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Dallas Home-Buying 101: Ideal Interest Rate Not In The Newspaper

Most consumers who are buying homes tune into interest rate talk more readily than sex,  antennae positioned to pick up any waves indicating lower rates and fewer points. For those of you new to home buying, I will be offering Dallas Home Buying 101 periodically on this blog to help ease you into the (sometimes scary) process. Obtaining financing is usually step one in the home buying process. Here’s why: get pre-qualified before you begin your house search, you are ready to pounce when you find that perfect property. With financing in your back pocket,  you have a competitive edge on the other buyers who may not, ahem, qualify for a mortgage and therefore cannot bid against you.

Some of us used to look in the newspaper for financial information, like ads on mortgage rates. Well those days are gone because mortgage rates can now change up to five times a day.  As The Mortgage Reports tells us, you’d do better to follow rates through Twitter. Take-away: pre-qualify for your mortgage loan, and get the best possible rate by asking your lender to send you rate changes on Twitter.

Rogers Healy And Associates Visit The Big D

Real Estate Dallas Dirt style.

Home-Buyer’s Heaven: House Porn You Can Afford!

This is so good, it is almost bad. Ebby Halliday’s web site (which is on our web site) now features a special section devoted to adorable cutie pie cottages all under — are you sitting down, got smelling salts handy — $600,000. You know how it is when you are house-hunting and must abide by what I call the F- word that starts with a “B”, (budget – yecht!). You see a home driving or online and fall totally in love and then, just like that hot man in the Maserati, it’s out of your reach. Not just married but too darn expensive. What a great idea to group listings that are yummy and attractive by price so you don’t go getting all hot and bothered only to find out — can’t touch!

NPR Reveals Bob Perry’s Texas Supreme Court Connections

Kristiana Heap, of D CEO, has the scoop on Frontburner. The long and the short of it: NPR connects the dots on a recent court case where the Texas Supreme Court overturned an $800,000 ruling against Perry and Houston-based Perry Homes. A Mansfield couple claimed that Perry built them a home that couldn’t pass inspection. Oh, and apparently Perry has donated more than $21 million to Republican candidates over the last three years. You could say he’s makin’ it rain for the Republicans: nine of the recipients of Perry’s contributions are on the Texas Supreme Court.

Monday Morning House Porn: Cutie Pie In The C Streets

Precious, precious with charm and Tudor magic in the hot C-Streets of Hollywood Heights, seconds from parks, views, and downtown Dallas. This angel has 1661 square feet, two car garage spaces, updated  formals and baths and kitchen with refinished hardwoods, new windows, precious yard and deck and all super close to  Lakewood Country Club… golf anyone?  Not a bad price: $429,000.

Rogers Healy & Company, My Company

They came, they saw, they are sending House Porn: the entire office of Rogers Healy and Associates Real Estate popped in for muffins this morning and I learned some interesting things about our local market. One, things are selling, discounted but selling. If you are buying a house now and applying for a loan/mortgage, don’t be surprised at how cumbersome the process is over what it used to be like a year or two ago. Mortgage lenders are not only checking your pulse they all but want to know if you’ve ever had an STD (kidding, maybe). Finally, I need to VLOG.

Ray Nagin Must Pay Homeowners Fees On Texas Hurricane Home… Or Else

You remember Clarence Ray Nagin, Jr., yes? The Mayor of New Orleans? Well, Ray and his wife have a townhome in Frisco built by D.R. Horton, off the Dallas North Tollway and Stone Brook Parkway, which he has referred to as a modest “second hurricane home” since his wife has family here. But seems he hasn’t paid his home association fees of $1507.14. And in Texas, we know what that means: though we are a strong homestead state, not paying HOA dues can result in foreclosure. And in fact, the Casa Bella Owners Association has filed suit against Nagin for the past due moola. If he fails to pony up, the property will be auctioned off April 7 in Collin County. Over the weekend, CBS11 reported that the Nagins plan to “sell off” the property to pay off the debt; Collin County has the property, which he and his wife bought May 31, 2007, valued at $181,968.

I’m re-thinking my stance on hating homeowners associations.

Evan Grant’s Suite Surprise, Arizona Real Estate Deals

Snapped this photo of Evan last Saturday in Surprise, Arizona, at the Rangers versus Colorado Rockies game for the Ranger’s Suite owners. Evan here hard at work reporting for our newest blog, Inside Corner. We had a blast roaming Phoenix and Surprise and kicking the tires at the stadium where the Kansas City Royals and Texas Rangers hang out for spring training. Let me tell you, the Rangers really wine and dine those suite owners, oh la la. I also learned a lot about the baseball biz — not too unlike real estate, actually, and somewhat intertwined:

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Of Unfriendly Home Building Job Sites And Fowl

Candy’s posts about unfriendly Preston Hollow job sites got me to cogitating about all the McMansions in PH that sport tall fences and walls for privacy.

