from the Dallas Business Journal:
Dallas home prices are down 5 percent when comparing April home price levels to the levels experienced during the same month of 2008, but the city’s home prices have suffered the least in the nation when compared with other U.S. cities, according to data provided in the latest Standard & Poor’s S&P/Case-Shiller Home Price Indices.
Dallas home prices are down 9.6 percent in April 2009 from peak levels reached in June 2007. But the city has suffered the least when considering home prices in cities like Phoenix are down 54.1 percent.
From March to April, Dallas home price levels lifted 1.7 percent, following an overall trend of residential real estate price declines slowing in April. (end)
FRIENDS--rates are still low AND home prices are low. Inflation is on the way, and rates are going to increase. Every family's situation is unique, but it's time to hop down off of the fence and start looking if you're thinking of a move to a new home in the near term.
Tuesday, June 30, 2009
Monday, June 22, 2009
Congratulations to Highland Park ISD!
Released by the HPISD administration:
Highland ParkHigh School is listed this month among the top high schools in the nation by Newsweek magazine. Newsweek includes HPHS, ranked number 23, for its students' participation on Advanced Placement exams.
This is the sixth yearHighland Park Texas
Newsweek's article, "America's Best High Schools," compiled a listing of 1,500 high schools, with public schools ranked according to a ratio that divides the number of Advanced Placement, International Baccalaureate or Cambridge tests taken schoolwide by the number of graduating seniors in the school.
Using that ratio,Highland Park
Highland Park
This is the sixth year
Newsweek's article, "America's Best High Schools," compiled a listing of 1,500 high schools, with public schools ranked according to a ratio that divides the number of Advanced Placement, International Baccalaureate or Cambridge tests taken schoolwide by the number of graduating seniors in the school.
Using that ratio,
Wednesday, June 17, 2009
Jumbo Financing...what's up with that?
The news media seems to be turning around and speaking positively about our economic rebound and an upswing in the real estate market nationally. Business Insider (http://www.businessinsider.com/) has an interesting article today about the state of the Jumbo financing market and its subsequent effect on luxury home sales and prices.
To make a generalization, tougher underwriting together with a bearish secondary market for Jumbo loan portfolios has resulted in higher rates for Jumbo ($417,001 to $729,000) and Super Jumbo ($729,001+) borrowers.
What is this doing to the luxury real estate market? Looking at the statistics, the news media is reporting correctly about the real estate turnaround. The government has intervened on the conforming level, and rates are superb. Inventories are falling and prices are rebounding in the lower price brackets, which account for 90% of all residential loans. In the upper brackets, which account for 10% of all residential loans and 30% of loan volume, sales are slow and inventories remain high due to the much discussed lack of Jumbo mortgage funding.
The National Association of Realtors has asked the government to intervene at the Jumbo level as it has at lower levels, but there is little interest in doing so. Joe Weisenthal of Business Insider summed it up very well by saying that the Jumbo market is the only "real" market we have to watch as it has been untouched by government hands. Economists may view that as a positive--but until the Jumbo market makes a turn for the better, inventories will remain high, prices will be low, sellers will be frustrated and buyers will be jubilant (or wringing their hands, depending on their financing options).
Better news--perhaps even "good" news: BUYERS WITH GOOD CREDIT CAN STILL GET AN EXCELLENT RATE ON A JUMBO/SUPER JUMBO LOAN. They just have to shop around. Remember--for the most part, these loans are not subject to government intervention--they are pure market products. There are several banks and brokers right here in Dallas who have access to competitive loan products for this category of financing. The qualifications are a little tighter, the percentage downpayment is somewhat higher (now 20% to 25% is to be expected at a minimum), but the money is there--it's just not "in your face" like it was 2 years ago, and you'll have to buy your own toaster.
Have a chat with these providers:
-Richard Woodward at Envoy Mortgage Pros: 972.661.5136
-Richard Allen at Bank of Texas: 214.346.3978
-Joel Dyke at SMI Lending: 214.295.2928
-Gary Eberhart at NexBank: 972.934.9712
-Gina Jackson, Cornerstone Mortgage: http://www.ginajackson.com/
A little research can result in a great real estate opportunity here at the bottom (or close to it) of the luxury market.
