VA temporarily allows buyer-paid broker fees

Plus: $9.9 billion Colton master-planned community breaks ground in Houston

June 13, 2024

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👋 Good morning and happy Thursday.

Today's newsletter is 616 words — a 3-minute read.

1. Texas Democrats and Republicans unite on zoning reform to address housing crisis

Texas Democrats and Republicans are finding common ground on addressing the housing affordability crisis in the state.

The Texas Democratic Party recently adopted a platform advocating for the relaxation of local zoning regulations to increase housing supply and affordability.

Both parties recognize the need to tackle the issue as high home prices and rents strain residents. While proposals for zoning reform failed in the past, top Republicans, including Lt. Gov. Dan Patrick and House Speaker Dade Phelan, are signaling support for statewide zoning reform.

2. Construction begins on the 5,700-acre Colton master-planned community in Houston

Construction has begun on the first phase of Colton, a 5,700-acre master-planned community in the Houston area, expected to reach a build-out value of $9.9 billion.

This development will feature 500 acres of mixed-use space, including multifamily, retail, and medical facilities. Model home construction starts this fall and sales will launch in 2025.

Colton aims to blend Texas's historical and cultural influence, creating a comprehensive community with planned educational facilities and significant infrastructure enhancements.

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3. Catch up quick

 🤝 VA temporarily allows buyer-paid broker fees. (VA)

🏠 Apartment demand soars in the San Antonio suburb. (TRD)

🫸 70% of real estate agents oppose NAR settlement. (Clever)

🏘️ 217-unit build-to-rent community slated for New Braunfels. (TRERC)

4. Davis Development working on 6 new apartment complexes in Houston area

Multifamily developer, Davis Development, is rebuilding its Houston-area portfolio with six apartment complexes in the works.

  • Botanic Luxury Living Apartments at 20525 Holzwarth Road.

  • Linz Luxury Living Apartments at 23050 Morton Ranch Road.

  • Cendana District West Apartments at 7303 South Peek Road.

  • Sire Kingwood at 24770 Stowbridge Drive in Kingwood.

  • Vintage Preserve at 14813 Vintage Preserve Parkway near Willowbrook Mall.

  • Peek Road Apartments is planned on an 11.5-acre tract near Westpark Tollway.

All complexes will be pet-friendly with units ranging from one to three bedrooms and have the same amenities, including resort-style pools, fitness centers, and lounges. LINK

5. 3,600-acre ranch northwest of San Antonio is on the market for $80M

The Mt. Solitude Ranch, about 30 minutes northwest of San Antonio, is asking $80 million, or roughly $22,200 per acre after sitting on the market since 2022 without a publicly listed price.

The property is priced within the median range for master-planned development sites. Its location has attracted interest primarily from master-planned developers and production homebuilders.

The property has drawn interest from investors looking to “park” their money in land as a hedge against stock market volatility. Land in Texas appreciates by 3% to 7% annually, making it a solid investment.

6. $4.6M luxury housing development slated for Lake Austin

Turnbridge Equities has joined Austin Capital Partners and Four Seasons Hotel and Resorts to develop the Four Seasons Private Residences Lake Austin.

The 145-acre, luxury housing development on Bridge Point Pkwy, will have 188 residences, 179 of which will be in connected buildings atop a 380-ft hill with nine standalone villas built on the hillside.

Homes will range from 2,000 to 7,500 sf. Prices will start at $4.6 million.

Site work on the project began in February 2023, and construction is expected to begin this fall and project opened by the end of 2027. LINK

“👨This Sunday is Father's Day! 🧓”

One dad joke before the weekend:

What do you call fake spaghetti? An impasta!

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