The most notable example I can think of is a home with an “architecture feature” that ducks were flying into in the 8700 block of Jourdan Way. If you like you can read my story on the subject here. The photos on the left are from Patty Young, a bird watcher who took it upon herself to document the ducks’ inability to avoid colliding with the “architecture feature.”

The “feature” was a large glass window built into the wall surrounding the pond. The purpose of the windows were to allow for a view of the pond and the house despite the large wall surrounding aforementioned home and pond. Seems a little oxymoronic to me … But, I don’t get paid by the hour to replicate “architecture features” from the Nasher Sculpture Center in the back yard’s of Preston Hollow estates.

Needless to say this job site (construction was still taking place on the home) was none to friendly to our feathered friends.

More Not So Friendly Signs

Home Building Job Sites Say Keep Out

What is the deal? I drive by these job sites — and I must say Preston Hollow is BUZZING with trucks and gunnite tubes, the Bushes have definitely stimulated something — and see all these not-so-welcoming signs. What’s the deal: you have millions, you build a mansion for your ego, forbidding anyone to see it while it’s under construction. Then the mansion is finished, you erect a huge fence around it and plant enough trees to mask it off from the world after, of course, yanking all the trees that existed prior to the scraping. I am concerned we will see more of these “unfriendly job sites” and walled-off mansions in the future now that luxurious, haute living is considered gauche. (This one says, “Everyone must sign in at field office” and “no catering trucks”.)

Let Your Dog Help You Select An Agent?

Why not? That’s just what Candy Spelling, widow of the late producer Aaron Spelling, did in LA to help her find the perfect agent to list her 56,500 (whew!) square foot mansion, on the market now for $150 million. (So many rooms, she doesn’t even know how many there are. Hint: about the size of Chateau De Triumphe on Strait Lane, before it burned.) I have actually heard similar refrains in Dallas real estate. Some homeowners like to have the dog interview the agent as well for “bad vibes”, I’m told. One Dallas agent told me she always slips a few dog biscuits in her pocket before listing appointment — in case there’s a dog, the dog will love her or at least behave while she bribes him. Smart move. Folks, be sure to empty your agents’ pockets before bringing in the dogs.

Bridges And Shoes Are Good For Dallas Property Values

Tim already has all this on Frontburner, but I just want to add two things: one, this is the second news of the day that is going to keep our property values nice and shooting upwards come the next boom and two, a lady at last night’s event noted that “Calatrava has more expensive shoes than I do.”  I am DYING to know if his shoes are more expensive than my Choos Todds Manolos.

Re: Live Like a Bavarian King

Just got off the phone with the very enterprising Ben Jones. He was approximately 30 minutes away from beginning his contest that hopes to lure agents with qualified buyers to at least one of seven high-profile homes. What’s the prize for the winning agent? As always, Candy has the dirty details right here.

Jones said he was inspired to create the contest in part because his friend owns the Austrian hotel. The other part would be the flood of homes on the market making it slightly harder than normal to find a buyer:

(It was) just something new and different. Typically the real estate community does wine and cheese parties and luncheons. I wanted to do something outside the norm…You just have to be creative in finding new ways to sell your product.

He’s hoping to get 20 to 30 agents to show up, but he admits the rain could hamper his efforts:

If it starts raining in real estate they don’t get out (of the car).

The buyer paired with the winning agent will also get the same package, however Jones said he expects a prospective buyer will want to pay for their own airfare rather than fly  for free in coach. Agents who show up today will also be included in a raffle for a $100 worth of NorthPark Gold. Contestants will have until May 1st to seal the deal, but my money is on Ben finding his winner sooner rather than later. Anyway, as soon as a winner is announced we’ll have the results posted here on DallasDirt.

