Variety of factors keep luxury prices stable
Jennifer Browning Shemwell
CEO – Phyllis Browning Co.
What separates your company from other players in the market?
What we do well is help businesses move their teams here. We don't just sell people homes; we
connect them with key relationships. We take the stress out of moving and we take care of the
entire team. I think that we're the very best at helping people get to know the city quickly and
narrow down the right neighborhood for them.
With the current economic climate, has that affected the demand for luxury properties?
Starting from the end of 2020 all through 2021 and most of 2022 we saw the demand for luxury homes
greatly increase because more people were living in them. We saw some people choose to have their
parents move in with them. Other people had their adult kids move home, and then there were those
working from home. When you think about luxury homes, they have amenities like swimming pools and
beautiful backyards, outdoor kitchens and large inside kitchens. People were traveling less for a
while and spending more and more time in their homes. They were cooking more, entertaining more,
and enjoying their backyards. This created a huge demand for luxury homes, so what does that mean
for 2023? We have a shortage in the supply of luxury homes. The shortage combined with people
moving here from other markets is putting high demands on the luxury market. These factors have
caused the prices to remain stable.
What's the biggest challenge that you're facing as a company?
We made a commitment when we founded our company
to be the very best real estate company in the markets that we serve. We treat people with
integrity, professionalism, and provide exceptional service. We are also committed to staying on
the cutting edge. In doing so, you have to be the first to pick up on a new technology or a new
trend. That means you're constantly reinventing yourself. It’s been challenging but the challenge
makes me excited to get up every morning because there's never a dull moment.
Why is San Antonio a good place for the real estate sector?
There's no place like Texas and especially no place like San Antonio. There were many years that I
felt that San Antonio was in the shadow of Houston, Dallas, or Austin because they had other
things. Now I feel that more than ever 2023 is the year for San Antonio to shine.
We have this tremendous culture and heritage here with our many cultures that settled in San
Antonio. We have our German heritage Downtown in the King William neighborhood. There are so many
influences from Spain and Mexico and other European countries, adding that unique Spanish flair to
our architecture that makes San Antonio a little different looking. It makes people want to live
here because we're culturally rich and celebrate wonderful traditions like Fiesta. It's also easy
to get around here. You don't have to spend an hour getting across town. We've had on average a 6%
population growth since 2016 and last year we had about a 9% increase. We have a fantastic group
that is developing and attracting new corporations to come here, and we are adding jobs. So, the
fact is that we're growing our population and we're