Friday, May 30, 2014

Coppell industrial park readies for expansion

The third phase of Coppell Trade Center, an industrial business park in Coppell, is readying to get underway at Sandy Lake Road and Freeport Parkway. The project is scheduled to break ground on Jan. 23.
Submitted art
The third phase of Coppell Trade Center, an industrial business park in Coppell, is readying to get underway at Sandy Lake Road and Freeport Parkway. The project is scheduled to break ground on Jan. 23.

Once built, the building will be within the Freeport Tax Exemption area near
Dallas/Fort Worth International Airport.Coppell Trade Center is readying for its next phase of the industrial business park, with a 279,330-square-foot industrial building at Sandy Lake Road and Freeport Parkway in Coppell.
The project -- which once was marketed as a build-to-suit building for a tenant -- has received a 75 percent tax abatement from the City of Coppell.This is the latest of a number of industrial developments underway in Dallas-Fort Worth as developers and property investors are bullish on North Texas.
Real estate sources say they expect the buildings such as this one in key distribution areas to attract expanding companies, such as retail, technology and health care.
Holt Lunsford Commercial of Addison is marketing the project in conjunction withLaSalle Investment Management.
Staff Writer-Dallas Business Journal

Growth to bolster DFW’s office real estate market in 2014

Las Colinas: The corporate hub near the
     airport is still a positive environment for tenants, especially with new
     projects in the Las Colinas Urban District.
Submitted art
Las Colinas: The corporate hub near the airport is still a positive environment for tenants, especially with new projects in the Las Colinas Urban District.

The expectation for growth in North Texas stems from a positive 2013, when nearly 3 million square feet of office real estate in Dallas-Fort Worth was absorbed in the year, according to Jones Lang LaSalle's end-of-year research.The demand for office space in Dallas-Fort Worth is expected to grow this year as jobs funnel into the region through corporate relocations or expansions, likely triggering new office development.
Dallas-Fort Worth had a net job growth of 96,000 positions year-over-year, which coupled with the lack of new construction in the market has led to a much healthier market, Daryl Mullin, senior vice president of Jones Lang LaSalle told the Dallas Business Journal.
"When you have a healthy market, or an equilibrium between the supply and demand, it will continue to attract people that want to be in this market," Mullin told me. "When you have good quality landlords that put capital in the properties and maintain them well, it attracts new folks into the market from an investment standpoint."
With that absorption, Dallas-Fort Worth's vacancy declined to 19.6 percent, with lease rates increasing by 2 percent year-over-year, according to the data. The overall asking rent increased to $21.29 per square foot by the end of 2013.
The rising rental rates are the reason behind a number of new construction projects expected to hit the market in late 2014 or early 2015. Some of those projects: Craig Hall'slatest addition to Hall Office Park in Frisco, Granite Properties' office tower and hotel, and Bandera Ventures' project in Preston Center.
This is the second year of roughly 3 million square feet of absorption, which is three times the average annual absorption rate of 1 million, said Walter Bialas, director of research for Jones Lang LaSalle.
"The bellwether of real estate is employment; jobs are the starting point for everything," Bialas told me.
And there's no sign of that stopping, he said. After all, the cost of doing business in Dallas is still cheaper than other large metros and the region is still accessible to other large cities, Bialas told me.
Mullin agreed with Bialas, saying he expects a number of industries, such as technology, telecom, financial services, energy and health care to expand in North Texas in 2014. Want a hot submarket? Check out Mullin's submarket picks for activity this year in our attached slideshow.
Staff Writer-Dallas Business Journal

What Becomes of Fort Worth’s Barnes & Nobles?

Well-located big box vacancies are growing increasingly scarce, so there’s speculation about what could happen to the two Barnes & Noble stores closing in Fort Worth in University Park Village and Sundance Square. (The answer is probably in a book in the Barnes & Noble adaptive reuse section. But we'll keep looking in romance.) The Weitzman Group managing director Bob Young tells us the recent completion of Sundance Square’s expansion and revitalization makes that Barnes & Noble space ideal for repurpose, especially on the first level; it's ideal for restaurants or other concepts that've been unable to locate in the (basically) full submarket, Bob says.
In Sundance Square, Bob says the market could see something similar to what occurred with the former Borders in West Village, with two restaurant concepts taking advantage of the residential, retail, and office space traffic. As for the University Park Village location, this one may be best suited to a single user. We may see this stretch of University, which benefits from its location adjacent to the Arts District, the zoo, and other attractions, Bob says, become as densely retailed as West 7th.


