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Edited by Holly Kelch
Volume 3 Number 08 August 2013

Austin Real Estate Trends is prepared for investors, lenders, brokers, developers, management companies and other industry professionals to provide transaction data and insights into market trends. The newsletter covers significant transactions and economic and financial news for Multifamily, Retail, Office, Industrial, Single-family and Vacant land. Click on the following for more information:

Apartments

Apartment market occupancy in the Austin area stood at 94.75% in July 2013, an increase of 0.074% compared to the adjusted figure for the previous month, according to www.oconnordata.com, O’Connor & Associates data. Overall rents stood at $1.090 per square foot, an increase of $0.008 per square foot from June 2013. Rental rates increased by $0.008 per square foot for Class A and Class B properties, and it increased by $0.013 per square foot for Class C properties. Rental rates decreased by $0.013 per square foot for Class D properties, when compared to the previous month. Pre-leasing is currently underway in 15 communities (4,246 units) out of the 40 total properties (11,625 units) in the construction pipeline city-wide.

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Note: The multifamily projects listed herein are followed by their representative identification number as they appear in the new O’Connor & Associates ApartmentLink Online Data platform and are provided for subscriber cross-referencing. The property information contained within this database is updated on a monthly basis and accessible over the web. (Please contact us for more details.)

Apartment Developments

  • CMC Apartment Communities (Steve Huff: 972-931-3338, shuff@cmcrealty.com) has completed construction of Ladera (18843), a 308-unit, Class A community located at 7500 South IH-35 in the South submarket (674F). The property, which is 93% occupied, features one- and two-bedroom units with an average size of 873 square feet and average rents at $1.34 per square foot. Community amenities include a fitness center with yoga studio, social lounge with billiards, play-friendly bark park, and putting green. Unit amenities include wood-style flooring, a washer and dryer in every home, chef’s kitchens with granite countertops, and relaxing bathrooms with soaking tubs.

  • Lee Properties (Lisa Alexander: 512-906-0383, lisaalexander@leeproperties.com) has completed construction of 21Pearl (18880), a 136-unit, Student Housing community located at 2104 Pearl Street in the UT Campus submarket (585J). The property, which is 100% occupied, features studio, one-, two-, three-, and four-bedroom units with an average size of 770 square feet and average rents at $2.13 per square foot. Community amenities include after hours emergency maintenance, elevator access to all levels, an on-site parking garage, and nearby UT shuttle stop. Unit amenities include easy-care stained concrete floors, a 24-hour fitness center, full-size gourmet kitchens with granite counters and stainless steel appliances, and crown molding.

For comprehensive and latest property information, subscribe to Oconnordata.com.

The following chart illustrates historical apartment market occupancy.

Source: O'Connordata

Apartment Sales

    Landmark at Prescott Woods

  • LAT Tanglewood LLC, an entity of Landmark Apartment Trust of America (Stanley Olander Jr: 804-237-1335, jolander@latapts.com), has purchased Landmark at Prescott Woods (270), a 364-unit, Class B commmunity located at 2916 Aftonshire Way in the South submarket (672H), from Mission Tanglewood DST, an entity of Forward Capital (Christopher Finlay: 703-291-0300, ccfinlay@fwdcapital.com). The 27-year-old property, formerly known as Mission Tanglewood, is 93% occupied with average rents at $1.11 per square foot.

  • CWS Brushy Creek LP, an entity of CWS Apartment Homes LLC (Sue Mills: 512-837-3028, smills@cwsapartments.com), has purchased The Park at Bushy Creek (18540), a 360-unit, Class A community located at 15510 Ranch Road 620 North in the Cedar Park/Leander submarket (405S), from The Park at Brushy Creek Ltd, an entity of Gencap Partners (David Castilla: 972-671-9120, dcastilla@gencappartners.com). The four-year-old property is 93% occupied with average rents at $1.02 per square foot.

12 properties were sold in the month of June 2013, according to the Commercial Deed Report published by O’Connor & Associates. This represented a 20% increase from the previous month.

The following charts illustrate multifamily sales in the Austin area:

 

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

Apartment Financing

  • Compass Bank (Rusty Laforge: 214-360-3360, rusty.laforge@guarantygroup.com) has provided $48.4 million in financing for the following Class A communities located at 11350 Four Point Drive in the Northwest submarket (462U):

    • Tintara at Canyon Creek Ph II (17559), a 310-unit, 11-year-old property which is 94.9% occupied with average rents at $0.86 per square foot.

