Wednesday, January 20, 2010

The Allmanac
What’s Real in Real Estate



Economists at the Dallas Federal Reserve Bank say there are signals that the worst is over for the DFWhousing market. Next year looks better for builders and buyers. The decline in existing North Texas home prices has all but stopped. Median prices are actually rising. The number of homes for sale in North Texas has fallen to the lowest level in more than two years. National analysts agree that Texas is poised to see home sector gains in 2010.
Home starts in the DFW area rose by 10% in the fourth quarter, the first increase since 2006. The DFWarea has only about a three month supply of finished vacant new houses, less than half the national average. A supply of slightly under six months is considered balanced. The top economist for the National Association of Homebuilders said home starts in Texas are already 30% higher than a year ago.
December’s 1% decline in home resales for the DFW area followed a 31% increase in November. But condominium sales were up 31%from a year ago. In far north Dallas, December sales jumped 54% from a year ago, while home sales were up 56% in the Park Cities, 55% in Coppell and 48% in Colleyville.
North Texas is fifth among major U.S. markets in delinquent loans tied to commercial mortgage-backed securities -totaling $1.45 billion, including the Four Seasons Resort in Irving which has declared bankruptcy. And the 52 story Elm Place at 1401 Elm Street in downtown Dallas, formerly the First National Bank, is closing its doors. When it opened more than 40 years ago, it was the tallest building west of the Mississippi River. Foreclosures in the four county DFW area are actually down 20% from last month, the lowest for this time period in three years.

The National Association of Realtors says the current home
sales pace is 44% higher than a year ago, including detached
single family homes, townhouses, and condominiums. And
sales are up in every region of the country. For the second
month in a row, sales totals are higher in all price classes.
Unsold inventories of houses are down 16% froma year ago.


Investors are becoming active. Denver-based Dividend Capital Realty Trust has bought the 147,000 square foot Preston Sherry Plaza and the 177,000 square foot Park Place on Turtle Creek, two of the largest transactions of the year. The University of Michigan’s bellwethers survey reports consumer confidence went up 7.5% in December, affirmed also by a survey from the Conference Board. Even a pessimist has to admit that 2010 looks more positive for real estate than last year at this same time. Both the Dow Jones Industrial Average and the S&P 500 posted their best performances since 2003, with gains of 18% and 23% respectively. Notable is the rally from the dark and fearful days in March - the Dow and S&P have surged by 59% and 65%.

FannieMae’s forecast for 2010 suggests that sales of existing homes may jump another 10% over 2009 and new home sales could go 26% higher. The Treasury Department has said it is committed to Fannie Mae and Freddie Mac with as many billions of dollars
as necessary for the next three years - no limit. The two institutions provide funding for up to 60% of the U.S. mortgage market and can now borrow capital at favorable rates, hopefully to pass along lower rates to borrowers. In a recent policy change, FannieMae said it will now accept purchase offers for REO homes immediately after listing, without notifying lenders or mortgage servicers whose loan files are under review. Under its previous policy, fifteen days notice was given to find a better offer - but their inventory was moving too slowly. Bottom line for buyers and agents - look for earlier access to REO properties and quicker decisions on purchase offers. Changes in RESPA effective January 1 require lenders to fully disclose all closing costs including cost of obtaining a loan, title insurance, settlement and any other services within three days after a buyer applies for a mortgage. Both the GFE and HUD-1 Settlement statement have been revised. Economists caution that the trend in employment is improving, but meaningful job growth will take a long time. Health care has actually added 631,000 jobs since the recession began and is now the second largest source of employment in the U.S. The federal government is #1. One consideration of the proposed healthcare reform is that, if it succeeds, the government will directly or indirectly influence 30% on our entire workforce. Extension of the homebuyer tax creditmight also prompt parents to look at student housing. Some loan programs allow a “non-occupant” co-borrower.

Most common is an FHA loan:
• Allows non-occupant co-borrower (on loan or title) or co-signer (on loan but not title)
• Minimum downpayment 3.5%
• Qualification based on combined income and debts of borrower and co-borrower
• Co-borrower may not have an interest in the transaction (seller, builder, agent).
• IRS says a child first time borrower is entitled to the tax credit even if a parent co-signs the loan.
www.alliebethallman.com
The Premier Firm in Residential Real Estate &ASSOCIATES
The


University Park has modified requirements for fence construction and trash insets:
• In rear, side and front yards, fence heights may now reach eight feet.
• Minimum size of a trash inset has been changed from three feet deep by eight feet in length to
three feet deep by five feet in length.
Another constant issue for University Park residents is foliage trimming:
• Limbs, shrubs, foliage must be trimmed flush with sidewalk edges and cut to provide eight feet
minimum clearance above sidewalks.
• For alleys, clearance is a minimum fourteen feet above curb line and fifteen feet above alleys.
No vegetation over eight inches high is permitted within one foot of alley pavement

Thursday, October 29, 2009

Reminder: Daylight Savings is THIS Sunday, November 1. Set clocks back one hour.

