Dallas Home Prices Nosedive, But But But…

Remember, we are comparing to last year, one of the hottest sales years in the history of Dallas Real Estate, and maybe the world. The good news is that inventory is dwindling. Realtors have told me that folks who are not serious about selling are yanking up the for sale signs, putting them on ice. Builders are telling me that if they can hold out for about a year, 2010 will be the Comeback Kid and because there are so few housing starts now, there will be very few new homes for sale come 2010. Less inventory, stronger market, better prices. Everyone’s just taking a chill pill. P.S. Clip and save (or bookmark) this article to help fight your tax appraisal next spring.

Are Dallas Mansions Still Selling Well?

Pining for the Bubble: Kind of interesting, looking at an article from just over a year ago. What happened to these homes and who sold them?

“Dad Is Rarely Wrong, Usually Early”: Interview With Ross Perot Jr.

Caught him quickly emerging from builder extraordinaire Mark Molthan’s Luxe Showhouse at the Creeks of Preston Hollow, a gated Hillwood development at Inwood and Royal Lane. Wanted to ask him how things were going at Hillwood’s beach-front development, Peninsula Papagayo, in Costa Rica. Swimmingly: sold two lots and since other developers have backed out or put nearby projects on hold, PP is the only luxury development in that area. Also couldn’t resist asking how he thought we’d survive the Walt Street meltdown:

“We are very lucky to be in Texas right now,” he said, where we have great leadership, a pro-growth and business climate, light regulation and affordable homes. We never had a crazy run on housing prices here, he said, and we have a great quality of life in Dallas. While we are part of the global economy, the three most recession-proof places he can think of right now are Dallas, Dubai and Abu Dhabi. Development is slowing, credit is clogged (but there are signs that Washington’s medicine may be starting to work to get credit markets moving) and it’s a great time for the right people to buy real estate – no tricky mortgages. Both parties contributed to the mess — folks are waiting to get this election over. The whole country — the world –must come together, work together, to solve this. Just like the weeks post 9/11, it’s important that people don’t stop, don’t freeze. Yes, his Dad did warn us the country was in trouble, just as he warned us about General Motors in 1992.

“Dad is rarely wrong,” said Mr. Perot, “He’s just usually early in his predictions.”

Homes That Can’t Be Built in Little Forest Hills

You may have heard the rumblings as far north as Preston and LBJ: the battle for a conservation district in Little Forest Hills. Come November, the City Plan Commission will scrutinize the plan, which goes to the City Council for a vote in December. Very hot issue. If the plan passes as proposed, here is a list of homes that can’t be built in Little Forest Hills including one we shot for our newest issue of D Home.

4512 Isabella: About The Neighbors…

Look at this comment regarding 4512 Isabella, House Porn I posted last week:

“I’ve heard from several well-placed sources that this home is grossly overpriced, even now with its price reduction. Also heard comments about unusual choices, etc. If you zoomed out on that pic, you’d also notice the neighbors homes look like 1970’s ranch houses. Great home if you want to stick out like a sore thumb!”

 I find this a fascinating comment. When we moved into our Hillcrest Estates neighborhood eight years ago, we were surrounded by 1950’s ranches, with the exception of one neighbor’s circa 1980’s home. Today we still have the ’80’s neighbor and the one on the other side, who is hardly ever at home (don’t get me started). We have one tick tacky ranch catty corner that has to go. This home is like Gloria Swanson in Sunset Boulevard  after a plane crash. Once someone’s mid-century modern jewel, she moans for the dumpster. Not only has this home not been loved, it’s been abused — crystal meth, bad tricks. The day that house goes you can all come party chez moi. But I digress: my point is the others are gone. Vamoosh. Two ranches towards Northaven, adios. Ranch across the street, bye bye. More scrapers bit the dust further down the street. My point, which you already know, is that 4512 Isabella is a pioneer. Never mind those 1970’s ranches — unless we are all in bread lines with Warren Buffet and Bill Gates serving up soup, those houses will go eventually.

Calling George and Laura: Here’s The Perfect Listing For Your Needs!

We could be neighbors. PS: Great security patrol!

