DFW 2011 July 4th Celebrations

Thanks to my favorite title companies - Hexter Fair and Republic Title - for putting together such a great list of 4th of July celebrations. Click on a list to see it larger. My personal favorite will be the neighborhood parades on Monday morning of July 4th. The Preston Hollow North parade begins at 9:00 behind Preston Hollow Elementary School. Come join the fun! [where: 75230]

Favorite Preston Hollow Pool Companies

I've worked with a lot of pool companies both professionally as a Realtor and personally as a pool owner. The two that I like to recommend for service and maintenance are:

Blue Star Pool Care who I've seen turn a nasty green swamp into a crystal clear swimming pool. Manager Jason Horn is both friendly and reliable. Their site is www.bluestarpoolcare.com/ and their number is 972.758.9352.

ASP - American Swimming Pool Co. who has done a great job of keeping my pool sparkling. Herschel Forester is their honest and reputable local manager. Their site is www.asppoolco.com/ and their number is 214.503.7171. 

2012 Update: Due to customer service complaints, I no longer recommend ASP. [where: 75230]

Preston Hollow Lease Market is Hot

It's not just the temperatures that are hot right now. If you have a home to lease in Preston Hollow, it is a hot commodity. If you're looking for a home to rent, you'll likely find it very challenging. Rental rates have risen and vacancy rates are disappearing.

Let's look at the current market for a 4 bedroom home located between Northwest Hwy, Hillcrest Rd, Forest Lane and Midway Road. Something not too big and not too small in the general Preston Hollow area. In the past 6 months, 15 homes of this size and in this area have leased. Currently, you'll find 4 homes available ranging in price from $2,650 a month (for a 60 year old cottage) to $4,400 a month for a 2-story home with a pool. That's less than a 2 month inventory of available homes for lease.

Homeowners and investors willing to lease homes in Preston Hollow stand to profit in the coming months from the tightening rental market. A year ago, rental rates hovered around $1.00 a square foot per month. Today there is only 1 home on this list available for less than $1.20 a square foot. [where: 75230]

Americans still bullish on Home Ownership

In a recent survey of 2,000 bipartisan voters, 75% of Americans said that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market”. Sponsored by the National Association of Home Builders, the survey showed that despite their situation - whether underwater on their home or even renting - Americans are still optimistic about home ownership.

Home ownership was cited as “best long-term investment” by 81% of those who own their homes outright, 76% of people with home loans, 67% of renters, and 65% who owe more than they could sell their home for today.

When survey respondents were asked if they’d recommend buying a home to a friend or family member just starting out, 80% said “yes.” Even home owners currently underwater - those who owe more on their home than it is currently worth - 78% said they would recommend home ownership to family or friends starting out. Of those surveyed who do not own a home, 73% said their goal is eventually to buy one. [where: 75230]

Dallas Tollway prices going up

Starting July 1st, it will cost you more to drive on the North Dallas Tollway. Here is a comparison of the current rates and the new rates if you have a Tolltag.

Cash rates are 50% more than Tolltag rates. [where: 75230]

Free basketball goal if you pick up before Monday

Basketball goal free for the taking. This goal has a broken backboard which could be replaced. It is sitting in front of the house I have for sale at 6807 Meadow Road (west of Hillcrest). I hate to see it hauled off to the dump on Monday by the bulk trash collection when there are kids who would enjoy it. Know anyone who could use it or fix it and give it to a charity? You'll need something like a pickup truck to take it. [where: 75230]

Exactly where is Preston Hollow?

Ask 5 people in North Dallas and you'll get 5 different answers. Even many Realtors don't seem to know.

Unlike the Park Cities or even neighborhoods like Devonshire or Pagewood, today's Preston Hollow doesn't have clearly defined boundaries. In fact, it's easier to say what it isn't than what it is.

Preston Hollow is not north of Royal Lane despite what someone selling a house near Forest and Hillcrest may claim. If the house is in the Carrollton-Farmers Branch ISD, it isn't in Preston Hollow.

 Preston Hollow does not stretch west past Harry Hines Blvd even if a map on zillow.com shows it to be. And Preston Hollow does not go east to Central Expressway although the marketing updates in the Dallas Morning News include it as Preston Hollow. I cringe every time I see the blockshopper.com statistics for Preston Hollow cited because I know they are completely inaccurate because they include areas that are not Preston Hollow.