Here is the latest on Tax Credit

Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.
The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting.

Many property experts have cited the credit as a reason for signs of recovery in the housing market in recent months. But that recovery was somewhat undercut by the September drop in new-home sales reported Wednesday.

The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.

While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor. Senate Majority Leader Harry Reid (D., Nev.) hopes to add it to a bill currently on the Senate floor to extend federal unemployment insurance benefits. But agreement on that hasn't been finalized.

While Senate Republicans are likely to support the measure, House Democrats have raised concerns that it carries a high cost to the government. The Internal Revenue Service is examining the program for alleged abuse.

Write to Corey Boles at corey.boles@dowjones.com and John D. McKinnon at john.mckinnon@wsj.com

Printed in The Wall Street Journal, page A4 Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved

Thank you to Dean Miller, Vice President Mortgage Banking, Patriot Bank Mortgage in Dallas for this up to the minute information.
5430 LBJ Freeway #1485
Dallas, TX 75240972-770-2636 Office
214-725-9925 Cell
972-770-2639 Fax
dmiller@patriotbankusa.com

Wednesday, October 28, 2009

Existing Home Sales Surge

There were few major surprises in the economic news this week, and little change in the stock market. While there was a great deal of daily volatility, mortgage rates ended the week nearly unchanged.
A flood of housing market data was released during the week, and most of it reflected improvement in the sector. The biggest unexpected news came from the September Existing Home Sales report, which jumped 9% from August to the highest level since July 2007. Inventories of unsold existing homes dropped sharply to a 7.8-month supply from a 9.3-month supply in August. This marked the lowest inventory levels in two and one-half years. September Housing Starts remained at depressed levels, which removes pressure on future inventory levels. Building Permits, a leading indicator, also held at low levels. In short, home sales improved, while inventory levels moved lower with a relatively light supply of new homes in coming months. If there is a note of caution, though, it's that much of the activity has been spurred by exceptionally low mortgage rates and the first-time homebuyer tax credit, and the future is uncertain on both fronts. The Fed is scaling back its purchases of mortgage-backed securities, which might push mortgage rates gradually higher, and lawmakers are currently debating whether to extend the first-time homebuyer tax credit.
The Mortgage Bankers Association (MBA) also released its forecasts for this year and next. According to the MBA projections, purchase originations will decline slightly in 2009, but will then increase by 12% in 2010. Similarly, the MBA forecasts that existing home sales will rise by 11% in 2010. The chief economist of the MBA suggested that the timing of the economic recovery and the level of mortgage rates are the biggest variables influencing the results for 2010.

Tuesday, October 27, 2009

Early Voting Ends Friday...GO VOTE

Attached is the guide that will tell you EVERYTHING that you will be voting on. This is a BIG election and will impact the TEXAS CONSTITUTION! Big Deal! Please go vote and make sure your friends & family vote, too!!

PS - Be careful because this vote has a few items where no means yes and yes means no.

"We encourage all Texans to participate in the constitutional election of November 3. Early voting beings Monday, with 11 propositions for voters to consider.

The propositions cover a range of issues, including curbing eminent domain abuse and controlling Texas' property tax appraisal system. Other propositions fix errors that have crept into the constitution, allow for new debt, or provide the legislature with the authority to spend money."

I attached a League of Women Voters voting guide for your reference.

Here are two links that provide additional information about the proposed amendments

Monday, October 26, 2009

Texas Homeowners: Important to vote on Nov. 3rd!

On November 3rd, there will be Propositions 2, and 3 allowing the State of Texas to start taxing Residential Homeowners. So if you own a home, and these laws are passed, you will pay additional taxes to the State and not just the COUNTY on an assessed value.

At the bottom of this announcement there is a link to the Listings of the Propositions that are up for election in November

If you Do NOT want additional property taxation PLEASE VOTE "NO" to Prop. 2 and 3 (HJR 36).

Proposition 2: The proposed amendment would appear on the ballot as follows: "The constitutional amendment authorizing the legislature to provide for the ad valor em taxation of a residence homestead solely on
the basis of the property's value as a residence homestead".

Proposition 3: The proposed amendment would appear on the ballot as follows: The constitutional amendment providing the uniform standards and procedures for the appraisal of property for ad valor em tax purposes".

