Articles for January, 2008
More On Stoneleigh Hotel’s “Soft” Opening
Last night from D Magazine’s cute Sarah Eveans...
Richard Fisher Said No To Fed Cut
Overheard at tonight’s Stoneleigh party: Richard Fisher was the only advisor to Ben Bernacke who advised against another cut in the prime because he’s from Dallas where the economy is not looking as bad as it is elsewhere.
Stoneleigh Hotel Alive and Very, Very Well
It’s been quiet at The Stoneleigh lately — NOT. The place has been hoppin’, and Jeff Trigger told me tonight they were hanging light fixtures as guests were coming in the door to get the very first glimpse of the newly remodeled hotel for a Dallas Museum of Art party. OK, so some paint was missing. “Give us 30 days,” says Prescott’s Jud Pankey. But from what I saw, the Stoneleigh is going to be a knock-out — truly the perfect boutique hotel. The penthouse was draped off, and it was illegal but but I snuck onto the 10th floor to check out the hotel rooms in the dark: peach walls in the halls, and great big LARGE bathrooms with black and white octagon tiles, large black granite vanities and huge tubs. (Did I see a flat screen TV in the bathroom? Not sure, the lights are not yet installed.) The spa is to-die for and I was having wishful thinking about a nice massage in one of those crisply tiled rub-down rooms (there’s a his and hers!) with red throws — Stoneleigh bathrobes are soft, thick white chenille — when I get to my car to find a little goodie: one-half off a spa treatment at the new Stoneleigh Spa. Will post party photos so you can see the lobby — everyone was there! Nancy Dedman, Madeleine Pickens, Shelle Bagot Sills and Dr. Michael Sills, Benny Black, Brad Ellis, Stoneleigh hotel designer Deborah Forrest, Gretchen Darby, Linda and Steve Ivey, Michelle Nussbaumer, Sherry Hayslip, Cole Smith, Amy and Vance Detwiler, more Prescott and Apollo bigwhigs and Ellen Tuchman, whose commissioned work for the Stoneleigh was hanging right across from the bar over this delicious deep lipstick red-covered banquette.
FSBO May Not Be Way To Go
So Kristiana Heap at People says they finally decided to list “Tara” with an agent. The owners of this gorgeous hunk of a house thought the location was prominent enough to forgo an agent and all that marketing. I heard the other day about a home in Lakewood that has been on the market since last summer, and a less desireable property down the street sold faster because it was listed with an agent. Question: does MLS include FSBO time with all its information? If not, I think that’s a good question.
Property Taxes Due Jan. 31
Depressing. But thanks to one of our super smart editors, I just paid my Dallas County taxes on line this year via credit card — with no service fee ! In fact, when Christine told me I could do this I didn’t believe her (shame on me) and so I called Dallas County, went on hold for about 20 minutes, then a warm voice perked in to confirm: zero service fee this year. Yippee! I just picked up a bunch of airline miles!
I have to pay taxes in San Antonio’s Bexar County — they do not offer the credit card convenience. (The mail will have to do.) However, SA offers a drive-through tax drop off. Then you go get you a drive-through margarita.
Makes it so convenient you almost forget that it’s your money you are giving up by the truckload. Not that I’m any happier getting a 30 day grace period and AA miles: I’m still wearing black this week to protest our property taxes, among the highest in the nation.
But Hawaii is calling.
How Realtors Get Paid
This from a Realtor in response to a post on how Realtors walk away with 6% or 7% in commission sales and just rake it in…not my words, of course!
”I just blogged about this after reading your post where the person ranted and raved about how Realtors pocket 6% to 7% per sale which is false. If you sell $4 million dollars worth of property or 13 $300,000 transactions you will net below $30,000 per year after expenses. People should probably know this.”
Now take away income taxes and property taxes…..
Flip That House Flips Over Local Design/Stager
Come late February or early March, Jason Maxwell, owner of Equity Enhancers Home Staging and Design, will be on Flip That House demo’ing his talents at the complete home staging and re-do — and we mean complete — of a 1969-era, 3000 square foot home located at 2612 Chinquatin Oak in Arlington, TX.
“Some unusual areas were were hard to visualize,” says Jason. “We went in with soft contemporary furnishings to create a flow and ambiance, get people to emotionally connect with the property.”
Now wonder what he can do with the street name?
Mandarin Oriental $$$
Word on the street: It’s going for $1000 per square foot, will have a Charlie Palmer’s restaurant and thus far there have been 700 inquiries to buy the condos.
