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Where Have All The 4% Jumbo’s Gone? Read On

As anyone buying a home over $417,000 in Dallas knows, it is nearly impossible to get a mortgage unless you have 40% in equity (from, hopefully, the sale of your previous home) and near perfect credit. The huge rise in bankruptcies means a lot of folks are not going to be able to secure mortgages for at least five years, which is why so many investors think small to medium-sized rental homes are the best place to park money right now. But I digress. Dan Green over at the Mortgage Reports has some good news about Jumbos in the 4%, from Main Street Banks. These are small banks, banks that did not need a federal bailout, places like Inwood Bank and Frost Bank (and others, feel free to pipe in) who do banking the old-fashioned way: they keep the loans on their books.

Brady Moore Listing To Be On Friday’s TODAY Show

Look at this cutie pie at 4606 West Amherst Ave., two bedrooms, two baths, two living areas, sunroom, a Seaside, WaterColor cottage-y feel to it with numerous updates and pool. No wonder Barbara Corcoran has chosen this little number to feature on Friday’s NBC TODAY Show in her national real estate report. The price? $349,000.  Yes, Briarwood is going to make us look really good to the whole USA.

Dallas Real Estate: Will This Outlet Pass Inspection?

It’s not a GFI, mighty close to that sink, and the tub is conveniently just around the corner. ZZZZZZZZZZ!

Otherwise, cute house. Imagine finding real marble in a home built in the 1950’s.

Dallas Real Estate: Something Tells Me This House Has Foundation Issues

Either that, or they started to make a door but didn’t finish the job.

Dallas Real Estate: Finish Out Only a Mother Could Love

Maybe? Maybe they didn’t finish the framing around this attic door because they wanted a great secret place to hide valuables? Or maybe, maybe that’s the Panic Room.

Dallas Real Estate: Please Don’t Sit on the Hearth!

I am really worried about that lonely little rock holding up that hearth. If someone who might be charged for two seats on Southwest Airlines sits down with a glass of spiked eggnog in his hand… that hearth is going to be history. I mean, people live in houses and sit on hearths and the whole world does not take Alli. This was yet another one of the glorious finds in that fixer-upper I toured on Townsend. Folks, you cannot trust the photos on the internet. This fireplace was touted as a “stacked stone fireplace.” Stacked it is, all right.

Dallas Real Estate: 4214 Manning Finally Under Contract

Because I truly believe that homes have souls, I just love it when they finally find a family.  4214 Manning is one of my favorite bittersweet new construction stories out there. The builders were trying to go outside the box, build a unique home with a strong New Orleans-style slant. Might have worked had the market not turned south. And so this lovely southern belle went into foreclosure even with all her bells and whistles. What was it, $3 million, then $2,050,000 and I said I would have gone in at $1.5. I mean, look at this breakfast room!

Our TARP Dollars At Work: New Auto Teller Machines at Comerica

I love Comerica Bank and it is where we have banked for years. After this post,  they are probably going to cut off our access to any credit, raise our fees, but I just cannot help it.  I go to the drive-through yesterday to make a deposit, and I note these shiny new auto-teller machines. I’m sure this wasn’t paid for with TARP funds, and if it was, purchasing them had a trickle-down effect that created jobs for the guys who molded the little plastic tubes. They are quick and nice, but the realtor voice in my head says, hey, why not just make some non-conforming real estate loans?

Dallas Real Estate: Drexel Park Hollow Auction Results

“The original auction brochure listed 29 units to be open for inspection.  On Saturday, only ten were listed as being offered for sale that day.  I did not ask why so many were excluded.  I presumed that it was because each bidder that went through the registration process in the days prior to the event was asked which units they were interested in – and that the excluded units had insufficient interest during the inspection process.  One other change was that the first two units offered would start with a minimum bid of $295,000 and would be sold to the highest bidder.  The eight remaining units would be sold subject to seller approval of the high bid.  My opinion is that many bidders do not fully understand this provision in that even if they are the high bidder, the seller can come back within a stated time period and say no thanks.  (Editor’s note: the “reserve”.) The brochure clearly states this, but most people think the high bid gets the property.