If you have not read the rest of the 11 Propositions, here is the link:

http://www.sos.state.tx.us/elections/voter/2009novballotexp.shtml

Friday, October 23, 2009

The Dallas Arts District is AMAZING!

...So I went to the Dallas Arts District for the Grand Opening of the Performing Arts and the festivities did not disappoint! This 68 acre, 19-block neighborhood in the heart of our city has brought to fruition the true vision of the Arts District. I was blown away and so impressed by the scope of this project. DO NOT miss exploring this area. It is easy to navigate and there are plenty of parking lots and garages. Visit TheDallasArtsDistrict.org for more details.

...and there's more excitement on the horizon! The 5.2 actre "deck park" is underway over the Woodall Rodgers Freeway, connecting the Arts District and Downtown with Uptown and Victory Park. It will be one of the country's most unique public spaces, featuring a playground, children's garden, dog park, botanical garden, water elements,picnic area, restaurants,parking and more.

For more information, visit TheParkDallas.org

Monday, October 12, 2009

Dallas Arts District Opening Events this week!

One Arts Plaza will host a free event open to the public on Sunday, October 18, 2009 - the famous Hunter Sullivan and his acclaimed 14-piece jazz band will be performing live in the plaza beginning at 6 p.m. That day the One Arts Plaza promenade will be closed for pedestrian-only traffic. In addition, each of the five unique One Arts Plaza restaurants will be open for Hunter Sullivan fans and restaurant goers alike. The weekend’s festivities will culminate with a spectacular fireworks show at 7:45 p.m. Admission is free and open to the public.

Tuesday, September 15, 2009

One for Austin...and Dallas! D-FW economic, housing markets among top in U.S.

The Dallas/Ft. Worth area has one of the stongest economic and housing markets in the country, according to a just-released analysis.
D-FW ranked fourth in a second-quarter economic comparison of 100 U.S. cities that was released Tuesday by the Brookings Institution. Austin was at the head of the list of cities with the strongest performing economies.
And D-FW ranked third among markets with the best home prcie performace, the study found.
Local home prices, when adjusted for inflation, have increased in the D-FW area 3.8 percent during the last year, Brookings researchers estimate. That's the third-best performance in the country, behind Houston and Wichita, Kan.

BEST PERFOMING AREAS:
1. Austin
2. Baton Rouge
3. Columbia, S.C.
4. Dallas-Ft. Worth
5. Des Moines, Iowa
6.El Paso
7. HArrisburg, PA
8. Honolulu
9. Houston
10. Jackson, Miss

One for Dallas... Groundbreaking for Woodall Rodgers deck park!

Officials held a ground-breaking ceremony Monday for the five-acre park that will span Woodall Rodgers Freeway from Pearl to St. Paul streets. The park will provide a pedestrian link between downtown Dallas and Uptown and will include features such as a restaurant, performance pavilion and dog park. Construction is expected to begin in October and slated to finish in 2012. The price tag is about 105 million!
To watch the Woodall Rodgers deck park celebration go to dallasnews.com/video.

Monday, August 31, 2009

Breakfast At Taco Diner in Preston Center only!

Yep, you see it!

One of our favorite eating establishments is opening its doors for BREAKFAST!

If you're craving a Breakfast Taco, Huevos Rancheros
or even Buttermilk Pancakes after your workout
or on your way to work, this is the place for you.

Come check out their new menu and its Denny’s (couldn't resist)like prices.They promise to make you an instant fan.

Parkies favs: Brisket con Huevos
Breakfast Taco Platter
Brunch Quesadillas

And if you don’t want to inhale the calories you just burned off try
Huevos de la Casa “Blancos” Egg white omelet with spinach and mushrooms

Join Taco Diner for BREAKFAST on their newly remodeled patio or give them a call and pick up your BREAKFAST to go.

Shop the hidden treasures!

Here is a shopping duo that may be worth your time. See their letter to me below:

Hey friends-

Ashley and I have started a new part of our business where we do Canton Caravan trips and Dallas shopping trips for your home. It is a fun day and we know you will walk away with a special treasure. Take a look below for all the details.......

Modern Day Treasure Hunting
by Simply Done

Like to shop for your home but don‘t know where to start?
Looking for adventure or to get away with friends for the day?

Benefit from more than a decade’s worth of treasure-hunting experience and design expertise….. Avid flea marketers and interior home shoppers, Ashley Black and Susan Lacina, have searched in and around Dallas for the best kept secrets and “off the beaten-path” shops. Their favorite collecting haunts and best resources are now offered to you in a day of shopping! Come experience the thrill of the hunt and join us for a day filled with new friends, good food, and your next new treasure!

