Apr 28, 2010

"Strength does not come from winning
Your struggles develop your strength.
When you go through hardship
and decide not to surrender,
that is strength."

Apr 26, 2010

Apr 24, 2010

We really mean it this time

If you frequently drive through the intersection of Preston and Royal like I do, you've seen the 'Going Out of Business' or 'Store Closing' sale signs in front of the rug store for the past several years. But they never seem to close. This time, they really are closing.

No offense to the rug store, but it's about time. The retail strip is being remodeled to make way for a mattress store of all things. There will be space for some other shops, but a mattress store? I think it's funny that you can get your nails done at almost any major  intersection in North Dallas, but you have to drive miles to buy a mop. Given that this is a high rent retail area, I'm surprised a mattress store is giving it a go when furniture stores (that also sold mattresses) have gone under.

[where: 75230]

Apr 22, 2010

Getting rid of old electronics the smart way - this weekend


A downside to technological innovation is that many fully functioning electronic devices get tossed in a drawer when you purchase a new, better one. If you're looking for a way to sell or recycle a laptop, cell phone, digital camera, or similar item, visit Gazelle.com. Those sites ask a few questions about your device and its condition before assigning it a price. If you agree with the price, you send the device to the company—they pay for shipping. These sites don't accept some items, notably desktop computers, and they may accept your device for recycling but offer you nothing in return.
They may not give you cash for your old gadgets, but it will keep them out of our landfills.

Even better, why not drop your unwanted items off this Saturday at the Recycling Roundup. They'll not only recycle your electronics but loads of other stuff. Furniture is donated to the Dallas Furniture Bank, clothing to Goodwill, etc. They recycle everything from batteries to books.

Apr 20, 2010

Home Prices vs. Home Inventory

When setting the asking price for a home listed for sale, Realtors and sellers typically look at the comps (comparable home sales over the past 3 to 6 months). These are important numbers that no sellers should discount. However, just as important is the current inventory of homes that your property will be 'competing' with.
I've said it hundreds of times. Real Estate is location, location and ... timing. The location is the primary factor in the price of your home, followed by the condition and size. Other details like lot size, trees, pool, etc. play a smaller role in setting the price of a home in North Dallas. But current inventory will determine the demand for your property (and ultimately if the house sells). You can control the location, size, etc. of the home you purchase. But you can't control the current competition.
In Dallas, a six month supply of homes is considered a healthy balanced market. More than that and it is a buyer's market. Fewer than a 6 month inventory and it is a seller's market.

As of today, we have a 14 month inventory of single family homes in the area between the Northwest Hwy and LBJ Freeway, west of Central and east of Midway. However if you look closely at the numbers, the inventory is mostly for properties over $1 million. Homes under $1 million have a 12 month inventory and those over $1 million have an inventory of 19 months. That might sound like a lot, but it was over 24 months a year ago.

Current inventory in the Park Cities and immediate area is 11 months. But even these numbers vary by neighborhood. In the immediate area around my home, the inventory is 11 months. And we have lots of homes over $1 million. So it's still a buyer's market in North Dallas. However, inventory is down from this past summer. Prices will follow the inventory trends.

[where: 75230]

Apr 13, 2010

Dallas March Home Sales Statistics

Residential home sales stats are in for March 2010 and they reflect the home buyer tax credit incentive. Sales in lower price ranges are up. So the average sales price for all homes in the Preston Hollow and Park Cities is lower. Keep in mind that a couple of multi-million dollar sales in a neighborhood will show a jump in the average price and more sales on the low end will show a drop in the average price.

As promised, here they are:

March 2010 Statistics
(single family homes)
North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 108 ( up 52% from 2009)
Average Sales Price: $722,665 (down 23% )
Park Cities:
Number of Sales: 137 ( up 83% from 2009)
Average Sales Price: $955,285 (down 9% )
Northeast Dallas (east of Central, south of LBJ):
Number of Sales: 106 (up 22% from 2009)
Average Sales Price: $253,548 (same as 2009)
Northwest Dallas (west of Midway):
Number of Sales: 105 (up 28% from 2009)
Average Sales Price: $201,630 (down 4% )
Far North Dallas (LBJ to Plano from Central to Marsh):
Number of Sales: 154 (down 15% from 2009)
Average Sales Price: $308,048 (down 3% )

[where: 75230]

Apr 11, 2010

Doing What is Right

Faced with what is right,
to leave it undone
shows a lack of courage.

