite Fort Worth-Dallas Inn and Hotel. It is located 20 minutes or less from the DFW Airport, Six Flags Over Texas, Texas Ranger's Arlington Baseball Stadium, Fort Worth Zoo and other attractions. For more information, go to www.innsuites.com.
DALLAS, Tex. -- The first new terminal to be built at DFW Airport since its opening 26 years ago, Terminal D, will be completed in 2005. With a built-in 300-room hotel and automated people-mover system, the facility is expected to generate $34 billion and bring 77,000 jobs to North Texas in 15 years.
COLLEGE STATION, Tex. -- The average price of a Texas home increased 11 percent from $129,100 in April 1999, to $143,600 in April 2000. Abilene had the largest average price increase of Texas cities in the same period -- $68,500 to $99,300 -- a 45 percent increase. Austin was second with 20 percent.
DALLAS, Tex. -- Average rent for a U.S. apartment was $869 per month during the first quarter, a March-to-March growth rate of 5.2 percent, according to M/PF Research. The increase is the biggest recorded since M/PF's national survey began in 1992.
DALLAS, Tex. -- Total Austin apartments should increase 5.1 percent by March 2001, according to MPF/Research of Dallas. Austin has some 6,200 units under construction.
WASHINGTON, DC -- Housing costs will continue rising unless sweeping changes are made in the way new home construction is regulated, the National Association of Home Builders (NAHB) told Congress this week.
Experts have yet to pinpoint the reason copper pipe has begun to deteriorate nationwide. Failures have been reported from Florida to California.
HOUSTON, Tex. -- Houston-based Buckhead Investment Partners have broken ground on three Houston-area multifamily properties totaling 496 units and $35 million. The new properties are located at 15330 Bammel-North Houston Road, 5000 Watkins Way in Friendswood and 15503 F.M. 529 at Highway 6 in Copperfield. According to the Houston Business Journal online, all units will include remote video-controlled access, vaulted ceilings and intrusion alarms.
WASHINGTON, DC -- The Department of Housing and Urban Development awarded $24.5 million in grants to help public housing residents across the country get jobs and become self-supporting. Grants will go to residents in 42 states, the District of Columbia and Puerto Rico.
OKLAHOMA CITY, Okla. -- A pollution problem blowing north across the Red River has Oklahoma officials upset with Texans. Smog and pollution have been invading the Sooner state, thanks to jammed highways and pollution-spewing plants as far south as Houston. According to the Houston Chronicle online, Texas doesn't get all the blame -- winds move pollution west from Louisiana into Texas, making the problem worse.
DALLAS, Tex. -- An Italian resort-style development is planned for the shores of Lake Ray Hubbard. According to the Dallas Morning News online, the Villas de Portofino community is patterned after a Italian lakeside resort and will include 74 condominiums along a landscaped esplanade with a waterside boardwalk and marina. The condominiums will be located in four, three-story buildings stepping up from the lake along a hillside just south of I-30. Units will range from 1,700 square feet with three bedrooms and three baths, to 3,600-square-foot, two-story townhomes with five bedrooms and a study. Homes will be priced from $225,000 to more than $550,000.
CONROE, Tex. -- Anyone considering buying land or building a home in southeast Texas might want to get a copy of a new 20-page booklet, "Tips on Management for Small Acreages in Southeast Texas."
WASHINGTON, DC -- Sales of
existing single-family homes dropped in April, but inventory levels are recovering, and the overall market remains strong, National Association of Realtors officials said yesterday.
WASHINGTON, DC -- Texans will be able to continue shielding much of their home equity from bankruptcy creditors, according to the Dallas Morning News online.
DALLAS, Tex. -- Texas teachers struggling to make the grade in buying a home have additional tools to help fight the high cost of homeownership thanks to two new home mortgage products unique to Bank of America.
NEW YORK, N.Y. -- Dream Home Studio, a retail store selling builder's homes and home options has been launched by Kaufman and Broad Home Corporation. Dream Home Studio will replace New Home Showrooms as an outlet to sell homes and more than 5,000 designer options and home upgrades.
AUSTIN, Tex. -- A 430-unit luxury apartment complex has opened in north Austin on Parmer Lane. Monthly rents at Spraddle Creek range from $710 to $1,390, according to the Austin Business Journal online.
COPPELL, Tex. -- The Townhouses of Coppell, an $18 million luxury townhouse development by C.N. Lemp Development Company, will break ground Tuesday, May 30.
AUSTIN, Tex. -- Empire Funding Corporation filed for Chapter 11 bankruptcy on May 15, according to the Austin Business Journal online.
COLLEGE STATION, Tex. -- Tightening mortgage markets pushed interest rates higher in the first quarter of 2000, making it more difficult for Texans to buy a home, according to the latest Texas Housing Affordability Index (THAI) from the Real Estate Center at Texas A&M University.