Trips in and around Dallas $89

Trips to Canton $99
Day trips include transportation, lunch, expert shopping advice and admission (where needed).
(Minimum of 6 shoppers per trip)

Dallas shopping trip dates:
Canton Caravan dates :
September 3rd and 4th
October 1st and 2nd
October 29th and 30th
December 3rd and 4th
Hosts: Ashley Black and Susan Lacina
Cell: 214 695-6633 and 214 566-467
Email: ashblack@swbell.net and susan_lacina@yahoo.com

Friday, August 21, 2009

HUGE reduction on high profile property in Highland Park


We have our very own Stimulus Package going on at 4201 Edmondson in Highland Park, Texas. This property was built in 1946 and renovated for a family of 5 in 1980. It is a contemporary ranch style home wrapped around a pie-shaped 1/2 acre lot across from the Dallas Country Club GOlf Course. The location is prime...walking distance to school, church, parks and Highland Park Village where Parkies shop for groceries, see a movie, eat lunch and dinner at Celebrity Cafe or Cafe Pacific, Mi Cocina, Patrizios and more. You can shop a number of high end designers, workout, see a nutrionist, a travel agency or get your hair cut and a massage, buy designer kitchen gadgets or sit with friends at Starbucks for coffee.
The property has so many possibilities, but the most significant opportunity is the investment in terms of long term value. They aren't making any more land in Highland Park, especially prime land and this is an unprecedented time to make a smart deal.
This property has just been reduced from 1,850,000 to 1,599,000. Call Dennie or Dodie for an easy to show appointment. Don't wait! 214 354-8048.
The U.S. housing market is rebounding faster than expected. Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires Nov. 30. Sales jumped 7.2 percent and beat expectations, the National Association of Realtors said Friday. Sales hit a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the strongest month since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters.

Friday, June 12, 2009

Austin Takes The Lead: Top City for A Fresh Start

Austin Takes the Lead! (Dallas came in #2)


According to Relocation.com, Austin wins as the “Top Cities for a Fresh Start” with Dallas coming in second. Cities were ranked in terms of volunteerism, housing affordability, economic growth and their own data in of where people where moving to.




Here’s the top 10:

#1 Austin, TX

#2 Dallas, TX

#3 Charlotte,NC

#4 Denver, CO

#5 Columbus, OH

#6 Indianapolis, IN

#7 Washington, DC/Baltimore, MD

#8 Atlanta, GA

#9 Oklahoma, OK

#10 Houston, TX






Monday, June 1, 2009

100 Icons Worth Investigating in Dallas Ft. Worth

I stumbled upon this article in the latest edition of PaperCity and thought you'd enjoy reading the 100 "timeless classics" in Dallas and Fort Worth, according to The Old State 100, a high-style web-design and marketing firm. The commentary alone is worth reading! http://www.theoldstate.com/100/tos100b.html

The American Ladies Go To England

Ok, so we're new to blogging. (We're still trying to figure this thing out. )

My sisters and I are all Realtors (shameless plug for our website: www. AtHomeInTexas.com) but we do have a life beyond real estate. Or at least we try to.

Quite often our personal experiences spill over to our business life. That was the case with a recent walking trip to England I took with my mother and eight other 70 to 80 year old women.
Hands-down, it was one of the most inspirational trips I have ever taken. I hope you enjoy the journal entry highlights...

Day 1: From Austin, Texas to Cornwall, England

And here I am at the Dallas/Ft. Worth International Airport; in an Irish pub with my Mom, launching in to a walking trip to England with her 70+ year old friends. Honestly, I’m scared. There is no doubt these women will walk circles around me and will be far more prepared, They are seasoned travelers, and I’m sure their suitcases are neatly and deliberately packed. Mine weighs 49.0 pounds -- one pound shy of paying an extra fee at American Airlines.


When we land, six of the nine women meet at the Heathrow airport -- it is an exciting and loud reunion. They sound like my 17 year old daughter and her friends. Everyone is talking at once and reminiscing about the past 15+ years of trips and anticipating the next two weeks together.

I am really excited to be a part of this group. These women are like characters from a story book that my mother has read to us, with each character having her own special story. Nicky, our guide has been leading this group for 19 years. “The American Ladies” so named by Nicky’s sons have gone through life together. They talk about their families, their challenges, their health concerns, their joys. They are a sisterhood and group therapy all rolled in to one beautiful package.


I am honored to be here.

Favorite Gear of the Day: My new pants and jacket from Chicos. Seriously wrinkle-free. I slept in them sitting upright on a nine hour flight and they still look good!