    • Tintara at Canyon Creek Ph I (589), a 241-unit, 12-year-old property which is 94.9% occupied with average rents at $0.89 per square foot.

    The borrower was Tintara Canyon Creek 2013 LP c/o Provident Realty Advisors Inc (Matt Mildren: 972-385-4120, mmildren@providentrealty.net).

  • Berkadia Commercial Mortgage LLC (Warren Higgins: 215-328-3200, warren.higgins@berkadia.com) has provided $27 million in financing for Lakeshore Pearl (18719), a 230-unit, Class A community located at 2223 Waterloo City Lane in the Southeast submarket (615L). The borrower was Lakeshore MF-I LP, an entity of Cypress Real Estate Advisors (Timothy Clark: 512-494-8519). The newly constructed property is 99.1% occupied with rents ranging from $975 to $2,200 per unit.

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans report.

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Office Buildings

Office Developments

  • Shorenstein Properties LLC, in joint-venture with Deutsche Asset & Wealth Management and Endeavor Real Estate Group, has broken ground on the construction of Domain 2, a 140,000 square-foot, five-story building located within Domain, the 304-acre mixed-use development in northwest Austin, Travis County (465Y). Domain 2, which is already fully preleased to HomeAway Inc, will include 25,000 square feet of ground-floor retail space and is slated for completion in 2014. Domain 7, a six-story, 222,000 square-foot building will feature 33,000 square-foot floor plates and structured parking and is slated to break ground later this summer.

For comprehensive and latest property information, subscribe to Oconnordata.com.

Office Sales

  • Picadilly Holdings LLC, an entity of DNT Construction LLC (Duane McGlauflin: 512-837-6700, dmcglauflin@dntconstruction.com), has purchased 2336 Picadilly (15761), a 17,000 square-foot, Class C building located at 2336 Picadilly Drive in Round Rock, Travis County (437A), from MV Properties Ltd, an entity of Sendero Homes (Cosmo Palmieri: 512-637-3682, cosmo.palmieri@senderohomes.com). The eight-year-old property is fully leased.

  • Wallingwood Suites LLC, an entity of Montemayor Hill & Co (Arturo Montemayor Ill: 512-442-0380, a@montemayorhill.com), has purchased an 8,000 square-foot building located at 2525 Wallingwood Drive in Austin, Travis County (584W), from Ponkaquogue Holdings LLC, an entity of Outlaw Realty (Daniel Outlaw: 512-600-6677, d.blake.outlaw@gmail.com). The 39-year-old property is situated on 0.9 acres.

  • Texas Transportation Commission (Phillip Russell: 512-305-9509, prussell@dot.state.tx.us) has purchased a 6,000 square-foot building located at 604 High Tech Drive in Georgetown, Williamson County (286V), from Williamson-Burnet County Opportunities Inc (John Doerfler: 512-763-1400, wbco@wbco.net). The 13-year-old property is situated on 0.6 acres.

In the month of June 2013, 21 office buildings were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. This represented a decrease of 52.3% from May 2013. In terms of square feet, sales stood at 374,273 square feet, a threefold increase over the previous month.

The following charts illustrate office sales in the Austin area:

 

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

Office Financing

  • Bank of America NA (Wynne Lum: 415-362-7800, wynne.lum@bankofamerica.com) has provided $110 million in financing for 7171 Southwest Pkwy (15757), an 872,000 square-foot, Class A building located at 7171 Southwest Parkway in Austin, Travis County (612J). The borrower was 7171 Southwest Parkway Holdings LP, an entity of HPI Real Estate Services & Investments (Richard Anderson: 512-835-4455, anderson@hpitx.com). The seven-year-old property is fully leased.

  • First Citizens Bank & Trust Company (Eduardo Reash: 512-293-6327, eduardo.reash@firstcitizens.com) has provided $1.84 million in financing for 5926 Balcones Dr (15625), a 15,000 square-foot, Class B medical/professional building located at 5926 Balcones Drive in Austin, Travis County (524V). The borrower was Balcones Holdings LLC, an entity of 360 Generators (Jim McKinley: 888-259-6598, jim@360partners.com). The 30-year-old property is fully leased with average rents at $18.00 per square foot.

