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Dallas sits pretty among world's top 20 cities with most mega-wealthy homeowners

WHERE THE OTHER HALF LIVES

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The ultra rich are ultra attracted to Dallas. In a new report, Dallas ranks No. 14 in a list of the 20 cities worldwide with the highest number of ultra-high net worth individuals. Dallas lands just behind Paris as a location where the greatest number of ultra-wealthy people have primary or secondary homes.

The report by Altrata, an intelligence firm that creates data-based profiles on ultra-high net worth individuals (UHNWs), explores where the most individuals with a net worth of over $30 million choose to live.

While other recent reports highlighting North Texas focus on the 1% and the income required to attain that rank, this study investigates those with accumulated wealth.

New York leads the global list with 21,714 ultra-wealthy residents, while Dallas claims 4,686.

Just behind Dallas is Houston, at No. 15, which boasts 4,420 ultra-wealthy folks.

While Dallas and Houston are the only Texas cities on the list (how did billionaire-tech-mecca Austin not make it?), U.S. cities dominate the rankings with only four international cities in the top 10: London, Hong Kong, Beijing, and Singapore.

That Dallas and Houston rose to the top of this list shouldn't be surprising since both cities were also recognized recently among the biggest markets in Texas for sales of homes valued at $10 million or more. As evidenced by recent listings, mansions and extreme luxury homes are a notable part of the real estate market in Dallas.

"In a world of volatile politics, uncertain economic prospects and rapid social and technological change, the wealthy population’s preferences for how and where they live are constantly shifting. Yet the significance of ‘home’ for the wealthy — as a haven for family, a place of work or a vacation escape for personal wellbeing — remains as strong as ever," the authors of the report say. "Moreover, the allure of the city, whether for business, cultural, family or lifestyle reasons, remains strong, driving demand across the world’s luxury residential real estate market."

This report also investigated the cities with the most ultra-wealthy individuals per capita, with Monaco and Aspen topping that list. Cities where the most ultra-rich people have second homes include New York, Miami, and Los Angeles.

For the curious, or for those planning on moving on up, here's the full list of the top 20 cities where the rich (and famous?) live and how many ultra-wealthy residents each city has:

  1. New York: 21,714
  2. London: 15,907
  3. Hong Kong: 15,175
  4. Los Angeles: 13,194
  5. Miami: 10,831
  6. San Francisco: 9,221
  7. Beijing: 8,923
  8. Singapore: 7,471
  9. Chicago: 6,506
  10. Washington, D.C.: 5,732
  11. Boston: 5,722
  12. San Jose: 5,291
  13. Paris: 5,235
  14. Dallas: 4,686
  15. Houston: 4,420
  16. Seattle: 4,334
  17. Toronto: 3,742
  18. Atlanta: 3,420
  19. Denver: 3,134
  20. Phoenix: 2,969
Photo courtesy of Foster Farm & Ranch.

Own a piece of Utopia with this Hill Country riverfront retreat listed for $2.5M

UTOPIA ON THE WATER

Have you ever wanted to buy a retreat or say you own a slice of Utopia? Now’s your chance – the Utopia River Retreat, a remarkable 12-acre property on the Sabinal River in Utopia, Texas has hit the market for $2.5 million.

The secluded, tree-filled, riverfront estate boasts nine guest cabins and "the Fortress," a historic lodge that can sleep 12 guests.

Each cabin has its own full kitchen, living space, and covered porch. Three cabins have two bedrooms that can host up to six guests, and six cabins are single-bedroom that can sleep up to four guests.

The property has been a sought-after wedding destination since the first wedding ceremony took place there in 1861. The only structure on the land at the time was a stone fort, which has since been converted into the Fortress.

Other features of the Fortress include:

  • Two master suites
  • Three semi-private lofts
  • A full kitchen
  • Fireplace
  • Wrap-around porch
  • Original stonework on display

Another highlighted feature of the property is the renovated hay barn. The previous owners turned it into a bespoke event space with an open floor plan, wood beam ceilings, a stone fireplace, and attached deck. Also around the barn is a large green space and a covered gazebo with a breathtaking view of the Sabinal river.

The Utopia River Retreat sale is facilitated by Chad Foster, the founder and broker of Uvalde-based real estate group Foster Farm and Ranch.

