Oct 31, 2008

Preston Hollow Halloween Homes

I'm baaa-ack!

And my neighborhood is awash in Halloween Spirit! Take a look at some of the spooktacular decorations throughout my hood at http://www.prestonhollowhalloween.com/
Have a safe & spirited evening!
[where: 75230]

Oct 23, 2008

Favorite Quote

Never grow a wishbone
where your backbone ought to be.

[where: 75230]

Oct 22, 2008

Barack Obama's Home

Located in the historic Kenwood area of the South Side of Chicago, the politically correct house says "I've made it" but not in a flashy way. Located across the street from a synagogue, it features 6,199 sq ft. plus the vacant lot next door.

Kenwood includes both upscale and affordable living in an area considered culturally diverse with an artistic side. On the low end, you can pick up a 1,000 sq ft home with 4 bedrooms and 1 bath for $90,000. In the nicer part of the neighborhood (where you'd find the Obama family) you could find yourself within walking distance with a 9 bedroom, 5 and a half bath, 100+ year old mansion for $2,995,000.

I'm sure the neighbors are aflutter with what will happen once he is elected president (my prediction).

Oct 20, 2008

Lake Highlands Properties are hot

We're in the slow autumn season in real estate and pre-election uncertainty typically slows down sales even more. It's practically the vacation time of year for many agents. But one part of Dallas is keeping us really busy - the North end of Lake Highlands (south of Forest, between Greenville and Abrams). The home that I just listed brings the 'available' count of homes for sale to 6 properties. For a neighborhood with 15 sales in the last six months, that isn't much inventory. In fact, these kind of numbers make this neighborhood a seller's market.
This fantastic home at 9108 Clayco Drive in Lake Highlands is for sale for $475,000 and includes 3,880 square feet of remodeled luxury. With 4 bedrooms, 3 baths and 4 living areas, there aren't many homes this large in the neighborhood.

Add in that its in the coveted Moss Haven Elementary (a Blue Ribbon School) district and I think we've got a winner here!

Oct 18, 2008

Best Jobs Ever

I know it isn't fair for one person to have the three best jobs in the world - but I do. I'm a Mom to 3 great kids, a full time Realtor and an Ice Cream Judge.

Today I enjoyed job #3 at the State Fair of Texas. There is nothing like spending the day tasting and scrutinizing the best homemade ice creams in the state. Its guaranteed to put anyone in a happy mood. By the way, a terrific Banana Pudding Ice Cream edged out a fantastic Toasted Butter Pecan and Toffee Ice Cream for the Best of Show award.

We all wear many hats at different times in our lives. I hope you have the chance at some time to experience a job as fulfilling as the ones I enjoy. And if you haven't experienced the biggest state fair in the country recently, you have one more day to make it happen.

[where: 75230]

Oct 17, 2008

How NOT to buy a foreclosure

So you want to get a great deal on a property and figure buying a foreclosure is a good opportunity right now?

It could be - if you know what you're doing. That means showing up at the courthouse on the first Tuesday of the month with cash in hand and your homework done. The investors getting the best deals on foreclosures right now typically do this regularly and they have a real estate team that does the research on a property before the gavel falls.

A true foreclosure is auctioned off with a starting bid set by the institution who owns the note (mortgage on the property). Here is the reason for the big IF you know what you're doing.
Lets say a property is coming up for auction for $280,000 with an estimated value of $400,000. Sounds like a deal, right? Owners paid $370,000 for it 3 years ago so the $400,000 value sounds reasonable.
But what you don't know is that they overpaid and the property was actually worth $350,000 and hasn't appreciated. The angry owners who were being foreclosed on have stripped the house (and this is common) of all appliances, cabinets, light fixtures, copper wiring, etc, so that it would now be worth about $310,000. Soon the $280,000 price tag isn't looking so attractive. And what you don't know is that there is a $9,000 mechanics lien on the property, $3,000 in city charges and fines for the unkept lawn, and the bitter owners poured cement down the plumbing and destroyed the air conditioning system. But there you are with $280,000 cash ready to scoop up this money pit (disguised as a bargain).
Another way to buy a foreclosure is from the lending institution who has placed it up for sale on the open market. The process can be frustrating and time consuming, but could be a financial bargain. At least in this scenario you can get an inspection, appraisal, title search, ... and guidance from your own buyer's agent. And you can take advantage of the low mortgage rates to finance the transaction.
My colleague Kyle Rovinsky, is an expert in the foreclosure purchase process. He knows that foreclosures usually need a lot of work. They don't come move-in ready. If you enjoy the challenge of remodeling, this could be ideal for you. If you're not up for the effort, go elsewhere.
So if you're looking for a bargain property, get your own buyer's agent and tell your agent that you're looking for a bargain - which may or may not be a foreclosure. [where: 75230]

