D

Dallas Real Estate: About That LEED Certification

An article in the New York Times relays what many of us have been wondering: how reliably green is that LEED label? Is it window dressing for sales and marketing, or a sincere effort to save our planet? Coincidentally, I had lunch with Marc Kleinmann of EGC Dallas today and will have much more to tell you about this.

Dallas Real Estate News: Sawbucks Debuts in Dallas

The coming out party was last week, and somehow I plumb forgot to tell you. This is the deal that riled a lot of local agents and brokers when they found out that A.H. Belo has invested two million in a company that offers on-line real estate search and hefty consumer discounts. Here’s what they are telling me:

“Home buyers can search the site for homes for sale as well as research areas they might want to live. We’re different in that we partner with top local agents, and then when it’s time to buy the home we subsidize the deal so the buyer gets a below-rate mortgage from a reputable lender and the lowest closing costs (we’re the only brokerage to offer a subsidy to lower costs for buyers). We also have a service for homesellers where we refund 20% of the listing agent’s commission at closing.”

TWENTY % OF THE COMMISSION????

“We save buyers thousands up front and hundreds more every year. We did a study and found that in July 2009 our rates on average were .325% better. It might not sound like much, but on a $400,000 mortgage, that’s a savings of about $80 per month and ~$29k over the life of the loan. In June the difference was .41%.”

So… is Sawbucks going to kick some proverbial real estate butt in Dallas and make Belo rich? Oh do go to the site and see if my eyes are playing tricks on me: they rate the Dallas area with a 67 — barely healthy.

If we are so sick, then why are they here?

Neighborhood News To Use: Landmark Snags Contract to Manage Highland Park Village Theatre

Next May, Landmark Theaters will operate the HPV theatre that closed August 13 for renovations. Landmark, as PCP’s Sarah Scott reports, is partially owned by Mark Cuban and operates The Magnolia and Inwood Theatres.

Disney Week: Great Pinocchio Listing— And We’re Not Lying!

Wonderful listing in the storied Disney Streets, where things are Goofy these days over a proposed Conservation District. Disney is the closest thing you can get to Leave It To Beaver living in Dallas. My favorite things about this home: it’s on a huge corner lot, and has just been reduced by $10,000 to $359,000. (Even so, I still think it’s a wee bit pricey.) Check it out: pool, 3 bedrooms, 2 baths, try to forget the fact that the third bedroom is now a pool hall and the home’s updating lacks an overall sense of cohesiveness. Oh — almost forgot: the sellers are excluding the wine fridge, fireplace screens (???) and the sauna. Hope they’re calling Curtiss.

Dallas Deal Estate: This House Just Keeps Getting Cheaper…

OK, I know it’s a little quirky — the architect was trying to be all New Orleans style — but surely some Tulane grad wants 4214 Manning. It’s now down to $2,050,000 from $2.5 and something tells me note holders just might entertain an offer. In fact, I’d go in at $1.5 — what do you think?

Dallas House Porn: Reduced For Sale On Meadow Road — And Gorgeous

We love trees, but they sometimes shield perfectly beautiful homes from full view. Like this one, reduced for sale, on Meadow Road just west of Hillcrest. (Yes, it’s in the “good part”.) In fact, when we were looking for the most beautiful homes in Dallas, we couldn’t use many gorgeous numbers because of the trees. (Do not, repeat, do not go out and chop any trees just to be a most beautiful candidate!) Behind the kind of porte-cochere arch, this home has a lovely open floor plan, the bedrooms are downstairs, and there’s room for growth upstairs. Four bedrooms, four and a half baths. Only $755,000. I kid you not.

Update: I’m now told that this house has been leased. See, you were too late. But I’ll be the agents have a few more up their sleeves.

Jewel Box Estate Sale: 4208 Normandy

When I tell you about an estate sale, honey, it’s an ESTATE sale. Same folks from whom I bought my Mikimoto pearls:  The Jewel Box will also be holding an estate sale this Friday and Saturday, August 28th-29th from 10am-4pm at 4208 Normandy Ave, Dallas TX 75205.

