This affluent San Antonio suburb cashes in as richest city in Texas
By John Egan Jan 15, 2020
Terrell Hills is less than seven miles from downtown San Antonio. Forget Beverly Hills. Move over, Manhattan.
One San Antonio suburb is cashing in as the richest city in Texas. A new list from data provider HomeSnacks ranks Terrell Hills as the richest place in Texas with at least 5,000 residents. The company analyzed four factors to arrive at that conclusion: poverty rate, median household income, and unemployment rate, as well as "where the richest of the rich live."
Terrell Hills, with a population of 5,425 as of July 2018, boasts median household income of $175,913, a 1.2 percent unemployment rate, and a 0.7 percent poverty rate, according to the HomeSnacks ranking, released January 11. Terrell Hills also topped HomeSnacks’ 2019 list of the richest cities in Texas.
Last year, review website Niche.com also named Terrell Hills the best place to live in Texas, based on categories such as public schools, local housing, cost of living, diversity, and walkability. In 2016, Terrell Hills, just five miles northeast of downtown San Antonio, was named one of the country’s most expensive suburbs.
Real estate website Zillow says the median price of homes currently on the market in Terrell Hills is $699,000, well above the median home price of $230,600 for the San Antonio metro area. One other San Antonio suburb makes the list of the state’s richest cities.
Ninth-ranked Fair Oaks Ranch has median household income of $125,806, a 2 percent unemployment rate, and a 3.6 percent poverty rate, according to HomeSnacks. It’s about 28 miles northwest of downtown San Antonio. Zillow says the median price of homes currently listed for sale in Fair Oaks Ranch is $464,450.
Here are the 10 richest cities in Texas, as determined by HomeSnacks.
1. Terrell Hills (San Antonio) 2019 rank: 1 Median household income: $175,913 Unemployment rate: 1.2 percent unemployment rate Poverty rate: 0.7 percent
2. Bellaire (Houston) 2019 rank: 2 Median household income: $201,629 Unemployment rate: 2.4 percent Poverty rate: 1.7 percent
3. Highland Park (Dallas-Fort Worth) 2019 rank: 25 Median household income: $207,019 Unemployment rate: 2.3 percent Poverty rate: 2.7 percent
4. Melissa (Dallas-Fort Worth) 2019 rank: 5 Median household income: $113,532 Unemployment rate: 1.4 percent Poverty rate: 0.3 percent
5. West University Place (Houston) 2019 rank: 3 Median household income: $250,001 Unemployment rate: 2.9 percent Poverty rate: 1.7 percent
6. Trophy Club (Dallas-Fort Worth) 2019 rank: 6 Median household income: $142,483 Unemployment rate: 2.5 percent Poverty rate: 2.4 percent
7. Willow Park (Dallas-Fort Worth) 2019 rank: Not ranked Median household income: $119,511 Unemployment rate: 2.3 percent Poverty rate: 2.1 percent
8. Southlake (Dallas-Fort Worth) 2019 rank: 4 Median household income: $230,700 Unemployment rate: 3 percent Poverty rate: 2.2 percent
9. Fair Oaks Ranch (San Antonio) 2019 rank: 7 Median household income: $125,806 Unemployment rate: 2 percent Poverty rate: 3.6 percent
10. Coppell (Dallas-Fort Worth) 2019 rank: 13 Median household income: $123,802 Unemployment rate: 2.5 percent Poverty rate: 3.2 percent
The Austin-San Antonio Corridor is one of the fastest-growing regions in the United States, currently home to just over 4 million people and expected to grow to 6-7 million people by 2030. Historically, each 1% of regional population increase translates into 3-4% increase in traffic on Interstate 35. Because of our geographical location in the center of the country at the convergence of two Interstate highways (the north/south IH-35 and the east/west IH-10), and midway between North and South America, the Corridor has become a nationally-significant hub for international commerce – a fact highlighted by the signing of the North American Free Trade Act in San Antonio in 1994. Today, 48% of the nation’s $900 billion in NAFTA trade either originates in or is destined for Texas – the vast majority of it traveling by truck up Interstate 35 through our region. This river of trade fuels millions of Texas jobs, but it comes with a price: Interstate 35 in the Austin-San Antonio Corridor has been ranked as the 4th most congested Interstate in the US, and the 3rd most-congested spot for trucks anywhere on the US Interstate System. According to the Texas Transportation Institute, this congestion is costing the Austin-San Antonio Corridor over $1 billion per year in lost time, wages, and fuel costs. A study of Interstate 35 from Mexico to Canada (1700 miles across six states) by the Federal Highway Administration found that the highest vehicle counts, the worst congestion, the slowest average speed-per-mile, the lowest levels-of-service, the most accidents, and the most fatalities (more than 100 per year) all occurred along IH-35 in the Austin-San Antonio Corridor. Freight rail traffic through the Corridor is impacted by the same pressures of population growth and increased NAFTA trade that confront Interstate 35. The Union Pacific Railroad line that parallels IH-35 from Laredo to Round Rock - built nearly 150 years ago - currently has 137 at-grade crossings in the Corridor, creating public safety issues (eight ‘serious’ accidents per year), traffic congestion at grade crossings, and the threat of hazardous materials moving through populated areas. Growth in rail volumes and traffic is expected to also increase dramatically over the next several decades with expansion of the US and Mexican economies and as a doubling of capacity at the Panama Canal comes online in 2014. Pike Powers stated, and I quote: "Between Austin & San Antonio, our combined talent, universities, innovation and existing assets rival the most well-funded & 'innovational cleantech'[SIC] regions in the world." So what's next? Stay tuned. Report Gathered by Charles Nehme, Realtor JP & Associates REALTORS www.austinmyhome.com
