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AUSTIN (Texas Realtors) – The number of Texas homes sold in first quarter 2024 was nearly identical to the total in the first quarter a year ago, according Texas Realtors’ latest Texas Quarterly Housing Report.
Meanwhile, the supply of homes on the market increased while the statewide median price of $330,950 was 1.6 percent higher than in 2023.
Median price went up in 19 metros and down in six, and no metro had a median price decrease of more than 2.3 percent compared to a year ago. The biggest increase in median prices were in Odessa (11.2 percent), Midland (9.5 percent), and Texarkana (8.5 percent).
Months of inventory increased from 2.7 months at the end of the first quarter last year to 3.8 months at the end of the first quarter this year.
Active listings increased 33.7 percent at the end of the first quarter compared to the end of the first quarter in 2023.
Homes spent two fewer days on the market statewide compared to the same period last year. Days on the market went up in 16 metros and declined in nine.
An office park near Six Flags Over Texas in Arlington is facing a possible foreclosure after Nashville-based Pinnacle Bank alleged in a Tarrant County court filing that a New York investor has defaulted on a $40 million loan.
The office park, listed as Six Flags Business Park in Tarrant County records, is a four-building property at 600, 616, and 624 Six Flags Drive and 2401 E. Randol Mill Road. Pinnacle Bank said in the filing, first reported in the Dallas Business Journal, that Liberty Centerpoint LLC, part of New York-based Opal Holdings LLC, defaulted on the loan it made in August 2021.
Opal Holdings bought the renovated 450,000-square-foot Centerpoint office park from Boston-based Albany Road Real Estate Partners in 2021. Leasing of the property is handled by TXRE Properties. Among the tenants of the office park is the North Central Texas Council of Governments, at 616 Six Flags Drive.
According to Tarrant Appraisal District records, the total appraised value of the business park is about $43 million, but appraised values often are lower than the sale value of a property.
The Business Journal reported that a foreclosure auction is scheduled for May 7 and that Austin-based Alan Castetter has been appointed trustee. It is possible an agreement could be reached before that date, however, and stave off a foreclosure.
Centerpoint is not the only Tarrant County property facing foreclosure proceedings by Pinnacle Bank, which separately alleged that Opal Holdings has defaulted on a $13 million loan involving Fort Worth’s Burnett Plaza, the tallest office tower in the city, at 40 stories. An affiliate of Opal Holdings bought the building in 2021 for $137 million, according to ConnectCRE, a Texas real estate news site.
Opal Holdings faces other legal challenges with Burnett Plaza, as mechanics’ liens totaling more than $1 million have been filed against the owners by various companies, including Tarrant Construction Services, the Business Journal reported.
Opened in 1983, Burnett Plaza is a 1.02 million-square-foot office building at 801 Cherry St. in downtown Fort Worth.
According to the Business Journal, Opal Holdings and its related entities alleged in an April 2 lawsuit filed in Tarrant County district court that Pinnacle Bank has tried to force the building into default.
Commercial foreclosures have been on the rise in Texas after years of poor performance in the office sector led to a wave of recent foreclosures, according to The Real Deal real estate news website. In March, commercial foreclosures in Texas rose by 129% year-over-year and were up 31% from the previous month, Real Deal reported.
At the Arlington Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
This article first appeared on Arlington Report and is republished here under a Creative Commons license.
Satellite communications startup E-Space is moving ahead with its North American expansion, a project that could bring a minimum of 400 high-tech jobs with an average annual salary of $95,000 within its first five years of operation in Arlington.
The Arlington City Council will vote on a resolution at the April 23 meeting to authorize Marty Wieder, executive director of the Arlington Economic Develop Corp., to enter a public-private partnership with E-Space and the city of Arlington. That partnership will allow the company to build a headquarters and manufacturing plant at the Arlington Municipal Airport.
E-Space is a startup global telecommunications and satellite manufacturer founded in 2022 by satellite communications technology veteran Greg Wyler.
At full capacity, the project will create 3,355 jobs and provide over $8 billion in salaries and wages over the 30-year term lease, according to the city’s staff report.
By comparison, the Arlington General Motors plant employed over 5,000, paying $471.7 million in taxable wages last year.
Soon after the deal, the first phase of construction on the west side of the airport will begin, which will include a manufacturing and office facility of about 250,000 square feet, a 40,000-square-foot hangar, an airport access road and an aircraft parking apron.
The startup plans to establish a headquarters and develop a total of 750,000 square feet of manufacturing and office space, with about 2,000 jobs, over a 10-year period.
