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Has The Housing Market Bottomed? And What About Dallas?

Dr. Mark Dotzour says we are at the bottom in most Texas cities, but I’m still Debbie Downer on this one. As is, apparently,  Scott Anderson, senior economist at Wells Fargo — who says (and I agree) there are still too many foreclosures out there and down the pike to be calling it bottom. Still, the NAR tries to keep us loaded with Prozac from second quarter ‘09 sales — up 3.09% — hello, spring is always a brisk market. As Wells Fargo’s Anderson says, there’s a shadow supply of homes out there: more foreclosures are expected to flood the California market, and  homeowners who have held back or held on may finally be throwing in the towel. Two problems I keep hearing from builders and Realtors: the new appraisal rules are asinine and stumping sales, and the banks still are sitting on those TARP funds. Except for the first-time home buyers, financing is tough to find for homes over $417,000.  I know that property is moving in our south of LBJ “bubble”, so the other day I went  north to Allen to see first-hand what it looks like up there. In a word, quiet. Very, very quiet.

I toured Wimberley Place in West Allen, Hillwood’s gorgeous gated community of 43 custom homes on hefty lots — three-quarters to one acre — with two swimming complexes, rec center, 34 miles of trails, tennis courts, nearby golf course. Think Southlake/Vaquero-esque: huge homes by builders like Steve Roberts, Bob Bobbitt, Crescent Signature, Rich Shipley and Tony Rossi. (And what I loved was a backyard where you didn’t see power lines ten feet out the back door. These lots have the shoulders to hold the 7500 square foot homes.) Talked to Tony briefly and asked him if he thought the market had bottomed. Nope. It’s slow, he said, because there is no sense of urgency in buyers. When they come up to a development — even a beauty like Wimberley — they want to see sticks and wood. It’s the herd mentality that helps sell homes and lots — the thinking that others are coming here, so we’d better get on with it. No one is thinking that way now. And if the market is recovering, the new appraisal laws are doing their damndest to quash it, along with constipated lending. Tony also said something very interesting that had not occur ed to me previously: we love it that our homes in Dallas are so affordable, the positive flip side of not having the huge bubble market that popped up markets like FLA, CA, Nevada and Phoenix. But now the banks want buyers to put so much down — 30% — to qualify for jumbo mortgages. Most people don’t want to sink that much cash into a home that is not going to appreciate like the dickens. So all this tough-love has furthered hindered sales and is contributing to the quiet I saw up in Wimberley. We have to get some attention in Washington and bring the tough love back center if we want true recovery in the housing market, or just more Prozac from Washington.

Dallas Real Estate Million Dollar Homes

Pop quiz: what’s missing from this gorgeous hunk of a tub?

Dream Pool, Ctd.

This pool at Wimberley Place overlooks Twin Creeks Golf Course — see the fairway, not power lines in the back yard!

Dallas Real Estate: My New Dream Pool

I found it in West Allen at Wimberley Place in a home by Steve Roberts. This pool was built by Leisure Living Pools. Full disclosure, they built our pool nine years ago and are still around digging pools. (Wonder if many of the pool contractors I interviewed can say the same?) I would so build a pool like this if I were building one today. Not only is this a fun waterfall feature, there’s a romantic little cove where you can hide out from the sun and stay super cool. LOVE the rock! Guess how much money the average pool costs to build today? I’ve heard between $75,000 and $100,000 depending on size,  features and rock. What’s out in pools? Diving boards.

Dallas Urban Real Estate: Playroom at The House

Major trend in urban living. You don’t have rolling meadows, so the residents have to have a romper room. Like playroom at the The House, furnished with plenty of toys for big boys.

Foreclosures Down, Postings for September Up 35% Over 2008

Steve Brown reports that government programs may be the reason why we saw fewer foreclosures in the first half of 2009, but still no consensus on whether those programs are working. The foreclosure moratoriums do seem to be keeping homeowners in their homes: during the first 6 months of 2009, only 30% of the homes posted for foreclosure were auctioned off. Usually, that percentage is higher, like 40%.  Often homes are put on the foreclosure list but homeowners often work deals to keep their homestead right up ’till the last possible minute. And despite Dr. Mark Dotzour calling bottom yesterday, his colleague, Dr. James Gaines, is still worried that the worst is not yet over.

Dallas Real Estate Urban Living: Pool Side Vanity at The House

Spectacular pool area so great I have an idea for the Germans: sell three-month pool memberships to non-residents. But make them submit vanity photos with the application.

The House: Decked Out for a King and Queen

“King and Queen” chairs on the fifth floor resident’s room at The House. Right off this room is the pool deck. I presume one players checks or backgammon only while sitting on these thrones.

Dallas Real Estate: Postman Always Rings Twice at The House

These are the post and Yoo boxes for residents at The House, kind of a signature Starck silly-ism, almost a take-off of high school lockers with those feet. That’s David Griffin checking the mail box.

Dallas Real(ly Big) Estate: Plus Sized Furniture

Know how they have plus-sized stores for plus-sized clothes, plus-sized models, and plus-sized just about everything? Well this is from the “why didn’t I think of it” department: now they have  the Plus Sized Living Collection from Redcats USA , aka furniture specially designed for those who are of plus size.  Here are a few of the pieces launched this summer: The King Kong Chair holds up to  800 pounds (800?) with an extra-wide 38” seat, high backrest and side pocket cooler. Powder-coated steel frame and cushioned polyester khaki canvas compact design folds quickly and fits in an easy-to-carry 7”x41” bag, sets you back $99.99.

This I may actually need after dinner last night: an ergonomically designed computer chair with a 29″ cushioned seat, lumbar-support back, five legs with smooth-rolling casters and a weight capacity of up to 500 pounds. Set me back: $199.99.

My fave is the 5-Piece Beach Set: two 24″Wx38″H chairs — they support up to 500 pounds each, complete with a 64″Hx57″Diameter beach umbrella and
center table with insulated plus-sized cooler. Even more convenient, the steel frame folds into a 2-wheel tote with handle that the concierge can then carry for you while you consume what’s in the cooler. Price: $69.99

Then there’s the big C.A.T. Chair, an extra-large, heavy-duty powder-coated steel frame that holds up to 500 pounds. At $49.99, you’ll be the envy of the ‘hood.

The company makes other plus-sized products and medical products, but I just thought these might make interesting home furnishings for your next open house.