"The THAI for the first three months of the year was 1.23, a significant drop from the 1.45 index recorded just one year ago," says Dr. Jack C. Harris, research economist. "The number of Texas households that could afford the median-priced home fell from 66 percent last year to 59 percent this year."
Harris says, however, the news is not all bad. A THAI of 1.23 means the Texas median household income is 23 percent more than the minimum needed to purchase a median-priced home. Prices are based on current sales closed through the state's Multiple Listing Services (MLS). Financing is based on the currently available interest rate on 30-year mortgage loans covering 80 percent of the home's value.
"Although the average interest rate paid on a Texas mortgage loan rose more than one full percentage point during the year -- from 6.86 to 8.03 -- demand for homes has not diminished," said Harris. "The number of sales closed through the state's MLSs were more than 5 percent higher in the first quarter than during the same quarter last year. Moreover, the median price paid rose almost 8 percent from a year ago. This price rise compares to an estimated 2.3 percent increase in median household income. The combination of a hot market and more expensive financing led to much lower affordability."
The first-time Homebuyer's Affordability Index (FTHAI) also fell compared to last year. The first quarter FTHAI was 0.99 compared to 1.16 one year ago. The FTHAI indicates the median income of a renting Texas household is lower than that needed to buy the median-priced starter home, based on financing with a loan covering 95 percent of value.
REALTOR INITIATIVE TO BEGIN AT GRASS ROOTS
WASHINGTON, DC -- A new program designed to provide educational tools and advocacy resources to members via a network of 1,600 state and local associations, received overwhelming support and a major financial commitment here this week.
Realtors attending the National Association of Realtors (NAR) mid-year governance meetings and trade expo approved bi-annual public opinion research, educational tools and information state and local associations can tailor to their needs.
NAR's board of directors approved $2.7 million in new funding for a total of $5 million to be spent during fiscal years 2000 and 2001. Funds will support the program's various activity elements and program branding.
INTERNET SITE CONNECTS TEXAS BROKERS AND BUILDERS
HOLLYWOOD, Fla./PRNewswire/ -- "Brokers Welcome," a website designed to expand, improve and speed up communication etween Texas home builders and real estate brokers, has been launched.
By going to http://www.brokerswelcome.com/texas.html, brokers can add their e-mail addresses to a master mailing list that home builders use to send announcements about incentives, bonuses, higher commission offers, contests, parties and immediate occupancy homes.
FLORIDA HAS MOST EXPENSIVE MEDIAN-PRICED HOMES
NEW YORK, NY /PRNewswire/ -- According to Worth magazine's rankings of the "250 Richest Towns" in America, Jupiter Island, Fla., has the nation's highest median-priced home at $1.9 million.
Aspen, Colo., is second with a $1.75 million median. California has 76 towns on the highest-price list. New York has 46, New Jersey 26, Massachusetts 18 and Illinois 17. The median home price for all 250 towns -- $555,841.
NEW HOME SALES ON RECORD PACE
WASHINGTON, DC -- The nation's housing sector registered first quarter increases in building permits, housing starts and completions, according to a report released Monday by the Department of Housing and Urban Development.
The HUD report shows March new home sales reached the second highest monthly level ever recorded, and the first quarter level was the second highest quarterly value. If this level were to continue through the year, 2000 will be the best year ever for new home sales.
AUSTIN APARTMENT RENT SURGES
DALLAS, Tex. -- Rent growth in Austin's apartment market has accelerated dramatically during
recent months, according to M/PF Research. Measured on a
same-store basis, rents climbed 7.3 percent during the year
ending first quarter 2000. This compares to annual growth
generally around 3-4 percent in 1998-99.
Among 57
major metros tracked by M/PF Research, Austin ranked No. 8 in
rent growth during the pat year.
"Austin's sharp
upturn in rent growth reflects that the robust local economy
is generating considerable household growth at a time when
relatively few new apartment units are coming on stream," said
M/PF Research President G. Ronald Witten.
Austin
apartment occupancy reached 97.4 percent in the first quarter
-- up 1.9 percent in the last year and now at the highest
point since M/PF began surveying the market in 1992. Austin's
occupancy rate is 2 points higher than the national
norm.
Austin added 32,900 jobs in the past year.
Net apartment move-ins reached 1,250 in the past quarter and
4,920 during the past year. Apartment deliveries were more
modest at 675 units during the first quarter and 2,784 units
in the year ending in March
-- a high degree of population mobility;
-- concentration of people with cultural creative values;
-- a large immigrant population;
-- presence of a research university;
-- a high concentration of cultural resources, museums and performing arts venues;
-- strong communications resources, including fiber-optic infrastructure;
-- institutions that stimulate creativity;
-- physical beauty in urban areas and surrounding natural environment; and
-- physical space inventory sufficient to incubate new enterprises.
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