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Dallas Real Estate News: I Had Lunch With Steve Brown!

It was so much fun: Steve Brown offered his words of wisdom to the Elite 20 Real Estate agents at Bent Tree Country Club Wednesday, and I got to be a fly on the wall. Steve was pretty positive, and said he thinks our market has bottomed out past the worst, which he says was last March, April and May. We could be at the bottom of an “L” pattern or, hopefully, a “V”. He was very encouraged by the Case Shiller report and hopes that by the end of next year we may see some plus signs on our values. Steve is not concerned by the glut in our condo market, either: says condos are now a lifestyle choice, unlike they were in the 80’s. (But those home association fees! Someone recently told him that when you buy a condo, you are buying the the “right” to rent something.) Here’s what concerns him — and me, too: foreclosures — 60,000 for the year. Job losses — 64,000 lost in Texas, and we will have to see if employers step up hiring come next quarter. Buyers are not paying retail, and are in fact treating sellers like their homes are the Dollar Store. This is true: one homeowner told me that a couple from New Jersey came in and offered 40 cents on the dollar for their home. People from other parts of the country are so used to the bargain basement mentality, they don’t get it that our market is not Phoenix. Real Estate bargain hunting is going to be a tough brand to shake. Believe it or not, we will have a dearth of new spec homes in the coming months. We need jumbo credit and we need it now! Oh, and Brad Edgar, who was also at the event, asked him about the DMN’s Sawbuck deal. Said Steve: I don’t think its an issue. All businesses have to diversity and seek incremental sources of revenue. If the real estate market picks up, he said, the DMN’s investment in Sawbuck will be the least of any one’s concerns.

Steve, you are a really great speaker! Sorry I had to rush back to class.

D Sale of the Week: Twin Posts (and Columns) on Twin Post

This is one of those lovely, lazy North Dallas ranches many seek to save from the ’dozer claws. It’s located in a great neighborhood east of Welch Road and north of Forest Lane, and it was built in 1965, when this area was developed. A generous lot—122 by 131—means you can have a pool and some yard. Not too far east and north are scads of builder homes, both spec and custom. Forget about the low ceilings; focus instead on the living, dining, kitchen, vaulted den, and four or five bedrooms—the fifth plus bath located off the kitchen as it is in so many homes of this era, ostensibly designed for household help or in-law visits. (If you put your in-laws near the kitchen, dinner may magically appear!) On the bedroom wing, there’s a Jack and Jill bath between two bedrooms, and one more bedroom has a private bath. Then there’s the master suite, which was designed by Ellen Amador. Set apart from the other sleeping rooms, it features not just a large bedroom but also a sitting room, huge remodeled master with tub and shower, and two walk-in closets. Plus—another reason why this house is so great for the money—there is a study or exercise room off the master that opens to a patio. I think there’s a lot of living packed into 3,679 square feet, and I’d love to see my kids in this home. I also think this might be a perfect empty-nester palace: one floor, with room for grandkids. The kitchen needs new counters, and I’m a big fan of two dishwashers, but the price ($625,000) ain’t too shabby. And just wait until those multiple trunk live oak limbs get TP’d by all the private school kids in the ’hood.

Ask Candy: How About A Preston Towers Condo for our Student Daughter?

Dear Candy,

My daughter is starting Baylor Nursing school in January and we are looking at places for her to live.  I am trying to decide whether to rent or buy.  In order for her to have a safe place to live, we will be paying what seems to me like a lot of rent, plus utilities.  So then I started to think about buying some place and I was considering Preston Towers. I know it is full of senior citizens, but it is really safe, really convenient, and I if I wish to sell when she finishes school, it seems that that Preston Hollow always has a built in base of people who simply do not want to leave the area for Turtle Creek or elsewhere and equally do not want to live in an assisted living situation, so they look at Preston Towers and The Athena.

I would jump at the new units on Bandera, but your post last week indicated that $215 might actually end up closer to $350, and I am not up for that kind of investment right now.  So if I bought something and re-did it I thought that might be a good plan, especially if we have a unit with a south view. Some friends in real estate do not like condo ownership, esp. older condos, because of the assessment issues with on going maintenance. I do believe P.T. is in that category of probably needing the owners to chip in on some items to update the place.  Other Realtors say “oh this is a great time to buy.” To which I say, when you’re a hammer, everything is a nail.

So what to do, what to do?

Gratzie,

Marisa