SCM Real Estate merges with New York firm

Gary Walker, founder and president of SCM Real Estate Services, has merged with New York-based Coldwell Banker Commercial Alliance. He will serve as managing principal of Coldwell Banker Commercial Alliance DFW.
Submitted art
Gary Walker, founder and president of SCM Real Estate Services, has merged with New York-based Coldwell Banker Commercial Alliance. He will serve as managing principal of Coldwell Banker Commercial Alliance DFW.
Arlington-based SCM Real Estate Services, which merged with Coldwell Banker Commercial Alliance, will take on a new name: Coldwell Banker Commercial Alliance DFW.A North Texas commercial real estate firm has merged with a New York company as it rapidly expands its Dallas-Fort Worth footprint specializing in private investors and small- to mid-cap businesses.
The new firm's headquarters will remain in Arlington. This year, the company expects to open a Dallas office and a Fort Worth office, and is seeking office space.
The merger gives the company the ability to rebrand the 21-year-old firm, and expand its available resources, said Gary Walker, founder and president of SCM Real Estate. The 30-year commercial real estate executive will serve as managing principal of Coldwell Bank Commercial Alliance DFW.
The newly created firm employs 30 professionals. Theron Bryant, who was a top producer at SCM, will lead the Fort Worth office as market director. Carol Sosebee, a principal of SCM, will remain COO and director of property management.
The ability to merge with SCM gives Coldwell Banker Commercial Alliance an immediate strong presence in Dallas-Fort Worth, Coldwell CEO Obie Walli said.
In 2012, Coldwell Banker Commercial Alliance, which is affiliated with Coldwell Banker Commercial, was launched by New York-based Waterfall Asset Management. This is the company's fifth office in the United States.
Staff Writer-Dallas Business Journal

Multifamily's Three Paths

The darling of commercial real estate continues to skip along happily. Hendricks-Berkadia senior director of research David Delich highlights three multifamily trends to continue all year. (As for us, we're happy Jersey Boys is coming to the big screen this summer.)

1) Apartments everywhere

David (left center, with his research team) says developers are active in both lower- and higher-priced submarkets. In contrast, builders are opting for pricier areas in Dallas-Fort Worth; they shy away from submarkets where rents are $750/month or less. Roughly one-half of all units under construction are in the Metroplex’s 10 priciest submarkets, with sub-marketwide asking rents ranging between $1,020 and $1,680/month. Both big and small builders are active in Texas, David says, with JLB Partners, Greystar, and Trammell Crow among the most active with a combined 21 projects and 7,400 units underway in DFW, Austin, and San Antonio.

2) Building in the ‘burbs

The majority of development is in the suburbs. In the Metroplex, more than 17,250 units are in the works in the outlying areas, and another 6,600 market-rate rentals are underway in the near-in submarkets, David tells us. Despite infill development constituting 30% to 40% of all units in development, these near-in submarkets represent a fraction of the overall market area. Based on the projects under construction, apartment inventory in centrally located submarkets will expand by 6.6%, compared to a 3.5% increase in suburban apartment stock.

3) Finding the finish line

Job creation is expected to persist well into 2016, David says. In 2013, DFW payroll grew by 98,700 jobs. Over the next two years, more than 235,000 new jobs are expected. Construction output is expected to peak in 2014, he says, and deliveries will be substantial in the DFW area this year as 12,600 units come online. Nevertheless, the 114,000 new hires during that same span will be even more significant and will help tamp down vacancy. (They move in as fast as you build 'em. Careful when laying foundation, as there may already be some residents down there getting a head start.)

