Feds Sue Eleanor Mowery Sheets and Nicky Sheets, Frontburner Scoops Dallas Dirt

With this story. Here’s the D Home and Garden article the filing refers to.

Bush Home House Lust At Newsweek

Daniel McGinn at Newsweek called the other day, but I had no idea he’d be giving us so much ink! Apparently the entire nation has eyes peeled on Dallas Real Estate as everyone tries to figure out where George and Laura will land in Big D. Thank you, Dan, for the nice write up. I’ll give House Lust as gifts. Thank you Tim, for posting! And the Mathews-Nichols listing on Seneca, yes: I might even lay a few dollars from my sinking Fannie Mae stocks on that street. Maybe even right smack next door to Michelle Nussbaumer.

United Title of Texas

OK, here’s what I’ve learned: Mercury Companies, Inc. (parent company of United Title of Texas) is closing all operations outside of Colorado. Yesterday an email went out to employees basically telling them to take their stuff home and not come back today. As for anyone who had a closing at one of United’s ten Dallas area locations, all work will be transferred to First American Underwriter. Tell me what you know.

What’s Brewing With United Title of Texas?

Dallas Dirt Exclusive: I have just received word that United Title of Texas changed locks on their doors yesterday at 5 pm which will make it mighty hard for anyone with a closing scheduled at their offices to get in the door, much less close. Developing. Hear anything, let me know. (Ironic, I was just interviewing a company in New York about a new key-less lock system by Schlage.)

Second Home Lust: Tranquility Costs Only $100,000,000.

Most prestigious listing on lovely Lake Tahoe. 210 acres, eight private buildings, 38,000 square feet of summer fun makes Phil Romano’s place look kind of, well, minature.

Dallas Home Prices Down 3.1 Percent

So reports the Dallas Business Journal. And Back Talk Preston Hollow, where Jeff Siegel brings up his voyage to Chicago where the market is just plain God awful. I was in California last week where there are a lot of homes on the market, record foreclosures up 261% from a year ago. Yes, I said 261%. But the Peninsula area near San Francisco is still pretty insulated, folks there told me. I think the bottom line in this Real Estate story 2008 is that people with plenty of money who are either buying or selling are smelling like roses. They don’t have to worry about sales prices because they sold a company and live on non-earned income of $56,000 a month. OK, maybe the CPA will eventually suggest they chop a hundred thou off the price of a $4.5 million home. Tinkling in the ocean. This is the buyer every high-end spec builder in town is killing to have. No, the people hurting are those who over-shopped and who used home equity in one home to finance others. They bought into some experts’ advice — hey, I read those books too— for a moment I thought I could be Donald Trump. I heard lots of these stories in CA: one guy borrowed 90% against his home and bought not one but two homes out of state as investment props. (Idaho seems to be where everyone is buying investment props.) When he went to flip, the market had turned and he couldn’t sell them. Then the value of the home he had the 90% loan against declined — he had taken out the loan at the peak of the boom. Now he had two inflated loans on two props declining in value — not selling — plus the 90% loan on his home. What could he do? He walked, lost his equity. Just a few years back in Texas we could not take out loans against our homesteads because back in the wild west, men were gambling away the ranch at the poker table.

My, how times have changed.

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244 West Wildwood, SA

These homes were built by the developer of Olmos Park Terrace in the 30’s with no central A/C. Thus the kitchens all had screen doors opening to the back yard for cooling. Some homes even had separate kitchens to keep the heat away from the resting rooms. With higher energy prices, wonder if we may revert back to that. In a way, we have —  with the popularity of outdoor kitchens.

San Antonio Honey Pie

Just darling, south of Loop 410, H.C. Thorman stone cottage in Olmos Park Terrace with 3 bedrooms, 2 baths, completely redone near Trinity University. $235,000. Guess who owns her? ME!