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The Kitchen Next Door

This is the “Mother” of all stoves, the Aga — invented by physicist Dr. Gustaf Dalen, retail about $23,000. This stove is the centerpiece of a kitchen in a neighboring listing/townhome and just may give the unit belonging to Julius Jones a little competition.

Julius Jones Kitchen

Wonder if Julius chased down coffee here this morning. Kitchen of his Uptown townhome listed for $1.3 million.

Curious Condo Pricing

Still trying to figure out how Dallas condo prices could have increased third quarter: a faithful and knowledgeable reader offers this explanation:

“With all the new supply of nice condos coming online over the last few years, when they sell via the MLS they push up the average, as compared to the days when fewer of these new units were selling via MLS. So I don’t think that the units themselves are appreciating much right now, but rather the mix of units sold now includes these new and expensive units.”

Day After Thanksgiving House Horror Stories

Happy Post-Turkey Day. I was in the kitchen for about 10 hours yesterday, went to Cooper this morning to escape, where I heard about a few Thanksgiving House Horrors! One friend, wife of a well-known sportscaster, first Turkey Day in their brand new home, says the sweet potatoe peels clogged her garbage disposal and burst a pipe, which her sweet father-in-law got under the sink to repair while she was baking pies. Another person is without hot water: they have a tankless hot water system in their new home, it malfunctioned, and it’s hard finding someone to repair it. Several years ago we had a frozen water pipe in our home (one of those 1960’s era ranches with zero wall insulation) and my husband used his stethoscope to find the leak in the wall. Then he went to the hospital, borrowed a blow-torch from maintenance, repaired the copper pipe with help from a neighbor.  Another year my solo oven went “pop” just as I put the turkey in, so we had microwave turkey. (Double ovens and dishwashers now a must-have on my home list.) If anything in your house can break or go wrong, it will right before you have a houseful — tell us your stories and get out of the kitchen!   

Title Insurer LandAmerica Files For Bankruptcy

Friday, Fidelity National Financial changed it’s mind about buying LandAmerica.  LandAmerica Financial Group Inc has filed for bankruptcy protection — here’s a copy of the memo circulating locally:

“It has come to our attention that effective November 24, 2008, the LandAmerica company operating as LandAmerica 1031 Exchange Services Company, Inc. (”LES”), a 1031 exchange facilitator, has terminated operations.

 We have further been made aware that as of November 25, 2008, one or more warehouse lenders have elected to discontinue accepting Insured Closing Letters and are no longer wiring funds to any LandAmerica title agents. The companies impacted by such decisions include Commonwealth Land Title Insurance Company, Land Title Insurance Company, LandAmerica NJ Title Insurance Company, Lawyers Title Insurance Company, Title Insurance Company of America (TICA) and United Capital Title Insurance Company.

We strongly recommend you determine whether any loan transactions are in the process of closing with any of the impacted companies, and, confirm with your warehouse lenders and investors as to any constrictions they may have placed into effect as a consequence of these developments. ”

So what happened?

Ebby Halliday: “Mankind is never truly thankful for the benefits of life until they have experienced the want of them”

Or: “you don’t know what you’ve got ’till it’s gone.”  I cannot think of a better person to lead us in thanks this very difficult year. For those of us who want to know what the Depression was like, ask Ebby. My late, cherished mother, who would have been 93 this year, always told me our generation would understand “want” someday because she felt we were too focused on what she called “silliness”, things like Hermes Birkin handbags, rather than what was important. (Ironic that as the stock market soared, our handbags grew bigger and bigger almost as if to keep up with our aquisitions.) What is important: making sure people are taken care of and not hurting is important, and I thank Ebby for reminding us of this so eloquently.

Julius Jones’ Uptown Town Home On The Market, But I’d Rather Cook My Turkey At The Neighbor’s

Listed for $1.3 million with Allie Beth Allman’s Forrest Gregg. Really nice crib. Jones tells the DMN he moved “down there” (Uptown) last year and vascillates between selling or not selling his bachelor pad. Which we can understand, but DCAD sees things a little differently. Maybe that’s because they just don’t know that the $1,425,000 listing next door is loaded with — get this — bamboo flooring, a floating staircase and an Aga stove!

Have Dallas Condo Prices Increased?

Over on Frontburner, Wick Allison posted Case-Shiller’s not-so-gloomy home price numbers for Dallas — down far less than the rest of the world, as I told you. But he also found that average  Dallas condo prices were UP by 11.1 percent…which I find just plain curious.  That’s third quarter 2008 pricing with an average tag of $148,000 — ain’t exactly the Ritz. Still, any reason why coming on the heels of news that the Stoneleigh Heritage is on ice etc. etc? 