A Stimulus That Will Stimulate Property Values In Downtown Dallas

16.7 million in federal stimulus funds going to Woodall Rogers Park, our city’s first real urban park, and a move all but guaranteed to bolster the values of those downtown condos. (Nice to have our tax dollars in our own backyard, too: great work, Linda Owen!) Which reminds me: shopping for a Ritz residence? You’ve now got 95 even more mind-blowing choices –where to begin? Card-Smart elevators, highest end fixtures, wine tasting and storage room, personal concierge, move me in:

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Sell A Ben Jones Listing, Live Like A Bavarian King

The stakes in selling Dallas dirt have now jumped as high as the Alps. Sell one of the primo Allie Beth Allman listings below,  and you’ll win a trip to Austria, expenses paid, to a Bavarian Castle. Not kidding. Just find the buyer for one of these homes, close, and here’s what you’ll get besides a nice juicy commission check: round trip airfare from the U.S., five nights in King Ludwig’s Hunting Lodge (now a luxurious hotel, Ludwig built the most extravagant Bavarian castles) sleeping in the King’s Suite, Audi Q-7 with personal driver from Munich, champagne VIP reception, entry to all of King Ludwig’s castles, day-trip to Salzburg or Innsbruck, night at the Opera and no less than four spa treatments. Calling masseuse Helga!  

Check out all these properties on Thursday, March 26 from 2 to 4 p.m, go find a buyer, and be a Bavarian king (or queen) for five lusty days:

3608 Lexington $8,950,000

3928 Centenary $3,395,000

4022 Shannon $3,495,000

4409 Arcady $4,195,000

4500 Lakeside (lot, former Bright home) $12,500,000

3932 Centenary $3,395,000

5027 Radbrook  $4,849,000

Question: Whatever Happened To Betty Abio?

This comes from a reader. Last I knew, she closed her office on Lovers Lane. Anyone know anything more than that?

Quieter On Daria Drive

Thank God the gawkers and 24/7 cameras have left.

New Water Lines On Daria Drive

I certainly hope the Bushes were out of town for this one.

Is This House Worth Saving?

The owner wants granite or stone counters, a beautiful gas range and all the new kitchen bells and whistles. Note the corner plant window, a must-have in the 80’s. My kitchen is nine years old and already it’s outdated: I don’t have a built-in Miele coffeemaker. We have to pour water into our coffee machine, life is rough. The homeowner would like a coffee machine, too. What do you think?

Update: Scrape or save — trying to decide? Send me your house photos (Candye@dmagazine.com), or invite me to your house — I’ll be happy to come take pictures for “Is This House Worth Saving?” XO

Is This House Worth Saving?

More photos, as promised. Should the owner remodel or sell?

Sweet Condo Deals In Your Future???

I have to say this isn’t all that unusual given this economic climate — I know several other developers doing the same thing, asking lenders for more time or lower rates — and getting them. Yes, Victory retail has not panned out and retailers claim the developers did not deliver the thousands of consumers they were promised. I mean really, who wants to drop $100 for a steak dinner when that’s what you pay to fill your SUV? I would strongly recommend half-price drinks at Ghost Bar, and let’s hope that GB is not a mirage some summer. �

Is This House Worth Saving?

Dr. C’s dilemma should have been a no-brainer: should he sell his 18 year old, 2600-ish square foot ranch home near Arapaho, west of Hillcrest, where he and his wife raised their two daughters and enjoyed years of family bliss? He and his wife are the first to tell you the house is dated; not only does it primal scream “eighties”, the flow is stilted, and save for some beamed cathedrals, it has the curse – low ceilings.

Three years ago when credit was flowing like the Veuve Cliquot and Lear Jet tails at Teetersborough, Dr. C would have not minded selling his all but paid for home. He and his wife would have gone into debt for a bigger, shinier new product south of LBJ. They got bids. Then Wall Street melted, choking off the credit supply.

Now, Dr. C, like many of us, is re-thinking debt. Does he really want a mortgage the size of Montana until he’s 80?

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Michael Johnson: Suite Real Estate

One of the many fascinating people I met with the Texas Rangers in Phoenix on our spring training Suite owners trip to Suprise, Arizona: Michael Johnson. You may recall Michael as the gold medal winning athlete. He’s a sprinter who won four Olympic gold medals and was a world champion eight times… in a word, awesome.  Born and raised in Dallas, Michael graduated from Skyline High School and attended Baylor University. Over dinner, I was telling Michael and his business partner in Michael Johnson Performance, Brad Hunt, about the Virgin Alarm we have in our upstairs hallway since my daughter and her fiance live at home with us — separate bedrooms, no hanky panky. That got Michael talking about Baylor and the first time he went to an assembly where the students were told there would be no “interaction” between men and women — um, that is, no you know what. Michael consults on excellence performance for major companies — Microsoft, Bank of Scotland, UBS among others. He has a home in San Francisco (I am jealous) and is building a wine cellar. Locally, Michael lives in McKinney and loves it and would like to market my Virgin Alarm – NOT!

What Will President George and Mrs. Laura Bush Do To Dallas Real Estate?

Be pretty darn good for it, I think. What do you think? �