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- Houston-based InnJoy Hospitality plans to convert a River Walk highrise into apartments
Houston-based InnJoy Hospitality plans to convert a River Walk highrise into apartments
Plus: Douglas Elliman CEO Howard Lorber resigns
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Today's newsletter is 618 words — a 2.5-minute read.
1. Granbury, TX, is among the cities that young homebuyers are flocking to
According to the Census Bureau, small towns and rural counties have become the top relocation destinations within the U.S., with an influx of 25- to 44-year-olds driving population growth.
From 2010 to 2013, only 27% of counties in rural and small metro areas saw an increase in their population of 25- to 44-year-olds. So far this decade, that figure has risen to an astounding 63%.
Granbury, TX, is among the top 10 cities that have experienced a population boom in people aged 25 to 44, with that population now standing at 13,047. LINK
2. Existing home sales fall to a 14-year low in September
Existing home sales continued their downward trend in September, according to data from the National Association of Realtors (NAR).
After falling 2.5% from July to August, sales dropped another 1% last month, bringing the seasonally adjusted annual rate to 3.84 million.
Year-over-year, existing home sales were down by 3.5% in September.
“Home sales have been essentially stuck at around a 4 million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing. There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy."
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3. Catch up quick
🏘️ Homebuyers can now find Zillow 3D Home Tours on Realtor.com. (Zillow)
🧑🏫 Simplilearn relocates headquarters to Plano, Texas. (APN)
🚘 Agent mobility hits lowest point in eight years. (Relitix)
🔍 Houston Housing Authority under federal investigation after toxic ash found on Main Street complex. (hoodline)
📉 San Antonio, Houston, and Dallas are among cities where the typical rent is below $1,500. (Realtor.com)
🥰 Fun read: Dallas has its first romance-only bookstore. (Axios)
4. Historic Nix Medical Center in downtown San Antonio is being converted to River Walk apartments
Houston-based InnJoy Hospitality plans to convert the former Nix Medical Center at 414 Navarro Street into River Walk apartments.
Work on the 200,000-square-foot property, which has been vacant for four years, is expected to start in January and last about a year.
Built in 1930, the Nix Medical Center was once a cornerstone of San Antonio’s healthcare landscape. The building served as a full-service hospital for decades and was billed as the first facility in the country to combine hospital services, doctors’ offices, and parking in one location.
5. Douglas Elliman CEO Howard Lorber resigns
Howard M. Lorber, the 76-year-old CEO of Douglas Elliman, announced his resignation this week after 20 years in an executive leadership role with the brokerage.
Michael Liebowitz, who has been a member of Elliman's board since 2021, will take over as CEO and Chairman.
The news comes as the company has faced scrutiny for its handling of a sexual assault scandal and diminishing stock prices.
6. The Treasury announces support to develop 26,000 affordable housing units
The Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced yesterday that it has awarded 48 organizations a total of $246.4 million to develop affordable housing and community facilities.
The funding is expected to result in 26,400 new housing units, primarily serving low-income families and communities that “need additional investment”.
Of this total, 750 will be “homeownership units,” with the remaining 25,600 being rental units.
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