Items Include… Lalique, babycakes, and Herend:

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Texas July Home Sales: Transactions Down, Values Up, 7.4 Month Inventory

I’m thinking it’s ALMOST Miller Time. Sure wish I had ESP to know what October will bring us, but I may lift a glass or two to this news from the Real Estate Center at Texas A&M University:

Here is how select Texas cities fared in July (data current as of Aug. 28, 2009):

Obama Administration Shifts Focus from Home Ownership To Rental

This is like a 180 degree change from the Bush (AND Clinton) administration’s view that home ownership is the tool to provide stability and upward mobility for lower income Americans. The fact that it didn’t work, the fact that it collapsed the economy, in my humble opinion, has more to do with the lack of oversight of the programs, the way they were implemented, and  bank securitization. I don’t think it’s good for our country to steer folks away from home ownership, I think we need to steer them to the right kind of ownership.

Dallas Real Estate: Lake Highlands Town Center Delayed….

Not good news for Lake Highlands real estate. In fact, I am starting to look at shopping centers in a whole new light: they are predictors of the neighborhood around them. I will be snapping pics as I explore this town and send them off via Twitter. (Feel free to follow.)  Show me a shopping center in the process of being spruced up, I’ll put my money down that surrounding property values are edging upwards.

Dallas Real Estate: The Elite Twenty Celebrates Twenty

In 1990, an unusual cluster of real estate agents got together and did something very unique for real estate agents: they criticized each other’s listings to their face.

Of course the group started as a networking group back when social networking meant coffee klastches. But soon, through friendship and support, the Elite Twenty, started by founding member Joy Nees, began a tradition of touring each others listings and actually hand-writing critical reports. Reports which were then read, discussed, distributed, collected and put under lock and key. In other words, they critiqued each others listings. No holds barred,  this group was tough.

“We are all competent, competitive agents,” says Virginia Cook agent Jo Pressly. “When a seller adopts the recommendations in the written report, the likelihood of a sale increases dramatically. It’s like he’s got a panel of experts rather than a solo agent. In real estate, 80% of the sales are made by 5% of the agents and our high sales volume in the group is proof of how honest criticism works.”

The Twenty represent six different brokerage firms, and members have worked deals against each other across the table. They act as a 24/7 resource group for each other. There is also the Elite Twenty “hotline”, a voice message system that can be instantly forwarded to all members, like a private Twitter account. Each month, eight members’ listings are toured, scrutinized, all but navel-cleansed by the Elite Twenty. Pinky promise: no hurt feelings.

I’d like to be a fly on the wall: I think it would be great  fun to grab a video camera during their next tour: let’s see what the pros say to each other, not just to us the customer or behind people’s backs!

Dallas Real Estate: Living In A Tear-Down, Earmuffs

In our latest issue of D Home Magazine, which I know you will want to devour since it features this year’s collection of The Most Beautiful Homes In Dallas — Christine Allison writes a tender story about living in a home that “some” may call a tear down. “Some” are real estate experts, those nimble types who can calculate the cost of square footage in their heads times the return on every penny invested in a property.  These are the bean counters of real estate. They know exactly how much per linear foot it will cost to add a granite countertop and from which zip code (buy it in Plano, it will be about $2.53 less per foot) and how much that new granite will  net upon sale. They know which rooms you deck out, which ones you can let “slide”. But most of all, they know the scrapers. My editors at D Home always change that word when they see it in my copy — “don’t you mean “scrappers”?” No, I mean scrape, as in wipe that house clean off the lot. Scraper is the term real estate folks use for homes that have become functionally obsolescent — they are worn and have outlived their usefulness, like a terminally ill Medicare patient. Just pull the plug!

