Real estate in Texas might be slowing down, but a slowdown in Texas is like tapping the breaks on the Autobahn — you’re still traversing a hot market. And the most recent company to set the Lone Star State in its sights is Douglas Elliman, who announced a joint venture with Houston-based Sudhoff Companies Monday morning.
The move will create Douglas Elliman Texas, and will join the New York City-based luxury brokerage with Sudhoff Companies, which will give the fledgling Texas venture an immediate boost to the tune of an 85 percent market share of Houston’s new development market for condos and $500 million in current new development with $1.4 billion coming to market in the next year.
Last year, Sudhoff Companies had the highest sales volume for new construction homes in the Houston area at just shy of $500 million in sales volume. Combined with Douglas Elliman, the two account for $28.6 billion in sales nationwide last year.
Current projects on the market include Giorgetti Houston, The River Oaks, The Sophie, and The Revere, as well as a luxury condominium project, The Hawthorne.
“Like Los Angeles, Houston is experiencing a vertical living phenomenon, and because many of our clients in Colorado, California and Florida hail from Houston, we felt the time was right for a strategic move to Texas,” Howard M. Lorber, executive chairman of Douglas Elliman Realty, said in a press release. “It was important to find a company whose integrated approach to real estate development mirrored that of Douglas Elliman, and we have found a true partner in Sudhoff Companies.”
Jacob Sudhoff will now be CEO of the newly formed Douglas Elliman Texas, while business partner Catherine Lee, also will have an integral (but unspecified in the press release) role in the new company, which will be based in Houston.
But Dallas brokers, don’t sit back and get too comfortable — Elliman may be starting in Houston, but they already have boots on the ground in Dallas, and it won’t be long before they’re firmly planted here, Sudhoff said Monday afternoon. (more…)