Dallas Real Estate News, Housing Trends, Home Prices, Home Tours, Candy Evans, DallasDirt Blog D Magazine » income taxes

There Are Two Sides To Every Story

Candy Evans — Thu, 30 Oct 2008 04:28:12 +0000

And here is Nicky and Eleanor Sheetses’ response to the IRS, as filed last Friday. Please note, barring unforseen developments, this is my last post on their case. I personally and sincerely wish them the very best of luck.

Keeping Me Updated: Deep Throat

Candy Evans — Tue, 28 Oct 2008 16:28:51 +0000

Not one but TWO packages from “Deep Throat, Dallas” in my mailbox, one , the United States of America’s Motion For Relief From Automatic Stay and Supporting Brief, two, the bankruptcy form filled out by John Nicholas Sheets. Of note: DOJ says this is Nicky’s fourth bankruptcy (of which the US is aware), and “no creditors in any of the Debtor’s three previous bankruptcies were paid through the bankruptcies”. The DOJ must read D Magazine or D Home (thanks guys!): DOJ expects the Sheetses to owe 2007 taxes (deadline was October 15) since he informed them he has not filed this return nor paid any estimated taxes even though “he and his wife recently placed an advertisement in D Magazine claiming that he and Mrs. Sheets “sold over $200 million in property in 2007″. That September 9 lawsuit the Sheets filed against the US: denied by Judge Ed Kinkeade.

But get this: DOJ “seeks relief… to file a lawsuit against Coldwell Banker for wrongful failure to honor levies served on it in connection with the Sheetses’ unpaid income taxes”. Coldwell Banker’s parent company is Realogy Corporation.

Is the IRS looking to make Nicky and Eleanor the “Martha Stewart” of contract labor reform?

Dallas Best Market For Real Estate Investing: SimplifyEm

Candy Evans — Wed, 08 Oct 2008 20:24:35 +0000

So reports the Dallas Business Journal today, quoting Dallas-based HomeVestors of America, Inc. — the people behind the “We Buy Ugly Houses” slogan/signs. (So tempting to carry those in the back of my car!) I have heard this from others outside the state, including Narinder Sandhu, President/Founder of TreXglobal . Narinder, a Silicon Valley software engineer, was a VP at Intuit responsible for product strategy and development for Intuit’s payroll biz –one of their fastest-growing segments, he says. Narinder’s company, TreXglobal.com, has created a fabulous software program in SimplifyEm.com to save property owners hours of book-keeping headaches. (Let’s face it, when you own rental units as opposed to stocks, you don’t have to help foot the bill for the company’s $400,000 retreat prior to the stock’s flush down the commode.) Narinder, who owns rental properties in Dallas, says we have become a Real Estate darling for investors who are pulling out of places like Phoenix, Vegas and Florida… or who (whoops) maybe got burned there. In any case, his program makes it easy-peasy to track expenses. Easier even than Quicken. (Way easier than Quickbooks.) Takes less than a minute to set up and come tax time, just click and print off that schedule E.

Since I have investment properties, I am going to try SimplifyEm.com and will soon offer a review.

Dallas Real Estate Feeling The Pain? Or Gain?

Candy Evans — Fri, 03 Oct 2008 22:58:22 +0000

As I write this, Congress has hammered out the record-setting $700 billion bailout so unreal I always have to check to see if it’s really a “b” for billion. Steve Brown reports today that million dollar plus home purchases in Dallas are off by about 12 percent — this a market that has been invincible until just this year. As I reported earlier this week, Texas A&M’s Real Estate Center reported an overall 3.3 % drop in Dallas home prices compared to last year. Ellen Terry dropped the price of 3415 Beverly by a full million dollars, while Andrew-Merrick raised the price of 3500 Beverly to $17.9 million (check that m) because of cost increases in the final elegant finish-out. But what I don’t see anywhere in his column is that in 2007, the Dallas market was pretty much on steroids. So don’t go getting all gloom and doom-y on us. As for those higher jumbo rates, here’s a question: higher interest rate, higher tax deduction, lower home price — will it balance? I am starting to see more builder homes — those potential tear-downs — with “for sale or lease” signs out front and what Steve says about builders is true: most now won’t start a spec home without a solid buyer in hand or even better, embrace! As for the condo market, let’s not go there although… although Ritz says their sales have been Superman strong (see jump). Most properties in all price ranges have dropped prices or priced reasonably. When I spoke to the agents at Keller William’s Turtle Creek office no one minced words — it’s a tough market. Price the homes right, and if you want your home to sell sooner rather than later, it had better be darn special, have a “wow” factor. (I think I said as much in the October D Home, our Real Estate report.) But some Realtors tell me they are busier than ever — perhaps because there are fewer agents, and because interest rates were down for conventional loans. Terry Cook at Briggs Freeman has 6515 Northaven under contract. If any market is going to be hot to trot, it’s home leasing: Rogers Healy will soon launch Big D Renting.com because, in his opinion, it’s going to be tougher for some people to buy homes, so more folks will be leasing. He has the facts to prove it: area 11, 2005 — 139 total leases ranging from $475 to $7000 a month. Area 1, since January 1, 2008: 212 leases already up to $7500. Looking at Highland Park, there were a total of 123 leases ($525 to $12,000 per month) in 2005. This year, we are at 143 leases already, $595 to $9000 a month. Could that translate to higher rents?

DRAMATIC SALES INCREASE FOR THE TOWER RESIDENCES AT

THE RITZ-CARLTON DALLAS

DALLAS – September 23, 2008. In what many have called a summer drought for Dallas-area real estate, The Residences at The Ritz-Carlton, Dallas have experienced exceptionally strong sales since July.

As of mid-September 2008, 31 of the 95 Tower Residences remain available for pre-purchase, down from 35 residences available as recently as July 2008.

Currently under construction adjoining The Ritz-Carlton, Dallas hotel and on-schedule for planned completion next summer, the Tower Residences may represent Dallas’ only top-end luxury high-rise hotel residences to be offered between now and 2010. Similar top-end luxury high-rise hotel projects have been delayed or cancelled, with a resulting count of fewer than 35 such new Uptown residences available for reservation or purchase in the next 18 months. Subsequent such offerings are also anticipated to come in at significantly higher pricing due to construction cost increases.

Transaction momentum has been noted not only for the new Tower Residences under construction in the neighborhood’s second building but also for re-sales within The Residences’ sold-out first phase. Total sales, including the re-sales, are over 20 Residences since the beginning of 2008.

An added indication of project momentum, “topping out” of The Tower Residences is scheduled for October 10, 2008. This milestone event for the developer, Crescent Real Estate Equities Co., and for The Tower Residences’ 200-plus project workers signifies that the building’s major concrete work is finished with completion of the concrete roof deck. An announcement of the topping off ceremony time will follow.

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This Guy Might Offer New Hope For Nicky and Eleanor

Candy Evans — Mon, 25 Aug 2008 14:48:59 +0000

He beat the IRS.