How 'busy street proximity' affects value

Real estate appraisers agree that your home’s value is dramatically impacted if you live in close proximity to a major road.

D.W. Skelton, an authority on North Dallas values and one of the most respected appraisers in the city, recently gave a run down on how much your value is effected.

• If you live on a busy street (Inwood Road, Preston Road, Walnut Hill, Forest Lane,…) where your only access to and from your home is via that busy street, the land value is gauged to be 50% lower.

• If your property is on the corner of a busy street, but you have access from a side street, then the value is about 25% lower.

• If your home is one house in from a busy street, the value decreases by 20%. Properties located 4 or 5 houses away from a busy street have no negative valuations due to location.

• Keep in mind that we’re talking about land value, not the value of the entire home. For an accurate estimate of your home’s value, contact me for a Comparative Market Analysis of your property.

I work with great folks

Had a great time today at the Republic Title brunch honoring top agents. I feel so lucky to work with title company professionals who are tops in their field, can handle the most complicated transaction and make my job easier.

Really Bad Real Estate Photos

This week's selection of horrible photos in our MLS of local properties for sale:

Pick a house. Any house.

You can probably count on Yip and Yap to greet you when you visit this place.

Are they saving this one for Halloween?

You know you're a redneck when ...

... you have to stand in the back of your pickup to take a photo of the house.

Excuse me, but I think there is a bomb going off in your yard.

Preston Hollow Weekend Roads

As the mother of a 16 year old, I feel an obligation to give warning to the walkers and joggers in our Preston Hollow neighborhood.

Most of you probably are unaware of the Drivers Ed vehicles that travel our residential streets every weekend. Hundreds of 15 and 16 year old students take Drivers Education on the weekends and our quiet streets are an ideal area for them to learn behind the wheel. If you live within a mile of a public or private high school, these kids are probably practicing on your streets. So, Heads Up folks. When you're walking the dog or taking a jog, please be aware of the rookie drivers and stay clear. For their sake and your's.

Appraiser with Heart

Local Real Estate Appraiser Eric Biskamp and his wife are leaving next week for a 60 day service project in a small village in southern India. They'll be doing everything from milking cows to starting a medical dispensary.

They go with our best wishes for a successful trip and a safe return home.

Cool Floor Tiles

Tile floors can be a practical and beautiful way to update a home. One of the newest additions to the tile selection are concrete tiles. These new eco-friendly products can bring high design to your home. Made from sand, gravel and cement, most concrete tiles are free of strong chemicals and are air-cured rather than kiln-fired.

They come in a wide variety of patterns and shades and can be used in or outdoors because they stand up well to cold weather and high traffic. Most people won't realize that this is concrete instead of ceramic or stone. I'm told the prep and installation are easier. Unique techniques with acid washing or grouting can make them even more artistic.

These bottom 2 patterns are designed by Andy Fleishman and the variations set can be installed in numerous configurations to create intricate patterns.

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It may be a while before they hit the mainstream stores, but locally AnnSacks carries a line.

Smarmy (but funny) Agent

Visit Ted the slimiest agent in Real Estate.

Fortunately he is not licensed in Texas. But I think I've seen that tie on some fellow agents.

Thought for the Day

We could learn a lot from crayons...

Some are sharp, some are pretty and some are dull.

Some have weird names, and all are different colors,

but they all have to live in the same box.

Terrible Real Estate Photos

This week's selection of terrible photos is right out of our MLS of local properties for sale. Keep in mind, dear readers, that only 8 to10 photos of a property can be displayed in the MLS system. So agents should be mindful to highlight the best features of a property. Here they are:
 

Wouldn't you be excited to know that this old piece of junk comes with the house. Charming? Yes. Functional? Probably not.

I'm not sure if they're selling a house, a car or a parking space.

This is just so bad, I don't know where to begin.

We love this house so much, we've decided to be buried here.

What on earth did this agent have to do to get this shot of a bathroom? I feel like doing a half gainer into the sink.