Nicky and Eleanor Strike Back At The IRS

E-Residential LLC, a Texas Corporation owned by Eleanor Sheets and Michael Campbell, has filed a civil action in the United States District Court for the Northern District of Texas seeking an injunction against the IRS for its wrongful levy on the LLC’s funds because of another party’s security interest in those funds. All the legal mumbo-jumbo makes my head spin, so here, go read for yourself…

Why I Hate Homeowners Associations

As punishment, those who tried to fine this man should have to tear down their houses.

Who Creates Street Addresses?

Always inquisitive, those D guys across the aisle … questions like “what are those little mini houses erected in front of homes being built” and now, from Adam McGill, “What — or who — determines how many digits are in the number of the addresses of houses on a street?” Cute kids, always asking questions. Journalists should ask questions. Why, for example, do the numbers get larger going east in Dallas but smaller going east in Highland Park/University Park? (Drives me nuts, actually, why could they not coordinate this?) Surely someone in the Real Estate world has our answers…

August Home Sales Stats and Asking prices: Most of the Nation, Down, Dallas OK

The August report from Altos Research shows that asking prices declined in 20 markets, were flat in one and up in only 4 of 25 markets. Price weaknesses in August could signal further price reductions this fall. Now the Dallas story: price indexes were actually up 1.3%, while inventory was down — a good thing, product is selling. Average days on market now 92 days. See it all here.

House Porn: Pomp and Circumstance

That’s what this house reminds me of…. that graduation theme. You don’t suppose President and Mrs. Bush want to head north of LBJ, do you? This one’s a bargain at $4,350,000 with plenty of room for Secret Service agents. Maybe they’ll toss in the furniture and gorgeous Persian rugs…

Tony Romo House: How I Found It

Here’s the scoop: Rogers Healy is Tony Romo’s Real Estate agent, that has been confirmed by Rogers. But Rogers has said not one word about the house he sold to Tony on August 18th. In fact, I have been trying to have lunch with Roger’s for months and he has stayed away from me like I have the Bubonic Plague or something. Play gumshoe on MLS, you find out that the transaction on the 18th was a home at 1608 Dowling Drive in Dallas, owned by Cartus Financial Group, probably a relocation firm, and Rogers was the Realtor along with listing agent Cheryl Keller of Coldwell Banker. The price paid as I have heard from other sources was about $670,000, and DCAD has the home appraised at $774,010. So it looks like our boy Tony got himself a pretty good deal, say what you will about those interiors.

Mark & Patty Lovvorn, Take A Lesson From Judy Garland

The best thing I’ve seen on Zillow in about 48 hours. Mark and Patty Lovvorn, take note: “Kicking off this roundup is the home formerly owned by singer/actress Judy Garland and entertainer Sammy Davis Jr. (obviously, at separate times). Judy and her then husband, Vincente Minnelli, purchased the home back in the mid-1940s, in which she had an architect design and expand the existing structure. What’s interesting about the transformation of this home is that the present owners have remodeled it with many green features. It’s being listed by Coldwell Banker’s Gillian Caine, an investor/Realtor who specializes in “living real estate.” Here’s a laundry list of the home’s green features.

Gillian tells me that “The green element seems to be more important in the lower to mid-priced homes as that is what I am getting the most requests for and there is very little inventory in the lower price ranges. I believe the upper range people either add their own green elements to existing homes, or are not as concerned.”

If Judy can do it, Mark and Patty can, too.

D/FW Home Sales Loss

Steve Brown is reporting on Zillow’s study that showed one of every 10 homes purchased in the D/FW area during the last year sold for a loss. (Zillow report in the jump.) But here’s my beef: in San Francisco last month, I spoke with the folks at Zillow. (In fact, I heart Zillow.) But they were asking me why sales prices in Texas are so hard to unearth and why we have non-disclosure laws. Those laws make it mighty hard for Zillow to gather info. We all know, for example, that DCAD has conservative values attached to most of our properties and we like it that way. Well, all except for mine – my properties are way over-valued. So Zillow — God I hope David is not reading — is mulling some legislative involvement to help us shed those non-disclosure laws.  What do you think?

