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June 07

Texas has seven of U.S.’ fastest-growing cities

 

D.C.: Census Bureau figures rank Texas cities population in 2018: Top ten: Houston (2,325,502), San Antonio (1,532,233), Dallas (1,345,057), Austin (964,254), Ft. Worth (895.0008), El Paso (682,669), Arlington (398,112), Corpus Christi (320,554), Plano (288,061) and Laredo (261,639).

D.C.: Census data lists seven of the nation’s 15 fastest-growing cities with population of at least 50,000: #2 New Braunfels, #4 Frisco, #6 McKinney, #7 Georgetown, #8 Rowlett, #13 Midland and #15 Round Rock.
 
DFW: One of the last available Uptown sites has been sold. The triangular block at McKinney Avenue and Akard Street which also faces Cedar Springs Road and is across the street from the new Union highrise.
 
Irvine: According to CoreLogic, home prices nationwide grew 3.6% in April year-over-year, up 1% from March. DFW prices were up 2.6%. They predict home prices will grow by 4.7% by April 2020.
 
DFW: Area rental house prices increased 2.2% in April, according to CoreLogic, compared to 2.9% nationwide. Single-family rentals comprise half of all residential rentals, reports the Dallas Business Journal. Average Dallas rent in April was $1,206; Ft. Worth was $1,097. Richardson average was $1,355, according to RentCafe’s Small City Survey. Frisco was $1,349 and the Plano average was $1,287. McKinney rose to an average of $1,258. Denton stayed at $1,200. Lewisville was $1,151, as was Irving.
 
NYC: Real estate investment trusts are betting on the nation’s mortgage market. REITS buying residential home loans upped their mortgage bond portfolio 28% to $308 billion, the biggest cache in six years. REITS have become an important financing source in the housing market. They could grow if the government shrinks Fannie Mae and Freddie Mac.
 
Denver: Asian-Americans and Pacific Islanders (AAPI) are the fastest-growing demographic in the U.S., projected to exceed 25 million. Home ownership for them is increasing. HMDA data showed AAPI families applied for the most conventional home purchase loans in number and dollar value of any minority group. AAPI buying power increased 257% from 2000-2017 and
is expected to reach $1.3 trillion by 2022. That increase surpasses the economic growth of all other segments of Americans. AAPI are forecast to outnumber Hispanic-Americans by 2055 to become the largest minority group in the country. The South is the fastest growing region in the country for Asian-American population.
 

Boca Raton: Michael Dell’s MSD Partners real estate group has bought the waterfront 1,047-room Boca Raton Resort and Club for $462 million. The 337-acre resort, developed in 1926, has two golf courses, a 50,000-square foot spa, seven swimming pools, 30 tennis courts, a 32-slip marina, 13 restaurants and bars and 200,000-square feet of meeting space.

 

May 31

Texas cities have fastest population growth
 

DFW: The Dallas Federal Reserve Employment Forecast has a 2.3% growth rate for this year, adding 294,100 jobs.

D.C.: U.S. Census Bureau data have seven Texas cities among the nation’s largest population growth by percentage from July 2017 to July 2018: #2 New Braunfels (7.2%), #4 Frisco (6.1%), #6 McKinney (5.4%), #7 Georgetown (5.3%), #8 Rowlett (5.1%), #13 Midland (4.4%), #15 Round Rock (4.3%). Texas cities with some of the largest numeric increases: #2 San Antonio (20,824), #3 Ft. Worth (19,552), #6 Austin (12,504), #10 Frisco (10,884), #13 McKinney (9,888). Among the nation’s most populous cities are #4 Houston (2.33 million) and #9 Dallas (1.35 million).
 
Richardson: The downtown historic district is undergoing change. The city is building an $80 million, 108,000-square foot public safety complex at Main and Greenville. Between there and US 75, $21 million is marked to rebuild the streetscape. A 15-acre urban village called Town Central will occupy the northeast corner of Main and US 75. A green strip will parallel the DART line through downtown.
 
DFW: The largest urban redevelopment project in the state and the largest adaptive restoration in Dallas history is the redevelopment of the 1.5 million-square foot, 52-story First National Bank Tower. The finish must be by the end of 2020 to get nearly $100 million in historic tax credits and $50 million in Dallas tax increment financing. The key to that is restoring the 13,000+ pieces of Grecian marble that clad the building. The marble pieces were about three inches thick and improperly installed, over time falling off the facade. After removal, with computer aid, the pieces were cut in China to one-inch thickness. Also being used is a 360-degree camera to visualize all 324 apartment units. Reflecting the interest in high-rise renovation are six downtown towers for sale: Bank America Plaza, the city’s tallest at 921 feet; the 22-story St. Paul Place; 2100 Ross Avenue; 1700 Pacific and One AT&T Plaza.
 
DFW: A recent report from Cushman & Wakefield cites co-living as shaping the multi-family sector in major metro areas, such as New York, Los Angeles, Chicago, Boston, San Francisco and Dallas. Co-living is a type of community housing in which multiple people share one home with common areas such as the kitchen, living and dining room. The report says co-living options will grow as recent college grads seek to join a community to learn about their life in a new city. Proponents say co-living is cheaper because the cost of living in a shared community is about 20% less than an individual apartment. People choose co-living for its connection to a curated community fostering inclusion and authentic experiences while offering flexibility and convenience.
 
London: Housing in Europe’s major cities is becoming increasingly unaffordable as house price inflation outpaces income growth. Moody’s rating agency studied 10 of Europe’s main cities and said buyers needed an average of 15 years’ worth of disposable income to acquire a property without a mortgage, up from 12 years in 2005-2007. In Paris, London and Amsterdam, the figure is 18 years. There is a lack of new house building in European cities and high demand for housing in those cities will likely keep pressure on prices. Rental demand from tourists is boosting Airbnb properties in Lisbon, Paris and Amsterdam, where there are the highest shares of Airbnb housing. Most municipal governments don’t collect taxes from Airbnb hosts, and measures under consideration would curb short-term rentals and introduce licenses.