Will the shrinking Midland-Odessa job market mean panic for real estate professionals?

Will the shrinking Midland-Odessa job market mean panic for real estate professionals?

While prospects for Midland-Odessa’s economic recovery remain steady and strong, a recent article by The Midland Reporter-Telegram suggests growing problems over housing availability. Citing information provided by the Permian Basin Board of Realtors, The Reporter-Telegram reports that housing inventory reached a new low last month.

Read more on MidlandDirt.com.

Photo courtesy Charles Henry via Creative Commons

Photo courtesy Charles Henry via Creative Commons

In our culture of “bigger, better, newer, faster,” historic theaters may well be one of America’s most endangered buildings.

There are at least 160 of these beauties in the Lone Star State, once the center of a city’s entertainment district. But now these Arcadias, Palaces, Majestics, Paramounts, and Pioneers often sit in states of disrepair.

Some municipalities or private groups have stepped up and renovated these architectural treasures, like the Pines Theater in Lufkin, the Historic Texas Theatre in Oak Cliff, and the Crighton Theatre in Conroe.

But all too often, these buildings are demolished to make way for new development that looks flashier and brings in more rent per square foot.

In Odessa, the Ector Theatre is at the center of just such a situation now, with a proposal to make it part of a new downtown hotel and convention center, a $73 million project. Dallas-based Gatehouse Capital, a real estate investment company, made the proposal for development of the area that would include retaining the historic Ector image, but details are sparse.

Check out the whole story over on MidlandDirt.com!

 

 

With Western Texas Intermediate oil hovering around $45 a barrel, folks have been speculating about new home construction in Midland-Odessa and how layoffs and budget cuts might affect the spectacular boom of the past few years.

But while economists might raise a red flag, local homebuilders say pent-up demand and a more diversified economy are keeping the phones ringing and people signing on for new home construction.

“The demand is still the same as it has always been—everyone wants their home built yesterday,” said KC White, owner and president of KC White Homes, Inc. “More people outside of the oil world are calling my phone. There are more than just oilfield-related jobs here.”

Read the whole story over on MidlandDirt.com!

Midland sunset skyline

I spent about 24 hours in West Texas a few weeks ago getting to meet some fun agents, see some way cool real estate, and talk about getting a CandysDirt.com set up in Midland-Odessa, where the population is growing by leaps and bounds and the housing market is about as hot as those drill bits sucking black gold out of the red clay dirt, even though the price of oil is dropping.

“The price of oil dropping is just an adjustment,” says Real Estate broker Holly Whitfield Cohen at Real estate One. “It’ll be back up in 6 months or so.”

And Midland housing prices are now the seventh highest in Texas, with this city the only West Texas market to make the cut. Boerne, a growing area located north of San Antonio, topped the Texas list with an average home price of $378,153. Austin was second with an average price of $369,509. The average home price in Midland is now $278,773. (more…)

While the city tries hard to keep up with the influx of new residents with new water towers, housing is still a tight market it Midland.

While the city tries hard to keep up with the influx of new residents with new water towers, housing is still a tight market it Midland.

This report from the Texas Tribune tells a scary tale for troubled children and teens in the fast-growing areas of Midland-Odessa. It’s impossible to find housing in the oil-boom areas of West Texas, which means that critical workers, including state Child Protective Services caseworkers, have no place to live.

This has resulted in a necessary transciency for some staffers of the over-taxed CPS offices that oversee Midland and Odessa, which may mean that some cases and some children who are victims of abuse are slipping through the cracks:

(more…)