  • Frost Bank (Gary McKnight: 210-220-4011, gary.mcknight@frostbank.com) has provided $17.6 million in financing for Community Clinical Research (15930), an 11,000 square-foot, Class A medical/professional building located at 8334 Cross Park Drive in Austin, Travis County (526Z). The borrower was Inevitable Choice Holding Co LLC, an entity of Community Clinical Research (David Brown: 512-323-2622, david.brown@communityclinical.com). The seven-year-old property is fully leased.

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans.

Office Leases

  • Representatives of The Kucera Cos. represented the landlords in the following lease transactions:

    • State of Texas has leased 6,379 square feet at Twin Towers (15967), a 215,000 square-foot, Class B building located at 1106 Clayton Lane in Austin, Travis County (556J), from Project Management Mentors Inc (Michael Airaudi: 512-428-8729). The 40-year-old property is 85% occupied with average rents at $17.75 per square foot. Max Appling (512-346-0025, max.appling@kuceraco.com), Doug Rauls and Jeff Henley of Kucera represented the landlord.

    • Eso Solutions Inc. (866-766-9471) has leased 5,984 square feet at Great Hills Corporate Center Building III (15832), a 90,000 square-foot, Class A building located at 9050 North Capital of Texas Highway in Austin, Travis County (494M), from MoPac Estates Inc, an entity of Kucera Cos. The 27-year-old property is 75% occupied with average rents at $24.00 per square foot. Jeff Henley (512-346-0025, jeffh@kuceraco.com) of Kucera represented the landlord.

    • Texas Pharmacy Association (512-836-8350) has leased 3,962 square feet at 6207 Bee Cave Road (15659), a 42,000 square-foot, Class B building located at 6207 Bee Cave Road in Austin, Travis County (583A), from Computerized Properties Inc (512-732-0998). The 27-year-old property is fully leased with average rents at $23.00 per square foot. Mark Lander (512-569-6644, mlander@austin.rr.com) of TMG Commercial represented the tenant, while Cheryl Smith (512-346-0025, cheryl.smith@kuceraco.com) of Kucera represented the landlord.

Get latest tenant and vacancy information at Oconnordata.com.

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Retail Centers

Retail Sales

  • Williamsburg Village Center LP (Jim Boller: 361-884-0488, jim@boller.com) has purchased 3204 Williams Dr (51968), a 14,000 square-foot, single tenant building located at 3204 Williams Drive in Georgetown, Williamson County (256P), from RVE Partners Ltd, an entity of RVE Management Company LLC (Randall Rogers: 979-695-8795). The 11-year-old property is fully leased and situated on 2.2 acres.

  • Stacey Smith has purchased a 2,000 square-foot retail center located at 501 Oakland Avenue in Austin, Travis County (584U), from Karl Johnson (512-482-9113). The 83-year-old property is situated on 0.1 acres.

In the month of June 2013, 22 retail centers were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. This represented a two fold increase in terms of sales, over May 2013. In terms of square feet, sales represented a twelve fold increase when compared to the previous month.

The following charts illustrate retail center sales in the Austin area:

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

Retail Financing

  • Deutsche Bank Trust Company Americas, an entity of Deutsche Bank (Stanley Burg: 212-250-2500, stan.burg@db.com), has provided financing for 8668 Spicewood Springs Rd (52052), an 80,000 square-foot, single tenant building located at 8668 Spicewood Springs Road in Austin, Williamson County (464C). The borrower was CCG SPV I LLC, an entity of Wireless Capital Partners LLC (Bradley Knyal: 310-481-8700, bknyal@wirelesscapital.com). The 38-year-old property is fully leased.

  • Southern Farm Bureau Life Insurance Company (Joey Stroble: 601-981-7422, jstroble@sfbli.com) has provided $4.1 million in financing for Cannon Oaks Shopping Center (51779), a 30,000 square-foot neighborhood center located at 3421 William Cannon Drive West in Austin, Travis County (643J). The borrower was O’Connor GP LLC, an entity of Pyramid Properties (Peter Lamy: 512-472-1585). The 26-year-old center is 95% occupied with average rents at $2.00 per square foot.

  • 1800 Gregg Lane

  • First State Bank Central Texas (Keith McKeever: 254-771-5550, keithm@fsbcentex.com) has provided $1.81 million in financing for 1800 Gregg Lane (51603), a 30,000 square-foot single tenant building located at 800 Gregg Lane in Pflugerville, Travis County (497D). The borrower was Dessau Crossing Ltd, an entity of Dessau Palms (Mike Jeter: 512-251-7701, mike@dessaupalms.com). The nine-year-old property is fully leased.

