With the Texas real estate market heating up, companies like La Rosa Holdings Corp. (NASDAQ: LRHC) are setting up shop in the area. After all, Texas has one of the United States; fastest-growing populations, which means the state will see even greater real estate demand. As also noted by La Rosa Holdings Corp, “Texas is the perfect addition to our growing list of offices serving markets in the south. Texas has experienced significant population growth in recent years, leading to increased demand for real estate services. The state has a robust and diversified economy, driven by sectors such as energy, technology, healthcare, and agriculture.”
That’s also great news for companies such as eXp World Holdings (NASDAQ: EXPI), CBRE Group (NYSE: CBRE), FRP Holdings Inc. (NASDAQ: FRPH), and Realty Income (NYSE: O).
In addition, according to GoBankingRates.com, “More than half a million people move to Texas every year,” said Severino. “The number of people who leave is significantly less, making the net population growth in Texas through domestic migration positive every year in the hundreds of thousands. This funds the need for housing as well as locks in value as demand remains steady.” In short, it just makes sense to set up shop in one of the hottest areas of the U.S.
La Rosa Holdings Corp. (NASDAQ: LRHC) Setting up Shop in the Lone Star State
La Rosa Holdings Corp., a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today announced that it has entered into an area development agreement with Yeimalis & Associates Financial Group under the terms of which the Company intends to launch its first office in Houston, Texas within the nearest future. The management of the Company expects that this new location will be the Company’s first office in the state of Texas and 36th office among its growing network of real estate brokerage offices in seven states in the United States and Puerto Rico.
“We are excited to continue our national expansion with the launch of the first office in Texas,” commented Joe La Rosa, CEO of La Rosa. “We are opening our first office in Harris County, Texas and will initially expand throughout the Houston market. We also have plans to open additional offices in most of the major markets throughout Texas. We believe our brokerage model is unique when compared to many of our competitors in the local market, which offers a 100% commission and revenue share plan. We provide our real estate brokers and sales agents who are seeking financial independence with a turnkey solution and support them in growing their brokerages while they fund their own businesses. Additionally, we believe that our proprietary technology, training, and the support that we provide to our agents at a minimal cost to them is one of the best offered in the industry.”
“We believe Texas is the perfect addition to our growing list of offices serving markets in the south. Texas has experienced significant population growth in recent years, leading to increased demand for real estate services. The state has a robust and diversified economy, driven by sectors such as energy, technology, healthcare, and agriculture. Furthermore, Texas has vast amounts of undeveloped land, providing prime opportunities for real estate development. This can be particularly attractive for brokers involved in land transactions or those interested in participating in the development process. Additionally, Texas is often considered business-friendly due to its lower tax burden and fewer regulatory hurdles compared to some other states which can attract businesses, leading to increased demand for commercial real estate services. We look forward to introducing our brand and cutting-edge solutions to the great state of Texas,” concluded Mr. La Rosa.
Other related developments from around the markets include:
eXp World Holdings announced financial results for the third quarter. “During the third quarter, we continued to focus on agent-centric innovation that drove meaningful results, as we once again increased eXp’s agent Net Promoter Score (aNPS) while extending our market share gains,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “In a slower market environment where every transaction counts, eXp’s agents in the U.S. significantly outperformed the market during the third quarter. This outstanding performance speaks to the differentiated nature of eXp’s platform and the power of our unique, success-oriented culture. Moving forward, we see many opportunities to further iterate on our agent-centric value proposition with programs like Boost, Accelerate, Thrive, and eXp exclusives and partnerships with Opendoor and the HomeRiver Group. Internationally, we recently announced a partnership with HomeHunter Global. All of this ultimately empowers our agents to spend more of their time on revenue-generating opportunities. We continue to believe that our investments in agent success are the key to driving superior growth over the long term.”
CBRE Group reported financial results for the third quarter. “Commercial real estate capital markets remained under significant pressure in the third quarter. As a result, we experienced a sustained slowdown in property sales and debt financing activity, which drove the decline in core earnings-per-share. This decline was exacerbated by delays in harvesting development assets which we will sell when market conditions improve,” said Bob Sulentic, president and chief executive officer of CBRE. “Over the last several quarters, we have detailed the increased importance of our resilient and secularly favored businesses. These businesses saw continued solid growth in the third quarter, led by Global Workplace Solutions.”
FRP Holdings Inc. just reported that net income for the third quarter of 2023 was $1,259,000 or $.13 per share versus $480,000 or $.05 per share in the same period last year. The third quarter of 2023 was impacted by the following items: Operating profit increased $1,047,000 compared to the same quarter last year due to improved revenues in all four segments. Interest income increased $1,512,000 due primarily to an increase in interest earned on cash equivalents ($1,118,000) and increased income from our lending ventures ($349,000). Interest expense increased $378,000 compared to the same quarter last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development this quarter compared to last year. Equity in loss of Joint Ventures increased $1,035,000 primarily due to increased losses during lease up at The Verge ($856,000).
Realty Income announced that it has declared the 641st consecutive common stock monthly dividend. The dividend amount of $0.256 per share, representing an annualized amount of $3.072 per share, is payable on December 15, 2023 to stockholders of record as of December 1, 2023. The ex-dividend date for December’s dividend is November 30, 2023.
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