Craigslist Legal Battle

The legal battle continues as to whether online site craigslist.org is allowed federal liability protections for discriminatory housing ads posted by site users that violate the Fair Housing Act. The Fair Housing Act makes it illegal "to make, print or publish, or cause to be made, printed or published" discriminatory notices, statements or ads for rental and for-sale property. There have been reported housing-related postings on craigslist.org that included discriminatory language such as “no minorities”,“Jewish neighborhood”, and “no children”. Realtors are careful to follow the Fair Housing Act, however many postings on craigslist are without Realtors. The case centers on whether craigslist is considered a publisher, like a newspaper, that has related liabilities for their published content or whether craigslist is a service that has protections when users conduct illegal activity (such as a telephone service). You can follow the case on the Real Estate Law Blog.

Automatic E-Mail of Homes as They Hit the Market!

Tired of surfing the internet for a home? Most people today begin their search for a new home on line. What they don't realize is that it takes 2 to 10 days from the time a home is listed in MLS until it appears on the internet and in search engines. This lag time can cause a lot of disappointment for potential buyers. A great home at a great price will sell quickly. Often a prime property is under contract by the time the general public finds out about it.

The solution? I use an automatic notification system for my clients that sends them an email when a property hits the market. Once I have input your criteria, only properties that fit these criteria will be sent to you. You can save, delete or comment about properties and then go back later and review them. You can also map properties as you view them and view additional photos. When you see a property you are interested in viewing, there is a place to send me an email letting me know you want to see it. If you are interested in this service, please contact me. Or go to my web site for a list of criteria to set this up.

Alibaster Abther... back for President's Day

Just when we thought snarky blogger Alibaster K Abthernabther was gone ....

In today's tribute to President's Day, he notes:

According to my good friend and confidant, Wikipedia, the Presidents' Day holiday dates back only as far as the late 1980s. In much the same way that Valentine's Day was born out of the combined efforts of florists, greeting card companies and cherubic archers, and Flag Day was an invention of China's mammoth flag-making industry, Presidents' Day was created by department stores and commercial advertisers in an attempt to quickly sell off post-Christmas clearance stock.

Happy President's Day anyway!

Wrestling with Laryngitis

I took my case of laryngitis over to TCU yesterday to watch my son wrestle in a tournament. The boys from UT did OK despite their small club size. But watching some big ugly guy from LSU try to twist my son’s arm from its socket is not my idea of entertainment.

I just don’t have an appreciation for watching my child hurt someone (and vise versa). So if any sports fans care to fill in as a proud parent for me at the next UT wrestling match, just let me know. I’ll slip the money in an envelope for you.

More Bad Real Estate Photos

I swear on my real estate license to never market a home with terrible photos. Here are more examples of awful photos of homes for sale that are actually in our MLS. Since it only takes about 10 minutes to come up with several really bad pictures, I think I'll start making this a weekly feature on my blog. I sincerely hope I won't be able to find enough to feature - but I doubt it.

Can we assume this home has running water?










Wow. That ceiling really gives me a sense of the space in this room.

This is what we call a blank canvas.

This home is listed for over a half million dollars. But since we can only show you 10 photos, we thought you'd like to see our junky attic.

I'll take door number three.








You don't get this stuff, but we thought we'd show it to you anyway.

And the worst photo of the week:

Nothing in this room could be as tacky as what is happening outside the window.

Almost Through the Candy Season

Happy Valentines Day!

We're almost through the candy season - which in the Player household runs from Halloween until Easter. The end is in sight. Yeah!

Sticker Shock

Wow! Hold on to your property values! There are some really fabulous homes for sale in my neighborhood at some really fabulous prices. Considering that the biggest sale in 2007 for our area was $2,800,000 - we've got some optimistic sellers and builders in 2008.
This lovely place on Waggoner is a pretty $2,875,000.
Beautiful new construction on Norway is hoping to go for $2,995,000.

You'll need to use your imagination to visualize this home under construction on Lakehurst and listed for $3,428,500.

