Dallas May 2023 Key Take Aways!
REAL Professionals is kicking off a meeting in Austin 5/16/23. It will be a later meeting, starting at 3:30 PM with a Happy Hour to follow. (Kimber Davison – Griffith Davison)
Griffith Davison is expanding their offices to the upper floors. (Kimber Davison – Griffith Davison)
TEXO is a large organization that advocates for the construction industry in North and East Texas. (Kimber Davison – Griffith Davison)
One of the most significant proposed bills to real estate would separate business courts from other courts with judges specifically placed for their business experience. Has passed the House and Senate, but one issue is with the judges being appointed instead of elected. Courts have become backlogged due to Covid and business issues keep getting pushed back. (Kimber Davison – Griffith Davison)
There is proposed legislation to protect contractors that would give them the right to stop work if there are change orders exceeding $10,000 that have not been addressed. (Kimber Davison – Griffith Davison)
Boston National Title sold to another company, which has decided they don’t want any retail offices which is resulting in the loss of some jobs at the company. (Sue Turk – Boston National Title)
The Texas Franchise Tax Filing Deadline is May 15. Payments have to be made, even if you’re extending. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
It is unlikely there will be any new tax legislation. Though it could happen, as Democrats want tax increases and Republicans want spending cuts. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
It’s expected that debt ceiling talks will be pushed to the limit and then extended, which will not fix anything. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
On the federal level, the latest proposals on Like-Kind exchanges put a ceiling on the value of transactions. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
It’s difficult to get a deal done on an office building. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
May be back in “extend and pretend” mode, where banks try to roll things forward and hope things work out. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
The multi-family area has hit a resistance wall against higher rents. Since people can’t buy a house and can’t afford to rent an apartment, it’s likely there are a lot of adjustments with singles doubling up and people moving back in with family. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
There is still a lot of multi-family construction going on, but in terms of multi-family structure sales, there is not much happening outside of a few pure cash investments. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
Banks are tightening up and financing is a challenge. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
It is still a tight labor market. If every unemployed person in the country got a job, there would still be job openings. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
Automation and downsizing are hurting the office market. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
New housing permits are starting to increase a little bit. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
We’re not in a recession because there is no unemployment, but growth is still difficult. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
There are bills proposed regarding property taxes, but the House and the Senate can’t agree. There is no state property taxes. Instead taxes are levied by the counties and school districts. What the state can do is raise homestead / age exemptions, which places limits on local housing authorities. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
There is a $33 billion surplus, but they can’t increase spending to cover it. Could cut sales tax, but they aren’t likely to do that. There may be property tax reductions that pass through as a result, but unlikely to apply to commercial properties. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
After growing up in Africa and France and moving to the United States with a goal to work at a hedge fund, it was difficult to accomplish due to a heavy accent. Decided instead to get involved in the real estate industry and now connects private sellers with private buyers. (Paul Loubao – PCL Housing Commerce)
The system isn’t built for smaller investors to find investment deals, but through education they can stay informed of investment opportunities. (Ange Matthew – The Happy Investor Method)
Has a deal pending thanks to one of REAL Professional’s national Zoom meetings. (Stephen Scott – The Finance Person)
Busy doing early renewals and blend-and-extends. Pre-covid, landlords wouldn’t have considered many of the deals they’re agreeing to currently. (Nick Lee – NAI Robert Lynn)
Buildings with large tenants are the ones that are in trouble. Smaller office buildings have more opportunities. (Jim Smith – Smith, Jackson, Boyer & Bovard, PLLC)
B and C buildings are being hit hard right now. (Nick Lee – NAI Robert Lynn)
Beyond offering title work, focuses on adding value by connecting people. (Leisa Crawford – Kensington Vanguard National Land Services)
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