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More Housing Relief On The Way From D.C

In the form of bonds for affordable multi-family developments as well as single family homes… for first time home-buyers and developers of rental units. This is going to be very, very interesting… shall we place the bets now on who will reap the most?

A Deason in the House at Briggs-Freeman

That’s Briggs Freeman agent Holly Bock Deason, who just married one of the Deason kids, as in Darwin’s offspring. I was reminded of this when I read our “sista” blog, SweetCharity. Charity and Real Estate always go hand-in-hand…

More On That Final Push to Extend the First Time Home Buyer Credit

Try this trick: tie the extension to an extension of unemployment benefits. Isn’t Washington TRICKY?

Where Did All the TARP Funds Go?

And will we ever know? I keep harping on this because of the lack of credit available for jumbo mortgages, which is crippling certain segments of our real estate market, like anything over $500K. TARP Chief Elizabeth Warren says we may never know… but those Wall Street boys and bankers are sure getting their bonuses.

Potential Abuse From First Time Homebuyer $8K Credit Program?

Apparently, so. The IRS is investigating more than 100,000 suspicious claims for possible abuse of this program that has helped prop the entry level real estate market over the past few months, so says the Wall Street Journal. And as I heard from Ebby Halliday herself last week, the real estate industry is lobbying for an extension of the program. One proposal would stretch the date ’till June, 2010, and also raise the income ceiling on participants:

“One proposal by Sen. Johnny Isakson (R., Ga.) and others to extend the credit and make it available to all home buyers through June 2010 carries a price tag of about $16.7 billion. That proposal would raise the income ceiling for eligible home buyers to $150,000 per year for an individual and $300,000 for a couple. Currently the credit phases out for individuals earning more than $75,000 and married couples earning more than $150,000.”

Of course, there is the usual whining from those who claim this program, as well as the standard mortgage deduction, is nothing more than welfare for the middle and upper classes.

Dallas Realtors tell me the program has helped keep our local market hopping, particularly with affordable homes and in such entry-level neighborhoods as Little Forest Hills and others bordering Lakewood, east of Central.

“The under $300K market is really showing improvement,” said David Brown with MetroStudy. “The biggest weakness is in the $500,000 and up market, because there’s no secondary market for jumbos.”

Sign of the Times: 1.45 Acres, Lennox Lane, Under $1,500,000

That would be 10011 Lennox Lane. OK, so this home is a bit south of Ross and Margot, edges on Walnut Hill Lane, still — you get 1.45 acres of prime dirt, a mid-century modern home that doesn’t have to be scraped and replaced by a 20,000 square foot mansion. And get this price: $1,295,000.

Reminds me of what I was telling my husband the other day: the minute you move in these palaces, the place starts depreciating. All downhill, just like cars. Put the keys in the ignition, turn her on, the dollars start falling before you get out of the parking lot. Structure may decrease in value, but that dirt does nothing but hold hold hold.

So here’s my new theory: we should all live in tents on one acre lots. This place? One fancy pants tent.

Update: My first headline said $1.5K — was just trying to get your attention.

Dallas Real Estate: House Porn From the Hinterlands

So I trekked north to a baby shower for our precious Julie Blacklidge Kinzie this weekend and what did I find right across the street from the shower power house in Frisco? This sweet little number. A FSBO to boot, three bedrooms, three baths, study and two living areas on a zero lot line lot on a very pretty lake! Another plus: this house is not scrunched in like some zeros are — could be a future neighbor next door, but for now there is space and sunshine. Seller is supposed to be motivated, which to me never means FSBO unless you are on a super high traffic street with gobs of visibility. Apparently there is a putting green as well: I’m seeing retirement in your future, all for $739,000.

Dallas Real Estate: Why Does Preston Tower Look Like A 1960’s Christmas Tree?

Simple: to make it more appealing to those younger folks who grew up in the 60’s. Karen Lukin, who lives in Preston Tower, tells us:

“I have lived in my building for 11 years. Imagine my surprise to drive up and see that they’ve added uplighting, blue-revolving-to-green, that shines up 30 floors on the sides of the building. Was told it might make our 1960’s high-rise appeal to the “younger folks.”

The 29-story Preston Tower was built in 1966 and was one of Dallas’ very first high rise buildings. Only the very cool need move in.