Oct 15, 2008

State Fair Frito Pie

In the spirit of the great State Fair of Texas, I'm sharing this fun recipe. I'll be serving it at my Realtor's lunch tour on Thursday at six Preston Square townhomes. Yum, Yum!

Frito Pie

An authentic Frito Pie must be served in the bag and eaten with a plastic fork (or better yet, a spork).

For one Frito pie:

  • Big Grab Bag of Fritos
  • One cup of chili (I mix up both with & without beans)
  • Diced onions
  • Grated Cheddar cheese
  • Sour cream (optional)
  • Plastic fork

Snip across the side of the Fritos bag. Pour in chili, top with cheese and anything else your heart desires. Stick the fork in the bag, mix it up into a sloppy mess, and enjoy!

Best served with a Coke or beer.
[where: 75230]

Oct 13, 2008

How's the Real Estate Business in Dallas?

The most popular question of the day, the month, and the year. From the church pew to the school bleachers - everywhere I go, this is the question on everyone's mind. Followed by "When is it going to get better?"

To the first question: I'm busy.

The smart folks are out looking at properties because they know that this buyer’s market and mortgage rates are great. And they know this isn’t going to last. Those solid buyers are looking longer and harder - which takes more time. They have that luxury of really looking at everything out there. I understand that and I'm here to help them.
The loan process is more nerve-wrecking and time consuming as well. But the reasonable interest rates are worth the hassle.
Some sellers are nervous and need extra attention right now. I'm not panicking and have encouraged my sellers to trust my advice in dealing with the current market. Some agents have seen contracts fall out because buyers get nervous with every hysterical headline. Right now it takes more work to get both a contract and to closing.
The last four homes that I’ve listed were ‘relists’ because the first agent didn’t sell it. I think that must be happening a lot as well. All of this equals more work (though not necessarily more money). Fortunately, people have to live somewhere.

As for when it will get better: My prediction is after the election. It won't matter who wins, but the uncertainty will settle down.
[where: 75230]

Oct 12, 2008

Name a new Dallas restaurant

Tomorrow is the contest deadline to name the new restaurant that is opening up in the ball atop Reunion Tower. Maybe we'll stop calling it 'the restaurant at the top of the ball' when Wolfgang Puck opens his swanky place.

If you think you might have a great name for Puck's new place, just email your suggestion to wolfgangdallas@wolfgangpuck.com

Include your full name, address and phone number.

For inspiration, the new Puck restaurant:
  • Will be atop Reunion Tower, with a rotating view of the Dallas skyline.
  • Will feature Asian-influenced cuisine.
  • Will have a contemporary design.

So what's the prize? Dinner for 4 every month during 2009, an invite to the restaurant's VIP opening party, a set of Wolfgang Puck signature cookware, an autographed cookbook, and you get to meet the man himself.

Some of the names suggested on the Dallas Eats Blog so far:

D'Orb

Pucky's Hut

Cesar's atop Cesar Chavez tower

Sake To Me!

what the puck?

Asian Sky

the Crystal Pagoda

[where: 75230]

Oct 11, 2008

New Neighborhood Flea Market

Nothing says economic downturn like seeing your favorite neighborhood gas station become a flea market. The expensive vacant lot for sale at Preston Road and Royal Lane seems to be the new spot to sell your used car or hock your wares.

