They came a long way

Hot Texas real estate market brings in billions from international buyers

Homebuyers from around the globe are flocking to Texas.

Photo courtesy of Kuper Sotheby's International Realty

International homebuyers may have the world at their fingertips, but it's the Lone Star State where many want to invest.

The Texas Association of Realtors' 2019 Texas International Homebuyers Report reveals that 18,310 Texas homes were sold to international buyers between April 2018 and March 2019, totaling $7.8 billion in sales. That accounts for 10 percent of all U.S. homes sold to foreign buyers, trailing only Florida (20 percent) and California (12 percent).

While $7.8 billion is a lot of money, it's the state's lowest haul from this group of buyers in six years, according to the association. From April 2017 to March 2018, international buyers spent $10.89 billion on 24,012 Texas homes. The previous year, they spent a staggering $18.66 billion on 34,135 Texas homes.

Texas isn't alone in the downward trend. Nationwide, the number of international homebuyer purchases dropped 31 from the previous period.

Despite slowing sales, Texas steadily represents 9-12 percent of all U.S. homes sales to this group of buyers each year.

“Texas is seen as a solid state for investments due to our strong economy, business environment, and large metropolitan areas,” says Tray Bates, chairman of Texas Realtors, in a release. “Investors are interested in residential and commercial real estate in Texas where they can deploy their resources to make an attractive return. Specifically, we’re seeing international investors look to Texas for large-scale investments in subdivisions and master planned communities.”

And who's buying in Texas? The report shows 28 percent of buyers from Mexico bought homes in Texas the latest reporting period. The Lone Star State was also a hot spot for buyers from India (13 percent), the U.K. (4 percent), China (3 percent), and Canada (3 percent).

The state also ranks third in homes sold by foreign owners. In the most recent period studied, 8 percent of all U.S. homes sold by international sellers were in Texas.

home-for-sale texas reports

Million-dollar homes

Multi-million-dollar gated home community The Preserve rises in Frisco

Preserve

A palace on the prairie of The Preserve in Frisco

Construction has begun on a multi-million-dollar custom home community in Frisco. Called The Preserve, it's situated among PGA Frisco’s championship golf courses and near the Omni PGA Frisco Resort, with multiple phases that will roll out over the next few years.

The Preserve is part of Fields, a 2,500-acre development in North Frisco off the Dallas North Tollway. Fields is co-developed and owned in partnership with The Karahan Companies, Hunt Realty Investments alongside investors Chief Partners and Cross Tie Capital.

The development will feature retail, dining, entertainment, hotels, corporate offices, native Texas plants, flowers, trees, and 250 acres of park space. It's designed by the same team responsible for Plano’s Legacy West, led by Fehmi Karahan.

Phase 1 of The Preserve will feature 233 homes crafted by 10 North Texas luxury homebuilders: Alford Homes, Coats Homes, and Starside Builders have all begun home construction. The other seven are The Preserve Bella Custom Homes, Endurance Homes, Faulkner Perrin Custom Homes, Hawkins-Welwood Homes, Shaddock Custom Builders & Developers, Sharif & Munir Custom Homes, and Ventura Custom Homes, for whom construction will start soon.

The Preserve Frisco The Preserve in Frisco, soon to be covered with homes.The Preserve

Lot sizes range from 6,800 square feet to more than an acre. Home design options will incorporate high ceilings, open floor plans, glass walls, and seamless transitions between indoor and outdoor such as patios, infinity pools, and landscaped exteriors.

The surrounding area will have more than 2,000 new trees plus views delivered via design elements such as floor-to-ceiling windows and expansive outdoor living areas.

Many of the homes will address sustainability, health, and wellness with green architecture, energy efficiency, water conservation, and recycled building materials.

It will combine the privacy of a gated community with resort-style living, featuring amenities such as the PGA golf courses, 20+ miles of hike and bike trails, and the exclusive Brookside Club with an expansive swimming pool, state-of-the-art fitness center, tennis and pickleball courts and a playground.

Prices will start at $3,500,000.

Hunt Realty SVP Todd Watson calls it one of the most anticipated mixed-use projects in the area -- æa perfect location for discerning buyers seeking their forever home or a secondary residence" — although he's involved with the project so he's probably biased.

“As part of the Fields development, with prominent neighbors like PGA of America and the Omni PGA Frisco Resort, we know The Preserve will be one of the most sought-after addresses in North Texas," Watson says.

According to the Frisco Economic Development Corporation, Frisco’s population has increased by 500 percent in two decades and was recently recognized as the fastest growing city in Texas and third across the U.S.

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