-Real Estate Bisnow

Dallas Office and Industrial Thriving

DALLAS–Xceligent recently released its Q1 industrial and office reports, both of which show a great looking first quarter. For the office market, Dallas/Fort Worth saw 770,000 square feet of positive absorption, as compared to the first quarter 2013, which say 660,000 square feet of absorption. On the other hand, the industrial market was more active in the first three months of 2014 that it has been in awhile. The market saw almost 4 million square feet of absorption in the first quarter and nearly 18 million square feet during 2013. caught up with Chris Summers, Xceligent market director for the Dallas/Fort Worth area. In this exclusive interview he shares his thoughts on the first quarter results and where the market is heading. A number of industry leaders have mentioned they see 2014 shaping up to be the year of industrial. Would you agree with that?
Summers: There are many indicators that would lead me to similar thinking. One if these is new construction.  There is currently over 17 million sf underway and multiple projects gearing up like Southport Logistics Park (close to 9 million square feet proposed) in south Dallas.  Last year DFW had multiple larger deals commence like Procter & Gamble and Williams Sonoma. The feedback that we receive from our broker advisory boards is that we will continue to see this same trend moving forward thru this year. With 17 million SF of new construction underway, (according to Xceligent’s Q1 Dallas industrial report) and a lot of it on a spec basis, do you think there is demand in the market for all that supply? Will we be seeing more construction announcements?
Summers: With large deals like LG Logistics and Plymouth Packaging having been announced it looks like there is demand. Dallas has always been a market with lots of opportunity for growth and strategic development. What would you say are the strengths of the Dallas industrial market?
Summers: Dallas, and Texas in general, are business friendly and focused on growth. Many companies look at Texas as a great opportunity to expand or relocate. With low vacancy rates and 5.5 million SF of new office development, (according to Xceligent’s Q1 Dallas office report) are you seeing a flight to quality, with companies leaving class B buildings behind in favor of amenity-rich class A space?
Summers: It is across the spectrum. It is great to see companies like KPMG and Jackson Walker moving into their new spaces.  With 7 relocating to Cypress Waters we also see opportunities that creates both in Dallas and Las Colinas.
Was there anything in the first quarter that surprised you in the office market?
Q1 was surprising because of the amount of new construction announced such as State Farm and Raytheon. How do you expect the rest of 2014 to shape up?
Summers: 2014 will see continued growth both in companies expanding their businesses and taking down more space as well as new companies entering the market. Some of the deals we are tracking that will take occupancy later this year and in 2015, in the office sector include: State Farm, FedEx, KPMG, Jackson Walker, Frost Bank, Invesco;  and in the industrial sector: Procter & Gamble, Williams Sonoma, Victory Packaging, AdvoCare, Cornerstone Systems.

 Katie HindererDallas/Fort Worth

Impact of Generation Y on The Housing Market

As the housing market recovery continues to push forward, 
Generation Y, also known as the Millennial Generation, are 
starting to make their mark and are reenergizing the market 
across the country. In fact, Millennials now make up 78 percent 
of current first-time homebuyers.

What are the defining characteristics of Generation Y? Also 
referred to as the Millennial Generation, Eco Boomers and the 
Internet Generation, this group has grown up in an environment 
of Internet resources, instant worldwide communications, digital 
technologies, intense multitasking and rising student debt. 
Millennials now make up 78 percent of 
current first-time homebuyers.

Although previous generations saw first-time homebuyers 
entering the market at an earlier age, typically in their early 
twenties, the Millennials have taken their time and are just now, 
collectively in their late twenties and early thirties, starting to 
enter the market. As the largest generation currently living, these 
entry-level homebuyers and their influx of new activity offers 
a potential added jump-start to the slowly improving housing 

Generation Y faces a few additional barriers. Limited inventory, 
increasing home prices and managing a larger student loan debt 
than any generation before are all hurdles this group must jump 
before actually getting their foot in the door. In addition, the 
importance of credit scores in securing a mortgage approval 
are more important than ever before – and adaptations to credit 
scoring models have made securing and maintaining a high credit 
score more difficult for Generation Y and younger consumers 
with limited credit lines and shorter credit histories.
What the market is revealing is that 
Millennial homebuyers carry a median 
income of $73,600 and tend to purchase 
older homes averaging 1,800 square feet 
and costing around $180,000.

In fact, 20 percent of this age group had to put off a home 
purchase in order to save up for a down payment, where 
in previous generations they were able to receive financial 
assistance from families or dealt with lower down payment 
requirements. Of that group, 56 percent said student loan debt 
was the biggest obstacle. 

The good news is that those who recently bought homes are very 
optimistic about their decision. Of Millennials under 33 who 
recently bought a home, 87 percent consider their purchase to be 
a sound financial investment.