Today there is a plant sale in addition to a used jeep available. Maybe the Pecan lady that used to sell at Preston & Northaven will show up.
** Note to flea market vendors: This is not actually a market. Just a vacant lot. Don't attempt to sell your wares here.
[where: 75230]

New Stock Market Terms

The stock market is messing with our mortgage rates so much lately that its getting a bit obscene. Hopefully, the markets will find their bear bottoms soon, and then start to modestly recover.

Meanwhile, these may give you a laugh while you're crying:
BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.
VALUE INVESTING -- The art of buying low and selling lower.
P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.
BROKER -- What my broker has made me.
STANDARD & POOR -- Your life in a nutshell.
STOCK ANALYST -- Idiot who just downgraded your stock.
STOCK SPLIT -- When your ex-spouse and lawyer split your assets equally between themselves.
FINANCIAL PLANNER -- A guy whose phone has been disconnected.
MARKET CORRECTION -- The day after you buy stocks.
CASH FLOW-- The movement your money makes as it disappears down the toilet.
YAHOO -- What you yell after selling it to some poor sucker for $240 per share.
WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.
[where: 75230]

Oct 10, 2008

Current Dallas Real Estate Stats

With every headline screaming that our market is going to hell in a handbasket; here are our latest residental sales statistics according to the North Texas Real Estate Information Service (our local MLS).

These stats are for single family homes
.

September 2008 Year To Date Statistics

North Dallas (south of LBJ, between Midway & Central):

Number of Sales: 423 (down 25% from this time 2007)

Average Sales Price: $972,603 (up 5% from 2007)

Park Cities:

Number of Sales: 554 (down 13% from this time 2007)

Average Sales Price: $1,88,816 (down 3% from 2007)

Northeast Dallas (east of Central, south of LBJ):

Number of Sales: 485 (down 17% from 2007)

Average Sales Price: $251,694 (up 1% from 2007)

Northwest Dallas (west of Midway):

Number of Sales: 391 (down 31% from 2007)

Average Sales Price: $242,898 (up 7% from 2007)

Far North Dallas (LBJ to Plano from Central to Marsh):

Number of Sales: 739 (down 28% from 2007)

Average Sales Price: $338,951(down 2% from 2007)

[where: 75230]

Oct 9, 2008

Puppy Love ...

... and frustration. We recently adopted an adorable, energetic puppy from Helping Hands Basset Rescue. She is happy, health and doing great. Only problem - she eats like a demon. I'm not talking about energetic eating. I mean ravenous, panic, frenzied eating. It takes her less than 5 seconds to eat a cup of puppy food.
We have to feed her separately from our sweet old basset, Sam, because she'll eat her food and then his before he knows what's going on. We're feeding her plenty of food, four times a day.
She was the runt of the litter and we figured that maybe she'll stop doing this when she realizes that she isn't competing for food. But she shows no signs of letting up. Anyone know how to fix this?
[where: 75230]

Oct 8, 2008

Hanging In There

"Anyone can give up,
it's the easiest thing in the world to do.
But to hold it together when
everyone else would understand if you fell apart,
that's true strength."
~ Unknown
[where: 75230]

Oct 6, 2008

Dallas Real Estate Bargains

People ask me (almost daily) about what kind of bargains are out there in Dallas real estate. Of course, I'm seeing some great deals for buyers. It's a buyer's market and this is what I do for a living.
Best buy this week in North Dallas?
10929 Candlelight Lane in the Disney Streets (near Midway & Royal Lane) listed at $375,000.

What a bargain! Big home on a huge lot in a highly desirable area. This property is a pre-foreclosure and the lowest price per sq ft in entire neighborhood.

It is partially updated with granite counters, stainless appliances, marble tile, wood floors, Trane ac units, air purifiers, ...

It has a good pier & beam foundation and just needs cosmetics. Fantastic investment opportunity to flip or for a family.

