In Houston, buyers from abroad-the United Arab Emirates, China, parts of post-Brexit Europe-are scooping up many of the high-end properties.Īt the after-party, I also met U.S.
In Austin, developers can’t build high-rise condos fast enough. One Dallas agent told me there are simply too many faux chateaus in Big D and not enough contemporary homes to suit the tastes of newcomers. Later that night, at an after-party downtown in a dimly lit cocktail bar called the Roosevelt Room, the waitstaff tried in vain to enforce the establishment’s mask mandate while huddles of partygoers talked about the challenges and rewards of surfing this real estate wave. In fact, breakneck growth in recent years has stirred up all sorts of conflicts across the city, much as it has elsewhere in the state, which is perhaps why Ali made certain to explain that this evening’s party was also a benefit for the Health Alliance for Austin Musicians. “Does the community not love it?” he asked. “And when celebrities move, people pay attention.”Īnd then he leaned in close again and confided that he wasn’t sure this whole scene was entirely welcome. “ Elon Musk and Joe Rogan have such cult followings,” he said. Ali suggested that a few high-profile celebrities who’d moved from the West Coast were inspiring others. Eklund’s publicist, Alexander Ali, noted that Elliman was especially excited about the arrival of Tesla, which is in the process of building what it’s calling its Gigafactory near the Austin airport-a structure the size of 165 football fields that would theoretically create 15,000 jobs. For one thing, a string of high-profile corporate relocations from California had grabbed headlines (Charles Schwab to Denton County, Hewlett Packard Enterprise to Houston, Oracle to Austin), and the Elliman team had spent the day meeting with Texas economic development officials in the governor’s office. They’re looking for a tax shelter or something.” Downtown Austin. “Nobody’s actually moving here,” he said, smiling conspiratorially. In the black-lacquered Tarrytown kitchen, I spoke to a visitor from California who suggested the reality was a little more complicated.
This was rootsy old Austin taken to its most glamorous-or, depending on your perspective, its most absurd-conclusion. Outside on the meticulous lawn, a bearded bartender wore pointy boots with skinny black jeans and a flat-brim Stetson. Blue-and-gold cowhide carpeted the ceiling of the third-floor man cave. Brass mesh paneling encircled a spiral staircase. During the party, celebrated interior designer Fern Santini glided from room to room in a silk Pucci caftan aswirl with soft pinks and yellows, showing off the many style innovations she’d brought to the home, which was sold fully furnished. The three-story brick-and-shingle mansion had sold in two days for considerably more than its $16.25 million asking price, to an out-of-town buyer whose identity was confidential (but who was rumored to be to an entrepreneur from Los Angeles). Not that Austin-or this house-needed any help in the sizzle category.
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Not only was Elliman moving in on Texas real estate, it had brought its biggest gun, Eklund, one of the country’s top real estate brokers, who also happens to be a bona fide TV star. For the moment, his job was simply to be seen, to lend some sizzle to the occasion. Speeches had to be made, toasts given, and then he’d board a plane for Miami first thing in the morning, after fewer than 24 hours in the Texas capital. It was the launch party for the Austin branch of Douglas Elliman, a brokerage famous in New York and California for selling luxury homes and high-rise condos.Įklund, who wore a double-breasted navy linen jacket, snug-fitting white slacks, and sockless dress shoes, seemed a little surprised that the crowd had matched him ankle for stylish ankle, but he didn’t linger on it. He stood on the patio of a newly built home in Tarrytown, the tony neighborhood that hugs the shores of Lake Austin, addressing the local brokers who were packed into the yard. What an attractive crowd!” cheered Fredrik Eklund, the Swedish-born celebrity real estate broker who stars on the hit Bravo reality show Million Dollar Listing.