I, too, lived in a “scraper” for ten years that was also on the northwest corner of a lovely intersection. I knew  my girl was riding into the sunset and we watched every penny we poured into her, kind of like those comparison-effectiveness studies health care reformers want to help whittle costs. (Just wait…) We stuck to functional repairs — only repair plumbing but forget new wallpaper. In other words, resuscitate, plastic surgery out of the question. I wanted a shot at building my dream house so we sold her — one of the hardest, most retching sales I ever had. I remain great friends with my realtor to this day for this reason: I called him at two in the morning 42 hours after closing, begged him to get me out of the contract. (Client from hell, that was me.) I was sobbing: I can’t leave this home, I cried, it has way too much history and… way too much stuff. I particularly enjoyed Christine’s story, because like many of us, I like to play “what if”? What if I had not gone to the college I did, met my husband, what if I had not bought our home on Park Lane and what if my dear agent had called me back, said yes darling, I’ll reverse that transfer of funds stat and find you a nice real estate attorney to cover you for the likely lawsuit you will be in for failure to perform to contract. Never had five garage sales, packed two moving vans, moved a family of four plus three dogs and a parrot into a rent house for 1.5 years, was almost evicted from said rent house, never got my security deposit back even though the builder tore the house down to — kindling. Took him to small claims court and won, but he had filed for bankruptcy and I just got in line. Am still in line, actually.

Do you see how this scraping business created an economic frenzy? On a bright note, only one thing broke: my sister’s antique glass cake plate, and she knows nada to this day.

Christine, I know what I am getting you for Christmas: earmuffs!

D Sale of the Week: Looks Like NYC

The study doubles as a music room with great acoustics.

D Sale of the Week: Great Condo Bang for the Buck

Decked out with the prerequisite granite and gourmet appliances — check.

The Perfect Ficus: Bailey’s Prime Plus, Park Lane

My Ficus trees are shedding right now, not the happiest of campers. I’m asking where Ed got these trees — the leaves are real, but the bark is synthetic, they never need water, leaves never shed. I’m thinking, the perfect fake Ficus, perfect fake kids and husband cannot be far behind. Stepford, anyone?

Spurring Romance In The Bar: Bailey’s Prime Plus, Park Lane

Red is the hot new color for fall fashion — which means it will soon be dominating interiors. And Ed certainly brought out the red in the bar at his Park Lane location.

The Board Meeting: Bailey’s Prime Plus

Is this room not great?

Sneak Peak Inside Bailey’s Prime Plus Park Lane

Little “private luncheon” there yesterday and I was honored to meet the proprietor, Mr. Ed Bailey himself. He told us he wants Prime Plus to be the sort of steakhouse where ladies would feel at home for lunch with the girls as well as going out with the boys to devour a huge, juicy steak. (As a Chicago girl, let me tell you, there is nothing better.) I ooohed and ahhhed over the design, while lunch will necessitate the addition of two inches to my Mama wedding frock: the food was fantastic! (Click here if you like Food Porn — warning: House Porn has fewer calories.) The restaurant is huge — 12,000 square feet — in the new Park Lane development at Park and Central.

Dallas City Dispute With Software Company Means No Police Report Info

I don’t know what sites like Everyblock and others who feed me constant streams of stuff they aggregate from police reports are going to do — maybe take a nice, long nap? Dallas residents currently cannot obtain copies of Dallas Police Department police crime reports because of a financial dispute between the city and the maker of the software, a company called Butler Systems. You know what happens when you don’t pay the bills or agree to pay the pills? Folks pull the plug, which is exactly what Butler did on Monday because of delays in the final contract. Apparently owner James Butler has been working with the city for eight months to finalize a contract.

Oh well, sometimes ignorance is bliss.

D Sale of the Week: Major Condo Flash for Less Cash in State Thomas

The Drexel Montane (2848 Woodside St.), in State Thomas, houses some of the best condo buys in town. Unit 205 is a three-bedroom, three-and-a-half-bath corner unit on the second floor with private elevator, three fireplaces (how cozy), four balconies, crown moldings, 10-foot ceilings, concierge, and travertine and wood floors—all just a short drive from the Crescent, where owners can obtain health club memberships. These boutique units have all the flash and amenities of the rich kids down the block—Azure, Ritz-Carlton, W—for a whole lot less. HOAs are currently running .32 per square foot under the management of Worth Ross and Associates. Saucy neighbors: the building is a kind of quiet hideout for many local sports pros and, until recently, Mi Cocina founder Mico Rodriguez. Must be those private elevators—a Drexel signature. Unit 205 has been reduced from $517,900 to $497,500, so the seller is very motivated—which he has to be, because there are plenty of other units available in this class-act building.

