As Interest Rates Rise, What's In Store for Chicago's Real Estate Market? – WTTW News

The Federal Reserve’s latest rate hike means higher potential costs for things like credit card payments, bank loans and mortgages.
In fact, there are growing fears that housing prices in Chicago and across the country could crash.
Sales are now down about 8% from a peak in June — and some economists say they could plummet by as much as 20%.
Is it a buyer’s market? A seller’s market, or simply a bear market?
Joining “Chicago Tonight” to discuss the latest real estate trends in the area are Geoff Smith, executive director of DePaul University’s Institute of Housing Studies, Ainhoa Garcia, vice president of the National Association of Hispanic Real Estate Professionals’ Chicago chapter, and Dennis Rodkin, residential real estate reporter at Crain’s Chicago Business.  
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View the discussion thread.

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Remote Work Is Killing Manhattan's Commercial Real Estate Market – Bloomberg

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TGS Cedar Port Partners breaks ground on industrial building in Baytown – Houston Chronicle

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Steel is going up at TGS Cedar Port DC 4, a 1.2 million-square-foot distribution building at 7505 Fisher Road in Baytown. Partners is providing leasing services on behalf of developer TGS Cedar Port Partners.
Lovett Industrial and Cresset Partners broke ground on NorthPort Logistics Center, a 1.2 million square foot logistics in the Conroe Park North business park.
Centris Industrial will develop more than 1.2 million square feet of industrial space in two buildings in Generation Park in northeast Houston.
A rendering of I-10 West Trade Center, a speculative 1 million square foot facility Hunt Southwest is planning west of Houston.
Phase two of Stream Realty Partners’ Empire West Business Park in Brookshire brings 2.3 million square feet of industrial space to the market.
From Baytown to Brookshire to Conroe and beyond, developers are breaking ground on million-square-foot industrial buildings.
After success with its first building, Houston-based TGS Cedar Port Partners is set to deliver another 1.2 million-square-foot spec distribution building in Baytown early next year, adding to a growing number of mega-buildings going up in the Houston region with no tenant in mind.
TGS Cedar Port DC 4 will be the first warehouse in the 850-acre Tract 7 of TGS Cedar Port Industrial Park, a 15,000-acre rail and barge-served industrial park along the Grand Parkway in Chambers County. The developer is erecting steel on the building, which broke ground at 7505 Fisher Road in the second quarter and is planned for completion in the first quarter of 2023, according to commercial real estate firm Partners, which is marketing the project. 
The development follows the completion of the 1.2 million square-foot DC 1 building at 6363 FM 1405 in Baytown, which was also developed on a spec basis but is no longer on the market, according to Partners. The companies declined to identify the building’s occupant.
Designed by Powers Brown Architecture with up to 40-foot clear heights and built by E.E. Reed Construction, the building is being marketed for lease by John Simons, Gray Gilbert, and Chris Haro with Partners.
RELATED: Houston industrial leases surge as abundant space attracts out-of-state tenants
TGS Cedar Port Industrial Park has experienced a surge in construction as companies seek locations near major roads such as Interstate 10, Texas 225 and the Grand Parkway and the Port of Houston’s Bayport and Barbours Cut container terminals. It is a growing hub for distribution and fulfillment centers and the longtime home to Walmart and Home Depot and newcomers Floor & Décor, Article.com, Webstaurant and Plastic Express.
Overall, the amount of leased space in TGS Cedar Port Industrial Park grew by 4 million square in the last 12 months, according to Partners.
The TGS Cedar Port DC 4 building is among the biggest spec buildings in the Houston region as demand for industrial space continues to rise as people shop more online. In total, developers are building 24.6 million square feet of industrial projects across the Houston region, according to Partners.
The Houston region’s industrial vacancy rate dropped to 5.8 percent in August, down from 7.5 percent in August 2021, according to Partners. From January to August, move-ins minus move-outs totaled a record 18.5 million square feet, up 5.6 percent year-over-year.
As trade through the Port of Houston grows and Houston gains traction as a market for regional distribution centers, several major projects have broken ground on a speculative basis all across town. 
RELATED: 240-acre business park anchored by Macy’s distribution hub breaks ground

Houston-based Lovett Industrial, in partnership with North American real estate investment firm Cresset Partners, broke ground in mid September on NorthPort Logistics Center, a 1.2 million-square-foot logistics facility on 75 acres in the Conroe Park North business park. Completion is planned in the second quarter of 2023. Lovett, in partnership with New York-based Clarion Partners, is also developing the Interchange 249 business park, anchored by a 900,000-square-foot distribution center for Macy’s, in Tomball.
Chicago-based Centris Industrial broke ground on a speculative development consisting of two buildings in Generation Park in northeast Houston on Aug. 15. The project will bring a 1 million-square-foot building to the market in the third quarter of 2023, while a 256,000-square-foot building is slated for completion in the second quarter. 
Dallas-based Hunt Southwest announced in March the ground breaking on I-10 West Trade Center, a 1.05 million-square-foot distribution center south of Interstate 10 at 31270 Kingsland Blvd. in the Katy/Brookshire area. Completion is planned in early 2023. The company recently developed a 1 million-square-foot spec building at Cedar Port Trade Center that will be occupied by Walmart.
Dallas-based Stream Realty Partners wrapped up construction on phase two of its Empire West project in Brookshire in August. The company completed six buildings totaling 2.3 million square feet, with the largest containing 1 million square feet.
katherine.feser@chron.com
Katherine Feser covers a variety of subjects for the Houston Chronicle Business section. She coordinates some of the paper’s most popular special sections, including the Chronicle 100, Home Price Survey, and Top Workplaces. She compiles many of the staples of the section, including the daily markets page, People in Business, event listings and real estate transactions.
Larhonda Biggles is still seeking justice for her son years after his death at the Harris County jail, which led to the firing of nearly a dozen guards. 
By Alejandro Serrano