“With its current amenities and space for expansion, Utopia River Retreat provides potential buyers with a lot of entrepreneurial opportunities,” said Foster in a press release. “The event space, cabins, and renovated fort make Utopia River Retreat a great addition to any real estate portfolio.”

As investors are snatching up properties left and right for the next wedding venue or event space, the Utopia River Retreat is touted as the next hidden gem in a booming wedding industry. The Knot estimates a Texas couple’s average wedding budget is between $24,000 and $30,000. Texas couples are also more likely to put 30 percent of their wedding budget towards a perfect venue for their special day.

Even outside of wedding season, the estate can host family vacations, reunions, and corporate retreats, and more.

The town of Utopia is located 90 miles west of San Antonio and 350 miles southwest of Dallas.

More information about the property can be found at the Utopia River Retreat website, and more information about the listing can be found at Foster Farm and Ranch’s website.

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Dallas-Fort Worth booms as Texas' biggest market for $10 million homes sold in 2022

MOVE OVER, MCMANSION

As a market for homes for the ultra-rich, Dallas is strong and growing, according to a new report. The $10M+ National Luxury Report for 2022 from real estate brokerage Compass cites 11 local sales of over $10 million homes in 2022; the previous year, there had been 10 such big sales.

The report is for all sales in the area and based on MLS data.

Affluent areas in Dallas-Fort Worth have landed in several wealth reports lately, from the richest cities in Texas to the wealthiest cities in America.

In the Compass report, DFW holds the top spot in Texas for the $10 million-plus category of home sales, with $145.79 million in sales volume. Austin posted five sales worth a total of $55.95 million, and in Houston, just one home in this category sold last year.

So, how much did those uber-expensive homes go for? In Dallas-Fort Worth, the top listing-represented Compass Regional Sale was $20 million and the highest buyer-represented sale was $14.65 million. The average price of a sale in this category was $13.25 million in Dallas-Fort Worth and $11.19 million in Austin.

For a nationwide comparison, the top selling price was $56 million in Manhattan, $44.5 million in Greater Los Angeles, and $48.5 million in Palm Beach County, Florida.

Dallas-Fort Worth, Houston and Austin were the only areas included from Texas, and DFW easily bests its neighbors down south.

Two current high-profile listings over $10 million include a magnificent White Rock Lake mansion next to Dallas' famed "Mount Vernon," on the market for nearly $12 million; and a $20 million estate in Southlake that has gone viral on social media.

"Despite the weakening global economy, we expect the Dallas luxury market to remain strong in 2023," says a representative of Compass brokers Amy Detwiler & Michelle Wood. "Overall activity will likely normalize after the brisk volume seen during the previous two years, but limited inventory will keep the market in balance."

Is a strong luxury market a good thing for buyers or sellers? Inquiring minds can always consult with the 1 percent for the answer, but it's definitely good news for real estate brokers.

Photo by Austin Distel on Unsplash

Here's the income it takes to live among the top 1 percent in Texas

ISN'T THAT RICH

Wondering how "the other half lives" is so outdated, especially when we we can easily peek into what life is like for the "one percent." A new report from SmartAsset reveals how much money you'll need to be considered the top one percent in Texas.

With Southlake now the richest city in Texas in one study and Frisco named the third wealthiest in America in another report, it's obvious that the North Texas landscape is dotted with pockets of wealth. But how much do you actually need in your pocket to have a top one percent income?

In Texas, an annual income of $641,400 will land you at the top, while $258,400 only gets you to the top five percent.

To come up with those numbers, SmartAsset analyzed 2019 data from IRS tax units and adjusted the figures to 2022 dollars using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics.

For comparison, "the average American household earns a median income of under $70,000," according to the study. And per the latest figures from the U. S. Census Bureau, the median household income in Texas (in 2021 dollars) is $67,321. That leaves plenty of us with a long way to go in our financial striving.

So now we know how we compare to our neighbors, but where does that put the affluent population of Texas in comparison with other states?

For starters, Texas claimed the 10th highest income required to reach top income levels.

The one percent income threshold is hardest to meet in Connecticut ($955,000), Massachusetts ($900,000), New Jersey ($825,965), New York ($817,796), and California ($805,519). Only these five states have thresholds that exceed $800,00, and it's a pretty steep drop down to Texas ($641,400) in 10th place.

The five states where it's easiest to attain one percent status (even though that doesn't seem like good news) are Kentucky ($447,300), Arkansas ($446,276), New Mexico ($418,970), Mississippi ($383,128), and West Virginia ($374,712).

