Sister Helen Holy’s Take-On Real Estate

Who are these people? Obviously, if you have ever heard the word Real Estate in Dallas you know Ebby Halliday Acers, here at Ebby’s annual Christmas party with Sister Helen Holy who entertained the contract-writing troops. (Who IS Sister Helen Holy? Aha, only one of the most talented folks in town — the fabulous Paul J. Williams. Great convo with him the other night at a Christmas party — we were talking second homes. “When I was young a second home was a camper behind the Rambler,” said Paul. “I come from good stock.” Indeed! What a far cry from Fred and Lisa Baron’s 12,000 square foot Aspen second home… or third. ) If you are from California,  fear not your swindling dwindling equity but Sister Helen Holy: everyone from California, she says, is going straight to hell!  

Real Estate Reality in 2008?

This from a reader but I want to point out that I am NOT a Realtor — yet! But the whole point of this forum — even through the holidays — is to seek the truth about our market. So I welcome ALL comments!

“Yo! Candy… since you are a realtor, you should also point out that all is not rosy.

The numbers you link to do not point out that Dallas is down 0.1% this Oct vs a year ago. Sure, we are up over the year, but we ARE trending down. And, now that people can’t refi and pull money out to pay credit card balances, because their houses are not rising any more, can you say “reality check in ‘08?”

Start practicing.”

What Have I Been Telling Ya? Texas Home Prices Defy National Trend

Now here’s a nice day-after Christmas gift for all of us Lone Star property owners. Yo, Steve Brown — anything?

Confirmed: T.O. Bought At The Azure

I still do not know who this T.O. person is, except that he plays for the Cowboys, but he bought a unit at the Azure (NOT a penthouse) and he has great earrings and would someone please tell me who he is?

RE: Million Dollar Home Sales in UP

Eric, I think that two things are at play here: rising building costs (copper is out of sight, in fact they are now plumbing with plastic tubing in place of copper water pipes — good news, they do not freeze) and the rich are getting richer, the middle class more middle. Proof. Plus people are moving to Dallas, we have solid job growth, we have the Barnett Shale. But that’s just what some of my sources tell me. I spoke to a home builder the other day who hasn’t built a spec in two years — HE THINKS THE MARKET IS SATURATED. Tell you this — and please pipe  in — the spring market is going to be like a shot of truth serum for this market.

FSBO: Beverly Drive. Or Tara

I’m totally in love with this 4300 square foot home built in 1954 by Hal Anderson. 4201 Beverly, 120 by 158 lot, 3/2.5, formals, office, pool, cabana. Nothing has been updated, which makes it perfect for Christmas! Asking $2,250,000. — sellers say they do not need an agent because the home is on the corner of Beverly and Preston, has great visibility and they’ve received 500 phone calls already.

More Azure Pool

Infinity Edge Pool

The infinity-edge pool is glorious — all one level — that’s my boot toe showing you where the water begins. It drops into a serrated edge and is breathtaking.

Azure Opening — The Samuri

Azure lobby with the beautiful blue stone pool, life-sized horse and Samurai.

How Much For This House?

12 more hours to place your bets.

Azure Opening: Much Rather Have a Penthouse Than Terrell Owens.

Great party with hundreds there — 400 easy. Most people were late since the tollway was shut down. I’ve got pics for you tomorrow of the best infinity edge pool I’ve ever seen and the lobby Samuri. As for celeb spottings, Carl and Peggy Sewell, Linda Owens who reminded me she is a serious business woman but also a Bon Vivant, and of course Julie Morris and the Azure crew from Gabriel Barbier-Mueller and entire beautiful family to, of course, the charming Ebby Halliday who came early which made Joesph Gullotto very happy. Oh yes, this Cowboys player named T.O. was there as well — I don’t drool over football players, deeds and limestone do it for me — and his “bodyguard” kept telling the pretty women who wanted to say hi to buzz off. Just rude, who the heck ever you are.

Northeast Dallas, Chimney Hill, What’s Happening?

Reader poses this question:

“Hey, any idea what kind of development is going up on the east side of Audelia at Chimney Hill (just north of Forest) in Northeast Dallas? I can’t figure out if they’re townhomes, zero-lots, stand-alones, condos or (God forbid) more apartments. All I can see from the street is a very nice stone wall.”

RE: Revealing Sales Price

This response from Cindy Miller, Director of MLS and MetroTex Associatin of Realtors:

Most MLS’s do require reporting of the sales price.   We only have the provision because of legal counsel’s opinion is that we need to provide buyer’s that option as long as Texas remains a non-disclosure state – but it is a matter for each MLS to address, so we could change that at anytime – though it is doubtful. And there is no disclosure in the Texas deeds.

As far as the fines, that is not unusual either – in fact NAR just amended the MLS Policies to allow a max fine of $15,000!

How Many $1 Million Homes Are Selling in UP?