The economic development corporation will contribute up to $50 million from cash and/or proceeds from sales tax revenue bonds toward the project’s development and construction.
After construction is completed, the economic development corporation will lease the project back to the company for a term of 30 years with two renewal options with a base rent of $2 million per year of occupancy and a 3% increase every five years thereafter.
While executing the public-private partnership, E-Space will lease initial existing industrial space in Arlington within 90 days to begin building an employment base for research and manufacturing.
The company will occupy the industrial space as soon as design and construction begin for its manufacturing and office facility, the first phase of which is estimated to be completed by late 2026.
E-Space has about 95 employees in offices in Beverly, Massachusetts, and Saratoga, California, and is backed by Prime Movers Lab, a company that invests in scientific startups.
The city recently acquired the operations at Arlington Municipal Airport, a move expected to boost the airport’s economic impact. The city said it split costs with the Arlington Economic Development Corp., which contributed $9.5 million to the acquisition.
Texas has a high concentration of aviation, aerospace and defense-related manufacturers. According to the Texas Economic Development Corp., the state has 266 aerospace-related manufacturers that employ more than 48,000 workers, with an average salary of $108,420.
This is a developing story that will be updated. Please check back for the latest at ArlingtonReport.org.
Dang Le is a reporting fellow for the Fort Worth Report. Contact him at dang.le@fortworthreport.org or via Twitter.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.
At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
This article first appeared on Arlington Report and is republished here under a Creative Commons license.
is excited to announce the 4th and final concert series for the 2023-2024 concert season. This has been a great concert season for the BCO with enthusiastic audiences. Thank you for making this possible. So, to end this season, the BCO gives you another of its eclectic programming. There is something for everyone!
Here are just a few of the titles that the BCO will be playing:
On a Hymnsong of Philip Bliss (It Is Well) arranged by David Holsinger;
Superman Returns, John Williams/John Ottman/arr. Victor Lopez;
The Sea Hawk, Erich Wolfgang Korngold/arr. Jerry Brubaker;
Closing the program will be the 1st movement of Symphony No. 4 in c minor D. 417, by Franz Schubert. Bring your family and friends and enjoy an evening of orchestra music played by the Brazos Chamber Orchestra. Free admission and donations are accepted.
Concert Dates:
Spring Orchestra Concert Series – April 2024
Sunday, April 21. The Center @ Pathway Church, Burleson
Monday, April 22 Granbury First United Methodist Church
Tuesday, April 23 Field Street Baptist Church Cleburne
SEE YOU THERE!!
DALLAS (Dallas Morning News) – North Texas home sales decreased by 7 percent in March, with prices slightly higher than in 2023. Data show 8,020 homes were sold in the area last month. Following a nearly 9 percent decline in 2023, January saw a 12.5 percent sales increase, but February experienced a slight 1.1 percent drop. The median price for single-family homes in the Metroplex was $395,000 in March, up by 1.3 percent from March 2023. Housing affordability remains challenging due to rising mortgage rates and weakening employment growth, slowing existing home sales.
Several of the lenders I work with have programs to help offset some of these challenges. Please contact me so we can see if they will work for you and your situation!
Land sales in 2023 rose nationwide by 1.2%, a return to balance after recent pandemic-era highs. That’s according to the latest Land Market Survey, published by REALTORS® Land Institute and NAR.
“Although this marks a slower pace compared to past performance, it highlights the market’s resilience and ongoing potential for expansion amidst challenging conditions,” the survey says.
RLI and NAR shared their findings during a March webinar. The two organizations surveyed 4,600 RLI members and prospects in September 2023. There were 450 responses, of which 68% reported a land sale in the last 12 months. Here are some highlights:
Texas was a top market in 2023
Texas was home to 7.3% of land sales reported by survey respondents.
Ranches led in Texas and Oklahoma
Ranches were 39% of 2023 land sales by REALTORS® in RLI’s Region 8.
Regional land sales took a while
Texas and Oklahoma land included in the survey spent a median of 183 days on the market. “Land sales generally conclude within a 60-day period, while a notable 25% of these transactions are wrapped up in less than 30 days.”
Regional land sales inched down from 2022
Several Texas and Oklahoma land categories saw small year-over-year percent changes in 2023. Commercial land sales were down 3.6% and industrial land was down 3.3%. Meanwhile, developed land sales rose 1.8%.
To read the report, visit rliland.com/Resources/Land-Market-Survey.
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