The SmartAsset report also included average tax rates for top earners in each state. There was surprisingly little variance in the top 10 states, with Washington state having the lowest rate (25.02%) and Connecticut collecting the highest tax rate (27.77%).

Texas was in the middle of the pack with a tax rate of 25.71% levied on top one percent incomes.

The 10 states with the highest earnings required to be a one-percenter and their tax rates are:

  1. Connecticut ($955.3K, Tax rate 27.77%)
  2. Massachusetts ($896.9K, Tax rate 26.4%)
  3. New Jersey ($826K, Tax rate 27.36%)
  4. New York ($817.8K, Tax rate 27.48%)
  5. California ($805.5K, Tax rate 26.78%)
  6. Washington ($736.1K, Tax rate 25.02%)
  7. Colorado ($682.9K, Tax rate 25.24%)
  8. Florida ($678.8K, Tax rate 25.23%)
  9. Illinois ($666.2K, Tax rate 26.23%)
  10. Texas ($641.4K, Tax rate 25.71%)
If you're on your way to being a top earner and want to do a deeper dive on those numbers, you can view the full report on the SmartAsset website.
Photo courtesy of Douglas Elliman

A peek inside the $20 million Southlake mansion going wild on social media

WALKING ON SUNSHINE LANE

One of the most expensive homes in Texas is on the market for $20 million in Southlake - and it's drawing more than a little attention on social media.

And, no wonder: The opulent 31,000-square-foot mansion, at 1469 Sunshine Ln., features such over-the-top amenities as a full-size basketball court, bowling alley, batting cage, movie theater, and "indoor glass-enclosed" trampoline.

The transitional Mediterranean estate hit the market in December for a whopping $19.99 million. A January 30 post on the Zillow Gone Wild Facebook page called it "the most Southlake, TX home we’ve ever seen," and made it instantly social media-famous. Thousands of people have chimed in to comment.

Seated on 3.6 acres and boasting 31,234 square feet, the home was built in 2016 and features - at first glance - all the "normal" nice things that a nice mansion has: seven bedrooms, six full bathrooms and four half-baths, an open floor plan, smart home technology, and plenty of natural light to experience Texas sunsets.

A wide-angle view of the transitional Mediterranean mansion at 1469 Sunshine Lane.

Photo courtesy of Douglas Elliman

The mansion at 1469 Sunshine Ln., Southlake, is on the market for $20 million.

Then the listing gets to the part about it being “an entertainer’s paradise,” and that's where things get wild. The home can accommodate multiple athletic activities, has designated yoga and beauty rooms, a spa, wine room, and nine attached garage spaces.

Other features include:

  • Chef’s kitchen
  • Elevator
  • Gym
  • Game room
  • Two guest suites with a private entry
  • Turfed backyard

Elsewhere on the grounds is the perfect solution to enduring the hot Texas summers – two climate-controlled saltwater pools and hot tubs with a hidden waterslide, jumping rock, and diving board. The outdoor space is completed by an enclosed heated terrace, outdoor living area, and kitchen.

Zillow Gone Wild commenters have, predictably, expressed their awe or disdain for the extravagant manse. One commenter said they could imagine fictional mafia boss Tony Soprano “walking down that driveway in his bathrobe to get the paper,” after looking through the listing’s photos.

“This is the first mansion where I’m like, yep. I’d buy this if I was rich,” another admirer said.

A more sarcastic commenter wrote, “I’m sorry, but only one lane for bowling? I’m out.”

Critics were quick to call out the home’s opulence while others in the state struggle with homelessness or financial stability. “This kind of wealth actually makes me sick to my stomach. There’s so much better that could’ve been done with all this money,” one critic commented.

Others focused on guessing who the mansion belonged to. Southlake, after all, is home to plenty of celebrities and professional athletes.

Some guesses landed on a former baseball player’s home. “Serious question, is this A-Rod’s former house? It looks familiar, and he did play for the Rangers,” asked a curious viewer.

Other commenters believed the home belonged to a former Los Angeles Lakers player, after witnessing the signature gold and purple colors decorating the walls of the basketball court.

While Douglas Elliman listing agent Breah Brown said the owners wish to remain private (one might imagine the security concerns when a house goes viral on social media), she revealed they constructed the home themselves and are behind all aspects of the design and customization.

As for the next owners ... they can brag that they live in one of the top 10 most expensive homes in Texas in the richest city in the state.

