Dallas' Former Ambassador Hotel to transform into upscale apartments

Plus: Homeowners are sitting on more than $35 trillion in equity

October 03, 2024

🏁 The finish line is near. It's Thursday.

Today's newsletter is 602 words — a 2.5-minute read.

1. Homeowners are sitting on more than $35 trillion in equity

The total equity homeowners hold reached $35.1 trillion in Q2 2024, an increase of $1.7 trillion from last quarter and a $3.1 trillion increase from the prior year, according to a Realtor.com analysis of data from the Federal Reserve.

Equity is the highest it’s been since 1960; when measured as a share of total real estate value, it makes up nearly 73%. In comparison, after the Great Financial Crisis in 2012, equity was only about 46%. In the late 1990s and early 2000s, it was around 60% to 65%.

2. Dallas' Former Ambassador Hotel to transform into upscale apartments

Initial site work has begun for a multimillion-dollar redevelopment where a historic hotel, the Ambassador Hotel, burned down a few years ago in Dallas' Cedars neighborhood.

OHT Partners started site work this month for a 299-unit apartment community that will span 322,689 square feet. Some of the units are slated to be delivered by the second half of 2026.

The project will consist of three buildings: one five-story tower and two seven-story towers. These towers will connect on the third floor, featuring an amenity deck with a lounge, pool, and fitness center with views of downtown Dallas.

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3. Catch up quick

👋 NAR's Chief Legal Officer, Katie Johnson, steps down. (NMP)

🏠 Texas to build the world's first 3D-printed hotel in Marfa. (MySA)

🌀 Texas has attracted millions of people despite being at high risk for extreme weather events. (Realtor.com)

💸 Top 10 metros in Texas with the fastest growing sales price. (Redfin)

📈 ‘Y’all Street’: Texas Stock Exchange to launch in 2025. (WFAA)

🍱 Fun read: Three Texas restaurants made a New York Times list of the 50 best eateries in the country. (DallasObserver)

4. MLSs, brokerages get preliminary approval for opt-in settlements

Judge Stephen R. Bough, who is overseeing the Sitzer/Burnett suit, granted preliminary approval to 13 brokerages and 15 MLSs that chose to settle the commission lawsuits via the opt-in mechanism negotiated by NAR in its settlement.

The final approval of these settlements is slated to take place on Nov. 26, 2024, alongside the final approval hearing for the NAR settlement.

The brokerages that chose to join the NAR settlement and the amounts they’ll pay.

  • Fathom Holdings ($2.95 million)

  • Key Realty, Ltd. ($375,000)

  • Rose & Womble Realty Company ($100,000)

  • Shorewest Realtors, Inc. ($6,923,153)

  • The Agency ($3.75 million)

  • Watson Realty Corp. ($1,35 million)

  • Downing-Frye Realty, Inc. ($925,000)

  • Michael Saunders & Company ($1.2 million)

  • Pinnacle Estate Properties, Inc. ($725,000)

  • Brown Harris Stevens ($2.9 million)

  • Silvercreek Realty Group ($350,000)

  • Vanguard ($2 million)

  • McGraw Davisson Stewart LLC ($800,000)

5. Austin City Council grants Rally Austin access to $11 million preservation fund to buy historic buildings

Rally Austin, the city nonprofit formerly known as the Austin Economic Development Corporation, will have about $11 million to buy historic properties if they could enhance tourism and have cultural uses.

On Thursday, the Austin City Council passed a resolution that directs staff to work with the group and in conjunction with the city’s Equity-Based Preservation Plan to come up with a plan for allocating from the largely unused Historic Preservation Acquisition Fund.

The acquisition funds are funded by Hotel Occupancy Tax revenue and increase $2 million to $3 million per year.

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