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans.

Retail Leases

  • Representatives of Retail Solutions represented the landlords in the following lease transactions:

    • Scott & White Healthcare (254-724-2111) has leased 3,705 square feet at Taylor Plaza (51987), a 56,000 square-foot neighborhood center located at 3100 North Main Street in Taylor, Williamson County (323N), from Portland Retail Group LP. The 34-year-old property is 36% occupied with average rents at $0.83 per square foot. Will Blackbird of the Blackbird Co represented the tenant, while Alan Rust (512-373-2814, alan@retailsolutions.us) and Tucker Francis of Retail Solutions represented the landlord.

    • Sweet Treets Bakery & Café (512-892-2233) has leased 3,600 square feet at Oak Hill Centre (51508), a 44,000 square-foot neighborhood center located at 6705 West U.S. Highway 290 in Austin, Travis County (612T), from Oak Hill Partners LP (Jack Lieberman: 512-617-9400, jack@usam.net). The 29-year-old property is 75% occupied with average rents at $1.75 per square foot. Dean Vandergriff (512-476-1771, dvandergriff@ucr-aus.com) of UCR represented the tenant, while Carter Bailey (512-820-5174, carter@retailsolutions.us) of Retail Solutions represented the landlord.

    • Apartment Locators (281-480-3400) has leased 2,350 square feet at Horizon Center (52015), a 19,000 square-foot strip center located at 13497 North State Highway 183 in Austin, Travis County (434N), from Austin Horizon LLC (Jim Lloyd: jlloyd@austin.rr.com) and Horizon Ventures LLC The 32-year-old property is 88% occupied with average rents at $1.25 per square foot. Cole Brodhead (512-788-2717, cole@retailsolutions.us) of Retail Solutions represented the landlord.

  • Onion Creek Family Dentistry (512-233-6200) has renewed its lease for 2,044 square feet at The Shops at Onion Creek (45129), a 25,000 square-foot building located at 11215 South Interstate Highway 35 in Austin, Travis County (703R), from StoneCrest Investment. The seven-year-old property is 84% occupied with average rents at $1.88 per square foot. Matt Marshall (512-681-1000, msm@stonecrestinvestments.com) of StoneCrest represented the landlord in-house.

Get the latest tenant and vacancy information at Oconnordata.com.

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Industrial Facilities

Industrial Sales

  • Central South Carpenters Regional Council (Joe Biden: 225-927-8876) has purchased 1825 Interstate Highway 35 (33697), a 37,000 square-foot office/warehouse facility located at 1825 South Interstate Highway 35 in Austin, Travis County (615P), from Texas Carpenters Regional Council (Randy Sowell). The 41-year-old property is fully leased.

  • Asylda LLC (Nancy Haggerty: 512-385-5801) has purchased 853 Airport Blvd (34346), an 18,000 square-foot mini warehouse facility located at 853 Airport Boulevard in Austin, Travis County (616B), from Midbar Investment Co LLC (Clare Brooks: 512-371-7944). The 40-year-old property is fully leased with average rents at $0.75 per square foot.

  • Thanh P Do, an entity of Nga K Nguyen (512-343-8567) has purchased 8827 North Lamar Blvd (33899), a 13,000 square-foot warehouse facility located at 8827 North Lamar Boulevard in Austin, Travis County (526E), from Giles Lockhart Family Trust (Virginia Lockhart). The 47-year-old property is fully leased.

In the month of June 2013, ten industrial properties were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. This represented an increase of 42.9% compared to May 2013. In terms of square feet, sales showed a decrease of 74.9% over the previous month.

The following charts illustrate industrial property sales in the Austin area:

 

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

Industrial Financing

  • JPMorgan Chase Bank NA (Martin Hodovanich: 614-436-3055, martin.hodovanich@chase.com) has provided $2.3 million in financing for a 30,000 square-foot industrial Research and Development building located at 2611 Oakmont Drive in Round Rock, Williamson County (346Q). The borrower was ForeverForward LLC (Wendy Schneider: 512-246-6345). The seven-year-old property is situated on 5.1 acres.

  • Peoples United Equipment Finance Corp (John Golio: 713-439-1177, john.golio@puefc.com) has provided $2.1 million in financing for 13111 Dessau Road (34310), an 11,000 square-foot warehouse facility located at 13111 Dessau Road in Austin, Travis County (497C). The borrower was Bland Inc, an entity of Joe Bland Construction LP (Joe Bland: 512-821-2808, jbland@joeblandconstruction.com). The 31-year-old property is fully leased.

