Boroughs & Burbs 67 || Everything's Bigger in Texas with Catherine Lee and Jacob Sudhoff
“Everything’s Bigger in Texas with Catherine Lee and Jacob Sudhoff”. We are in Texas for episode #67 of Boroughs & Burbs to talk with the leaders who built a dominant market share as the Sudhoff Companies before partnering with Douglas Elliman in 2019.
Why Texas? Texas has emerged as one of the most important, fast-growing markets in the country over the last decade so we want to know why and will it last? Some of the questions we’ll ask these two guests:
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We were talking about………..
1️⃣. Growth. Texas represents 2 of the top 10 growing markets in the nation. Dallas moved up 5 spots to #2 and Austin is #4. The Texas housing price 1-year growth is 19.8%, 5-year growth is 63.9%. This is not a new phenomenon. 10-year growth is 123% and 20-year growth is 210%. How long will this growth continue and what could possibly derail it?
2️⃣. Politics. When asked why he moved from California Joe Rogan said it was about “Freedom”. Catherine, you said to me that Texas is “famously purple” Certainly politics is a factor is why people choose to move but would you say it’s a major draw and why?
3️⃣. Businesses are moving. Chevron, Caterpillar, Hewlett Packard, Oracle and Amazon are just a few of the high-profile businesses moving their headquarters to Texas. It seems most of the migration is from California and is technology-related. I have to add that New York City is also proud to be welcoming Amazon, Google, Facebook, and Apple. Those 4 companies took 3+ million feet in Manhattan in 2020. Talk about the impact of these corporate moves on the real estate market and the impact of technology in particular.
4️⃣. Cost of Living. According to Nerdwallet, the cost of living is 152% higher in New York City than it is in Austin, Texas. That means you’d have to make $125,964 in NYC to maintain what would be a $50,000 standard of living in Texas. Housing costs are 422% higher. The median home in Austin is $347,906 versus $2.2 million in Manhattan. Median rents? $1,520/mo in Austin versus $5500 in Manhattan. However, the cost of living is 12% lower in Nashville, Tennessee, and 16% less in Charlotte, North Carolina. Is the Texas miracle dependent on remaining a low-cost place to live and do business?
5️⃣. Future Growth. Dallas and Houston are long-established as centers for technology, finance, and energy. Many think the Texas economy moves up and down with the price of oil. Does Austin grow because of the University of Texas? Is San Antonio next? Let’s talk about what the future looks like for the Texas market and what is driving that phenomenon.
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