Opendoor

Swathy Prithivi has been tabbed to lead the Dallas-Fort Worth operations for Opendoor.  In 2017, she joined the company and helped lead its Orlando expansion. She was later promoted to general manager there

“I joined Opendoor because I really believe in what the company is based on, which is empowering everyone with the freedom to move,” Prithivi said. “It’s very exciting because it’s a customer-based company that’s poised to make big changes in one of the most unchanged industries.”

Opendoor was founded in the Bay Area nearly five years ago.  It’s known for its online platform on which homeowners can quickly sell their homes and search for new ones. The company expanded to Dallas in 2015, and now has a presence in 20 different markets, including Houston, Austin, and San Antonio.  It will begin operations in Los Angeles and Washington D.C. this spring and plans to expand to 50 markets by 2020. (more…)

 

As inventory increased over 2018, more Realtors complained of homes lingering on the market, leading to price reductions.

By Britt Fair
Guest Columnist

“It was the best of times, it was the worst of times.”

No, I’m not trying to give everyone nightmares about high school English class or invoke the French Revolution. Rather, that’s how I would sum up the mixed feelings about DFW’s residential real estate market during the second half of 2018. Just about every statistic can be spun to match whatever sentiment a person has about the housing market.

Consider the dollar volume of home resales in North Texas: the amount of money flowing through the MLS system in 2018 was the second highest ever, behind only 2017. To many people that would appear to be a rather positive statistic, but some people look at that as the first step in the wrong direction, especially since transaction volume really fell off in the second half of the year.

Next think about inventory of homes on the market. One lament among Realtors who serve as listing agents is that inventory has been increasing over the last year, causing their listings to take significantly longer to sell than in recent years. That is true broadly, and even more so in specific neighborhoods and price points. But on the other hand, in the few years before 2018, probably the No. 1 Realtor complaint about the Dallas-Forth Worth housing market was a shortage of inventory that was making it hard for potential homebuyers to find a house to purchase. So, in many ways this increase in inventory of homes on the market could be considered a positive trend.

So which interpretation is right? Well, it all depends on your perspective. (more…)

Mark Cuban must really be celebrating this year.

According to my colleague Neal Leiterg at The LA Times, Cuban just bought a $25.5 Laguna mansion. And tough Shark Tank negotiator he is, Cuban reportedly paid only $19 million for it plus some change. And even more, the mansion is located in a very exclusive Laguna residential neighborhood, tucked into the coveted front row of Montage Residences overlooking the ocean. The views are incredible, the interiors California contemporary. Mahogany and glass doors disappear into the walls, merging vast indoor indoor areas to the outdoors seamlessly, revealing breath-taking views of Catalina Island. High ceilings complete the airy ambience and I cannot even fathom what the Pacific sunsets look like from this home. Laguna Beach is one of the most famous resort and luxury home communities in the world, with magnificent coastlines, pristine coves, white sand beaches, and breathtaking cliffs. Celebrities and business titans are all drawn to Laguna’s communities, and with good reason. Montage is an ocean-front Laguna resort community. And if you have never been to a Montage property, oh my: think the Ritz Carlton on steroids! Montage International is a luxury hotel and resort management company founded by Alan Fuerstman and based in Orange County, California. 

Cuban’s pride and joy company, the Dallas Mavericks, has been in the news this past year as a veritable poster child for the #MeToo movement. That is, a poster child of how bad it is to work in some environments if you are female.

But as soon as the misconduct became known, Cuban took quick action  and hired a Dustbuster to turn his company’s culture around: Cynthia “Cynt” Marshall.

I hope she gets to check out these digs! (more…)

Ryan Shea, his wife Mercy, and one of their sons enjoy last year’s holiday pie party.

For the seventh straight year, Realtor Ryan Shea will celebrate the holidays with pies. His annual holiday pie party is a way to thank clients and give back to those who have helped him.

“Ultimately it’s just a way to get everyone together,” Shea said. “My clients can meet each other. It’s just a great way to lighten up, relax and have a good time.”

