Amenity-laden Le Mirage Apartments in Midland demands more than $1,100 for a one-bedroom unit. (Photo: Weidner Apartment Homes)

Amenity-laden Le Mirage Apartments in Midland demands more than $1,100 for a one-bedroom unit. (Photo: Weidner Apartment Homes)

New affordable housing is hard to find in Midland-Odessa, as a recent study from RentCafe shows that 100 percent of the new apartments completed in 2015 were high-end units. Nationally, 75 percent of all apartments that came on the market last year were priced at luxury levels.

Considering how much the new construction in the single-family market is lagging, the limited number of new affordable rentals could be eroding would-be homeowners’ future buying power.

Read the whole story behind the numbers on MidlandDirt.com.

weekend getaway

Check out this crazy longhorn car in Marfa, Texas, during a weekend getaway from Midland-Odessa. Photo: Lars Plougmann

We love our houses in Midland and Odessa, but there’s nothing like Memorial Day to get us thinking about summer fun and weekend getaways from the Permian Basin.

We’ve put together 4 wonderful weekend getaways that are each under 3.5 hours’ drive from Midland, from spectacular stalagmites and minor-league baseball merriment, to fabulous fishing and family fun. Read on to see our top 5 picks for your travel enjoyment!

Read the full story over on MidlandDirt.com!

 

 

Main Street Odessa

The 2014 Firecracker Fandango event is the largest fundraiser of the year for Main Street Odessa. Photo: Gloria Hernandez

Downtown Odessa is in the middle of a dramatic, ongoing revitalization designed to bolster economic development and preserve the historic treasures of the area.

As part of that change, the Odessa City Council voted last month to withdraw Main Street Odessa from the Texas Main Street program and instead rebrand it as Downtown Odessa, Incorporated, a 501(c)3 organization formed by the city in 2005.

“The evolution of Main Street Odessa began last year when the city of Odessa became their partner and a strong supporter of their mission to revitalize downtown Odessa,” said Gloria Hernandez, Executive Director of Main Street Odessa. “The focus on creating a viable economic center in downtown Odessa and our new partnership with the city is the reason for the rebranding.”

Read the whole story over on MidlandDirt.com!

 

 

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?

The shrinking job market in Midland-Odessa has some people in panic mode, with rumors of multifamily developments poised for certain collapse should renters renege on their leases and abandon their apartments. Should we worry about Midland Real Estate?

Not so fast, says this story by WFAA. Sure, part of the oil and gas industry’s workforce is slipping, but oil-and-gas-related lawsuits could bring an entirely different tenant to town. Home builders are still building, but at a gradual pace, that’s for sure. The big question remains, though: Will there be a burst bubble in the near future?

Read what economist Jim Gaines at the Real Estate Center at Texas A&M University thinks on the blog.

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!

 

 

Oil prices may or may not influence home values and sales in Dallas, but Houston and the Permian Basin may feel the effects of the dropping price per barrel.

Oil prices may or may not influence home values and sales in Dallas, but Houston and the Permian Basin may feel the effects of the dropping price per barrel.

It seems like economists can’t make heads or tails of the dropping oil prices, other than it’s good for consumers. I filled my little hybrid up the other day for less than $30, so I’m going to call it an obvious win in that column. But with the high demand and limited supply of housing in the Permian Basin, and how Houston home values have skyrocketed, we’re left wondering if these two Texas regions will bear the brunt of cheap oil.

“Oil prices are certainly something to keep an eye on,” said Metrostudy’s David Brown in this DMN report. “As long as oil prices do not continue to decline and don’t stay at a level below $55 a barrel for a sustained period, we should continue to see solid demand for housing in the region.”

On the other hand, Trulia’s Jed Kolko says the impact on home values is coming, but it won’t be felt immediately.

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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:

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