To make a generalization, tougher underwriting together with a bearish secondary market for Jumbo loan portfolios has resulted in higher rates for Jumbo ($417,001 to $729,000) and Super Jumbo ($729,001+) borrowers.
What is this doing to the luxury real estate market? Looking at the statistics, the news media is reporting correctly about the real estate turnaround. The government has intervened on the conforming level, and rates are superb. Inventories are falling and prices are rebounding in the lower price brackets, which account for 90% of all residential loans. In the upper brackets, which account for 10% of all residential loans and 30% of loan volume, sales are slow and inventories remain high due to the much discussed lack of Jumbo mortgage funding.
The National Association of Realtors has asked the government to intervene at the Jumbo level as it has at lower levels, but there is little interest in doing so. Joe Weisenthal of Business Insider summed it up very well by saying that the Jumbo market is the only "real" market we have to watch as it has been untouched by government hands. Economists may view that as a positive--but until the Jumbo market makes a turn for the better, inventories will remain high, prices will be low, sellers will be frustrated and buyers will be jubilant (or wringing their hands, depending on their financing options).
Better news--perhaps even "good" news: BUYERS WITH GOOD CREDIT CAN STILL GET AN EXCELLENT RATE ON A JUMBO/SUPER JUMBO LOAN. They just have to shop around. Remember--for the most part, these loans are not subject to government intervention--they are pure market products. There are several banks and brokers right here in Dallas who have access to competitive loan products for this category of financing. The qualifications are a little tighter, the percentage downpayment is somewhat higher (now 20% to 25% is to be expected at a minimum), but the money is there--it's just not "in your face" like it was 2 years ago, and you'll have to buy your own toaster.
Have a chat with these providers:
-Richard Woodward at Envoy Mortgage Pros: 972.661.5136
-Richard Allen at Bank of Texas: 214.346.3978
-Joel Dyke at SMI Lending: 214.295.2928
-Gary Eberhart at NexBank: 972.934.9712
-Gina Jackson, Cornerstone Mortgage: http://www.ginajackson.com/
A little research can result in a great real estate opportunity here at the bottom (or close to it) of the luxury market.
Thursday, June 4, 2009
Quick Tip for Protesting Property Taxes
Call or email your Realtor and schedule a few minutes to practice your protest. Set a time that gives your Realtor a chance to analyze the most recent comparables in your area beforehand. Get together in person or over the phone and go over your argument, your supporting evidence and your delivery. Realtors defend and contest value every day; a quick study session with a trusted agent can produce great results for you at DCAD.
**If you have 2 hours, you can do it. You don't have to pay somebody to do it for you!
**If you have 2 hours, you can do it. You don't have to pay somebody to do it for you!
Wednesday, June 3, 2009
Shop Preston Hollow for Great Buys
For prospective buyers shopping new construction in Preston Hollow, the world is your oyster. Comparing listing and closing activity so far this year to the same period last year, it's evident that the buyer's market continues in 75230.
Consider these facts, weeded out of MLS by yours truly:
While 16 new construction homes between $1 million and $1.8 million sold in the first half of 2008, only 5 have sold in the same time period in 2009. That's a 68.7% decrease in sales volume for an historically popular bracket in Preston Hollow.
The average sold price per square foot has dropped an average of $20, with list price per square foot hovering around last years sold price levels.
There are 29 new construction homes active on the market in Preston Hollow (75230). Most have been on the market for 6 months +. Based on area sales volume in 2008, that amounts to 3 properties shy of 2 years of inventory. The selection is amazing, representing every architectural style.
While the average new construction property in the area brought 98% of list price in the first half of 2008, buyers of the 5 properties that have sold in the same period this year have negotiated to an average of just 94.37% of list price.
Preston Hollow is "on sale for a limited time". Housing starts are way down in this bracket, and with the improving economic outlook, the 29 properties available now will shrink steadily over the coming months. Lower inventories will drive higher prices.
Buyers waiting for the market to "bottom out" should consider if the wait is riskier than the grab. Certainty can never go further than today.