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans.

Industrial Leases

  • Lykes Cartage Co (Derrick Page: 512-933-9060, dpage@lykescartage.com) has renewed its lease for 43,200 square feet at Wl Tc Kc Ct#14 Walnut Creek Corp Ctr #14 (33981), a 281,000 square-foot warehouse facility located at 8606 Wall Street in Austin, Travis County (keymap), from Prologis (Melissa A. Marsden: 303-567-5622, mmarsden@prologis.com). The 14-year-old property is 93% occupied with average rents at $0.48 per square foot. Russell Todd with HPI Corporate Services represented the tenant, while Scott Studzinski (512-852-7418, sstudzinski@liveoak.com) of Live Oak Gottesman represented the landlord.

  • Action Box has leased 19,979 square feet at Techni Center 7 (34092), a 124,000 square-foot office/warehouse facility located at 3714 Ed Bluestein Drive in Austin, Travis County (586R), from Gateway Frontier Properties Inc, an entity of LACERA [Los Angeles County Employees Retirement Association] (Gregg Rademacher: 626-564-6000). The 17-year-old property is fully leased. Jerry Heare (512-346-5180, jheare@naireocaustin.com) of NAI REOC represented the tenant, while Andy Thomas (512-538-0058, thomas@hpitx.com) of HPI Real Estate Services represented the landlord.

  • Austin Meditation Center has leased 690 square feet at North Austin Business Center (UID: 33873), a 95,000 square-foot warehouse facility located at 8711 Burnet Road in Austin, Travis County (keymap), from Turtle Rock Holdings Ltd (Todd Routh: 512-784-3029). The 31-year-old property is 89% occupied with average rents at $0.93 per square foot. Mitch Hall (512-788-2682, mitch@leasingspace.net) with Leasing Space represented the tenant, while Andrew Creixell (512-453-6566 x103, andrew@csarealtygroup.com) with CSA Realty represented the landlord.

For the latest tenant and vacancy information at OconnorData.com.

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Other Purpose

Other Sales

  • Mason Georgetown Realco LLC, an entity of MCK Holdings LLC (Craig Kelly: 469-341-2720, mcraigkelly@aol.com), has purchased a 49,000 square-foot rest/nursing home located at 4011 Williams Drive in Georgetown, Williamson County (256E), from Georgetown Williams SNF LP (Dennis Clounch: 806-679-5679). The three-year-old property is situated on 8.02 acres.

  • Cedar Park Emergency Center LLC, an entity of Common Sense Care LLC (Henry Higgins: 512-520-5985), has purchased a 15,000 square-foot automotive service center located at 3620 East Whitestone Boulevard in Cedar Park, Williamson County (374B), from Cedar Park Automotive Ltd, an entity of Cleo Bay Honda (Rob Demotta: 254-690-7355, rdemotta@cleobayhonda.com). The seven-year-old property is situated on 5.64 acres.

  • Barleysola LLC, an entity of Central Austin Management Group (Daryl Kunik: 512-416-1234), has purchased a 12,000 square-foot restaurant building located at 4715 South Lamar Boulevard in Sunset Valley, Travis County (613U), from Sunset Joes Ltd, an entity of The County Line Group Inc (Edwin Norton: 512-327-1959, edn@countyline.com). The seven-year-old property is situated on 3.94 acres.

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

Other Financing

  • Goldman Sachs Mortgage Company, an entity of Goldman Sachs & Co (Ed Canaday: 212-902-0300, ed.canaday@gs.com), has provided $22.5 million in financing for Hampton Inn & Suites, a 100,000 square-foot hotel building located at 1701 Lavaca Street in Austin, Travis County (585J). The borrower was Austin VHE SPE LLC, an entity of Vista Host Inc (Michael Harrell: 713-267-5800, mharrell@vistahost.com). The six-year-old property is situated on 0.41 acres.

  • Oxford Finance LLC (Katie Mainello: 703-519-4900, kmainello@oxfordfinance.com) has provided $6 million in financing for Estrella Oaks Rehabilitation and Care Center, a 49,000 square-foot rest/nursing home located at 4011 Williams Drive in Georgetown, Williamson County (256E). The borrower was Mason Georgetown Realco LLC, an entity of Partystream LLC (Craig Kelly: 469-341-2720, mcraigkelly@aol.com). The three-year-old property is situated on 8.1 acres.