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Texas' housing market shows signs of cooling down after the pandemic drove it to new heights – KERA News

After years of sharp rises in home prices and stiff competition to buy a home amid the COVID-19 pandemic, the Texas housing market is starting to cool off.
Until recently, buyers competing for a limited supply of homes routinely had to pay more than the asking price and make offers on the spot. Now there are more homes for sale in Texas than at any time since fall 2020 — when the state’s pandemic housing crunch kicked off in earnest.
Home sales in Texas declined by more than 5% in the three months from April to June compared with the same period last year, data from the Texas Real Estate Research Center at Texas A&M University show. The Dallas-Fort Worth, Houston and San Antonio metropolitan areas saw similar drop-offs. In Austin, home sales have fallen more sharply — by 12%.
And after two years of a red-hot market, many sellers have cut prices to try to lure buyers who are facing higher mortgage rates, bloated home prices and inflation. That’s a sign that buyers are starting to gain an edge, real estate experts told The Texas Tribune.
“It’s still a seller’s market,” said Elizabeth McCoy, a Fort Worth real estate agent. “But certainly we’re seeing buyers be able to have a little bit more choice. And that’s such a good thing.”
That’s a marked shift from the height of the pandemic when historically low mortgage rates and a shift to working from home drove buyers — including Millennials who had postponed becoming homeowners — to snatch up houses so fast that the state’s supply plummeted and home prices rose an average of 28% between the start of the pandemic and the end of 2021.
Since the Federal Reserve began raising interest rates in the spring to try to slow rampant inflation, pushing mortgage rates higher too, the trend has begun to reverse across the state. Last July, 55,668 homes were listed for sale in Texas, according to the TRERC. A year later, that number had grown more than 50% to 83,513.
San Antonio, El Paso, Houston and the Dallas-Fort Worth metroplex all saw double-digit growth in home listings last month — and a corresponding dip in the number of homes sold. Each metro area saw fewer home sales in the first seven months this year compared with the same period last year.
The drop-off has been particularly acute in Austin — where an already-hot housing market was super-charged during the pandemic, peaking in May when the median price for a home hit $550,000, compared with $305,000 in January 2020, just before the pandemic began.
Now, demand for housing in the capital city has tapered off. The number or houses for sale reached 8,709 in July — a 168% jump from the 3,251 listed in July 2021.
Ashley Jackson, the Austin Board of Realtors president, said a home she has listed for sale in the suburb of Pflugerville might have immediately received multiple offers if it had been on the market earlier in the year. But now it’s surrounded by others for sale, and though it’s had a steady number of showings, she said, no one has made an offer.
Jackson said buyers are “not competing as hard for a home as in the past few years where we saw perhaps a buyer had to go 10% or 20% over asking [price]. Maybe now they can get a house at asking price or perhaps even under asking price.”
The median selling price of a Texas home has flattened over the past three months, hovering around $350,000 to $360,000, an all-time high for the state. Barring a recession, real estate experts don’t expect home prices to come down anytime soon because Texas is still gaining thousands of residents and its job market is still growing — but they do expect prices to grow more slowly than they did over the past two years.
“People are continuing to move here,” said Adam Perdue, a research economist at Texas A&M University’s TRERC. “So, there’s no reason to not think that all of our major metros in Texas as a whole still have that same underlying upward trend.”
And there’s still a mismatch between the number of homes for sale and the number of people seeking them. Experts in residential real estate consider six months’ worth of housing supply — meaning that it would take homebuyers six months to buy every home on the market — a healthy balance between buyers and sellers. Texas had 2.5 months of supply as of July, according to the Texas Real Estate Research Center.
Meanwhile, builders in some parts of the state pulled back on construction of new single-family homes after two years when construction surged. Building permits for new single-family homes across Texas fell by double digits in July compared with July 2021.
Mike Dishberger, a Houston townhome developer and incoming president of the Greater Houston Builders Association, said that’s because there weren’t as many buyers looking for homes.
But Dishberger said his firm has seen a recent uptick in potential buyers motivated to escape the state’s ballooning rents.
The state’s red-hot housing market pushed more would-be buyers into renting during the pandemic, driving rents up 12.4% over the past year and more than 21% since January 2020, according to Apartment List.
“What’s driving some of the foot traffic,” Dishberger said, “is that, ‘Hey, my rent used to be $1,500, now it’s $2,000.’”
Builders in Austin, San Antonio and the Dallas-Fort Worth metroplex filed for fewer permits in the first seven months of this year than in the same period last year. The cost of building a home — labor, building materials and land among other factors — has gone up this year, driving down the number of permits, said Lawrence Dean, senior vice president at real estate research firm Zonda.
But there are “more new homes under construction right now than we’ve ever observed,” Dean said. More than 88,000 homes were under construction across Austin, San Antonio, Houston and Dallas-Fort Worth at the end of June, Dean said. And the state’s projected growth in population and jobs is expected to keep demand for homes up — though less so than during the height of the pandemic.
“Yes, there will be a meaningful decline versus what we saw even just a handful of years ago,” Dean said. “In most of the markets, we’re still expecting a higher volume than we would have a few years ago.”
As the housing market cools off, that should give some relief to renters too, said Laila Assanie, a senior business economist at the Federal Reserve Bank of Dallas. Assanie expects average rent increases to drop from the crushing double-digit growth that defined the first two years of the pandemic — but remain higher than the typical increases seen before COVID-19 hit.
Developers of multifamily apartment complexes haven’t slowed down in the way that single-family homebuilders have, Assanie said, which could ease the pressure on renters when those complexes open — though it could take at least a year. More than 55,000 apartment units are under construction in Austin, Houston, San Antonio and the Dallas-Fort Worth area, according to tallies by ApartmentData.com.
“That will bring down rents eventually because we’ll have more supply,” Assanie said.
Even with the slowdown, renters who want to become homeowners will pay more than they would have before the pandemic. Typical entry-level homes for first-time buyers — priced at around $200,000 — are now much more difficult to find. The share of new homes in that price range is growing smaller each year as the cost to build a home increases, said Dean.
That all makes homeownership much more difficult for a first-time buyer, said McCoy, the Fort Worth real estate agent.
“The American dream is to own a home,” McCoy said. “But it’s just been a lot more difficult for first-time homebuyers.”
Disclosure: Texas A&M University has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune’s journalism. Find a complete list of them here.
This story was originally published by The Texas Tribune.

