Elliman

Jacob Sudhoff, CEO of Douglas Elliman Texas

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.

Howard M. Lorber

“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…)

When Allie Beth Allman agent Erin Seeds first moved back to Dallas, she did what everyone usually does: went apartment hunting. Few people are ready to plunk down a down payment and buy a home when they first move to town, even if they have family here.

“It was a disaster,” says Erin. “All I wanted was to find a reasonably priced apartment that was good for me and my two dogs. I quickly learned that the apartment search process was so broken.”

The information she needed wasn’t available. Many good-looking apartment sites provided ratings, but those ratings were skewed, random, and not very actionable. There were no objective quality standards.

There is no MLS for apartment property search, no giant Zillow for rentals. Well, not yet. There are agents who specialize in apartment search, collecting an average of one month’s rent as commission: extra developer perks might be tempting. And when it comes to searching for amenities, most apartment search platforms come right from the landlord: not exactly what we would call objective, right?

“No one was concerned with quality or fit for the consumer,” says Erin. “It was all about the agent.” (more…)

What do renters really want in an apartment? Apartment Guide did a survey of apartment hunters to find out.

After some North Texans sell their homes, a significant portion of them rent in the interim before finding their next one. Couple that with the Pew Research Center study alleging that the population of apartment dwellers is growing by leaps, with a 5 percent increase in the last decade — the highest in 50 years. In fact, 65 percent of households headed by Americans 35 and younger are renting, an increase of 8 percent over the previous reporting period.

With so many more Americans renting, Apartment Guide wanted to find out what they really want from their apartment and apartment search.

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Erin Seeds with her boyfriend, Eric, and their two dogs, Snoop and Bowie.

As more and more Millennials are priced out of what would be considered typical “starter home” ranges, long-term renting has become customary for an entire generation. But finding a great apartment with everything you want and need — and at a suitable price — is the modern day trial of Job. 

That’s part of the reason why Erin Seeds launched Apartment Fit. Though she was born and raised in Dallas, Seeds moved off after graduating high school. When she came back, all she wanted was to find a reasonably priced apartment for her and her two dogs. 

(more…)

renting in dallas

A new report from Apartment List analyzes the top trends in the 2017 rental market and predicts their impacts in 2018. For example, the report highlights the increase in the homeownership rate after a decade of declines, as well as the decrease in the share of rental units considered affordable to the lowest-income renters. Although affordability remains a concern for those renting in Dallas, Dallas rent growth slowed as the metro added more new rental stock than any other U.S. metro. Dallas rents remain slightly lower than the national average, at $1,100 for a two-bedroom apartment, compared to $1,160 nationwide.

The Dallas market added an estimated 22,851 new rental units in 2017, more than Miami, Phoenix, Boston, and San Francisco combined, and nearly 50 percent more than the number of new units added in 2016. While rental units in Dallas remain in high demand, with 2.4 percent year-over-year rent growth, the large increase in supply decreased occupancy rates from 92.3 percent to 91 percent.

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Bitcoin is growing in popularity, and gaining ground in mainstream markets, says Ashley Stanley.

By Ashley Stanley
Special Contributor

The intersection of digital money and traditional finance occurred over the weekend in Chicago, as the first major U.S. exchange offered a product targeted toward Bitcoin: Bitcoin futures. If you’re new to the market, there’s a lot to learn. Bitcoin users are doubling every 12 months. That might seem wild and crazy, but it’s supported by data. If this trend continues, we are less than a decade away from half the world using Bitcoin.

I’ve been trading Bitcoin (BTC) and Ethereum (ETH) since April of this year. Now joining the list of “altcoins,” or alternative cryptocurrencies, is Cardano (ADA) and Litecoin (LTC). I quickly realized the need to assist my cryptocurrency friends since there is typically a two- to three-day delay in exchanging digital money, and everyone knows in the apartment industry that hot units go fast!

Should this be a mainstream “ah-ha” moment?

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I suspect leasing is more important than looking.

Searching for an apartment has always annoyed me.  And having lived in more than a few apartments, that’s a lot of annoyance. Suffice it to say the stereotypes are true and you all know it.  In recent years, apartment building has been gangbusters in Dallas. Everyone wonders if there’s a bubble coming in the high rents asked by these newer buildings.  I’d call it more effervescence than the giddiness of popping bubble wrap.

I’m not going to try and navigate your individual peccadillos, but there are some things to understand and tricks to use in scoring the best rent wherever you look.

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flood

Texas National Guard soldiers arrive in Houston on August 27, 2017, to aid residents affected by Hurricane Harvey. (Photo: Texas Army National Guard)

So many people lost everything — homes, cars, and all their possessions — in the wrath wrought by Hurricane Harvey. But there’s another category of people who were just as badly affected by this record-breaking storm: renters. 

In some cases, renters are required to continue paying rent on uninhabitable apartments and homes, and some can’t even work, with many businesses either wiped away, flooded, or otherwise damaged. If your apartment or home is uninhabitable and you’ve notified your landlord about terminating your lease in writing, the next step is finding someplace else to live. This can be daunting, but RentCafe and its parent company, Yardi, have teamed up to help.

Yardi, the California-based property management software company, has created a free online housing registry where displaced residents can find new places to live in the affected region and beyond.

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