Publisher’s Letter
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FOR 100,000+ CRE BROKERS, INVESTORS & DEVELOPERS
Dear Readers, Wow! I covered Land and Master Planned Communities in this issue and what an eye opener those conversations have been. The volume of land transactions that are taking place across Texas is nothing short of incredible. I spoke with numerous land brokers across the state this month and consistently heard “If it’s shovel ready, it’s sold.” Stan Creech, who has spent the past 40 years marketing land, says, “This is the best it’s ever been in Texas and it’s real”. Jim Gaines, Research Economist with the A&M Real Estate Center, predicts that our Lone Star State will add twice as many people in the next 40 years as it did in the previous 40. This will equate to adding around 30 million Texas residents over the next four decades. Or, as Kirk Laguarta says, “It’s as if the population of San Antonio is moving to Houston every 9-10 years.” Master Planned Communities are popping up throughout Texas (see pages 28-30). Some of these were dormant during the 2007-09 years and have been sold, resold, or restarted. Houston is behind the curve in creating residential lots; Kirk Lagaurta estimates that it will take an additional 12,000 acres of land to produce the 30,000 residential lots needed annually to keep up with the needed new housing starts. All this development is outstanding for our economy and the hope is that our infrastructure can keep up. Transportation Advocacy Group officials estimate that the average Houston driver spends $343 annually in additional car repair costs, increased fuel consumption, and tire wear because of poorly maintained roads. The average driver in major metro areas in Texas spends about 37 hours every year sitting in traffic congestion; this number is projected to double to 74 hours by 2028 if transportation funding does not keep pace with population growth and development. Next month is our Texas ICSC Retail Focus issue and we’ll be at the event in Dallas so hope to see you all there! Best Regards,
Ginger Wheless
6 redNEWS.com