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12 Things to do in Houston this week of September 5, 2022 – Houston On The Cheap

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Posted by | Sep 4, 2022 | , , | 0
Things to do in Houston this week of September 5 | Labor Day at LSFM | Image Credit: Lone Star Flight Museum
Houston is among the top 5 metroplexes in the US! What that means is that there’s plenty going on in Houston any day of the week. There are always things to do on Monday in Houston, things to do in Houston on Saturday night, and everything in between!
Some of you may be looking for things to do in Houston with family, while others may be focused on free things to do in Houston this week. Either way, you can be sure that we have you covered in our list below. 
There are a lot of great events in Houston this week (September 5 – 11)!!!
Our top free and cheap picks include Labor Day at LSFM, México en el Corazón, Live Music on the Lawn at GreenStreet, Fiestas Patrias 2022, and more!
Remember to Check out our recent posts on Best Houston Breakfast Places and also Mexican Restaurants in Pearland, TX
The CityPASS is the best way to enjoy museums and other popular attractions around Houston. It offers prepaid admission to five must-see attractions including Space Center Houston, Downtown Aquarium, Houston Museum of Natural Science, Houston Zoo OR Museum of Fine Arts Houston, Kemah Boardwalk OR Children’s Museum of Houston.
Child passes valid for ages 3-11; adult passes valid for ages 12 and up. Definitely among the smartest things to do in Houston! Click here to Save 50% on Admission at Houston Attractions!!!
Image Credit: Lone Star Flight Museum
If you’re up for some adventure with the family, then head over to the Lone Star Flight Museum because admission will only be at $10 per person! Plus, they will be serving FREE hotdogs, chips and drinks starting 11 a.m. until supplies last. Enjoy the Flight Museum tour with these added perks only on Labor Day in Houston! This is one of the anticipated things to do in Houston this week of September 5, so make sure not to miss it!
When: Monday, September 5, 2022, 10 a.m. – 5 p.m.
Where:11551 Aerospace Ave, Houston, TX 77034, United States
How Much: $10
12 Fun things to do in Houston this week of September 5, 2022 Labor Day at Lone Star Flight Museum, México en el Corazón, and more!
The award-winning Space Center Houston is one of Houston’s most popular family attractions and takes visitors behind-the-scenes of the NASA Johnson Space Center. Filled with interactive exhibitions, multi-media displays, cutting-edge technology, and fascinating space artifacts, there’s something to amaze and entertain all ages. Full-day entrance ticket to the Space Center Houston includes the Nasa Tram, Mission Briefing Center, and Starship Gallery Choice of entrance times throughout the day
Get more information and book your day of fun at the Space Center Houston!!!
The Blue Star Museums program delivers a strong statement to the nation’s military families, letting them know that museums all throughout the country value and honor their services by welcoming them. This upcoming Houston day labor celebration, The Health Museum gives military families free admission to the museum as a show of support. This is one of the anticipated things to do in Houston this week of September 5, so make sure not to miss it!
When: Monday, September 5, 2022, 10 a.m.
Where:1515 Hermann Dr, Houston, TX 77004, United States
How Much: Free for military families; $10 for regular visitors
Image Credit: CITYCENTREHOUSTON
Come enjoy live music in the plaza this labor day! If you’re a fan of pop-rock music and are looking for a place to spend your day labor Houston TX night, then head over to Citycentre Plaza as Sean Heyl performs your favorite pop/rock music.
When: Monday, September 5, 2022, 6 p.m. – 9 p.m.
Where: 800 Town and Country Blvd, Houston, TX 77024, United States
How Much: Free
Music Concert
Save big while enjoying your favorite music concerts across the Houston area. Tickets sell fast! Book in advance to avoid disappointment and also get the best seats available. 
Get the latest deals on upcoming music concerts in Houston area.
In this show, the audience will learn about the 4 elements of Hip-Hop: Art, Breakin’, DJ, and Emcee. This event by Young Audiences of Houston features Break Free Hip Hop School. Young Audiences of Houston’s aim is to inspire and educate children through the arts, integrate the arts into the school curriculum, and advance the field of arts in education through community collaborations and professional development for teachers.mi
When: Tuesday, September 6, 2022, 11 a.m.
Where: 6000 Hermann Park Dr, Houston, TX 77030, United States
How Much: Free
Image Credit: Houston Arboretum & Nature Center
Calling any authors who enjoy the outdoors! A chorus of insects bursts into song at night, tweeting and striding till daybreak. Find some of these fascinating insects in the Arboretum, and then sing some of your favorite songs. Advance registration is encouraged because there is a limited amount of seats for this unplugged songwriter circle.
When: Wednesday, September 7, 2022, 6 p.m. to 9 p.m. 
Located At: 4501 Woodway Dr, Houston, TX 77024, United States
How Much: $10
Kids of all ages will enjoy expanding their cultural horizons through kamishibai “paper drama” storytelling and fun crafts! This event highlights Japanese traditions from origami to woodblock printmaking and more. It’s an event in partnership with the Japan-America Society of Houston (JASH). This week’s session will be about “Kaguya-hime” or “Moon Princess Kaguya,” one of the earliest surviving Japanese narratives.
When: Wednesday, September 7, 2022, 4:30 p.m. 
Located At: Event Pavilion, Levy Park, 3801 Eastside Houston, TX 77098
How Much: Free
12 Fun things to do in Houston this week of September 5, 2022 Labor Day at Lone Star Flight Museum, México en el Corazón, and more!
