{"id":20228,"date":"2019-01-14T08:15:55","date_gmt":"2019-01-14T08:15:55","guid":{"rendered":"https:\/\/pintailcos.com\/web\/using-off-market-data-to-pinpoint-texas-opportunity-zones\/"},"modified":"2019-01-14T08:15:55","modified_gmt":"2019-01-14T08:15:55","slug":"using-off-market-data-to-pinpoint-texas-opportunity-zones","status":"publish","type":"post","link":"https:\/\/pintailcos.com\/web\/using-off-market-data-to-pinpoint-texas-opportunity-zones\/","title":{"rendered":"Using Off-Market Data to Pinpoint Texas Opportunity Zones"},"content":{"rendered":"By Richard Sarkis, CEO and Co-Founder of Reonomy\nCreated in 2017 as part of the Tax Cuts and Jobs Act, Opportunity Zones encompass more than 8,700 distressed communities across the country\u2013554 of which are located in the state of Texas. To stimulate specific local economies, investors and developers are promised notable tax breaks on capital gains, just as long as they build, develop or renovate the property and hold it for at least five years.\nAdvantages aside, confusion remains on how to find property in Opportunity Zones. While on-market sales listings offer a decent start, they only serve up a sliver of possibilities. Off-market data, on the other hand, is comprised of Texas\u2019s entire asset stock, including un-marketed, unlisted properties.\nFor instance, Reonomy data indicates the highest number of designated Opportunity Zones in Texas are situated within Harris, Bexar and Hidalgo counties. Combined, these counties are home to more than 80,000 individual commercial assets and land parcels. In Harris County, in particular, opportunities are especially abundant. Given its status as the most populous county in Texas and the third most populous in the country, it\u2019s no surprise 16.3% of the state\u2019s Opportunity Zones are located within the county.\nWhich markets should Harris County investors consider? Of the 52,927 commercial assets in Harris County, nearly half (25,661) are vacant land parcels, presenting developers with an attractive opportunity for investment. Additionally, the county\u2019s burgeoning population is set to propel the area\u2019s multifamily market, with 2018 unit absorption and occupancy rates steadily increasing and closing in on 90%. Multifamily makes up 11.9% of the county\u2019s entire Opportunity Zone parcel breakdown. In conjunction with the amount of vacant land dominating the parcel breakdown at 60%, investors and developers should consider investing or developing multifamily property moving forward.\nWhile considerably smaller than Harris County, Bexar and Hidalgo counties are also ripe with investment potential, specifically in vacant land. Within Bexar County\u2019s 24 Opportunity Zones are more than 5,000 land parcels. Of Hidalgo County\u2019s 21,466 commercial assets in Opportunity Zones, more than 14,000 are categorized as vacant land, as well. This asset class is thriving throughout both county\u2019s designated census tracts, offering real estate professionals some serious development potential.\nRegardless of county and asset class, off-market data and commercial real estate technology is an essential tool for prospecting and deal-making in Texas, and beyond. As demand continues to increase, this data will become more imperative in optimizing prospecting methods and securing the highest-yielding investments.\nConnect with Reonomy\nGet CRE News in 150 words \nFor comments, questions or concerns, please contact Amy Sorter\nThe post Using Off-Market Data to Pinpoint Texas Opportunity Zones appeared first on Connect Media.","protected":false},"excerpt":{"rendered":"

By Richard Sarkis, CEO and Co-Founder of Reonomy Created in 2017 as part of the Tax Cuts and Jobs Act, Opportunity Zones encompass more than 8,700 distressed communities across the country\u2013554 of which are located in the state of Texas. To stimulate specific local economies, investors and developers are promised notable tax breaks on capital […]<\/p>\n","protected":false},"author":1,"featured_media":20229,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"footnotes":""},"categories":[108],"tags":[],"class_list":["post-20228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t