Consider these facts, weeded out of MLS by yours truly:
While 16 new construction homes between $1 million and $1.8 million sold in the first half of 2008, only 5 have sold in the same time period in 2009. That's a 68.7% decrease in sales volume for an historically popular bracket in Preston Hollow.
The average sold price per square foot has dropped an average of $20, with list price per square foot hovering around last years sold price levels.
There are 29 new construction homes active on the market in Preston Hollow (75230). Most have been on the market for 6 months +. Based on area sales volume in 2008, that amounts to 3 properties shy of 2 years of inventory. The selection is amazing, representing every architectural style.
While the average new construction property in the area brought 98% of list price in the first half of 2008, buyers of the 5 properties that have sold in the same period this year have negotiated to an average of just 94.37% of list price.
Preston Hollow is "on sale for a limited time". Housing starts are way down in this bracket, and with the improving economic outlook, the 29 properties available now will shrink steadily over the coming months. Lower inventories will drive higher prices.
Buyers waiting for the market to "bottom out" should consider if the wait is riskier than the grab. Certainty can never go further than today.
Tuesday, June 2, 2009
Park Cities Market Statistics for 6/2/09
Today in the Highland Park ISD, covering University Park and Highland Park, there are:
490 properties that are Active on the market.
14 properties that are under Option Contract.
25 properties that are Pending, and
99 properties that have sold since 1/1/09.
STATISTICS:
ACTIVE LISTINGS:
Lowest Price: $385,000
Highest Price: $17,900,000
Average list price: $1,935,437 ($417 per square foot).
Average days on the market so far: 119
Average square footage: 4,634
PENDING LISTINGS:
Lowest Price: $535,000
Highest Price: $3,900,000
Average list price: $1,267,520 ($318 per square foot)
Average days on the market: 92
Average square footage: 3,978
SOLD LISTINGS:
Lowest Price: $299,000
Highest Price: $1,284,414 ($320 per square foot)
Average List Price: $1,343,988
Average days on the market: 122
Average square footage: 4,010
490 properties that are Active on the market.
14 properties that are under Option Contract.
25 properties that are Pending, and
99 properties that have sold since 1/1/09.
STATISTICS:
ACTIVE LISTINGS:
Lowest Price: $385,000
Highest Price: $17,900,000
Average list price: $1,935,437 ($417 per square foot).
Average days on the market so far: 119
Average square footage: 4,634
PENDING LISTINGS:
Lowest Price: $535,000
Highest Price: $3,900,000
Average list price: $1,267,520 ($318 per square foot)
Average days on the market: 92
Average square footage: 3,978
SOLD LISTINGS:
Lowest Price: $299,000
Highest Price: $1,284,414 ($320 per square foot)
Average List Price: $1,343,988
Average days on the market: 122
Average square footage: 4,010
Monday, June 1, 2009
Here Goes....
Some people sing in the shower. I think about real estate. Most recently, I've been thinking about starting a Blog. Like any modern day anachronism, however, I have feared being technically incompetent. I am surprised to learn that the technical aspects of the blog are as plain and simple as the term itself. I now am left to regret not creating a blog much sooner.
My plan for this blog is to discuss luxury real estate in Dallas. Since it's my blog, you'll see my listings, both active and sold, and upcoming listings in the right margin. You'll see other listings too, however, as I plan to discuss those that I think are exceptional in value, uniqueness and quality.
As good economic updates are released, I'll link or post them here along with relevant news and helpful resources for buyers, sellers and even tire kickers--the latter of which I support whole heartedly as I'd never throw stones in my glass house.
So here goes. I hope I will be fun to read and, most of all, informative and worth your time.
My plan for this blog is to discuss luxury real estate in Dallas. Since it's my blog, you'll see my listings, both active and sold, and upcoming listings in the right margin. You'll see other listings too, however, as I plan to discuss those that I think are exceptional in value, uniqueness and quality.
As good economic updates are released, I'll link or post them here along with relevant news and helpful resources for buyers, sellers and even tire kickers--the latter of which I support whole heartedly as I'd never throw stones in my glass house.
So here goes. I hope I will be fun to read and, most of all, informative and worth your time.
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