A good choice for first-time visitors to Houston, this tour offers a comprehensive overview of the city. Visit several well-known landmarks, parks, and stadiums including historic Market Square, Discovery Green, Toyota Center, Minute Maid Park, Buffalo Bayou, and more. You’ll also have an opportunity to admire the lavish homes and boutiques in River Oaks. A local guide shares insider information about what to see, where to eat, and what to do while you’re in town.
Get more information and book your 2.5 hour Houston Tour  TODAY!!!
Image Credit: GreenStreet
GreenStreet is excited to host Live Music on the Lawn. During this event, guests can enjoy free live music from Houston’s best and brightest upcoming artists.
When: Thursday, September 8, 2022, 5:30 p.m. to 8 p.m.
Location: 1201 Fannin Street, Houston, Texas 77002
How Much: Free
Image Credit: Midtown Park
Learn this popular Brazilian dance style during this exciting class. Samba is a partner dance from Rio de Janeiro but you don’t necessarily need to bring a partner if you want to attend. There will be plenty during class to pair up with. The class is free and open to all skill levels. Instruction is provided by the Brazilian Cultural Institute.
When: Thursday, September 8, 2022, 7 p.m. to 9 p.m.
Location: Midtown Park, 2811 Travis St., Houston, TX 77006
How Much: Free
12 Fun things to do in Houston this week of September 5, 2022 Labor Day at Lone Star Flight Museum, México en el Corazón, and more!
Did you know that Houston has the most extensive downtown tunnel system in the US? Join us on our Underground Tunnel tour (air-conditioned) without outdoor views for an in-depth look at the incredible metropolis below ground-floor in Texas’ largest business district including the most award-winning downtown skyscrapers which host many of Texas’ most noteworthy Fortune 500 corporate headquarters & historical venues.
As part of this day tour, we will visit multiple historical and artistic sections of Downtown Houston’s tunnels as well as the corporate buildings that lie on top of them. Make sure to bring your smile and camera as we will provide you with unique photo-op opportunities and inside secrets that most native Houstonians don’t even know about!
Book your Underground Tunnel Tour of Downtown Houston TODAY! 
Image Credit: Discovery Green
HSPVA mariachi, the Nueva Luna Folklorico ballet, and more will take you to Mexico’s vibrant culture via music and color. As part of NAIMA’s second North American tour, more than 50 performers in breathtaking traditional attire deliver an exhibition of Mexican culture. A magnificent evening of culture and community is created by local performers and a live performance of El Grito by Mexico’s consul general, Alicia Kerber Palma. David Herrera will preside over the occasion. This is one of the anticipated things to do in Houston this week of September 5, so make sure not to miss it!
When: Friday, September 9, 2022, 7 p.m. to 10 p.m.
Where: 1500 McKinney St, Houston, TX 77010, United States
How Much: Free
Raise a glass to the H-Town competition’s official beverage! Join Houston’s top mixologists as they prepare unique drinks and compete for the annual award, which benefits the Southern Smoke Foundation and the Houston branch of USBG. Tickets come with three-ounce sampling of competing charcuterie and beverages.
This event is our top pick for Things to do in Houston this week for Couples! 
When: Friday, September 9, 2022, 6 p.m. to 9 p.m.
Located at:Four Seasons Hotel Houston, 1300 Lamar St, Houston, TX 77010, United States
How Much: $25
Image 1: 81% Off 15-Pack of Ultimate Spring Reds from Splash Wines
Customers enjoy 15 bottles of curated spring red wines from all over the world delivered to their door!!!
Remember to get the BIG discount on this offer from the highly rated Splash Wines! 
Study Spanish while experimenting with various artistic mediums! Thanks to Listo Translating Services and More, students between the ages of 3 and 12 will produce a distinctive work of art while honing their Spanish speaking and listening abilities. Everything is provided for the 20 participants for this session.
When: Saturday, September 10, 2022, 12 a.m. to 1 p.m.
Where:Discovery Green Conservancy, 1500 McKinney, Houston, Texas 77010
How Much: Free
Image Credit: Traders Village Houston
Did you know that Mexicans don’t actually celebrate their independence on Cinco de Mayo? While a significant battle victory is remembered on May 5, September 16 is the actual anniversary of independence for Mexico, which they celebrate with parades, parties, and public events. Visit Traders Village on Sunday, September 11, for an incredible night of entertainment, while the market is closed on Fridays for the Grey Expo on the 16th. This is one of the anticipated things to do in Houston this week of September 5, so make sure not to miss it!
Our top pick for Things to do in Houston this week with family!
When: Sunday, September 11, 2022, 12 p.m. to 5 p.m.
Where: 7979 N Eldridge Pkwy Houston, TX 77041
How Much: Free
Image 2: Up to 45% Off Splatter Painting at Pinspiration - Kingwood
DIY art studio invites guests to get crafty and let loose having fun with splatter paint
Get more information and book your Private Splatter Paint Experience TODAY!!!
What are some other things to do in Houston this week that you are interested in? Leave a comment and let us know.
Looking for more things to do in the Houston area? Check out our weekly updates to Things to do in Houston this Week, Things to do in Houston this Weekend,  and Top Things To Do On The Weekend With Kids In Houston! 
And if you want these types of updates delivered directly to your feed, follow us on Facebook by clicking the … next to the search lens icon.
Travel on your mind? Check out our Things to do This Week lists in these cities – Austin, San Antonio, Dallas Fort Worth, and Boston!
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Texas' 10 most expensive homes listed for sale in Sept. 2022 – Houston Chronicle