What the market is revealing is that Millennial homebuyers carry 
a median income of $73,600 and tend to purchase older homes 
averaging 1,800 square feet and costing around $180,000.
As this generation pushes forward, their homebuying activities 
will no doubt be closely watched and the impact on the housing 
market will be felt across the country.

By Marcus McCue, Executive Vice President Guardian Mortgage Company, Inc.

Wednesday, May 28, 2014

Centurion American buys Statler Hilton, plans $175M redo

Merriman Architects Associates
The Statler Hilton, which has been vacant a decade, will be redeveloped by the group into luxury residential tower with a retail component.
"We had a lot of parties interested in buying the Statler, but out of all the parties interested in the property, Centurion has all the qualifications," Leobardo Trevino, CEO of Ricchi Dallas Investments Inc., which sold the property, told the Dallas Business Journal.It's taken several months, but developer Mehrdad Moayedi, president of Carrollton-based Centurion American Development Group, has closed on a deal buying the historic Statler Hilton property with plan to start a $175 million redevelopment.

The deal comes on the heels of Moayedi receiving $43.5 million in tax increment financing funds to add in the massive redevelopment. The sale of the Statler was contingent on the Dallas City Council's approval of the tax increment financing funds.

"This is good for the Statler and this is good for downtown," Trevino added. "Centurion will take the Statler to the next level. It's a great experience seeing the excitement for downtown Dallas right now."
Moayedi plans to redevelop the Statler Hilton, as well as the adjacent George Dahl-designed building next to the historic hotel that once houses the Dallas Public Library, into a mixed-use development, which a hotel, residential, restaurant and retail space and office space.

The redo -- which had preliminary plans for a theater, a ballroom and hotel lounge -- includes two nearby parking lots next to the Statler and the former library.
If the group succeeds, it will be Centurion's second development in Dallas to make a comeback.
In the past year, Moayedi has been working on the Residences at the Stoneleigh, which is a $220 million luxury residential tower Centurion bought from foreclosure for $4.55 million in 2010
The developer is applying for state and federal historic tax credits on the development. The project will remove more than 669,000 square feet of space from downtown's vacant building inventory.

In the past, Centurion has said the development group plans to begin construction by the end of the year, with an anticipated completion date of October 2017. Dallas-based Merriman Associates Architects is the project architect for the redevelopment.
Staff Writer-Dallas Business Journal

What will be Leobardo Trevino's next big real estate play in Dallas?

Jake Dean
Mexican-based developer Leobardo Trevino is bullish on Dallas. This picture is a file photo from March 2012 that was taken of Trevino within the historic Statler Hilton.

It's been a few years since developer Leobardo Trevino took an interest-- a big financial interest -- in downtown Dallas' skyline.

In that time, he's learned a bit more about Dallas and has found an even greater liking for the city that's ranked as one of the fastest growing cities in the United States.

Now, with the historic Statler Hilton hotel sold, as well as the adjacent building that once housed the Dallas Public Libary, Trevino says he's ready for his next big investment play.

"This has been a great experience and I'm excited to see downtown Dallas come this far," Trevino told the Dallas Business Journal."We like Dallas and have more properties and more positions under contract."

The Mexican-based investor told me he estimates he has half-a-million square feet of office space under contract in Dallas. He declined to name the buildings or submarkets, citing confidentiality agreements.

"We are actively looking for more properties," Trevino said. "Dallas is in a very special place right now."
Staff Writer-Dallas Business Journal

Tuesday, May 27, 2014

Join Bisnow May 29 for Dallas State of the Market

It's almost time for the fifth annual Bisnow Dallas State of the Market event on May 29 at the Westin Galleria. Last year, we were talking budget sequestration and how Uptown, Preston Center, and Legacy were dominating the development. (Funny how some things changed and others are like money in the bank, literally.) Plenty of project talk should be on the agenda from Granite Properties COO Greg Fuller and Beck Ventures prez Scott Beck, as well as Billingsley Co partner Lucy Burns, among the host of commercial real estate titans with they eyes on trends in 2014. Don't hesitate, sign up now.

