Allie Beth Allman & Associates: A Record-Setting Q3 & Juli Black Named Top Producer
Breaking Records: Allie Beth Allman & Associates (ABA) is celebrating an exceptional Q3 with a sales volume that reached an impressive $956,826,339. This quarter goes down in the luxury residential real estate firm’s history as the largest Q3 by volume.
Stellar Performance: The luxury residential real estate powerhouse has consistently delivered outstanding results throughout the year, amassing a remarkable $2,693,240,964 in sales volume through September 30th.
Top Producer Recognition: Among the stars at ABA, Juli Black shines brightly as she earns the coveted title of “Top Producer” for the Quarter, further highlighting the caliber of talent within the luxury real estate firm.
New Headquarters on the Horizon: Exciting changes are on the horizon as ABA prepares to make a significant move. In December, the firm will be relocating to a brand-new headquarters at Turtle Creek Village, situated at 3838 Oaklawn Avenue.
A Bigger Space: The new headquarters promises to offer a spacious and dynamic work environment, with a whopping 10,000 square feet of office space spanning the 5th floor at Turtle Creek Village.
Property Tax Relief: Your Vote Counts
On the Ballot: Early voting is in full swing for the 2023 November election, and one hot topic grabbing the spotlight is property taxes for home and property owners in Texas. Homestead Tax Exemption: Texans are set to decide whether to increase the homestead property tax exemption from $40,000 to $100,000 under ‘Proposition Four.’ While lawmakers agreed to this change in July, it requires Texans’ votes to become reality.
- “Yes” Vote: Supports amending the state constitution to increase the homestead tax exemption from $40,000 to $100,000, limit annual appraisal on non-homestead real property, exclude education funding appropriations from state limits, and provide four-year terms for appraisal entity governing body members in populous counties.
- “No” Vote: Disagrees with the proposed changes.
Texas Realtors: A Balanced Housing Market Emerges
Texas: The Lone Star State’s housing market is making strides toward balance, according to the latest scoop from the 2023-Q3 Quarterly Housing Report courtesy of Texas Realtors.
Balancing Act: In housing lingo, a balanced market falls somewhere in the sweet spot between 6 to 6.5 months of housing inventory. The third quarter of 2023 clocked in at about 3.7 months, showing improvement from 2022’s 2.7 months.
Speed Bumps: Homes in Texas spent approximately 48 days on the market during the third quarter, a 17-day bump compared to 2022. Selling a property also took 11 days longer than it did the previous year.
Californians Shift Gear: Fewer Head to Texas
U.S.: Californians haven’t exactly slammed the brakes on moving to Texas, but they’re definitely taking their foot off the gas pedal. In the pandemic migration derby, the flow of Californians to the Lone Star State was the biggest, but it slowed down from 107,000 in 2021 to around 102,000 in 2022.
Neighborly Move: Meanwhile, next-door neighbor Arizona saw an uptick in Californians, rising from 69,000 in 2021 to 74,000 in 2022. Florida also got its share, with the number of Californians moving there increasing from 37,000 in 2021 to over 50,000 in 2022.
Affordable Housing Drives Moves: The primary motivation for Californians leaving the West Coast continues to be the lack of affordable housing, particularly for young people.
State-to-State Shuffle: New York to Florida was the second-largest state-to-state migration, holding steady at 92,000 residents moving between the two states from 2021 to 2022. In total, more than 8 million Americans found themselves living in a different state in 2022, up from 7.8 million in 2021.
Starbucks Bids Farewell to Highland Park Village
Changing Landscape: In a surprising twist, Starbucks is preparing to exit Highland Park Village, marking the end of a 30-year chapter as a cherished meeting spot. This Starbucks location, one of the pioneers in Texas when it opened in the mid-1990s, will be pulling its last espresso shot after the lease expires in February.
Retail Evolution: The decision to not renew the lease stems from the shifting dynamics of Starbucks in recent years. With an increasing focus on to-go and mobile orders, the coffee shop’s model no longer aligns with the ambiance of the luxury shopping center.
Not a Fit: Victoria Snee, HP Village’s Chief Marketing Officer, explained, “It’s not conducive to our shopping environment. It’s not a right fit for us.”
Alternatives Brewing: While Starbucks may be saying goodbye, coffee enthusiasts visiting Highland Park Village can still enjoy a cup of joe with alternative options. Bird Bakery and Sadelle’s are ready to fill the caffeine void.
What’s Next?: As for the 2,500 square feet of prime real estate that Starbucks once occupied, the future remains uncertain. It stands as one of the largest spaces within the shopping center, leaving shoppers and locals intrigued about what might take its place. Stay tuned for the next chapter in Highland Park Village’s retail journey.
DFW Developments: Hillwood Ventures into Downtown Fort Worth
DFW: Hillwood Development Co., led by Ross Perot Jr., is making waves by snapping up a city block in downtown Fort Worth. Known for its massive developments north of Fort Worth in the AllianceTexas area, Hillwood is now venturing into the heart of the city.
Prime Real Estate: The purchased property, bounded by Sixth and Seventh Streets and Calhoun and Jones Streets, had long been owned by Oncor and is valued at approximately $2 million.
What’s Next?: While specific plans for the property are still under wraps, Hillwood officials are considering options that could include residential, office, or mixed-use projects. The property’s strategic location near the Fort Worth Convention Center, hotels, and apartment buildings makes it a promising canvas for development.
DFW Real Estate Shuffle: New Owners for Plaza of the Americas
DFW: The iconic Plaza of the Americas in downtown Dallas is getting new owners. Shelbourne Global Solutions of New York has taken the reins of this massive complex, encompassing over 1 million square feet.
Property Package: The deal includes twin 25-story office towers and the shopping center, which once boasted a skating rink. Not included in the sale is an attached hotel.
A Glimpse Back in Time: The Plaza of the Americas, Dallas’ first shopping center with an atrium, was completed in 1980. M-M Properties, the previous owners, invested several million dollars in renovations, including replacing the ice rink with serene garden seating.
Big Apple News: Annie Leibovitz’s Manhattan Move
GOTHAM: Legendary photographer Annie Leibovitz is looking to part ways with her Manhattan apartment, even if it means taking a financial hit. She initially acquired the four-bedroom, three-bath gem near Central Park for $11.25 million in 2014.
For Sale: Now listied for $8.6 million the spacious 3,500-square-foot apartment spans the fifth and sixth floors of the Brentmore, a 12-story building with a history of housing notable figures.
Features Galore: The apartment boasts 11-foot ceilings, wood floors, distinctive millwork, an updated kitchen, a home office, a laundry room, and expansive windows offering abundant light and a stunning view of Central Park’s southern end.
Photographic History: Leibovitz, known for her iconic images, including the famous John Lennon and Yoko Ono photograph taken just hours before Lennon’s tragic death in 1980, still holds a smaller apartment in the West Village and a country house in upstate New York.