Updated:
HAR
If you’re in the market for a luxurious family home, these sprawling Texas estates and a sleek apartment are worth your time. Of the 10 priciest homes listed in Texas, five are in the Dallas area and one is in the Houston region. Click ahead to see them all.
HAR
No. 1: 5531 Walnut Hill Lane, Dallas, TX
List price: $15,995,000
Size: 5 bedrooms/9 bathrooms/10,577 square feet
Features: This modern, single-family residence has lots of natural light, an infinity pool and spa, tennis courts and a lake with a waterfall and fountain. The home is currently under construction and will be finished in 10-12 months.
Compass RE Texas, LLC
Compass RE Texas, LLC
Compass RE Texas, LLC
Compass RE Texas, LLC
No. 2: 88 W Grand Regency Circle, The Woodlands, TX
List price: $13,000,000
Size: 10 bedrooms/13 bathrooms/30,717 square feet
Features: Located in gated community Carlton Woods, this is a home for those who love to entertain. The luxury estate includes tons of living space, two motor courts, two apartments, a built-in theatre and a pool house.
Keller Williams Realty
Keller Williams Realty
Keller Williams Realty
Keller Williams Realty
No. 3: 9649 Douglas Avenue, Dallas, TX
List price: $12,999,000
Size: 7 bedrooms/ 10 bathrooms/10,888 square feet
Features: Poggenpohl integrated kitchen, open floor plan with soaring ceilings, floor-to-ceiling windows, rare marbles and tile, primary and guest suites, study, and living spaces, resort-style pool, roof-top decks, oversized garage with space for 10+ cars
Allie Beth Allman & Associates
Allie Beth Allman & Associates
Allie Beth Allman & Associates
Allie Beth Allman & Associates
No. 4: 16904 Regatta Cove, Jonestown, TX
List price: $12,000,000
Size: 6 bedrooms/7 bathrooms/9,154 square feet
Features: Built in 2003, this spectacular estate sits on a hilltop near Lake Travis. The home includes a private double-deck boat dock, a walk-in wine cellar, a game room, an expansive terrace overlooking the lake, and multiple kitchen, dining and grilling areas areas.
Keller Williams Realty
Keller Williams Realty
Keller Williams Realty
Keller Williams Realty
No. 5: 5414 Edlen Drive, Dallas, TX
List price: $11,995,000
Size: 6 beds/10 bathrooms/12,096 square feet
Features: This newly-constructed, Southern European-style estate has a pool, a game room, a wine room, a library, a home gym and a five-car garage.
Compass RE Texas, LLC
Compass RE Texas, LLC
Compass RE Texas, LLC
No. 6: 13322 Shore Vista Drive, Austin, TX
List price: $11,900,000
Size: 5 bedrooms/8 bathrooms/7,029 square feet
Features: This sprawling estate has a private study space, a luxurious home theater, a temperature-controlled wine room, expansive living spaces, a 3 1/2-car garage, an infinity pool, a lighted tennis court, a two-story boat dock and an Italian pink marble fountain.
Avalar Austin
Avalar Austin
Avalar Austin
Avalar Austin
No. 7: 3704 Stratford Avenue, Highland Park, Texas
List price: $11,500,000
Size: 5 bedrooms/ 8 bathrooms/8,331 square feet
Features: A traditional-style home with beautiful stonework, manicured landscapes and floor-to-ceiling windows. Construction will be completed in Nov. 2022.
Compass RE Texas, LLC
Compass RE Texas, LLC
Compass RE Texas, LLC
No. 8: 3603 Stoneridge Road, Austin, TX
List price: $11,250,800
Size: 5 bedrooms/8 bathrooms/7,949 square feet
Features: This 1.15-acre Westlake estate merges modern art with contemporary architecture. It has a four-car garage with electric car charging stations, a pool and cabana, an outdoor kitchen and ample living space. Construction began early this year, but a completion date hasn’t been determined.
Moreland Properties
Moreland Properties
Moreland Properties
Moreland Properties
No. 9: 3130 N Harwood, Unit 2505, Dallas, TX
List price: $10,000,000
Size: 5 bedrooms/5 bathrooms/7,169 square feet
Features: This two-story condo in the Bleu Ciel high-rise looks out over downtown Dallas. Spanning across the 24th and 25th floors, this residence features a movie theatre, a game room, a floating staircase, built-in wine refrigerators and wraparound balconies.
Compass RE Texas, LLC
Compass RE Texas, LLC
Compass RE Texas, LLC
Compass RE Texas, LLC
No. 10: 1209 N Weston Lane, Austin, TX
List price: $9,990,000
Size: 5 beds/8 baths/8,357 square feet
Features: Built in 1985, this opulent waterfront home features an iron-railed staircase, a library, a media room, a stone patio, a billiards room, a boat dock and a pool.
Moreland Properties
Moreland Properties
Moreland Properties
Moreland Properties
Moreland Properties
Produced by Juhi Varma
Edited by Jordan Ray-Hart