Confucius

Apr 9, 2010

Fuzzy Math in Real Estate

My neighbors and I got interesting letters yesterday from a respected real estate broker in our area. The letter (addressed: Dear Preston Hollow homeowner) boasts how this broker and his team of agents are 'bringing the buyers' in Preston Hollow. It proclaims in bold text these statistics:
  • 63% - In the past 4 months, almost two-thirds of the homes SOLD in your neighborhood were listed with ... (this company).
  • 246 - The average Days on Market of homes sold in your neighborhood in the past four months by our competitors.
  • 81 - The average Days on Market of homes sold in your neighborhood in the past four months by ... (this company).
Wow! Their competitors must really stink. Oh, wait a minute. That's me! I must be with the wrong outfit. I should hightail it over to their offices and see if they'll hire me. But maybe I should check out their statistics first.
For arguments sake, let use the boundaries of Preston Hollow as Royal Lane on the North, Northwest Highway on the South, Hillcrest Road on the East and Midway Road on the West. This would include the area of homes priced over $1 million where this brokerage claims to be "stronger than any other residential real estate firm".
Oh my. A search of all properties in MLS brought up some very different statistics. I even narrowed the search to a smaller area (my neighborhood). But that only made things look worse for this company.
In the past 4 months there have been 46 sales in this area (the larger 'Preston Hollow' area noted above). This brokerage had listed 11 of those sales. While that's an impressive percentage, its not 63%.
The average Days on Market for all 46 sales was 164 days. The average Days on Market for this company's 11 sales was 163.5 days. It doesn't take a CPA to figure that one out either.
Like I said earlier, this is letter came from a reputable broker. Which is why it is so disappointing to read such a blatantly misleading solicitation. If you want the real stats in Preston Hollow, come back in a week and I'll have them posted.
[where: 75230]

Apr 7, 2010

Appliance Cash for Clunkers program in Texas

Today begins the sign up for the appliance rebate program and if you're thinking of upgrading your fridge, dishwasher, hot water heater, ... then act now.

Texas residents who apply for a rebate must replace an old, but functional, appliance from one of the eligible categories with a new ENERGY STAR or CEE qualified appliance. Rebate amount vary based on what you buy. For example, the rebate for a new washing machine ranges from $150 to $255 depending on the type and if you recycle the old one.

The program officially begins at 7 a.m. today when you can make a rebate reservation online through www.texaspowerfulsmart.org/rebate or via toll-free call to 1-877-780-3039. The purchase period for all appliances begins April 16, 2010. Appliances must be purchased from a Texas retail location or contractor. Online purchases are not eligible.

Texas anticipates high interest in this program and rebate reservations will go quickly. You must book your rebate reservation in order to be eligible. For details or more information, go to http://texaspowerfulsmart.org/rebate/ [where: 75230]

Apr 6, 2010

Huge Open House event this Sunday

If there is a home for sale in your area that you've been itching to see inside, then this is your weekend!
The NAR is sponsoring Open House Weekend this Saturday and Sunday and hundreds of Dallas properties will be open for touring. In North Dallas, agents typically hold their open houses on Sundays. I'll be joining the 13,000+ Realtors in North Texas by hosting an open house at fabulous home at 6807 Meadow Road from 2:00 until 4:00 on Sunday. The following Sunday, I'll be opening the doors of 6240 Brookshire for the home's first and only Open House.
Take advantage of the opportunity to conveniently tour a lot of great homes this weekend.
[where: 75230]

Apr 3, 2010

Warning of Dallas area Real Estate Scam

The Texas Real Estate Commission has recently received enough complaints against a group in the Dallas/Fort Worth area to issue a warning to area Realtors. The individuals named in the complaints represent themselves as real estate agents and brokerage companies but do not hold Texas real estate licenses. And they are scamming people out of thousands of dollars.

According to TREC, "The public should be aware, owners of real property, tenants, buyers, and investors claim to have lost large sums of money related to the group's real estate schemes. Among other things, the complainants allege that the group takes and keeps deposits for properties over which they have no authority or no control. They allegedly do not pay rent to property owners on property they claim to manage for those owners, or take large security deposits from tenants and then keep the money. They take deposits or earnest money on properties that they claim are available for a short sale but in reality are days away from foreclosure. Apparently, much of the solicitation of potential victims has been conducted through www.craigslist.com. "

Anyone can verify whether a person actually holds a Texas real estate license by searching their name on TREC's website at http://www.trec.state.tx.us/. Agents with reputable companies can typically be found on web sites that include their photo to verify that they are who they say they are.

The TREC alert also adds, "The group allegedly hires unsuspecting people to perform real estate brokerage services, such as showing real properties for sale or lease and writing contracts or leases, and misrepresents to the “employees” that a real estate license is not required in order to perform those services. These employees are also apparently solicited via craigslist. "

[where: 75230]