Preston Hollow does include parts of 4 zip codes: 75220, 75225, 75229 and 75230. If a property isn't in one of those zip codes, it isn't Preston Hollow. The problem is that those zip codes also extend outside of Preston Hollow. I guess it would be too difficult for the folks running sales statistics to simply contain the area with a map. Somewhat easier would be to include only properties in the MLS area 11. If the search were confined to those 4 zip codes and MLS area 11, about 75% of the properties would actually be in Preston Hollow. .

Originally, Preston Hollow included areas south of Northwest Highway. Those areas are now in University Park, Devonshire or Bluffview. Preston Hollow is now bordered by Northwest Highway on the south. On the west, some of Preston Hollow stretches all the way to Midway Road. And most locals agree that Hillcrest Road is the eastern most boundary. Royal Lane is the northern cut off.

So the next time you see the "Market Watch" report in the newspaper showing foreclosure rates and median sales prices in Preston Hollow, remember that they are likely looking at all of North Dallas and Northwest Dallas - not Preston Hollow.  [where: 75230]

Run On over to Preston Forest

Run On, my favorite footwear store, has opened at the Northwest corner of Preston and Forest. What a great location for the number one shoe store for many of the folks who work out at nearby Cooper Aerobic Center.

Do you remember what was previously in this location? The obsolete Mapsco store. With online mapping systems and a GPS in the car, who needs a Mapsco any more? It's a sign of the times, and Mapsco has gone the way of buggy whips and 8 track tape players.

The one entity that still uses Mapso is our MLS. Surprisingly, agents are still required to provide the Mapso coordinates on their listings of homes for sale. Personally, I don't use them and I don't know any other agents or buyers who research properties using these old coordinates. The running shoes will come in a lot more handy. [where: 75230]

2011 Year to Date Dallas Real Estate Statistics

Residential real estate sales for our area are in from the North Texas Real Estate Information Services. Since the real estate markets are ultra local, here is a look at localized stats. You can see that painting a broad picture of the North Dallas market can be inaccurate because these areas are performing so differently - up 3% in one area and down 17% in another. Within these areas, the individual neighborhood statistics vary as well.

North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 234 (up 8% from this time in 2010)
Average Sales Price: $765,455 (up 5% from 2010)
Average Days on Market: 119 ( same as 2010)

Park Cities:
Number of Sales: 296 (up 8% from 2010)
Average Sales Price: $1,128,345 (up 5% )
Average Days on Market: 95 (down 14%)

Northeast Dallas (east of Central):
Number of Sales: 210 (down 3% from 2010)
Average Sales Price: $245,569 (down 4% )
Average Days on Market: 74 (up 21% )

Northwest Dallas (west of Midway):
Number of Sales: 185 (down 14% from 2010)
Average Sales Price: $217,893 (down 2% )
Average Days on Market: 85 (up 29% )

Far North Dallas (north of LBJ to Plano, Central to Marsh):
Number of Sales: 293 (down 17% from 2010)
Average Sales Price: $321,194 (up 4% )
Average Days on Market: 93 (up 21% )
[where: 75230]

Preston Hollow Happy Hour

Now this is a Happy Hour to make someone else happy too.

Half price flowers are calorie free and won't get you into the kind of trouble a bar happy hour can.

Wild About Flowers is located at the northeast corner of Preston and Royal just behind Cantina Laredo. [where: 75230]

In n Out Burger coming to Midway & LBJ Freeway

Just in time for the traffic mess that is call the LBJ Freeway expansion comes the famous traffic stopping burger joint In-N-Out Burger.

They are moving into the southwest corner of this busy intersection. Given the enormous popularity of their recent opening in Frisco and the long lines they generate, their parking lot order takers might be able to work the stopped traffic on LBJ -along with the traffic they'll be stopping on Midway and the service road. After all, the LBJ project is expected to take 5 years of road blocking construction.

No word on the opening date. [where: 75230]

Nationwide Open House Weekend

If you're in the market for a new home, want to take a peek inside some neighbor homes for sale, or just have some extra time on your hands -  drop by an Open House on Sunday.

I'll be participating in the National Open House Weekend on Sunday with two great homes open. Come by 6231 Pemberton Drive between 1:00 and 3:00 or stop by 3848 Echo Brook Lane between 3:30 and 5:30. There should be a lot of homes open on Sunday, so start making your plans for which ones you want to see.  [where: 75230]