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4 Surprising Reasons Homebuyers’ Real Estate Deals Fall Through Today: Could Yours Be Next? – Realtor.com News

(Getty Images)
Owning a home is the American dream, but at the moment it’s more like homebuying cancel culture.
According to a 2022 survey by home warranty site Cinch Home Services of 1,000 Americans who have tried to buy or sell a home in the past year, more than half of buyers (51%) say they had a home purchase contract fall through in that time period.
Why is this happening—and what can you do to make sure that your own real estate offer doesn’t crash and burn? Here are some of the reasons deals are collapsing right now, and what to do to help prevent this from happening to you.
When buyers first start looking for a home, they often dutifully check into mortgages to figure out how much home they can afford. The problem? In a mere year’s time, interest rates have nearly doubled—from the low 3% range in 2021 to the 6% range today.
As a result, buyers might not be able to borrow as much now. In fact, the Cinch survey found that 42% of buyers who had to pull out of home deals did so because their mortgage did not come through.
“Many homebuyers may have gone through the pre-approval process back in early 2022 or even 2021, but continually lost out on homes during bidding wars,” says Elizabeth Sugar Boese, a real estate agent with Coldwell Banker Realty in Boulder, CO. “So while shopping in today’s market, they may be putting offers in at a price point they qualified for months ago.”
Jason Gelios, author of “Think Like a Realtor” and a real estate agent with Community Choice Realty in Southeast Michigan, says mortgage approvals often fail at the finish line when a homebuyer is attempting to purchase a home in the higher range of their approval amount.
“When the interest rates rise, it causes the buyer to no longer be approved for the amount of home they are purchasing,” explains Gelios. “For example, if a homebuyer is maxed out on their approval at, let’s say, $250,000, and the increase in interest rates has them now being approved for $230,000, they will no longer be able to get a $250,000 loan.”
What to do: Make sure to lock in a low interest rate before you start home shopping. But if that doesn’t work, try looking at different loan options to see if you can find one that still works for your deal.
“We have been able to protect the interests of a few buyers recently by talking to their lenders about different loan products,” says Jeffrey Mistretta of EXIT Realty in Smithstown, NY. “As an example, FHA loans, which are government-backed, still remain in the mid to low 4% range.”
Also, see if you can figure out how to lower your interest rate by paying upfront for points.
“In some cases, we were able to consult with buyers and determined, in conversation with their lender, that they were able to use some of their down payment funds and reallocate it to buy down their interest rate,” says Mistretta.
Last but not least, buyers should check in with potential lenders every 30 days to keep their borrowing estimates accurate.
“This helps buyers to find out what they are currently qualified for,” says Boese. “They should also talk with their lender about an estimate for their monthly payments.”
Another scenario that homebuyers may encounter in today’s inflated real estate market is that they’re forced to pay way over the asking price to get the house. Yet, once the lender sends an appraiser to deem how much they think the house is worth, the appraisal comes in lower than what the buyers had offered.
According to the Cinch survey, 35% of property purchases fell through because of appraisal problems.
This happened recently to real estate broker Debbie Murray, of Allie Beth Allman & Associates in Dallas.
“My buyers had won a bidding war against 19 other people, coming in with an offer way over the list price,” she says. But then the house didn’t appraise for that amount, and the buyers had to cough up an additional $50,000 in order to close the deal.
“The appraiser would not back down,” says Murray.
Statistics from CoreLogic showed that in May 2021, 19% of home purchase transactions had a contract price above what the home appraised for, which is unsurprising since the market has been so hot.
What to do: Before you get into a bidding war, keep in mind how far above the purchase price you think you can go and still cover the mortgage if the house doesn’t appraise for that amount.
