Lux­ury bro­ker reaches west via buy­out

Houston Chronicle - - BUSINESS - By Nancy Sarnoff

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.

nancy.sarnoff@chron.com twit­ter.com/nsarnoff

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