Photo courtesy of Aero

New private jet service Aero takes off to Aspen and Mexico from Dallas Love Field

Wheels up

A luxe, semi-private jet service called Aero is scheduled for takeoff from its new hub at Dallas Love Field starting this spring.

The Dallas hub will launch routes to Los Cabos, Mexico and Aspen, Colorado on April 21 and May 18, respectively.

The service already offers flights to those two locations plus Sun Valley, Idaho, with additional hubs at San Francisco International Airport, Van Nuys Airport, and Los Angeles International Airport.

One-way flights from Dallas will be available for purchase starting January 19, with rates starting at $1,000, according to a release.

At the Dallas hub, travelers will go through a private terminal to avoid check-in, long lines, and crowds. Instead of having to show up to the airport hours early like commercial flight travelers, Aero travelers are encouraged to arrive 20 to 30 minutes early and get to relax in a private lounge.

Aero CEO Uma Subramanian says the company looks forward to the addition of their new hub.

“We are excited to offer our guests more options to fly with Aero,” Subramanian says in the release. “We will continue to provide our guests with an unparalleled way to travel and we look forward to sharing the Aero experience with Texans.”

The company boasts an “exceptional” traveler experience. Their concierge team offers personalized attention to each passenger and will go so far as to book you a driver to or from the airport or make sure your favorite drink is available on board.

The Aero jet fleet consists of custom Embraer ERJ-135 jets with 16 premium, all aisle and window seats. The company also flies two Legacy 600 business-style jets that seat 10 to 13 travelers each.

Inside each jet, guests will enjoy “modern luxury” with hand-stitched Italian leather seats, state-of-the-art lighting and a custom sound system, they tout.

Guest safety is a “number one priority” for the company, they say. With contactless check-in and crowd-free lounges, Aero keeps touch points to a minimum for both pilots and passengers. Each jet undergoes a sanitation process before and after every flight, according to the press release.

Travelers interested in booking an Aero flight can visit the company’s website.

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Busy Dallas rock venue Amplified Live to close at end of month

Closure News

A Dallas live music venue is shutting down: Amplified Live, which has been one of the city's most popular venues for live rock music shows for the past decade, is closing its doors.

According to a staffer, it'll close down at the end of March, with the final show on March 31, featuring Exciter and Night Cobra.

The venue is closing because the building, at 10261 Technology Blvd., has been sold, and will remain a live music venue but will no longer host rock shows.

As a mid-sized stage with a capacity for 1,200, Amplified Live filled a valuable niche, by hosting major touring acts larger than clubs but smaller than arenas.

It represents a loss to the local live music scene, an increasingly shrinking realm, and did not close for lack of business, with many shows selling out (and some, such as a recent show starring WASP, so packed that it was shut down by fire marshals).

The venue opened in 2021, in the former Gas Monkey Bar & Grill space in Northwest Dallas, which had been there since 2013, following the departure of former co-founder Richard Rawlings. (Rawlings is currently working on opening two new venues, one in the Mercer Boardwalk development and another restaurant, bar, and entertainment destination in Lewisville.)

Armed with a renovated interior, improved audio system, and new menu, Amplified Live picked up where Gas Monkey had left off, hosting metal and heavy bands such as Murder Junkies, Cold, and Suicide Commando -- popular bands for whom live stage options are slim.

It also had unique assets including having an outdoor stage, which became especially valuable during COVID-19, but off the beaten path and therefore not subject to ordinances for sound or having to be done by a certain time.

Employees began to hint that change was in the air in mid-March, and some acts such as Ville Valo, who were scheduled to play at the venue on April 25, were informed in mid-March that their shows were being relocated to other venues. In their case, the show was moved to House of Blues, although other acts will be moved to the Granada.

This is how much money you need to live comfortably in Dallas-Fort Worth, new study finds

Money wise

Inflation is high, interest rates are skyrocketing, and honestly, just existing is expensive. Whether it be the price of eggs or a new car, trying to have a financially stable life in one of America’s largest metropolitan areas is becoming more and more difficult.

So, how much money do you need to make to live comfortably in Dallas-Fort Worth? Approximately $64,742 a year post-tax, according to a new study by financial tech company SmartAsset.

That’s an $11,000-plus increase from their previous annual report, where Dallas-Fort Worth residents only needed to make $53,680 a year post-tax to live comfortably in the area.