Texas Homeowners Getting Real At Last: 73% Now Accept Realtors’ Values (+/- 10%)

The Lone Star State marches to it’s own beat when it comes to home price perception and Presidential approval ratings. Texas Realtors are not President Obama’s biggest fans. Only 28% of Texas Realtors approve of the job he is doing, while 60% strongly disapprove.  Nationally, 42% of Realtors approved of the President and his policies.

Texas agents in the first quarter were not nearly as pessimistic about home values as were their colleagues in other states. Quarter 2, Texas Realtors still called our market stable and improving. But come quarter 3, some sort of gloomy reality must have set in. Texas Realtors have reduced their valuation expectations and the effect is rubbing off on homeowners. 73% of Texas homeowners now believe their home is worth what their agent says it is, give or take ten percent higher or lower.

Don’t think agents are not taking that into pricing consideration.

But here’s the cheery note: 43% of Texas Realtors think home values or prices in Texas will increase over the next few months. That’s almost double the 24% who thought prices would increase last quarter. Hang on, we just may be skidding into the finish line here, I hope.

BTW: This survey is from HomeGain.

Bottoms Up In Real Estate Yet?

Reports out today are very upbeat: my friends at HomeGain report that nearly 70% of realtors nation-wide think that home prices will remain the same or increase over the next few months. Case-Shiller, the voice of the national real estate Gods, at least on Wall Street, says home prices have improved in 20 U.S. cities including Dallas. In other words, prices are on the upswing. Later today, I’ll get a HomeGain report exclusively on Texas that I’m told is very, very different from what the rest of the nation looks like.

Trend: The Feds Telling Us How To Do Everything, Even Real Estate

I spent the good part of the day researching the ensuing battle in the Disney streets — controversy in a neighborhood where they could film the remake of Leave It To Beaver without buying one prop. There are many things wrong with the battle, as I’ll post later, but what is good is that the homeowners themselves are involved and passionate. No one from two thousand miles away is telling them they cannot build carports or must have a ten foot side setback.  But that may not be for long. One of my favorite urban experts, Joel Kotkin,  warns us that Washington is rubbing its hands together, smacking lips and preparing to exert control over everything urban everywhere, including us. And who’s got the healthiest economy of them all? D.C., the new Rome, where decisions are being made in the “best interest” of everyone and money is flying. Dallas, he says, had best be watching:

“Polycentric sprawling cities like Los Angeles, Dallas, Houston, Phoenix and Atlanta soon may find themselves forced to reorganize themselves along lines preferred by federal urban “experts.” Hard-pressed industrial cities may find new environmental restrictions on ports and other key infrastructures an impediment to a much-needed renaissance.”

Whose Paying Cash For Foreclosures and Short Sales?

Buyers armed with cash in northern California are apparently trumping buyers who need financing, giving them a run for their bid in the San Francisco area, even if the offer is less. Cash offers mean a quick closing and probably no HVCC appraisal troubles. I have heard of a few cash deals floating around Dallas — tell us if you have, too.

Dallas Real Estate: Wouldn’t You Really Rather Still Be Here?

But where is here? In honor of all the contests we are having — Ten Most Beautiful Women In Dallas — you should vote, these gals are amazing ladies inside and out — and of course, the big cahuna final vote for Best Real Estate Blog In Texas (vote here) — I’m having a mini-Monday morning contest. Tell me the name of this golf course and where it is located, and I MIGHT be able to rustle up an invitation to golf there.

(Transportation not included — both the Lear and the Maserati are in the shop!)