The Dallas Land Boom Isn’t Over

If you’ve never really believed that Dallas is the Land of Golden Opportunity, you might be heartened (or thoroughly depressed) by the story of David Davidson.

About a year ago. Davidson, age 33, decided to become an independent real estate broker. Last December, he became involved in the negotiation of a routine land sale: a little-known Canadian company. United Management Ltd. of Calgary, bought 150 acres of land in Piano for $1.8 million- a substantial, but not monumental, sum. During the few weeks that it took Davidson to close the deal, he did a little additional probing into the background of United Management and. his eyes growing wider by the day. came to realize that he had stumbled onto one of the wealthiest groups of investors ever to set foot in Dallas.

So after he closed the deal. Davidson asked if they’d like to see any other Dallas properties. Yes. they said, indeed they would. Among the deals that Davidson suggested was one for a tract of 2.500 acres of prime residential property in Piano. The Canadians were interested. Davidson was ecstatic. However, the land was owned by First National Bank through a foreclosure following the bankruptcy of Danny Robinowitz, once one of Dallas’ biggest real estate investors. Davidson checked with First National, but was told he would have to wait until the current option expired. Come back in a week, the bankers said, and then we can talk. After a long and anxious seven days, Davidson inquired again; the land was still available. He went to work.

In mid-January, representatives from First National and the Canadian group shook hands, under the watchful smile of David Davidson. The price: $27.5 million. Only one year after entering the real estate biz on his own. Davidson pocketed over half a million dollars, one of the largest broker’s commissions in the history of Dallas real estate.