AUSTIN’S SECOND DOWNTOWN Massive 6 million-square-foot development breaking ground in North Austin neighborhood By John Egan - Culture Map Austin - Oct 3, 2019, 10:15 am Brandywine Broadmoor campus Construction is scheduled to begin in mid-2020. A massive mixed-use development that’ll be a next-door neighbor of the Domain complex is taking shape in North Austin. Philadelphia-based Brandywine Realty Trust plans to kick off construction in mid-2020 on the initial component of what’s envisioned as a more than 6 million-square-foot mixed-use development at its Broadmoor campus. The campus — currently anchored by about 800,000 square feet of offices for IBM but lacking a mixed-use element — is on Burnet Road just south of North MoPac Boulevard, across from the Domain and Domain Northside. The first parcel set to be developed will house 330,000 square feet of offices and about 300 apartments on almost 5 acres. Completion is scheduled for the first half of 2022. Brandywine has forecasted that the entire project should be completed by 2036 and will eventually include shops, restaurants, condos, and a hotel. Brandywine promotes the Broadmoor development as being at the "heart" of Austin’s "second downtown." "Brandywine is creating a true, urban, prototypical live-work-play environment in Broadmoor with fantastic connectivity and vibrancy, a tremendous draw for Austin’s deep and growing talent pool," says Barry Haydon, senior vice president of JLL, which recently was tapped as the retail leasing adviser for the project. Brandywine gained zoning approval from the Austin City Council in May 2018 to develop Broadmoor. The project also will feature over 10 acres of parkland, as well as access to more than 23 miles of existing and planned jogging trails and bike routes. A key selling point of the 66-acre Broadmoor complex, however, will be a new MetroRail stop. "We do think that a differentiating factor … at Broadmoor is obviously drafting off the amenity base that’s in place at the Domain," Brandywine President and CEO Jerry Sweeney told Wall Street analysts in July. Seeking an alternative to costlier office space in Austin’s traffic-clogged downtown area, major office tenants like Amazon, Blackbaud, Facebook, Indeed, and Vrbo (formerly HomeAway) have helped drive up the popularity of the Domain and the adjacent Domain Northside. A Broadmoor marketing brochure shows the new construction will comprise: * 3.2 million square feet of offices (equivalent to about six Frost Bank towers). * 2.9 million square feet of apartments (equivalent to nearly 12 Gallery at Domain apartment complexes). * 382,000 square feet of retail space (close to one-third the size of Lakeline Mall). * 248,000 square feet of hotel space (nearly one-sixth the size of Fairmont Austin, the city’s largest hotel by number of rooms). Eventually, another 5 million square feet of space might be tacked onto the Broadmoor project, Brandywine says. If that were to happen, the campus would exceed 11 million square feet. By comparison, the Pentagon — the world’s largest office building — covers about 6.6 million square feet. Already on the Broadmoor site are seven office buildings, occupied mostly by IBM. Sweeney says options for IBM’s long-term presence at Broadmoor include renewing the lease for its current space or shifting its offices to a brand-new building. At one point, the Broadmoor site was touted as a possible location for Amazon’s second headquarters. Austin was a finalist for the so-called Amazon HQ2 project, but the economic prize wound up going to the Virginia suburbs of Washington, D.C. Eric DeJernett, senior vice president in the Austin office of commercial real estate services company CBRE, says the Major League Soccer stadium planned for a site at Burnet Road and Braker Lane is further evidence of the mixed-use potential of the Domain vicinity. The Burnet and Braker corridors "are already dense with development and attracting more and more uses," DeJernett says, "as the Domain anchors the area as a true mixed-use hub in North Austin. It is clear that the area in and around the Domain is becoming Austin’s second urban area."
Great Day For Mortgage Rates, But There's a Catch September 23, 2019 Mortgage rates added to last week's friendly rebound with their best single-day drop in more than a month today. Weak economic data in Europe and tepid domestic data helped drive demand in safe-haven bond markets. Higher bond market demand means lower rates, all other things being equal. But it can take some time for movement in the bond market to translate to changes in mortgage lenders' rate sheets. Most of today's improvements were due to bond market gains that were already in place by this morning. As the day progressed, bonds drifted back in the other (less friendly) direction. When that sort of drift results in enough bond market movement, mortgage lenders can change their rate offerings in the middle of the day. Several of them did so today. Those who didn't will be more likely to offer slightly higher rates in the morning (unless bonds manage to bounce back in a friendlier direction again overnight). Loan Originator Perspective Bond markets posted small gains Monday, as ECB Chairman Draghi's comments prompted global growth concerns. It appears we've weathered the worst of our post Labor Day rate run-up, at least for now. Looks like bonds are content to stay in current ranges at the moment. I am locking applications closing within 30 days for all but the most risk-craving clients. - Ted Rood, Senior Originator Today's Most Prevalent Rates 30YR FIXED -3.75% FHA/VA - 3.375% 15 YEAR FIXED - 3.375% 5 YEAR ARMS - 3.25-3.75% depending on the lender Ongoing Lock/Float Considerations 2019 has been the best year for mortgage rates since 2011. Big, long-lasting improvements such as this one are increasingly susceptible to bounces/corrections and as of September, it looks like such a correction is underway Fed policy and the US/China trade war have been key players. Major updates on either front could cause a volatile reaction in rates The Fed and the bond market (which dictates rates) will be watching economic data closely, both at home and abroad, as well as trade war updates. The stronger the data and trade relations, the more rates could rise, while weaker data and trade wars will lead to new long-term lows. Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders. The rates generally assume little-to-no origination or discount except as noted when applicable. Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.
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