Their experts collected data from MIT’s Living Wage Calculator to determine the cost of living for a childless individual in the 25 largest American metro areas. They also used the 50/30/20 budgeting strategy to figure out what a “comfortable lifestyle” meant for the purpose of their study: 50 percent of their income goes to a person’s needs/living expenses, 30 percent to a person’s wants, and 20 percent for their savings or paying down debt.

To live a financially stable life, a childless Dallas-Fort Worth individual would need to spend $32,371 of their salary on their living expenses, $19,423 for discretionary expenses, and put $12,948 toward their savings or debt payments.

Considering rent has increased up to 15 percent since 2022 in some Dallas suburbs, that might be a tighter squeeze for some. And if you aren't a man, the Dallas-Fort Worth gender pay gap also plays a factor.

Susannah Snider, SmartAsset’s managing editor of financial education, says in the study that budgeting should be the “bedrock of many people’s financial plans.”

“And it’s especially essential to understand and track your spending when the cost of everyday items is rising,” said Snider. “Being able to stick to a 50/30/20 budget means you have enough to fund short- and long-term goals while paying for essential living expenses.”

To live comfortably in the largest metro areas in the United States, on average, an individual would need to make $68,499 a year after taxes, which is a 20 percent increase from 2022.

In other Texas metro areas, like Houston and San Antonio, a person would need to make $62,260 and $59,270 a year post-tax.

The full study and its methodology can be found on smartasset.com.

John Mayer goes acoustic for latest tour with stop in Dallas

Concert news

Singer/guitarist John Mayer will show off both skills during the fall leg of his 2023 solo acoustic tour, which will come to Dallas' American Airlines Center on Saturday, October 28.

Mayer's tour is currently in the middle of a spring leg, with dates continuing through April 14. The fall leg will include 17 more stops, starting on October 3 in New York City. Along with the Dallas date, Mayer will also play in Houston on October 30 and Austin on November 1.

The tour features solo performances by Mayer, leaning heavily on his acoustic guitar work with special performances on piano and electric guitar.

Mayer is now in his third decade of performing, releasing seven solo albums since his debut in 2001, most recently 2021's Sob Rock. The seven-time Grammy winner is known for hits like "Your Body is a Wonderland," "Daughters," "Gravity," and more.

He's also a member of the Grateful Dead continuation band, Dead & Company, which will play at Dos Equis Pavilion on May 26 as part of its final tour.

Tickets for the fall leg of the tour go on sale starting on Friday, March 31 at 9 am at Johnmayer.com. Presales start on Wednesday, March 29 at 9 am and run through Thursday, March 30 at 10 pm. Fans can sign up to receive a unique code to access presale tickets via seated at Johnmayer.com. A limited number of VIP packages will be available including premium tickets, exclusive merchandise, and more.

Two pairs of front-row tickets will be auctioned off for each show on the tour through charityauctionstoday.com. All proceeds from the ticket auctions will go to the Back To You Fund, which has supported many charities, including John’s Heart & Armor Foundation, as well as programs supporting at-risk youth and the homeless.

JOHN MAYER FALL 2023 TOUR DATES

  • Oct 3, 2023 - New York, NY, Madison Square Garden
  • Oct 6, 2023 - Boston, MA, TD Garden
  • Oct 7, 2023 - Philadelphia, PA, Wells Fargo Center
  • Oct 11, 2023 - Nashville, TN, Bridgestone Arena
  • Oct 13, 2023 - Tampa, FL, Amalie Arena
  • Oct 17, 2023 - Indianapolis, IN, Gainbridge Fieldhouse
  • Oct 18, 2023 - Chicago, IL, United Center
  • Oct 20, 2023 - Baltimore, MD, CFG Bank Arena
  • Oct 21, 2023 - Belmont Park, NY, UBS Arena
  • Oct 23, 2023 - Charlotte, NC, Spectrum Center
  • Oct 25, 2023 - Atlanta, GA, State Farm Arena
  • Oct 28, 2023 - Dallas, TX, American Airlines Center
  • Oct 30, 2023 - Houston, TX, Toyota Center
  • Nov 1, 2023 - Austin, TX, Moody Center
  • Nov 5, 2023 - Salt Lake City, UT Vivint Arena
  • Nov 7, 2023 - San Francisco, CA, Chase Center
  • Nov 10, 2023 - Los Angeles, CA, Kia Forum
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