Ran into Jeff Duffey this morning as were walking our pups (not a euphemism) — mine, Elvis, his, Toby — and he said he was crunching some numbers for high-end University Park home sales. Fascinating stuff. Go here to read the full post, but here’s some stats to chew on from it:

2005 - No. of homes sold: 108 over $1 million
Median sales price: $1.369 million
Median DOM: 50 days

2006 - No. of homes sold: 122 over $1 million
Median sales price: $1.399 million
Median DOM: 30 days

2007 - No. of homes sold: 146 over $1 million
Median sales price: $1.498 million
Median DOM: 40 days

So there are more $1 million homes selling than even in 2005, and for more money (and in fewer days on the market). Someone smarter than me (Candy?) can tell me how this dovetails with the other trend I keep seeing on markets nationwide: number of home sales down in entire metro areas, but median prices staying steady or increasing (and average prices often going up significantly). Discuss.

This Just In: Reveal Your Sales price OR ELSE!

Just got this email from a San Antonio Realtor — is this true???? Tell me because I want to sell a property in SA and may have to list by Dec. 31…..
 
Change In MLS Rules & Regulations - Requirement For Disclosure Of Sales Price - Effective January 1, 2008

Section 2.6 - All mandatory data fields must be reported when a change to sold is reported.  This data includes sales price. There is no non-disclosure of sales price. Non disclosure of sales price is a finable offense and will carry a sanction of $5,000 to the agent.  In the event that the agent does not pay the fine, the agent will be suspended from the service for a period of 30 days and the Broker will be assessed a $5,000 fine.  In the event the Broker does not pay the fine the Broker will be suspended from the service for 30 days.  Note: when the Broker is suspended the entire office/company is suspended.”

RE: Suckers

Yes, they fixed it — someone had put the list price as $28,000,000. Oh what a difference a zero makes.

My Love Affair

With a house, of course. There have been so many, (sigh). But this one — this is someone else’s affair and it brings back sweet memories of youth. I think those strong, handsome twirly trees are part of the appeal.

Where I Meet Realtors - Neiman Marcus

Ellen Terry, Lynda Adleta, Eleanor Mowry Sheets… I run into all these fine ladies at Neimans. Saw Ellen and Lynda last night in the couture department — I was just passing through, of course — but where else would you run into the city’s top agents? CONSISTENTLY?

Calling All Suckers

Whoever pays $28,000,000 for this home..… please call me. I’ve got some great investments to tell you about — really I do.

How Some Home Prices Get Distorted

Great story in the Wall Street Journal today about how discounts and hidden incentives given to entice new home or townhome buyers aren’t usually reflected in the sales price, which means the price on record isn’t how much the home cost/is worth. At my townhome, I got a 5 percent discount through a friend at Centex that brought my purchase price down, and received some free appliances that of course weren’t reflected in the sales price, so the home’s “true value” may have been off a bit. That said, I also had a serious offer six months later for 20 percent more than I paid, so I don’t think I got bad deal. I thought the property was undervalued then, and I still do.

Who Is To Blame For Overpriced Homes? You.

So says Roboblogger Jeff Duffey, who apparently doesn’t sleep, as this was posted after 4 a.m. this morning. His point is that the market sets the price, but too many stubborn sellers refuse to listen, demanding their agents get them a certain amount for the home so they can “make X dollars” on the sale. I have some experience in this. When I sold my house earlier this year, I wanted to price it 10 percent less than I did. (Again, I have a sixth sense about acceptable sales prices. Trust me.) I let my agent (a great agent, btw) talk me into trusting the comps for the neighborhood, which seemed over-priced to me and perhaps skewed by some new construction. The home sat for four months. The day I dropped it 10 percent, I got a full-price offer from a couple that had toured it weeks earlier. If I’d trusted my market sense at first, I wouldn’t have made nearly six months of mortgage payments on it while living in my new place. (Still hurty in my pocketbook.)

Cute Gal Snags Hicks Son

The fabulous Christine Lieb popped this pup on the D Home Blog while I was getting a pedicure. How smart she is to alert the agents of this town — heads up! Tom Hicks has four wonderful boys in the marry-ing age — well, Bradley is still a bit young — and they are all going to need starter homes.

Too Many Homes, Not Enough Buyers?

I have got to hit the malls, but Jeff Duffey says maybe I’d better go to Tar-jet instead: I live in Preston Hollow, and he says the numbers are not good. Too many builder homes, new, unoccupied, needing to be sold. Jeff, whatever happened to that MONSTROSITY we toured a few months back, the one that went off the market, raised the price, then went back on? The two master suites (what’s with that?) Pergo floors (?) and the black swimming pool that was breeding algea and Lord knows what else in there? Oh, the one with the kitchen that had no appliances? (My kind of kitchen, actually, but not for 2 million…)

Higher Homeowner’s Insurance: Just What We Need For Christmas

Those sneaky Insurance companies — I’m not a fan — are hankering to raise Texas homeowner’s insurance rates at a time of the year when we won’t pay attention. So be sure to pay attention and drop a nice cheery note to the Texas Department of Insurance: there’s no reason in the world for any insurer to charge higher rates. We are paying more for fuel and energy costs — breaks my heart, but their CEO’s can just take a pay cut.

New Weekly Feature: How Much For This House?

Go ahead, give it your best shot. Winners can contribute to my second-home trust.