An interesting feature of the auction was that the Park Hollow units were mixed in with the Craig Ranch properties.  You would have a few homes come up and then a few condos.  It was quite a large crowd that required many additional chairs to be brought in.  It seemed that there were more people interested in the SFR’s (Editor’s note: single family residences) than the condominiums.

I don’t have the one page schedule that listed the exact order of the properties to be sold.  Without it, these results are not particularly meaningful.

The high bid results for the ten condominiums in the order in which they were auctioned:

1 – $310,000 (sold to the high bidder)

2 – $300,000 (sold to the high bidder)

3 – $271,000

4 – $471,000 (penhouse unit)

5 – $468,000

6 – $326,000

7 – $233,000

8 – $251,000

9 – $341,000

10 – $300,000

I did receive a call this week from Kennedy Wilson asking if I was still interested in #4.  This indicates that the seller did not accept the high bid.  I advised them that I thought the auction bid was a lot higher than I was willing to pay to begin with.  I asked if other high bids, besides those on the first two had been accepted.  It was indicated that there were some, but that others had been renegotiated upward before being accepted.  So it appears that in certain cases, being the high bidder only wins you the right to negotiate.”

Dallas Real Estate: How Much $$$ To Live at the Ritz Towers?

How much will it will set you back to live in one of those new Ritz-Carlton  Towers? And yes, the model we stayed in had a round central hallway. Catering trays fit around the central table like a charm:

“Candy,  You stayed in #1601K and it is priced at $2,360,000.  Your reader asked about #1301K which is the same floor plan and finish package.  It is priced at $2,165,000.  We have this exact plan priced from $1,625,000 on the 6^th floor.  The HOA fees are $.77 per interior square foot.  This plan has 2,490 interior sf, so the HOA fees would be about $1,917 per month.  HOA fees include all common area maintenance for the building and grounds, the parking garage maintenance, and hazard and liability insurance for the building.  In addition to HOA fees the owner of the residence is responsible for utility fees, property taxes (2.6% of assessed value), and contents insurance.”

So $2000 ish per month in HOA fees. Homeowner is responsible for his utilities, cable, etc. and maintenance/repairs on their unit. Regarding those taxes — 2.6% of assessed value. I don’t understand how Dallas County can be losing tax revenues when all these downtown dwellers are doling out the big bucks in property taxes: property taxes on “my” unit’s DCAD appraised value would be $16,774.

Reduced For Quick Sale: Sweet Charity’s Dream House

Now that it’s up here on Dallas Dirt, Sweet Charity’s precious Jeanne Prejean may lose this once in a lifetime chance to buy her dream home at a greatly reduced price. I mean, this puppy is on the drastically reduced shelf…  hopefully not a scratch and dent.

9243 Church Road, reduced $150,000 from $650,000 to $425,000. This for 1.49 acres on Church Road, kind of an historic Dallas home. The agent, Briggs Freeman’s Erika Orbin, says the sellers are just really, really motivated.

Update: I’m told the property was recently apraised by veteran appraiser D.W. Skelton for $500,000 but the sellers, savvy business folks, are trying to be realistic given the current market. In my shorthand, that means motivated!

Hey! My Ritz Bedroom Was on KXAS!

I love you guys over at DFW Around Town, KXAS-TV, but really, aren’t you a little late coming to the Ritz party? Been there, done that, and need to tell you how much I wish I were at the Ritz Spa all week today. Or, actually, anywhere near the hotel that was awarded AAA Five Diamond hotel ratings for 2010. We had Supper Club chez nous this weekend, and I have been vacuuming floors, filling and emptying the dishwasher, etc. (I’ve missed my keyboard.) Oh Roberto Van Geenan, where is your wonderful staff when I need you? If you buy one of the last 30 units available at the new Ritz-Carlton Tower Residences, you pick up the phone and order a party and the Ritz even does a white glove clean up. This is interesting to me because — I will probably be kicked out for saying this — but our Supper Club is getting old. Really, not old,  just weary of entertaining so many people. A few members have dropped out and the majority voted to keep the membership down to 18 or 20, only nine dinners per year, not eleven or twelve, because members say it is way hard to entertain so many people. The fact is, many will be downsizing their homes and want more ease and help in party preparation. May I suggest we all buy at the Ritz?