Opening of Atlantis, The Palm: Dallas Present In Full Force Weekend Past

All because Dallas interior designer Trisha Wilson’s company, Wilson Associates, did the design for the $1.5 billion dollar hotel. You bet she was there! Trisha says there were more than 2000 VIP guests, herself included, at one of the most expensive and lavish hotel openings in history. Despite recent financial news, owner/developer Sol Kerzner spared no expense. Kylie Monogue was the featured performer and she sat at the table right next to Trisha — “one of the nicest celebrities I’ve ever met,” said Trisha, adding that Kylie is tiny and had on fabulous 5 inch heels. Samantha Ronsen was the DJ for the afterparty. She was there with Lindsey Lohan, Quincy Jones and Robert De Niro. Trisha was seated with Yue- Sai Khan (her good friend, the “Oprah of Asia”, read all about their interesting friendship in the article I wrote on Trisha for DCEO Magazine). Other Hollywood celebs present include Charlize Theron, Mary-Kate Olsen and Michale Jordan plus enough royalty to bail out the bail out.

National Real Estate News & Gloom: 1968 Pricing?

And as I mentioned previously, the NAR wants the government to spend $50 billion to subsidize lower mortgage rates, says that doing so would stimulate about 500,000 more home sales. This request came pre-Citibank bail. By the way Citibank, I think, ought to offer us all 0% interest on our credit cards as a means of saying “thank you, dear taxpayer.”

Foreclosure on Armstrong Parkway: There Is A Santa Clause

I just found a foreclosure on Armstrong Parkway. The good news: you can live on Armstrong Parkway for under one million. Bad news: someone beat you to it for even less than the asking price of $999,000. Might start paying attention to this man and his team, some of the top foreclosure and Real Estate experts in town.

LandAmerica: Another Citibank?

Fidelity National has backed out of a deal to acquire cash-strapped LandAmerica. What is that going to mean for local sales and closings? I’m feeling deja-vue.

Surviving Sustainability

Earlier this week, 75 or so Realtors survived two jam-packed days of sustainability education at the local launch of the NAR’s brand new GREEN certification course.  Now all they have to do is take one more elective and they’ll be green, too.  Thanks to Bob Meckfessel (FAIA!) of dsgn architects and Tom Fitzpatrick of the Texas Home Energy Raters Organization (Texas HERO for short) for their help with the teaching duties.  And thanks to the folks at dfwrealtors for keeping me going, with cookies and well timed pats on the head.  Next class will be after the first of the year.

Japanese Garden at the Murchison House

Hidden away at the Murchison House is a lovely little Japanese garden, here viewed from the second story.  Designed by Warren Johnson, who has also done quite a bit of work at the Arboretum.

House Porn: The Murchison House

20,000 square feet may not be that big a deal these days, but back in 1938, when Anton Korn designed the Murchison house, it created quite a stir.  269 feet long by 40 feet deep.  Had a chance to tour it last weekend–my favorite part was the J. Edgar Hoover Wing–so called because Hoover was a frequent guest of the house.  (I would have put him in a separate wing, too.)

Wilson Fuqua, the architect who presided over the recent rehab, and Warren Johnson, who handled landscape design duties, came out to talk about their work, along with the new owners.  The tour was presented by the Dallas Architecture Forum and Preservation Dallas, collaborating again–and rightly so–after an apparent hiatus of a number of years.

Un-utterable: What Would A Depression Look Like In Dallas?

I hate to use the D-word, but after reading this article in The Boston Globe, I started thinking about a local application. Dallas has such strong job growth — as I discussed last night with Stewart Lytle and Karen Taylor. If we look at the history of The Great Depression, that could mean many people would migrate here to find work. Oh great, just what we need — more cars on the road. So let’s turn on the comments. Tell me what you think Dallas would be like if we were to have a Depression. I heard all about the Great Depression from my mother, who saved plastic lids and rubber bands until her dying day. I know doctors used newspapers as sterile drapes – does that mean we’d go to the Gyno and he’dcover us up with The Dallas Morning News? Or would it be The Dallas Fort Worth News Telegram? People mended clothes and wore them forever. Would J’s Tailor do more business than Neimans? Would the Dallas Blonde fade to the Dallas Brunette? Big hair to bangs and a bob? Would the McMansions on Park Lane and Beverly Drive be filled with three generations under one roof so much that HPV would start a Bingo night? Would everyone move in downtown, fill up those condos, and leave their cars to rust in Frisco? Your turn…�

Breaking News: LFT To Close In Victory Park

Ort Barona is closing LFT at Victory January 1, starting their liquidation process sale tomorrow with merchandise — just unpacked merchandise — marked down by 25%. Chalk it up to what is quickly becoming worse than the worse four-letter word — the economy.

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Angie Barrett Sells Her Home At 3301 Beverly!

3301 Beverly sold — and Angie is delighted. Listing agent Lillie Young for Allie Beth Allman, who we assume is also delighted. Listing price:    . Angie won’t tell me how much she sold it for (darn those confidentiality agreements) nor to whom, but Dallas Dirt has learned the buyer is none other than Ron and Terry Unkefer, whose 4412 Lakeside home, listed at $12.6 million, recently sold. (Here’s a video on 4412 Lakeside, when it was listed at $15 million last February.) Meantime, Angie says her belongings are stored in about 37 different locations, from Eveready to One Arts Plaza where the finishing touches are going on her brand new high rise. With the help of architects Lance Raney and David Droese, she combined two penthouse units. ‘I love my new space,” says Angie. “I have an incredible view — it’s a total new chapter in my life!”

