The Real Estate Angle of Taylor Rehmet’s Upset

8 February 2026

It’s a few hurdles away from being a real estate story, but Taylor Rehmet’s decisive defeat of Trump-backed state senate candidate Leigh Wambsganss in deep red Tarrant County is making serious waves.

The fact that Rehmet had a chance to win the Jan. 31 runoff for state senator in a district Trump carried by 17 points in 2024 earned the race a Jan. 29 profile in The New York Times. When Rehmet, an Air Force vet and Lockheed Martin aircraft mechanic and union leader, won by a 14-point margin, everyone was talking about Fort Worth, with Democrats around the country looking to the race as a possible bellwether and Republicans taking the contest as a warning.

Before anyone gets too riled up, it must be noted that the results are somewhat temporary. Rehmet and Wambsganss will face off again in November for a chance to represent the district for a full four-year term. Since the Texas legislature meets every other year, with its most recent session in 2025, a different outcome in November would mean Rehmet never casts a vote.

The whole saga puts Miriam Adelson in somewhat of an awkward position.

The billionaire boss of casino empire Las Vegas Sands has spent multiple years and millions of dollars lobbying to get casino gambling legalized in Texas so Sands can build a casino-anchored arena district for the Dallas Mavericks, which Adelson purchased in 2023.

So, when Wambsganss echoed the anti-casino sentiment of Lt. Gov. Dan Patrick, Sands backed her Republican challenger Jon Huffman — to the tune of $3.5 million in the original Nov. 2025 election to fill the seat Kelly Hancock vacated.

Meanwhile, Rehmet has signaled he’s open to expanding gambling if it brings “good union-paying jobs.” Adelson supports Trump to the extent that she’s pushing him to run for a third term in 2028, but she’s not above donating to Democrats; she’s donated handsomely to Democratic darling and U.S. Senate candidate James Talarico.

Historic homes in teardown-happy Texas

In a state where buyers prefer to start over when getting a new house, historic homes are rare and often overlooked. But, in today’s softening luxury market, these old manses have proven to hold their value. For example, the state’s most expensive listing is for a historic home. Dallas’ Crespi Estate, at 5619 Walnut Hill Lane, is asking $64 million. The house was built in 1938.

Troubled CRE debt tops $800M

February marks the third month in a row that troubled CRE debt tied to Texas Triangle properties topped $800 million. The round of foreclosure notices that went out last month included bad news for Dallas’ beleaguered urban core. Starwood foreclosed on The National, Todd Interests’ mammoth mixed-use conversion project and one of the largest urban restoration projects in the country. Shawn Todd’s firm spent $460 million carving the project out of the long-vacant former First National Bank Tower.

Camden’s CA exit

Camden Property Trust’s love affair with Texas started when founder Richard Campo moved from Southern California to Houston in 1976. By listing its $1.5 billion California apartment portfolio, Camden has signaled that it might be planning to leave the state altogether. The trust quietly listed 11 properties and is marketing the assets through JLL, Bisnow reported. The portfolio spans roughly 3,600 units split between Los Angeles-Orange County and the San Diego-Inland Empire region, according to Piper Sandler.

Texas’ buyer friendliness

The pandemic-era housing boom is in the rearview mirror, but it’s not clear whether we’re reverting to pre-pandemic conditions or facing a significant downturn. In Texas, 75 percent of homes sold for below asking price in major cities, establishing it as a buyer-friendly state, with Austin leading at 82 percent and followed by Dallas (79.4 percent), Houston (78 percent) and Fort Worth (74 percent).