And then you can go to the spa instead of vacuum. (more…)

Dallas Real Estate: This House In Foreclosure, So Let’s Up The Price

Cute little house, no? $179,000, 7530 Caillet Street – that area behind Lovers Lane, bit west of Simon David and the Bird Streets, an area saturated with more renters but one that I predict as a general personal opinion (NOT as a realtor) will flourish with first time homebuyers in the next boom. Not giving any advice here, OK? But get this: the house had been listed for $169,000, goes into foreclosure, they list it for $10k more. What gives?

Update: Oh must tell you I found this listing on the Sawbuck website. You know, the company that got the Dallas Morning News into the real estate biz.

Homes of Cards: FHA’s Reserve Ratio Dips Below Government Mandated Threshold

Are we worried? With even more foreclosures on the horizon? By the way, I just read that one in four home buyers is interested in foreclosures. That’s the mentality that’s really hurting “normal” home sales.

But most experts say no to worry, FHA has changed guidelines and rules and is actually check credit scores now.

I guess I just like to fret, eh?

OMG: Now Here’s A Fully-Equipped Kitchen

Oh my, people, please do remember to remove EVERYTHING and clean up the kitchen before you shoot those house photos. Really nice cabinets. That “thing” must be a new kind of hand-mixer, I guess. Thanks to the reader who sent this in… and the funny real estate blog I was alerted to a few days ago called “Lovely Home”.

Acres of Astro Turf Invade Preston Hollow

Oh God, think I’m going to be sick. This is the house I wrote about months ago, 8787 Jourdan Way, you pass it on Douglas heading north from Northwest Highway to Walnut Hill. I used to drive carpool on this street. Months ago  Dr. H. Doug Barnes started building a $9,460,500. behemoth stucco Palm Springs-style mansion here, plastering huge, ominous signs all over the place — KEEP OUT! PRIVATE PROPERTY! PROPERTY UNDER SURVEILLANCE!!! And the best: NO PHOTOS, NO CAMERAS (because we might actually want to duplicate this home, yes). So I packed up my dogs one sunny weekend and tried to take them over there for a walk. Was stopped by a huge security guard, a former defensive tackle no doubt. He asked me to leave and leave fast because the owner was on the premises.  Do you know how hard it was to peel myself out of there? I called his office the next day, he never called me back.  I so wanted to ask for a tour and why he was re-creating a Florida hotel in Preston Hollow. Would an ocean soon follow?

Please note: Dr. Barnes, I’m told, did not make his great fortune from doctoring but eyeglass ty-cooning. Here I thought everyone was doing Lasik!

Update: Thanks to the reader who snapped and sent these in — huge hugs! This home was also listed in D Magazine’s Most Expensive Homes issue — surprise, surprise!

D Sale of the Week: Midcentury Mint on Lochwood

This home is a great example of why our market has escaped the carnage of places like Vegas, Phoenix and Detroit, where I heard someone just bought a $400k house for $40k. 11036 Creekmere features 1900 square feet, three bedrooms, two baths, was built in 1964 and has never been redone — mid century enthusiasts are going to lap up that pure, original Formica counter kitchen like kittens to cream. The lot is generous, treed, a hot L-Street location, walls of floor to ceiling glass overlooking a pretty greenbelt. True confessions: I’d get rid of the stained glass panel by the front door faster than you could ring a doorbell. Way too church-y for me, but to each their own. Let’s take a guess: how much will this house set you back? Give up? Try $215,000. For fun, let’s see what $215,000 gets you in San Francisco:

That Drexel Park Hollow Auction

OK, I phoned the press liaison for Kennedy Wilson TWICE yesterday, still no word so I will have to go to plan B. Need dark glasses. Stay tuned.

More Hope For A Burgeoning Downtown Dallas

Consumer trends in real estate will be pushed by aging Baby Boomers and their kids, and all signs point to infill, close-in, urban living. Last week I heard there won’t be enough urban housing to accommodate their needs. You won’t hear any more whining out of this gal about overbuilding of downtown condos. Of course, those units have to be affordable: seniors in ten years may have sharply reduced 401ks and may not be able to afford hefty monthly maintenance fees. This reminds me: I ran into the Prescott guys at the ULI and asked if Lake Highlands Town Center was still a go — since many of you have emailed me with that question. Judd Pankey said it most certainly is.

