American Legend Homes President and COO Kevin Egan participated in D CEO Magazine’s roundtable panel discussion which, for the first time, focused on... Read more »
American Legend Homes President and COO Kevin Egan participated in D CEO Magazine’s roundtable panel discussion which, for the first time, focused on residential real estate. Moderated by the publication’s managing editor Christine Perez, the panel also included: Robbie Briggs, broker and owner of Briggs Freeman Sotheby’s International Realty; Erin Mathews, executive VP of Allie Beth Allman & Associates and founding partner of Mathews Nichols Group; and Ted Wilson, principal at Residential Strategies Inc.
The topics discussed by the panelists centered on the luxury home market and explored the overall forces impacting local residential real estate, including the Toyota relocation. Briggs said the Toyota relocation has reverberated beyond Frisco/Plano, citing his recent sale of a home in Southlake to the Toyota CFO, and another Toyota C-level executive chose a home in Dallas’ uptown area, he said.
In terms of home buyers’ preferences, Mathews said her buyers are increasingly influenced by home improvement reality shows and expect resale homes to be “like-new” in terms of upgrades. She added that this desire to “get what they want” drives many of her clients to buy lots in which they can build a custom home to their liking.
Also discussed was a growing desire for smaller, energy-efficient, low maintenance homes, mostly by empty nesters. Egan cited the success of American Legend Homes’ zero-lot-line project The Villas at Castle Hills that offers smaller homes loaded with luxury upgrades. The neighborhood opened less than a year ago and is nearly sold out, he said.
Wilson cited recent statistics that supported this trend, saying the growth in the luxury sub-market for new homes (priced $401,000 and up) has seen a 55.8 percent increase in starts since last year.
Held at The Melrose Hotel in Dallas, the roundtable breakfast attracted local real estate industry leaders, including John F. Crawford, president and CEO of Downtown Dallas Inc., who cautioned the audience that in spite of these trends, there is an enormous demographic looking for something other than traditional single-family home product and who doesn’t necessarily aspire to home ownership. This is evidenced in the strong numbers of multi-family projects that continue to be introduced and absorbed in the market and will likely be explored in a future D CEO Magazine roundtable discussion.
The full contents of the roundtable will be published in a future D CEO Magazine article. American Legend Homes is a Bright Industries company.