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…..
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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.