[where: 75230]

Oct 5, 2008

The 'For Sale By Owner' Scam

Sellers sometimes stick a "For Sale by Owner" sign in their yard to try selling their property without an agent. These unrepresented sellers are easy targets for con-artists, thieves and people just looking to take advantage of them. Usually they end up listing their home with a Realtor. Sometimes they call me to help. They tell me that they are in MLS (the Multiple Listing Service) with a company that lets them sell their home themselves.

Whoa! We have to stop right there. If a home is in the MLS - it is represented by a broker (whether the seller realizes it or not). That broker may be charging you a flat fee, but they are your representative and I can't get involved in your agreement with them.
There are plenty of discount brokers who target unrepresented sellers to list their FSBO property on the MLS for a fast buck. But be warned! When you, or anyone, goes on the MLS you must have a legal contract to be represented by a broker and you agree to pay a commission to a buyer’s agent – usually 2.5% to 3.5% of your sales price. You are usually required to pay for all advertising, photography, marketing, and an array of miscellaneous fees at closing.
There are many legitimate Realtors who focus on listing homes that are currently FSBO. They contact these unrepresented sellers in hopes of listing their property. But some 'companies' operating under the guise of discount brokers or mortgage companies are really scams. They usually want to sell you something else - something that you'll pay for regardless of if your property sells. Some use your home to attract buyers, so their agents can intercept the potential buyers and then sign on as their buyer's agent. Mortgage companies may approach these sellers to place a sign in their yard offering to finance the property. They are simply looking to pick up clients and will finance an array of other properties (that are easier to close than an unrepresented seller).
I really hate to see people taken to the cleaners. For tips on how to avoid being ripped off in the selling process, go to my website. Be wary of people who contact you about selling your home. Make sure all expenses to you are in writing. Don't let them use your home as a free billboard for their business.
[where: 75230]

Oct 4, 2008

The Ultimate Upscale Bath Accessory

Nothing says luxury like a nice warm towel in the bathroom. This towel warming rack takes it to another level with an aromatherapy oil well.

It's not exactly as nice as owning an oil well in, say ... the Barnett Shale. But I'd take it anyway.
These towel racks come in different finishes (like oil-rubbed bronze, satin nickel,...) to match designer bathroom decors. The oil well is hidden in one of the bars and infuses the room with your favorite scent as it heats your towels. The ultimate in pampering.
[where: 75230]

Oct 3, 2008

King Tut does Dallas

King Tut brings the ancient bling to Dallas as the official exhibit opens at the Dallas Museum of Art today. I got a sneak peak last night at a private dinner & tour hosted by Northern Trust. Very nice. Like dining with the Pharaohs (in suits).

For some reason I thought this was the remake of a visit to Dallas back in the 80s. But that was the Ramses exhibit - both Egyptian and both more than 3,000 years old, so that might explain the confusion. The exhibit will be here for a few months, so bone up on your history with a visit. Watch their short film (complete with 3-d glasses) first if you can. [where: 75230]

Oct 1, 2008

Carefree, low-maintenance lifestyle - I want it too!

We're seeing an increasing interest in townhomes, duplexes and zero lot line properties in North Dallas. And I understand why the demand is growing. We want the carefree lifestyle.

Properties like this one that I have listed in Preston Square (south of LBJ) are so appealing to those of us who are tired of dealing with the upkeep of a yard, sprinkler system, pool, ....
I love the idea of enjoying the pool, tennis courts and greenbelts yet not worrying about watering, mowing or repairs. The $157 monthly homeowner dues are a huge savings over just pool and yard services (not to mention utilities and taxes).
What a lovely place for only $275,000 and it has room for a nice garden and outdoor living. With 2,457 square feet, it appeals to people looking to downsize. If you want space for a big party, there is a nice clubhouse on the premises.
This 3 bedroom, 3 bath townhome has cathedral ceilings, granite counters, stone floors, new carpet, Venetian plaster finishes, great closet spaces and abundance of natural light. The spacious master bath includes a separate garden tub and shower, double vanity, skylight. What's not to love?
There aren't too many places with an ultra-convenient location to the Tollway, LBJ and the Galleria and with such a reasonable price tag. In today's market, this one is a winner.
[where: 75230]