Cheers to Dallas Broker Tommy Van Zandt

We knew you guys had a lot of heart and you demonstrated it in a big way on Thursday night when you raised $256k for former Transwestern SVP Tommy Van Zandt

Here’s Tommy surrounded by his wife, Robyn Van Zandt and the “reunion” organizers Hall Financial Group director of leasing Kim Butler, Transwestern principal Randy Garrett, and Transwestern central region prez Jack Eimer. About 200 DFW commercial real estate folks gathered on the Saint Ann Restaurant patio to mark the fifth anniversary of the first fundraising event for Tommy to help offset the massive medical costs associated with his healthcare since a fall left him a vent-dependent quadriplegic in early 2009.
Bisnow LLC

Friday, May 23, 2014

Presidium Group Adds 1,700 Units to Portfolio

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“These properties were attractive due to the off-market nature of four of the deals, as well as the value add potential,” Moceri says.
DALLAS–Presidium Group has expanded its multifamily portfolio by 1,700 units through a variety of deals that closed in April. The total portfolio is valued at more than $70 million. The majority of the properties were purchased in off-market transactions.
The new properties include: Rayo Del Sol, a 388-unit complex in San Antonio; Villages of Cinnamon Creek, a 348-unit complex in San Antonio; Villas of White Rock, a 442-unit complex in Dallas; Live Oak Bend, a 252-unit complex in Houston; and Courtyard Manor, a 154-unit complex in Houston.
“These properties were attractive due to the off-market nature of four of the deals, as well as the value add potential,” Cross Moceri, co-CEO of Presidium Group, tells “Additionally, the Villages of Cinnamon Creek property affords the ability to easily reconfigure large three bedrooms into one bedroom and efficiencies, allowing for higher rent/square foot.”
Presidium Group will renovate the properties with interior and exterior renovations in order to reposition them within the market. Each property will also be rebranded. Work will begin in the next two months with exteriors completed within the next nine months and the interiors done in 18 months.
“Each property has a different renovation plan, but all five properties will receive value-add upgrades,” Moceri says. “These upgrades will include new unit fixtures, plumbing, lighting fixtures and appliances as well as new paint schemes. We anticipate installing a wide range of eco-friendly fixtures at these properties, including solar panels, low-flow water conservation devices and potentially natural gas turbines.”
With these purchases, Presidium Group now owns more than 8,500 units in AustinDallas,HoustonSan Antonio and Waco. But Moceri says the company is looking for even more acquisitions, with a target of $250 million in multifamily purchases in 2014.
By Katie HindererDallas/Fort Worth

Thursday, May 22, 2014

Shopping center anchored by Sam’s Club is planned next door to Cityplace

A shopping center anchored by Sam's Club will be built on North Central Expressway near Cityplace.(Trammell Crow)
Developer Trammell Crow Co. is getting close to kicking off development of a key property adjacent to Dallas’ Cityplace community.
Last summer the Dallas-based commercial real estate bought 17 acres of the Affiliated Computer Services on North Central Expressway at Haskell Avenue.
The property is just north of the big Cityplace tower on the east side of the highway.
Since Crow’s purchase there has been lots of speculation about what kind of project the firm is planning on the prime, close-in building site.
Well at this week’s shopping center conference in Las Vegas, Crow has pulled the wraps on what it’s calling its East Village complex.
The office buildings on the old ACS site will be replaced by a large Sam’s Club store and a several small retail buildings lined up along the North Central frontage road, show pictures of the development Crow is displaying at the International Council of Shopping Centers conference.
Crow has done buildings for Sam’s Club and its parent company Wal-Mart before. They are both tenants in the Timber Creek Crossing shopping center in northeast Dallas which Crow developed.
It’s no surprise that Sam’s Club would want a location in central Dallas.
Competitor Costco has been looking at locations, too, including the old Steakley Chevrolet property on Northwest Highway.

Roger Staubach, Robert Shaw team up on $100M Trinity Groves project

Dallas real estate developers Roger Staubach and Robert Shaw have joined forces with Phil Romano to build 1,000 apartments in Trinity Groves, which is expected to cost more than $100 million.

The A-list Dallasites are working through their companies -- Dallas-based Columbus Realty Partners and Dallas-based Trinity Groves LLC -- in a 50-50 structured joint venture deal. The developers are working alongside the city of Dallas, which is offering support through its tax increment financing programs as part of Mayor Mike RawlingsGrowSouth economic development initiative.

Columbus Realty Partners, and ultimately Staubach and Shaw, were picked by Trinity Groves after a "long beauty contest," for an apartment development partner for the restaurant-anchored mixed-use development, said Shaw, president of Columbus Realty Partners.