Day 2: I borrowed my sisters boots and I may not give them back.

Best advise before we started: Have the right gear. This means good hiking boots and socks. I’ve asked the ladies what is in their backpacks and waist packs (you can’t say “fanny packs” as fanny is a bad word here…I’m snickering already).

They wear lots of layers: t-shirt, followed by a long sleeve blouse, plus a sweatshirt or vest, topped off with a wind breaking jacket. Packed in their backpacks are gloves, hats, water bottles, sunscreen and, according to legend, some women carried a flask of their favorite beverage. Tissues are a must. My nose is running already.
Today’s walk was promoted as a “gentle 4 miles”. Yeah, right. We‘ve climbed over cow gates and walked across some really uneven terrain.. I worry about these ladies. Can they handle this walk? It’s rocky and unsteady in spots. Will someone fall? Some ladies are falling behind. But the group seems un-fazed and they plow forward.

Nicky is certainly concerned about everyone’s well being but assures me that “These women do not want your help. They want to do this on their own.” Still, she moves like a sheep dog, keeping an eye on everyone, yet respectfully gives these women their space and time. It’s what they’ve come for.
The walk across Talland Bay is spectacular -- I am seeing plant life I’ve never seen before. And the village of Polperro is darling. We eat at a pub. Life is good.

Favorite gear of the day: good hiking boots (I love my sister’s Keen brand boots). S0 comfortable!

Day 3: “Who signed me up for this?”
It’s raining, I’m cold and I’m on a ferry. Where is the loo? Ok, the nearby village looks interesting and I am on a trip to spend some quality time with my mother…but here? Now? I’m not seeing a Starbucks.

There seems to be two distinct groups forming here -- the Walkers and the Strollers. Nicky explains that this will be a challenging walk and those that don’t want to navigate the terrain can walk through the village of Fowey. I’d love to join the Strollers, but my mother is walking and I don’t want to look like a weenie. It’s really cold, windy and rainy. A sheet of rain just came off the harbour and hit us like a car wash. But I have to admit the flowers are beautiful -- wild garlic, primrose and bluebells. Wow.

Again we eat at a pub. I’m loving the fish and chips. The Strollers meet up with us in Fowey for shopping. They are dry and happy and I bet their feet don’t hurt.

Favorite piece of gear-of-the-day: my rain pants. Don’t walk England without them!
Stay tuned for more adventures...thanks for reading!








Friday, May 15, 2009

WFAA Channel 8 interview with the cast of One Nation Under God

We are so proud of the work that Will Bakke and his friends Michael Allen, Lawson Hopkins and Austin Meek have done with the documentary that has taken our community by storm. Attached below is their interview with movie critic Gary Cogill of Channel 8 News.





http://www.wfaa.com/video/gmtgeneral-index.html?nvid=361684&noad=yes&shu=1

Monday, May 11, 2009

Guaranteed to make you smile!


A good friend of mine sent this to me this morning and even though I didn't think I had time to watch it, I did... and then couldn't stop it until I saw how it ended. Take the time to watch and see how "being validated" can change our world and the people around us! Thanks Linda :-)



http://www.youtube.com/watch?v=Cbk980jV7Ao

Thursday, May 7, 2009

Home of the month!

I just received an email from Alicia, a board member from our Homeowners Association. She said my yard has been picked as " Home of the Month". I thought she was pulling my leg...but she is serious. I am so excited! I've always wondered how one aquires such a coveted award. Today I feel like a prom queen! (scoot over Sarah, 1980 Wyoming High School Prom Queen)

There is a point to this enthusiasm.

First Impressions Matter!

When we take a listing, we stress the importance of curb appeal. It's a beauty contest!

Not to sound shallow but what's on the outside usually describes what is on the inside (remember I'm talking about a house, not a person) If your yard is tidy and well kept, it's a pretty safe bet that the inside has been maintained and loved as well.
Have you ever pulled up to a listing with dead plants, overgrown grass and dirty windows? Without stepping into the house, what is your best guess about the condition inside?
I don't know about you, but I would rather buy a house that has been maintained inside and out.

If you're putting your house on the market, remember first impressions are key. Did you know that buyers will decide in the first 3—4 minutes of touring a home whether the property is "right for them"? It is critical to grab the buyers' attention and stand out from the rest! That starts at the street level!

Then de-clutter, de-clutter, de-clutter, paint, patch and clean.

I love to garden and spend time in the yard, thanks to my dad. Today it is paying off.

If you are selling your home, sprucing up your curb appeal will pay off for you too!
Remember...you have to be the prettiest or the cheapest to get a buyer's attention!