  • Regions Bank (Jay Ingram: 205-244-2772, jay.ingram@regions.com) has provided $1 million in financing for a 26,000 square-foot parking garage building located at 4715 Steiner Ranch Boulevard in Austin, Travis County (492N). The borrower was Hightech Brokers LLC (Sherri Basnett: 512-694-4910). The 24-year-old property is situated on 15.7 acres.

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans.

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Vacant Land

Land Sales

  • Lennar Homes of Texas Land and Construction Ltd, an entity of Lennar Homes Inc (James Giddens: 512-418-0258, jgiddens@lennar.com), has purchased 418.6 acres located along South Interstate Highway 35 in Austin, Travis County (703Y), from SLF Ill-Onion Creek LP, an entity of Stratford Land (Kevin Watson: 214-368-9191, kwatson@stratfordland.com).

  • Santa Rita C7 Investments LLC, an entity of Wilshire Homes LP (James Horne: 512-502-2050, jhorne@wilshire-homes.com), has purchased 11 tracts totaling 338.6 acres in Liberty Hill and Georgetown, Williamson County, from RE Future LLC, an entity of Mackinac Partners :

    • Five tracts totaling 203.9 acres located along Cross Creek Lane (253S, 253T, 253W, 253X)

    • Three tracts totaling 112.3 acres located at 1901 Cross Creek Road (253P, 253Q)

    • Three tracts totaling 22.4 acres located along Ronald Reagan Boulevard (252R, 252V)

  • Contiental Homes of Texas LP, an entity of D R Horton Inc (Stacey Dwyer: 512-345-4663, sdwyer@drhorton.com), has purchased 11.4 acres located at the northeast corner of Blake Manor Road and Briarcreek Loop in Manor, Travis County (560J, 560N), from Bell-Nash/Rathgeber JV (Edward Rathgeber Jr: 512-472-0590).

In the month of June 2013, 1,499 acres of land were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. This represented a decrease of 0.46% over previous month.

The following charts illustrate land sales in the Austin area:

 

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

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Single-Family Housing

MLS home sales decreased in June 2013 as 2,767 existing homes were sold compared to 2,991 homes sold last month according to the Austin Board of Realtors. Sales for June 2013 increased by 8% compared to June last year. The median price of an existing single family home sold in June 2013 was $235,000, 8% more than that of May 2012.
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Note: MLS sales include primarily existing home sales throughout the San Antonio region. Historical comparisons are offered solely for informational purposes and may not truly reflect growth in sales.

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Economic & Financial News

The total number of nonagricultural wage and salary jobs in the three-county Austin area increased by about 1,900 jobs to 854,500 in June 2013, according to the U.S. Department of Labor. This total is 28,896 jobs more than the 825,604 jobs in June 2012. Of non-agricultural employers, Professional and Business services sector posted the largest increase of 4,000 jobs each for the month of May 2013. Also the sector posted the largest increase on a year-over-year basis, adding 10,155 jobs in the last twelve months.

The following chart illustrates total non-agricultural employment in the Austin-Round Rock-San Marcos MSA.

Source:  U.S. Bureau of Labor Statistics (BLS)

The Business Cycle Index (BCI) for Texas stood at a seasonally adjusted 199.0 in June 2013, while the BCI for the Austin – Round Rock metropolitan area stood at 437.3 according to the Federal Reserve. This represented an increase of 1.3 points from previous month. The Texas Leading Index posted 124.5 for the month of May 2013. The indexes represent broad movements in local Texas economies relative to a figure of 100 in 1987, the base year.

The Baker Hughes count of active domestic rotary rigs stands at 1,761 for June 2013. The current rig count is down 10.7% from last year’s figure of 1,972 rigs. The rotary rig count is a census of the number of drilling rigs actually exploring for or developing oil or natural gas in the United States.

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Potpourri

The Architecture Billings Index, developed by the American Institute of Architects, stood at 51.6 for June 2013, a decrease of 1.3 points over the previous month (any score above 50 indicates an increase in billings). Both the project inquiries index and the inquiries for new projects score was 62.6, an increase of 3.5 points over the previous month.




Please direct any questions regarding content in the Austin Real Estate Trends to Holly Kelch at 713-686-9955 or hkelch@poconnor.com.

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