"Fortunately, we were picked and we're excited to be part of it," Shaw said at a press conference on Wednesday afternoon. "We've been fortunate to be involved at the ground level in the creation of a lot of very special places; places people love to be in that are walkable, mixed-use and cherished by the communities in which they are located."
Those developments include apartments and retail projects in Uptown, Legacy Town Center, Addison Circle and West 7th in Fort Worth, where the whole is greater than the parts of the project, said Shaw, who added the two had worked together since playing for the Dallas Cowboys.

Shaw said he was responsible for Staubach's longest loss in his National Football League career when he snapped the ball over Staubach's head, forcing the all-star quarterback to attempt to kick the ball down the field for a 40-yard loss.

The 1,000 apartments are expected to be located on acreage south of the Trinity Groves restaurants south of Singleton Boulevard on the other side of the Margaret Hunt Hill Bridge. Shaw says he expects to start on the project at the end of the year, or by early 2015 with 300 apartments.
The Trinity Groves apartment project is still taking shape, but the development would likely be four-stories of apartments over a street-level retail space, he said.

Staubach, who is an investor in Hofmann Hots -- one of the fairly new restaurants developed on Singleton Boulevard --, says he doesn't expect the influx of apartments in West Dallas to create a glut of real estate .

"I think this area is really going in the right direction and the residential is a big part of it, just like it was in Uptown," Staubach told the Dallas Business Journal."The apartments are needed and I know we'll do a good job building them and I hope the people will come."

About 20 percent of the apartments will be affordable apartments, which is about 80 percent of the area's median income. The remaining 80 percent of the apartments will be leased at market rates.

"These will be really nice units, but we wanted to keep the units affordable," Staubach told me. "We were able to work with Stuart (Fitts of Trinity Groves) and get some land costs that were very fair."

Columbus plans to design the project through the firm's in-house architecture department. JHP is the project's general contractor. The apartments are expected to reflect the Trinity Groves development in design and cater to millennials.

"There's nobody better than I'd like to do this with than two ex-Dallas Cowboys, Robert Shaw and Roger Staubach," said Mayor Mike Rawlings. "They saw Uptown before they saw Uptown was cool. They did it early on and we all know what Uptown is now."

Rawlings says he expects a similar development phenomenon to occur at Trinity Groves in West Dallas.

"So, let's just take this and push it out a few years and you can see ultimately what's going to happen," he said.
Staff Writer-Dallas Business Journal

Sellers hold the cards in Dallas' hottest neighborhoods

DALLAS — If you haven’t ventured out in the Dallas housing market for a few years, it could be a far cry from what you remember.
Sure, there are still open houses, showing spaces like a four-bedroom, three-bath on Goodwin Avenue in the Vickery Place neighborhood.
And there are plenty of Realtors like Rick Brooks with Dallas City Center working to match sellers with buyers.
But in Dallas’ premier neighborhoods, there is no longer time to sleep on your decision.
"Now, it's like when you get them, you have to find something," Brooks said. "It's not like it was before."
The reason? An incredibly low inventory for a pool of buyers hoping to strike with interest rates still under 5 percent.
According to Brooks, the battle for homes in Dallas is hottest in and near the M Streets, Lakewood Heights, Lake Highlands and Lakewood. And be prepared to duke it out with dozens of others if you’re trying to buy in the $300,000  to $500,000 range.
Most sales are happening in not weeks, but days. A home can even go on the market and be sold in a single day depending on who you know,and how diligently you’re looking online.
Kim Linder. She listed her family’s M Streets home in March. "It probably went on MLS about noon. We had our first showing about mid-afternoon," she said. "We had a great offer that night, by the first person who looked at it."
Just like that.
So here’s what to consider if you’re looking to sell:
If you’re on a "hot block," be ready to make a deal right away. And with that it mind, plan your next move. It may mean finding a temporary place to stay.
As for buyers, be ready for anything.
Rely on word-of-mouth. If you know a house, or a block or a neighborhood you want, tell your friends, your Realtor... anyone with connections there, so you’ll know as soon as someone is  thinking of selling.
Be flexible. If your dream home hits the market that day, you may have to drop everything and see it.
Finally, know your highest offer. Many winning bids are now at or over the asking price.
Play it right, and you’ll better your odds at getting your next new address