“While sales are collapsing, we are still in an inventory shortage in many markets, and as a result, prices in most markets have continued to increase,” says real estate agent and lawyer Bruce Ailion, of Re/Max Town & Country in Atlanta.
In other words, try not to bid over your head. And if the appraisal comes back too low, you can also ask the sellers if they’ll renegotiate a lower sales price.
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Watch: 4 (Mostly) Bright New Realities of Buying a Home Today
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We get it, times have been tough—and with the currently high inflation, it’s easy to just put purchases “on a credit card” and worry about it later.
But if you’re a potential homebuyer, you need to keep an eye on your debt-to-income ratio. Your DTI ratio calculates how much you owe each month versus how much you earn. Specifically, it’s the percentage of your gross monthly income (before taxes) that goes toward payments for credit cards, car loans, college loans, and yes, mortgages. The lower your DTI, the less of a risk you are to lenders and the more you can borrow.
“Mortgage lenders calculate the DTI percentage when they look to approve someone for a maximum amount—most of the time it’s 43% to 45%,” says Gelios. “For example, if someone makes $2,500 a month in gross income, they can’t have more than $1,125 in monthly debt showing on their credit report.”
What to do: Though it’s tempting when money is tight to just pay the minimum on your credit card and let balances go up, a better move for homebuyers is to try to get their other debts down before applying for a mortgage. And don’t buy a bunch of big-ticket items while home shopping, as this will negatively affect your DTI.
You might also want to weigh whether, in today’s uncertain economy, you feel financially secure enough to buy a home.
“Some home shoppers are interested in buying a home, but feel a bit uneasy about the state of the economy and their job security,” says Ali Wolf, chief economist for Zonda. “Consumers are also wondering if it might make more sense to wait on a purchase until we get more certainty about how the housing market progresses.”
In uncertain financial times, it’s always wise to shore up your emergency fund for life’s curveballs. And if you do decide to move forward on your house hunt, aim for properties comfortably within your budget.
While most failed real estate deals today occur despite a buyer’s wishes, in certain cases, buyers are actually deciding to back out. According to the Cinch survey, 23% of buyers have pulled out of a contract, and the reason might surprise you: They found a similar house at a lower price.
“The real estate market slowed recently from red-hot levels of activity to a more sustainable pace of activity, resembling the 2018, 2019 housing markets,” says Wolf. “The housing market has finally tilted to be more friendly to buyers after two years of the ultimate seller’s market.”
As a result of this shift, buyers who’ve recently gone under contract for a home at a highly inflated price may now realize that their property’s value has dropped significantly before they even close. This definitely has some buyers questioning their bids, and in some cases looking for better deals.
What to do: Buyers already under contract in a declining market have several options, says Ailion. First, they can seek a reason to terminate the contract without penalty. For example, there might be a title, condition, financing, or appraisal contingency with a way out. You can also negotiate a lower home price with the seller. Barring that, if the property’s value has declined more than the earnest money deposit, then walking away may actually make financial sense as well.
Also, Wolf suggests that buyers may wish to look at purchasing new homes from homebuilders. According to Zonda, 46% of homebuilders in the U.S. reported an increase in contract cancellations from July to August. As a result, builders may be more willing to negotiate with homebuyers right now than at any point in the past few years; some are even offering to help pay down mortgage rate interest points to help buyers qualify.
Kimberly Dawn Neumann, who is based in New York City, is an author, performer, and fitness professional.
Twitter Follow @KimberlyNeumann

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Transwestern’s stalled Houston project moving forward – The Real Deal