And a contender for the worst Real Estate photo of the week (only because at this price the photos should be professional and free of vehicles in the driveway) ...

This gigantic 11,014 square foot villa on Lakehurst for $2,717,900 has been for sale since April 2006 and has been marked down from the original price of $3,400,000.

Every Backyard in Texas needs one

Hook 'Em with this new Longhorn Steer Grill. No bull - this big guy sports Texas long horns and a fancy burnt orange finish. It is outfitted with a stainless steel door handle, digital thermostat control, and rolling casters to allow him to easily roam the range of your backyard. The Traeger Longhorn Steer is sure to cause a stampede to your dinner table!

Feel the sizzle with this $1,699 price tag (shipping included).

Who Loves Ya?

Take this interesting quiz to see how much you are loved.

I've found that if you love life,

Life will love you back.

Interest Rates & The Feds

Buy, sell or refinance?

Mortgage rates have been all over the place these past few weeks. At close of business on Friday they ranged from 4.875% (conforming ARM) to 7% (Jumbo 30 year fixed) with no points or origination fees. Word is that rates will rise over the next 30 days. The Feds pull the strings when it comes to mortgage rates and their mission is to avoid nightmares on Wall Street and create sweet dreams on Main Street.

Currently their biggest worry is a stagnate economy + runaway inflation = bad news.

THE FED'S DILEMMA:

WALKING & DRAWING THE FINE LINE

BELOW THE LINE = ECONOMY SKIDS

ABOVE THE LINE = INFLATION SPINS

OFFLINE = STAGFLATION WINS!!

Sonny Bryan's Keeps On Smokin'

Sonny Bryan's original Inwood Road location will be celebrating 50 years in business on Wednesday with $2.50 sandwiches. Dean Fearing will be there with the Mayor and lots of television coverage. But they'll be happy to serve us regular folks.

My first visit there was back in the 70s - when I was just old enough to drive. When was your first visit?

Maybe it's time to go back.

Bad Real Estate Photos

One of my Pet Peeves is bad photos of homes for sale. I can understand when an unrepresented seller tries to market their home with amateur photos because they probably don’t have the resources to do better. But when a Realtor lists a home with bad photographs – there is no excuse. I pride myself on my property photos and am amazed at the poor quality of photos out there and that sellers will tolerate it. So here is my tribute to bad real estate photos. These all came up in a random search of active properties that are currently in our MLS.
 

I would have taken a picture of the entire house, but then I would have to back up 10 feet.

Does the chain link fence come with the mansion?

This one has me feeling kind of blue.

I just didn't have time to slow down and take a real photograph.






 

Comes with a cozy mother-in-law suite.

Not everyone has to get out of their car to photograph the house.

And the worst possible image of a home for sale ...

It should be a crime for a professional Realtor to list a home for sale without a single photo.
Next week - bad photos of interiors.

Quote of the Day

"Communism won't work

because people like

to own stuff."

- Frank Zappa

Who's Your Agent?

Fellow Realtor Jeff Duffy always has an interesting comment about current events and isn't afraid of controversy. One of his latest real estate observations about agents, and how they get paid, makes a very good point:

"Listing Agent - represents seller's best interests, pricing the property correctly for quick sale while negotiating the highest sales price for the seller."

"Buyer's Agent - represents buyer's best interests, finding the right home for the buyer and helping them negotiate the lowest price for the home."

"After reading these descriptions, which agent do you think the seller should ask to reduce their commission? Since the buyer is working against the seller's best interests you would think the seller would be more likely to reduce their commission but yet this is not the case. (This is why I love bringing buyers to FSBO's. They have no idea we are taking them to the cleaners. I am representing my buyers yet the sellers are so happy I brought a buyer they start yakking and spill all the beans and they pay me just as any other seller would but without the professional representation. I win, my client wins, seller loses but has no idea.) But I digress."

"So who works harder in your opinion? If one or the other doesn't deserve a full commission how much are they worth?"

Jeff invites readers to " Bring it. I can handle it."