Room Service on Lovers Lane To Close
Why is this a Real Estate story? Because many agents like to — need to — deck out listings and here is a once-in-your lifetime opportunity to buy Room Service at hugely discounted prices. I mean, this is where Oprah shops (from the catalogue). But dry your tears while you grab those Beamer keys: Ann Fox has more fun in store for us lucky ones who live in Dallas: (more…)
More Silver Lining Real Estate News
One of the most-watched indexes is the Standard & Poor’s/Case Shiller 10-city composite home price index. Why? As explains the Associated Press:
The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month.
In the index just released today, Dallas showed the smallest decline in median price at 1.19 percent year-over-year. That isn’t grand, of course, but when compared to the other cities (8.4 percent decline overall) and the 20-city index (seven cities showing double-digit declines), it shows again that Dallas is somewhat inoculated from the horror stories of other markets because it has stayed reasonably priced during the aughts.
Dallas Market = Realistic
Can you just see the little home elves dancing on this sweet property for less than $300K?
California Market Softens
Just giving them away: this 2/2 is $1.5 million…
Reports of Gunshot Wound At Isabell Cottrell’s
On Northbrook, so says a reader. A friend of mine also had her purse and i-phone stolen from the Preston Royal Shopping Center after she finished shopping at Tom Thumb.
Can’t Stand It: Blame The Rat Problem on Home Builders?
Give me a break: some Preston Hollow homeowners are blaming the rampant Dallas rat problem on tearing down old homes. Do these people need their heads examined? Of course we have rats in Dallas — way more than in Chicago where the nasty critters freeze. Every home has them, new and old. (Wait ’til they show up at the Ritz!) The new homes at least have tighter seals to keep them out — my 7 year old home lost its virginity to rats a couple of years ago thanks to the squirrels. (Like any mom, I was so upset.) I called Critter Catchers and we found the varmin after he stunk up my attic. That was a Lysol day. We live on earth — and earth is loaded with critters, sometimes much to my dismay.
Negative Equity: But What If You Just Simply Live In It?
Fasten your seatbelts: it’s going to be a rough ride. Merrill Lynch is bullish on the fact that housing prices will decline further. In reading all the negative about the NATIONAL housing market, I have a question:
“If you put 10% down on a $500,000 house and the house’s value drops 10%, you have zero equity. If the market drops 15%, you owe more than the house is worth.”
True. But what if you aren’t going anywhere for 5 years? Is the mortgage company ever going to “call” your loan in when you are in a negative equity mode? No, you just feel poor, hold off on the home improvements, and sit tight but you pay the mortgage and then in five years, you have positive equity.
Or am I missing something here?
What Realtors Don’t Say (Ouch)
Warning, if you’re a broker, this one is going to hurt. Better to know the whole story than half….
NAR’s $40 Million Ad Campaign
Says that buying Real Estate is still a solid investment. Again, this is one of those “national forecast” things. Wonder how many they’ll run in Texas?
Bushes Moving To Dallas?
From an utterance….but more, later. Meantime, who’s their agent?
RE: Stoneleigh Sign
OMG. I hear they are having an event at the new hotel Wednesday night! Developing.
NE Corner Ross & Hall: What’s Up?
Just got this query from a reader:
“Anyone have an indication as to what’s to be built on the northeast corner of Ross and Hall? The location was the Dallasite Club which moved and now several lots are fenced along with that building and another small one or two facing Ross. Looks like a teardown, but have heard nothing about what’s to go there.”
Increasing Freddie Mac/Mae Jumbo Loan Limits
We were talking about this at our Best Designer’s party the other night: all the experts tell me that any second now Congress will announce higher jumbo thresholds for Freddie Mac/Fannie Mae loans from the current $417,000 to $625,000 or even $700,000. It may be a temporary fix, but what we all have to understand is that this sub-prime mortgage mess is making it hard to get home financing. Like banks won’t even take your first-born — a higher ceiling would add liquidity to the mortgage market which would jump-start sales. If we limit home-buying to only those with the capital ($500,000 sittin’ around YIKES), guess who’s going to be buying and guess who’s not?
Live At The Azure: $699,000
This is a 2/2 re-sale at The Azure, 1512 square feet, the most popular “D” unit with all the bells and whistles like Subzero, Miele and Bosch, floor to ceiling glass walls, CAT 6 wirting, a huge 310 square foot outdoor balconey, and available only at The Azure: 2-car garage with remote. (Saves you buying a $200K unit at Dream Garage.) Word on the street is that this seller will seriously entertain ANY offer.
RE: Lakewood & Northeast Dallas
Is on fire, so said David Fair Wednesday at one of many, many meetings I have attended across town trying to get a feel for this market in the midst of the stock market meltdown. Nothing there, he says, stays on the market for longer than 50 days.
Be sure to tune in this weekend: I’m preparing a lengthy market forecast for y’all from three of our top local Real Estate gurus: Brad Edgar, D.W. Skelton and David Fair. As a special treat, I’ll even have lot sales stats!
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