Altos Says Dallas Home Prices Fell 2% From August

Steve Brown reports that home sales increased fractionally, yes, thanks to the now-extended and expanded First-time home buyer credit. Which gives us hope for the future, but only for homes up to $800,000, which should be plentiful in our market. Credit is still tight, tighter, in fact, than ever. Don’t think it’s Miller Time yet. Checking the Altos Real Time Housing Market Update, Dallas prices actually decreased 2% from August, though our inventory continued to decrease as well, by 7.4%. Here’s the Altos recap:

“The 10-City Composite Index was down 0.4% during October and 0.9% for the most recent three-month period. The Index started the year in January at $470,017 and reached $509,030 in July before falling to $501,377 in October. The downturn would likely have been worse were it not for historically low mortgage rates and the federal government’s $8,000 first-time home buyer tax credit which is likely to be renewed in some form. Listing prices fell in 23 of 26 markets during October. The largest monthly decline occurred in Salt Lake City with asking prices down by 3.3%. Prices fell by more than two percent in Phoenix and Los Angeles. The rate of decline has slowed in Las Vegas but that market continues to show the largest decline during the downturn. In October, 2007, the median asking price was $354,347 but fell to $169,958 in October, 2009 – a drop of over 52%. Asking prices increased in just 3 of 26 markets. Prices rose at the fastest rate in the Bay Area markets of San Francisco and San Jose which experienced increases of 1.1% and 1.0% respectively. Prices in the Miami market were effectively flat with an increase of just 0.3%.
The Altos 10-City Composite presents the most current perspective on housing market conditions across the country. The Composite median price fell by 0.4% in October 2009.”

Urban Land Institute: Top Four Emerging Real Estate Markets, Getting Dallas in on the Smile

D.C., New York, San Francisco and Boston — the “gateway” cities: those with universities, jobs, immigrants, great lifestyle. But here’s what made me excited: Houston was number five. As one ULI member told me: think of the U.S. map and draw a “smile” from NYC to Boston to San Francisco — that’s your area of highest growth and real estate health. I’m hoping Dallas can play off of Houston’s health, because not only are we just a few hundred miles from that smile, our quality of life is a lot better.

So What’s Happening Over At Troy Aikman’s?

A lot on the $8 million lot he purchased as a play yard for his kids. You asked, I asked. Stay tuned.

Drexel Park Hollow Weekend Auction

I called the auction house publicist today for an update on the Drexel Park Hollow auction which took place this weekend. Dying to know how many units sold — if anyone out there attended the auction, please chime in with all the details. Stay tuned.

Are Dallas Builders Ready for Sustainability?

The Dallas Green Building Alliance poses the question... all I can say is you’d better get suited up. All I heard/saw/read at the Urban Land Institute last week was GREEN, SUSTAINABILITY, REDUCE YOUR FOOTPRINT.

Dallas Real Estate Foreclosure Offering Forgiveable Second

Here’s a very interesting Dallas property. List price $423,000 in The Meadows, on Meadow Road just east of Hillcrest. Your nice 1970 ranch with a few skylights, bay windows, maybe even a popcorn ceiling, you know the drill. The house is a foreclosure, owned by a bank, who’s offering to forgive the $123,000 second lien on the property if the buyer lives in the home for three years. (Or, they may consider forgiving one-third of the second per year.) I want to know if this can be done; I think it can IF the bank doing the forgiving owns the note. The Realtor, Joe Peterson of The Property Shop, told me the buyer would receive a general warranty deed. So you take the asking price, subtract the second, you would essentially get the house for $300,000. Or less, depending on what offered. Why would the bank do this? Slow down the hit they are taking. The home is 2842 square feet, three bedrooms, 2.5 baths, security system, 90 by 139 lot. Carport, no garage. The house most definitely needs work in the master (see photos) and the kitchen, which has pink tile counters. But this is very intriguing and a clever little trick by the financial institution holding the note. 7334 Blairview, at 2941 square feet, is listed for $550,000. My fave bankruptcy attorney tells me the lenders are pulling more creative tricks out to work with foreclosures, now one of every four homes in D/FW. Hey, it could be worse: Vegas is one of every two.