Douglas Elliman, a real estate company catering to celebrities and international investors, cited the favorable climate for condo buyers in opening up branches in Houston, Austin and Dallas.

New-York-headquartered Douglas Elliman was drawn to Texas by low living costs, a thriving economy and rapid population growth, according to a December article by the Houston Business Journal.

U.S. Census Bureau statistics show Texas, already the state with the second-highest population behind California, added more residents than any other state from mid-2018 to mid-2019. This fact has been noticed as, just in September, Douglas Elliman put down roots in Houston through a joint venture with local real estate sales and marketing firm Sudhoff Cos.

Douglas Elliman Texas CEO Jacob Sudhoff told the Houston Business Journal that the newly expanded firm was on the hunt for condos capable of producing a 4 to 7 percent return for investors. Texas has a friendly regulatory environment and low taxes, both of which make it more attractive for investors than traditional choices like New York and Los Angeles, Sudhoff said. He also noted the low up-front cost of condos.

Douglas Elliman in November had planned to hire 10 new managers. 

“There are so many opportunities here that we want to continue expanding Douglas Elliman’s presence here,” Sudhoff told the Houston Business Journal.

The firm at the end of the year merged with a residential real estate brokerage specialising in luxury single-family homes, John Daugherty Realtors. The Houston-based real estate company, which boasts 130 agents, landed a spot in the Houston Business Journal's 2019 list of top brokerages in terms of transactions, and came in eighth in its list of the largest Houston-area residential real estate brokerages by sales volume. Its transaction sides in 2018 reached 1,419 with a local sales volume of about $1.12 billion.