Texas Sees Significant International Homebuyer Activity
Texas Realtors Report Released: A newly released report from Texas Realtors indicates that international homebuyers spent $4.3 billion on close to 10,000 home purchases in Texas between April 2022 and March 2023. This figure accounts for 2.8% of all homes sold in that period and 3.6% of the total residential sales volume. Interestingly, the median home price for these international buyers stood at $320,800, which is slightly below Texas’s overall median of $342,000. However, the average purchase price was notably higher at $446,100. This trend suggests that while most international buyers opted for homes near or below the state median, a significant number bought luxury properties, consequently raising the average. Furthermore, the study highlighted that almost half (49%) of these international transactions were made entirely in cash, pointing to the buyers’ strong financial capability. The data also showed that a considerable 61% of these international homebuyers were already residing in the U.S. on various visa types.
North Texas Tops Commercial Real Estate Deals: DFW (Dallas-Fort Worth) remains the leader in U.S. commercial real estate transactions, with a total of $13.2 billion, even amidst a nationwide investment downturn. Notably, apartment deals in DFW made up over half, amassing $6.8 billion. Industrial buildings came in next with $2.9 billion, and retail investments were recorded at $1.3 billion. Despite challenges faced by office building transactions throughout the country, DFW surpassed second-place Los Angeles, which recorded $12.8 billion in deals.
Frisco ZIP Code Ranks High for Apartment Constructions: 75034, a ZIP code in Frisco, stands out as one of the nation’s leading areas for apartment construction. In the timeframe from 2018 to 2022, this region witnessed the construction of 5,800 new apartments. Other North Texas ZIP codes also saw significant growth, with apartment construction doubling in that period. Interestingly, the ZIP 20002 in D.C. topped the charts with over 7,300 constructed apartments.
DFW Sees Unprecedented Apartment Construction: North Texas currently leads the U.S. with a staggering 72,000 apartment units under construction. An upcoming project of note is by Mill Creek Residential, set to begin soon at The Hill shopping center. Located near a DART rail station, this project will feature an eight-story apartment tower valued at $66 million, complete with a multi-story garage.
Dallas Among Most Overworked U.S. Cities: Dallas has earned the fifth spot on the list of the nation’s most overworked cities. This ranking considers various factors, including hours worked, the length of commutes, and the percentage of elderly workers. Notably, Dallas sees particularly long commutes and a significant number of workers over the age of 65. Meanwhile, D.C. is labeled as the most overworked city, in stark contrast to Las Vegas, which is dubbed the least overworked.
Alex Rodriguez’s Real Estate Saga in Florida: Former MLB player Alex Rodriguez recently sold a waterfront lot on Miami Beach’s Star Island for $45.5 million. The buyer, Ken Griffin, CEO of the investment firm Citadel, is no stranger to this property. This sale follows a series of transactions involving this and adjacent properties, including a notable property swap with Rodriguez and Jennifer Lopez. Griffin’s recent acquisitions consolidate his holdings, granting him over six acres on Star Island and augmenting his growing Florida property portfolio.