The event will be held from 11 a.m.- 1 p.m. Dec. 13 at the Dallas Tree House store, 8021 Walnut Hill Lane. Anyone interested in attending should email Shea at ryan.shea@exprealty.com along with their pie preference (pecan, pumpkin or apple) before Dec. 10. International speaker and author Dr. Hank Seitz, known for his books on business and performance development, will also be in attendance. (more…)

Once again, Frisco makes national Real Estate news, not for being the very best community to live, or the fastest-growing community in the U.S., but for being oversupplied with brand new homes as the real estate market shifts from a seller’s paradise to a buyer’s market, and as new home sales dip nationwide by almost 9 percent:

The shift may be most pronounced in what were once the most sizzling markets. Consider Frisco, Texas, a city 30 miles north of Dallas, where narrowly spaced villas of stone and brick have replaced cow pastures. Its population nearly doubled over the past decade, to 177,000. Its 8 percent jump last year made it the fastest-growing city in America.

Prashant Gopal is an excellent journalist and a friend of our’s from NAREE. He writes in Bloomberg of how falling sales and diving housing stocks are also affecting real estate agents in Frisco, who seem to be taking the biggest hits from each other as they shrink commissions in the “builder battleground”:

On a recent weekday, Konara, the real estate broker, drives his Dodge minivan along Highway 380, a builder battleground, where national giants such as Lennar, Toll Brothers, and PulteGroup go head to head with Texas companies. He stops at sales offices, where balloons festoon posts in a vain effort to spur sales. He points to empty houses that he says were completed six months ago.

His own sales are half what they were in 2016. In many cases, he’s rebating to customers all but $1,000 of his commission on each home sale. He walks into an Indian restaurant for lunch and looks up at the television screen. A competitor, the “Maximum Cash Back Realtor,” says he’ll take only $750. “You know what that means,” Konara says. “I’ll have to do the same.”

Prashant drew attention to the fact that Frisco is also home to the glittering Legacy West, transplant nirvana with Toyota headquarters (which may have subsidized some homes for employees) as well as Dallas Cowboys headquarters, where any day you can see real estate agents dining alongside football players and the Jones family. I believe the agents he is talking to, like Konara, but I also had to check with the man who’s company sells more of Frisco than anyone: J.P. Piccinini:

JP and Associates

(more…)

By Ashley D. Stanley
Special Contributor

Does your firm have a dispute resolution policy that could potentially help save your transaction?

It has become increasingly important to establish a dispute resolution policy because disputes between buyers, sellers, and even real estate brokers/salespeople are not covered under Article 17 of the Code of Ethics and Standards of Practice of the National Association of Realtors. Parties and the courts are now utilizing programs that avoid the legal system to resolve disputes in a quick and cost efficient manner.

There are several types of dispute resolution methods you can use, including:

(more…)

 

agent migration

 

In this week’s Agent Migration column, and husband and wife duo makes a big move and an up-and-coming brokerage expands again. Did you make an agent migration? Contact Joshua Baethge.

Taylor Estates Joins Ebby Halliday

agent migrationThe Taylor Estates Group joined the Prosper/Celina office of Ebby Halliday. The husband and wife team of Angela and Tim Taylor made their agent migration from JP & Associates.

“It was a hard decision and we really prayed about it,” Angela Taylor said. “JP & Associates was like family to us, but at the end of the day it’s a business decision and we just felt like this was the best thing for our business.”

They Taylor Group has closed around $25 million in deals since Sept. 2016. Before going into real estate two years ago, Angela worked in ministry for 15 years. Tim earned his license earlier this year so they could work together. According to Angela, he’s the best at handling business and administrative matters while she is the social butterfly who loves to network

“Together we are kind of like a mullet — he’s the front part while I’m the back,” she joked. (more…)

Newly installed Ebby Halliday Companies CEO Chris Kelly is flanked by Malinda Howell and Carolyn Rosson, two hard-working company leaders who were just promoted to Regional Vice President.

From Staff Reports

Last week’s announcement of Chris Kelly taking the helm of the Ebby Halliday Companies as president and CEO left many wondering what other changes were afoot with the most-recognizable real estate brand in North Texas. Today’s news should satisfy that query. The Ebby Halliday Companies just announced that the company has expanded its leadership structure to include two regional vice presidents — Carolyn Rosson, sales manager of the Southlake Office, and Malinda Howell, sales manager of the 190 – Richardson Office. Rosson and Howell will report to Kelly.

“Carolyn and Malinda, both respected leaders in the residential real estate industry, will assist and support our sales managers across the North Texas region, as well as our core services, in delivering a remarkable experience to our clients and sales associates,” Kelly said. “Both Malinda and Carolyn have demonstrated exceptional leadership over the years and we are very happy to have them in positions where they can mentor and assist a wider range of sales managers and associates.”

(more…)