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4271 Bordeaux. Hip Pocket. Sold

Asking price, $7,995,000 sold by Dave Perry-Miller & Associates, an Ebby Halliday Company. Once home of Armand Hammer’s grandson, lot 179 by 200 ft. (Methinks I know who the buyer is, stay tuned, so hard to get calls returned in August.) Sales price undisclosed but I overheard someone in the know say the difference between the asking and selling was about the cost of a toothbrush. Now that wouldn’t be one of those fancy pants electric ones, would it?

Stanley Marcus Home

First of all, apologies to not providing you with this last night — Fearless Real Estate reporter was wasted out too much but has scooped up some exciting dirt to be posted later this week. (Stay tuned.) As reported on Unfair Park, which totally scooped me on this, it appears that Richard Marcus has commented about his family home if the commenter was, indeed, Richard Marcus:

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Say Goodbye To The Stanley Marcus Home? Tell Me Nonesuch Thing

Unfair Park is reporting that the owners of the (former) Stanley Marcus home at 10 Nonesuch Road in East Dallas want to demolish the 70 year old house. The couple, Mark and Patty Lovvorn, say it is no longer economically feasible to keep 10 Nonesuch Road (Is it ever economically feasible to keep a house? I spent the weekend making a list of everything that needs to be done over here, then made a pitcher of margaritas, which was far easier to do) and in fact would like to build a more energy efficient home on the site. (Hmmm maybe they got my electric bill by mistake.) I have not called them, but I did look up the ownership of the home. I assume the house is under a trust or family limited liability partnership since I could find no record of the Lovvorn’s ownership. Comments? Ideas? Thoughts?

What’s Going On At The Vendome?

What’s up with the scaffolding and where are the balconies?

Always A Bridesmaid, Never A Bride

4224 Armstrong Parkway always seems to be on the market. Or off. Or on again. This time with Lindy Mahoney at Briggs-Freeman for $5,750,000. This is a Hal Thompson/Earl Hart Miller creation with wormy chestnut panelling and Zuber wallpaper. (See that dining room, that’s the real McCoy.) So why doesn’t it sell? I see Lindy even used the dreaded “L” word in her description… shudders.  But what to do? Maybe this house just doesn’t want to commit?

Mt. Vernon Off The Market, Has Been Since June

I have to say it: The DMN got it first. Good work. Feel beaten. Just off phone with Mr. Nix: the listing agreement expired in June but Nicky had told Keith Nix that Mr. Amend gave them permission to continue marketing the property as a “hip pocket”.

Costa Rica Cache

Met with a gentleman today who furthers my great feelings about this beautiful South American Central American country and tells me how Americans are flocking to buy beautiful properties in what was once Ollie North land. Mountains + ocean + a great, educated population + lower cost of living = I’m there! Where else can you build a $3,000,000 home by Dallas standards for $1.2 and you are only 3 air hours away.

1850 North Buckner — For Sale, By Scientologists

The Church of Scientology has this property at the corner of Buckner Boulevard and Dixie Lane on the market for $725,000. That’s for .8 acre. It is listed with Perry Jones, who is also apparently bullish on Genghis Grill. (Genghis Grill and Scientologists, now there’s a combo.) According to a 2005 article in the Dallas Morning News, the Church of Scientology purchased this property in 2000 and made all the neighbors nervous. The home was originally built in the 1940’s, was once a bed and breakfast as well as a wedding chapel — complete with ballroom with a large jacuzzi and mirror-covered poles. (!!) The Church of Scientology needed more space, spurred perhaps by Tom Cruise and other national PR, moved to a 42,000 square foot office building in Las Colinas but Jones says that is not working out. He’s scouting a better location in the Uptown, downtown Dallas area even as he sells the Buckner property.

“I’m listing it as a tear down lot,” says Jones. “Unless someone really wants to restore it.”

More Bush Home Rumblings

This just in: those presidential black suburbans helping with the Bush Dallas house hunt were spotted on DeLoache near Preston Road.

Feds Sue Eleanor Mowery Sheets and Nicky Sheets, Frontburner Scoops Dallas Dirt

With this story. Here’s the D Home and Garden article the filing refers to.

Centex Loses $150 Million, Will That Affect Tim Eller’s Building Budget On Lakeside?

Just wondering.