So many builders had eyed this home as a tear-down, and it clearly is not. This is such great news… folks, have faith, have faith.

What I Learned At Real Estate School…

That this could not happen in Texas because all properties should be covered by Title Insurance, and those rates are set by the state. (Is that correct? Still a neophyte here.) I know that Title Insurance is a very, very good thing and as important to have as property insurance.

Stevie Chaddick Just Back From Rosewood’s Artesana

Where I am DYING to go and visit the new hotel and residences, after visiting the grounds pre-construction in San Miguel last spring. I’ll get Stevie to tell me all!

Bank Bundling: Anatomy of One Bad Banana In The Bundle

The story I am linking to is provocative and full disclosure requires that I inform you I personally know two of the parties mentioned. Big Dallas names are invoked — Rusty Rose, Don Lummus. Let me remind you I am a messenger and impart no opinion nor further fact on the information. In the last 45 days, real estate reporting has become a brave new world. It is no longer prices up, down, sales volume or House Porn — though House Porn still rocks. It is now about complex mortgages and penny-stock banks and alogrithims and however else the financial geniuses of our generation twiddled and fiddled with home loans. That is why I reacted negatively to the SEC investigation of Mark Cuban, why I think it was overkill to waste tax dollars sending Martha Stewart to prison. Peanuts compared to what’s been going on the last few years… read on.  

Secret Gifts Of The Rich And Famous

I’ve been trying to stretch this story as close to the holidays as possible, but I cannot hold it in any longer. I have just unearthed the secret luxury gifts Dallas’ top agents give to clients as closing and referral thank you ’s. Are you ready? It’s what every savvy agent in town calls “the envelope”: an elegant, ribbon-wrapped pocket jam-packed with luxury linking the most upscale businesses in Dallas with elite buyers. Coupons? Never — these are beautiful, hand-engraved invitations in calligraphy to enjoy services. Because we all know that when it comes to gifts, some people (such as those in an $11 million dollar home) are a bit difficult to shop for. (If I get another vase we are going to have to add on 7,000 square feet.) People are tiring of things. Less is better. Less is going to have to be a lot better for several months, in fact. “The envelope” offers choice of services at places like Dr. Delphinium Designs, The Crescent Club and Spa, professional sports teams tickets, golf resorts, luxury linens, restaurants, spas, and more! Things people use. The total package value, I’m told, is over $6000.

You didn’t hear this from me.

Dallas Dirt On Tape This Afternoon: Welcome Real Estate Ribbit

On Friday, a new real estate site is going online from Dallas that promises comprehensive insight into residential real estate with daily news stories and features and links kind of like — oh yes — kind of like what we are doing here at DallasDirt: it’s called RealEstateRibbit.com. (Like the sound a frog makes, ribbit ribbit ribbit.) And wild commenters, get your fingers ready — there will a blog called the Frog Blog. The developers/partners are Karen Taylor, who has written about the local real estate industry for more than 30 years; Stewart Lytle, another veteran real estate writer, and husband and wife team Beverly and Steve Smirnis, publishers of Building SAVVY Magazine, a trade pub for builders and remodelers. The site launches Friday, so I am going over to CBS to pre-tape an interview about my experiences writing a real estate blog. Maybe we’ll get a copy and let you listen in. Maybe you think I’m crazy because this is future competition and I should send them a gift basket loaded with giant gumballs. But then maybe… I’ll just go dig up some dirt…

Update: We just finished the interview, and I love Karen, love Stewart! What a great interview — we wanted 15 minutes, we talked for 25. Am very excited about what they are doing and you will be, too! And as a housewarming gift, I am going to give Ribbit Wick’s Candy, Say It Ain’t So Joe, Heeeeere’s Johnny, Orange You On Vacation, Dooner and a host of commenters from the Dallas Dirt Comments Hall of Fame.  

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Let’s Not Discuss Dallas Real Estate Values Today

This is not as bad as when you get those monthly stock reports showing that all the money you’ve stashed away for retirement is down by 36%. No sir, not that bad at all. Steve Brown reports a decline in Dallas home prices of just over 2% while some Texas cities have actually seen modest increases. Don’t even ask me about the national outlook: it’s Miller Time for builders — those Dom Perignon days a recent memory. As one local home builder told me: no one is picking up a hammer. Even the Russians are having problems. I am starting my appraisal battle file right now — will keep copies of all these stories so just holler if you need. Listen up DCAD: my property taxes should be LOWERED next year, retroactive to November 19, 2008. Got that?

I Heart Amanda Tackett!!!

As does the rest of the world — the D Home Blog (hi guys!) reports that Amanda’s wonderful columns on her Dream House for D Home won bigtime at Saturday’s Katie Awards celebration. The first time I read a story by Amanda in our brother pub, D, I almost wet my pants with laughter. Amanda, you go girl! You are the best!!!