New 28-acre build-to-rent Mirella community opens

Plus: NAR’S Yun predicts interest rate cuts

July 25, 2024

👋 Good morning. Welcome to Thursday’s edition of our newsletter!

Today's newsletter is 517 words — a 2-minute read.

1. New 28-acre build-to-rent Mirella community opens up in northwest Houston

Caldwell Communities is planning its debut project of 204 single-family rentals in suburban Tomball, northwest of Houston.

The 28-acre development, called Mirella, is at 1831 Bluegrass Park Lane.

Pre-leasing is scheduled to begin in the third quarter of this year, with rental rates ranging from $2,300 to $3,400.

About three-quarters of the homes will feature four bedrooms and one- or two-car garages. About 60 cottages will have two or three bedrooms. The development will take shape with a central lake and surrounding trails.

2. Despite national crackdown, short-term rentals are still popular in San Antonio

This year, San Antonio has averaged around 123 new short-term rental permit applications monthly with an average of 70% approval rate.

According to city data, nearly 46% of short-term rental permits are issued for properties in districts 1 and 2, around tourist hot spots downtown and Midtown.

Despite the city boasting 3,240 active permits last year mainly facilitated through the use of vacation rental websites like Airbnb, an estimate of around 1,200 to 1,500 rentals were operating in the city without a permit making the city revoke 1,366 permits.

Number of short-term rental permit violations committed by San Antonio operators

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3. Catch up quick

🏘️ Lennar plows ahead with a 1,000-unit East Side subdivision. (Lennar)

⚡️ Texas has some of the lowest energy costs nationally. (Houston Agent Magazine)

🏢 U.S. commercial real estate is headed toward a crisis. (Havard Business Review)

🏀 Shaq lists Carrollton home for $1.7M amid strong DFW luxury sales. (WFAA)

📊 NAR’S Yun predicts interest rate cuts could come sooner. (RisMedia)

4. Real estate investors MLG Capital acquire apartment development in Frisco, Texas

MLG Capital Real Estate recently purchased a newly constructed apartment complex in Frisco at 16220 Phoebe Road.

MLG Capital said it bought The Jade at Frisco, a garden-style suburban apartment community with 424 units. The complex is adjacent to Craig Ranch, a 400-acre master-planned community.

Financial terms of the deal were not disclosed. It was MLG Capital’s 54th acquisition in Texas since it launched in 1987. LINK

5. Homebuyers are backing out of deals at a record pace

About 56,000 home purchases were canceled, equal to 15% of homes that went under contract—the highest percentage of any June on record. Buyers are skittish due to elevated mortgage rates and record-high home prices.

20% of homes for sale last month had a price cut—the highest June share on record.

According to Redfin, many sellers are dropping prices because their homes are sitting on the market, causing listings to pile up; active listings posted the biggest annual gain on record.

Home sales fell roughly 1% from a month earlier in June—the biggest drop since October. LINK

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