As Third Avenue Development, LLC, the real estate division of Taylor Consulting, Inc. (TAYO), continues building a portfolio of promising West Texas real estate assets, home values in the region are breaking records. In the city of Midland, home values grew by more than 23 percent year-over-year last month, pushing the city’s median price to the No. 1 slot in Texas for the second time this year.
According to the latest data from the Real Estate Center at Texas A&M University, more than $70.8 million was spent or financed on real estate purchases in Midland in June, about 50 percent more than in June 2013. The city set a new record for its median home price last month, and the number of transactions surged last month to the highest level in Midland’s recorded history as the oil and gas industry attracts a flood of new workers, businesses and families to the region.
Midland’s growth echoes a statewide trend. Home sales across Texas were at their highest volume last month since 2006, and the total value of home sales topped $7.4 billion—a new record.
Through Third Avenue Development, TAYO is building a strong portfolio of West Texas real estate assets as new workers and residents continue to pour into the region. The company has already acquired multiple properties located on or near the Permian Basin as well as executed a letter of intent to form a property development joint venture with The Home Masters Inc.
TAYO recently created Third Avenue Development, LLC to invest in promising real estate assets to compete alongside American Homes 4 Rent (AMH), Silver Bay Realty Trust Corp. (SBY), Equity Residential (EQR) and Essex Property Trust Inc. (ESS) and more.
For more information on Third Avenue Development, please visit www.thirdavenuedevelopment.com.
About Third Avenue Development, LLC.
A division of Taylor Consulting, Inc. (TAYO), Third Avenue Development, LLC, is building a competitive portfolio of real estate assets in emerging oil and gas regions. The company is focused on acquiring and developing properties in the country's top-performing markets in order to capitalize on rising demand for housing and related infrastructure services.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
- Real Estate
- real estate
Scott Wheeler, 713-840-6099
President and CEO