Home sales at the nation’s 50 top-selling MPCs exceeded expectations in the first half of 2019, with a pace that indicates the potential for a 10% increase at year’s end compared with 2018. On average, communities on this year’s list experienced approximately 3% growth in sales over the same time period last year. Texas, Florida, and California account for 66% of total sales among the 50 top-selling communities, with the share of total top-selling MPC sales in other states decreasing from 38% to 34% since mid-year 2018. These results appear to validate the sentiments echoed in RCLCO’s Mid-Year 2019 Sentiment Survey that it is not quite time to stress a downturn. Professionals across the industry were polled about their perspective on the current state of various product types, and most did not yet believe a peak had been reached in the for-sale residential space. Indeed, the sales figures provided by the top-selling master-planned communities in the country would appear to agree with these professionals, as this cycle continues to provide further room to grow. Click to read more at www.houstonchronicle.com.
A Texas real estate company has purchased a former Walmart store in south Charlotte that it will transform into an office building, as developers across Charlotte look to repurpose shuttered big-box stores. Texas-based Artesia Real Estate said in a press release Thursday that it will turn the Walmart store, near the intersection of South Boulevard and East Arrowood Road, into 115,000 square feet of office space. In the release, Artesia said it is targeting users such as a customer service center or back-office support team. The company did not disclose the cost of the project. Artesia purchased the site in June for $5 million, property records show. The previous owner, White Oak Real Estate Advisors, which bought the store in 2017, also had plans to turn it into an office and call center space, the Observer has reported. Click to read more at www.charlotteobserver.com.
If you own or manage rental properties, your ideal tenant is likely a young, gainfully employed person who plans to rent long-term. Luckily for you, this dream occupant comprises one of the largest renting demographics: millennials. According to Pew Research Center, 74% of them are renters. And given that the same study states that they’re also less likely than other age groups to move once they’ve found an ideal rental space, marketing your properties to millennials is a great way to attract reliable, long-term tenants. Most millennials view homeownership as a risk they’d prefer to avoid. Many have amassed stifling levels of student loan debt and, having come of age during the 2007-2009 credit crisis, are more cautious about investments. Click to read more at www.forbes.com.
ANN EATON, Opportunity Zones Manager for the City of San Antonio Economic Development Department:
• First authorized in 2017, San Antonio has OZs located in 9 parts of town: Brooks City-Base, Downtown, East Side, Far South, Far Southeast,
Near South, Near Westside, Northeast Corridor, Port San Antonio, and Lackland Air Force Base.
• We’ve created a new mapping tool and website related to economic development opportunities in specially designated areas to market the
assets and needs in our OZ clusters.
• The Westside Strategic Plan will be available in September. Working in partnership with Wendell Davis & Associates, this plan will identify
business and commercial corridors in need of investment and community redevelopment. Click to read more at www.rednews.com.
From the behemoth Kalahari Resorts & Conventions—expected to offer 975 hotel rooms at completion in November 2020—to the boutique 39-room Ruby Hotel that opened in February, the hospitality industry is alive and well in Round Rock. “We definitely are seeing a building boom, or increased interest, in hotel development in Round Rock,” said Bradley Dushkin, Round Rock’s assistant director of planning and development. For projects in the works, the size and price point of the new hotels are varied, Dushkin said. A Tru by Hilton, which opened in February, offers a “no-frills” option for business travelers, he said. Large to medium-sized hotels, including the Embassy Suites and the Four Points by Sheridan, will offer needed conference room space when they open. Kalarahi, the hotel arguably making the biggest splash, is a resort-style getaway complete with the nation’s largest indoor waterpark. Click to read more at www:communityimpact.com.
At its core, property management is all about communication, and there is plenty of room for improvement. Interactions with property owners, tenants, vendors, and employees need to be coordinated with efficiency and professionalism in order to keep everything running smoothly and enable growth in a market that is only getting more competitive. “Communication can easily become chaos if not handled correctly,” said Nick D’Agnillo, CEO and founder of Nexus Property Management. “Between phone calls, text messages, emails, and walk-in traffic, it can be hard to keep tenants, owners, and staff on the same page. Documentation is very important to avoid miscommunication.” The extent of human interaction that is integral to property management creates a large margin for human error. Poor lead management, records of calls/emails, inspection coordination, tenant screening, and maintenance work orders are just a few examples of tasks that are difficult to execute consistently without formal process documentation and the assistance of workflow software that makes the documentation actionable for your team. Click to read more at www.crej.com.