Morning Briefing: Texas housing market defies economic slowdown

by Steve Randall03 Nov 2016
Texas housing market defies economic slowdown
The economy in Texas may have suffered from the decline in oil prices but the housing market remains relatively resilient.

Sales in the third quarter of 2016 managed to increase slightly (0.2 per cent) from 2015 to 91,248 and prices were up 7 per cent year-over-year to a median of $214,000.

“Given the recent slowdown in the Texas economy, the performance of the Texas housing market in the third quarter is remarkable, “commented Dr. Jim Gaines, chief economist at the Real Estate Center at Texas A&M University.

Texas Association of Realtors data shows that inventory was still lower than required with 3.9 months of supply.

“We just haven’t been building homes fast enough, and the rising land and development costs have made it difficult to build new homes at lower price points,” added Dr Gaines.
 
Become Howard Stern’s neighbor for $5.95 million
A recently renovated home in New York’s Millennium Tower has been listed with a price tag of $5.95 million and some celebrity neighbors.

The 2-bedroom, 2.5-bathroom unit at 101 W. 67th St. features a chef’s kitchen, in-ceiling speakers and wood-decked balcony overlooking Central Park.

The New York Post says that neighbors include ‘shock-jock’ and former America’s Got Talent judge Howard Stern, TV legend Regis Philbin and MASH star Alan Alda.

Corcoran’s Kristina Ojdanic and Larry Schier have the listing.
 
New book lifts the lid on real estate profits
A new book, published by the Urban Land Institute, aims to reveal the inside story of being a successful real estate entrepreneur.

Making It in Real Estate: Starting Out as a Developer was written by John McNellis, a 30-year real estate veteran and principal of Mcnellis Partners, a commercial real estate firm that specializes in retail stores in Northern California.

“Had there been a practical book on development when I started out, I would have read it,” he writes. “Because while we do sometimes appear doomed to make our own mistakes, we can occasionally remember the advice of others and spare ourselves the first-degree burns our own inexperience would have failed to prevent.”

The ‘how to’ guide covers everything from working with architects to brokering deals.
 

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