Luxury broker reaches west via buyout
Luxury real estate brokerage John Daugherty, Realtors, has acquired David Young & Co., a local boutique firm with agents who specialize in high-end neighborhoods in Memorial, the Energy Corridor and Katy.
John Daugherty Jr. said the deal will allow his 50-year-old company to expand its presence in west Houston and tap into new technological capabilities.
Daugherty said Young & Co. “has some technologies that no one else has in the Houston market. Part of what we’re purchasing is this modern technology.”
The expansion into west Houston comes as many of the neighborhoods there are in distress after Hurricane Harvey.
“This area was one of the hardest hit,” Young said, citing neighborhoods that had never flooded before and were affected because the Addicks and Barker reservoir releases sent roaring rivers downstream.
Young said many families who are rooted to the neighborhoods through the schools are putting their homes back together. Some, however, are leaving.
“We’re starting to see
“We’re starting to see properties go on the market as is.” David Young
properties go on the market as is,” he said. “They’ve been remediated, but people are not going to rehab them themselves.”
Young expects the westside housing market to stabilize over time as homes are repaired and rebuilt.
“I do think the values will come back for those areas even though they got flooded,” he said. “They were not in the 100-year flood plain, and they’re in very good school districts.”
The acquisition had been in the works for about four months, said Young, whose office on Memorial west of Kirkwood will become a branch of John Daugherty, Realtors. Financial terms were not disclosed.
Young’s firm is only a couple of years old.
In 2015, he broke off from Coldwell Banker United, Realtors, to start his own shop along with his wife, Carol Peyton Young, and several agents.
“We saw the industry changing dramatically, and we wanted to be able to be in the forefront that’s really advancing the digital experience, which includes not only photography and drone but also 3-D,” Young said.
His son, David Michael Young, has joined his father in the Memorial office after several years at Coldwell Banker.
Daugherty said the addition of Young is a natural fit and that the new Memorial office will serve as a home base for agents focused on the area.
“Having the addition of David and others who live and work in the area enhances our leadership and vision for this bustling real estate market,” he said.