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.
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Sawbuck tagged my zip (75230) critical and there is an official 18 month inventory of mostly used 40- 50 year old homes/condos in need of remodeling. Some will be lucky to get 40-50 cents on the dollar unless they are willing to wait 5 years or more…