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The Friedkin Group’s Dan Friedkin with 3120 Buffalo Speedway (Loopnet, Getty, The Friedkin Group)
The redevelopment plan for a prime piece of Bayou City property has apparently been resuscitated and is in the process of being finalized, The Real Deal has learned.
For the past four years, speculation swirled among Houston real estate watchers about why a mixed-use development announced in 2019 for the site of Exxon Mobil’s former upstream research campus, had not begun.
The 17-acre plot at 3120 Buffalo Speedway near Houston’s Greenway Plaza and venerable River Oaks neighborhood was initially dubbed River Oaks Green and marketed as “The RO,” according to a 2019 Houston Chronicle report.
Originally a joint venture between Spear Street Capital, a real estate investment firm with offices in San Francisco and New York, and Houston-based Transwestern, the project aimed to transform “West Alabama Street and Buffalo Speedway into an aesthetically pleasing pedestrian realm to serve and enhance the commercial and residential uses.”
Referencing a now dead link on Transwestern’s website, the Houston Chronicle reported in 2019 that the development would have 310,000 square feet of office space, 644 residential units, 65,000 square feet of restaurants and shop space, and a 200-room hotel with 175 living units.
Spear Street bought the site from Exxon Mobil through JLL which marketed the site as “one of the largest and most desirable in-fill tracts remaining in all of Houston,” according to a 2017 Houston Chronicle report.
As late as 2021, Spear Street was listed as the owner of 3120 Buffalo Speedway, according to Harris County Appraisal District records, but that firm is apparently now out of the equation, as its website now lists “The RO” as a development site that it has sold.
Records show ownership was transferred to TDC RO Owner LLC with the same location as Tranwestern’s Houston address at 1900 West Loop South Suite 1300.
The parcel at 3120 Buffalo Speedway has an appraised market value of $52.77 million and its legal description is noted as “River Oaks Green.”
Reportedly the Friedkin Group, a Houston-based conglomerate, led by billionaire Dan Friedkin, along with other Houston-based investors are reportedly now Tranwestern’s partner in the venture.
The Friedkin Group has interests in the automotive, hospitality, real estate, film, entertainment and sports industries.
The company’s businesses are primarily buoyed by its ownership of Gulf States Toyota, a major distributor for Toyota vehicles that supplies 150 dealerships across Arkansas, Louisiana, Mississippi, Oklahoma and Texas.
Though plans are not final, Friedkin will reportedly build an Auberge Collection of Resorts on the site featuring a hotel and residences, with Compass handling the sales.
Most of Auberge’s resorts are set in prime vacation destinations like Napa Valley, Aspen, Telluride, Park City, Hawaii, Costa Rica, Santorini, Greece and multiple locations in Mexico.
While Houston is not quite the sort of vacation destination Auberge favors, the brand does have one Texas location that is somewhat comparable — its Commodore Perry Estate resort in Austin.
Under Auberge’s “coming soon” section, there is no mention of Houston, however. The company lists San Francisco, Florence, Italy, Los Olivos, California, and Kiawah River, South Carolina as locations for future resorts.
Neither the Friedkin Group nor Spear Street Capital returned TRD’s request for comment on 3120 Buffalo Speedway.
Transwestern is currently marketing “The RO” on one parcel at 3120 Buffalo Speedway as a 289,874 square-foot 13-story class B office building with a cafe featuring coffee and juice bars, a fitness center with locker rooms, a tenant lounge and green space.
A spokesperson for Transwestern told TRD that the company was unable to comment on market rumors or speculation regarding The Friedkin Group’s intent to build an Auberge resort at 3120 Buffalo Speedway.
Regarding Compass reportedly handling the sales for the project, the brokerage declined to answer TRD’s specific query and issued the following statement from Justin D’Adamo, Head of New Development at Compass:
“Compass Development and Marketing Group closely collaborates with developers in most major markets, Houston included. As the top real estate brokerage in Houston by sales volume, our team is actively involved in several ongoing development projects with partners including Transwestern.”


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Rudest US cities: Houston, Texas lands in top 10 – Laredo Morning Times

Houston landed at No. 10 on a list of the rudest cities in America, according to its own residents.
While Texas’ official state motto may be “Friendship,” this hasn’t stopped the state’s largest metro area from rating itself as one of the rudest cities in the U.S.
In a roundup of the rudest cities in the US, the Bayou City landed in the No. 10 spot below other major cities like Los Angeles and New York on language tutoring platform Preply’s list. No other city in Texas was featured on the list.
The company surveyed over 1,500 people who live in the 30 largest metropolitan areas in the U.S. and asked them about the rudeness level of their city, including the prominence of certain typically rude behaviors, to help travelers determine what to expect when visiting. Residency in the city for at least one year was required to participate.
“When we consider a behavior rude, it’s likely because it’s either confrontational or inconsiderate toward others,” the report said, adding that in major metropolitan cities, rude behaviors may be more common because people interact with many more people on a daily basis. This coincides with the report’s findings that 70% of Americans think people who live in or around cities are ruder than people who live in rural areas. 
Houstonians gave their home an average rudeness score of 5.33 on a scale of one to 10.
Philadelphia took first place as the rudest city in the nation, with an average rudeness score of 6.43. Memphis (6.05), New York (6), Las Vegas (5.98), Boston (5.9), Detroit (5.7), San Francisco (5.69), Washington, D.C. (5.56), and Los Angeles (5.35) all followed suit at the No. 2 to No. 9 spots, respectively.
In contrast, Austin, San Antonio, El Paso and Dallas were all ranked as the most polite cities in America as voted on by locals. Austin took first place with an average rudeness score of 3.91 on a scale of one to 10, where one was least rude. None of the other cities made the top 10, but El Paso (4.96), San Antonio (5) and Dallas (5.02) took the No. 13 to No. 15 spots.
“In general, the state of Texas has a reputation for politeness and friendliness, along with the rest of the South, underscoring the stereotype of Southern hospitality,” the report said, even though Houston made the top 10 of rudest U.S. cities.
Respondents were also asked about the prominence of certain typically rude behaviors in the country. According to the results, the rude behaviors visitors are most likely to encounter in the U.S. included being absorbed by a phone in public and not letting other drivers merge in traffic. The city most likely to exhibit these behaviors were New York and Memphis, respectively.
The report also found that 55% of respondents ranked non-locals as ruder than locals across all American cities, and 76% said Americans tend to act rudely when visiting abroad, even if it’s unintentional. Common behaviors Americans exhibit when traveling abroad that are considered rude in some countries included tipping, keeping hands in pockets and using hand gestures like thumbs up or beckoning with a hand, according to the report.
 

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