Plano Texas Real Estate Blog - Local Plano Real Estate.

Buy me or Bite me


Now don't get me wrong, HGTV is one of my favorite channels. House Hunters, Sell Me Now, or fix me for $2000.00 so I can make over a $20,000 profit and happily run to the bank.  These shows make real estate sound fun and easy and very profitable!  Guess What?  It can be, but it needs to be done correctly and as a non emotional business decision and nothing else.  Unfortunately, there have been a lot of do it yourself people that don't think they need to know the business, just a nerve for a high risk factor and speculation when it comes to real estate.  Do you really have the stomach for that! 

I won't be the first to say this, but the last couple years many people have been lucky with their appreciation build up in their homes, more fortunate for the ones who took the cash and reinvested, not so much for the ones that borrowed equity against their property and now it is not worth as much.  Why does everyone get so emotionally tied to real estate? Because it is a high stakes gamble with something that identifies who we are.

Hey now, it's just a house, look at it as a business decision and not the hardwood floors and other cosmetic amenities that can be changed.  Honestly, we all tend to get so wrapped up over tiny minute details over a property that the big picture gets lost.  Don't let this happen to you!  If you did real estate for a living and were successful at it, don't you think there would right and wrong ways to do things? If you are smart enough to use a Realtor to your advantage and take the advice of a trusted adviser, it would help tremendously, don't you think...

We all want it all, but in real estate only these things matter:

• location
• condition
• price
  
  period.
  

The show Buy Me, is one of the best shows on HGTV because it has a lot of reality in it. Most of what happens on that show is the true day in and day out dramas of selling a home and the sellers personal situations. I hope they got paid a lot for airing their personal & financial problems on TV. Anyway, for any problem in real estate, price will solve it, we may not like it, but money always talks whether your on the selling end or buying end.

Today, we had an investor, friend and client that we have done many deals for many years, give the famous SOS call,  "I am having to put my own money in now and I need to sell?" Funny how things can change, just like that. The contract on his investment properties, that were to flip basically over night, but also took over 8 months to build are now showing the signs of a nervous buyer that can't qualify for a loan to close the deal on time, it has been under contract since late November with only $500.00 earnest money put down.  If the total project is worth $1M, at least 1% of the total contract price should be put in earnest money, so if something goes bad you have money for your trouble, thats a business thing.  Flipping homes...it isn't that easy.

I forget what show has the buyer writing a letter to the seller about how much they love and want to buy this home, but lately I had a buyer use this for the wrong reason.  When you have a hot seller's market and multiple offers on properties that is when you should write a letter.  When it is a buyer's market and the property is priced correctly and you low ball anyway, don't write a letter to the seller about how much you want to live in it when you have insulted them with your offer.  The shows are great but don't take them out of context, use some common sense. Suzanne Whang and Clive don't do real estate for a living they just make a living off the show about real estate activities.

On the show Designed to Sell, I love the transformations for $2000, interesting that there total costs don't include labor or any closing costs of selling your home, make sure you get a real net sheet from a professional Realtor or title company.

House Hunt, Property Buzz, Designed to Sell, Buy Me, I love them all, especially the marketing that goes behind the phrases, but is anyone else getting a little tired of the same old shows with a different twist?  Believe me, Real Estate is exciting enough without the shows, I guess my point is to take these shows as entertainment value and not so much as face value. Every real estate deal is different and has its own life and it is generally much more exciting than a TV show.

I know when I have clients that start doing things that these shows promote because they saw it on the show that I really need to say that "the show is a show and does not depict the ins and out of a real real estate transaction in real life. You know, if Suzanne Whang was really a Realtor I would probably hire her to find me a home.  I like her that much!

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West Plano: About Shoal Creek


Today, is a beautiful day in West Plano, a bit chilly but much better than our sand storm on Saturday, that made the sky red and close airports.  Thank goodness it blew out and we have our crystal blue skies back. 



I have been writing about the neighborhoods I know best so here is another jewel for you to discover if you are considering moving to Plano: Shoal Creek. Shoal Creek is located on the most rolling terrain of West Plano, it is located just north of The Hills at Prestonwood in the Midway Corridor.  It is a superb collection of high end homes generally constructed in 1995 and later.  Lot sizes are large here, typically .25 to .5 acre.  Many of homes are situated on wooded lots on winding streets that are both private and conveniently located to schools, shopping, highways and any convenience you desire.  The neighborhood is known for quality builders and a homeowners association that keeps the community informed and unified.  There is a beautiful zero lot line community that has its own HOA and only they have access to the fitness center and community pool.



When you first drive in the community off of Midway you are greeted by a private lake with fountain and gazebo that is breath taking. Other amenities include neighborhood parks, greenbelt, jogging-bike path and children's playground.  It is a 150 acre planned community development, around 330 homes. The school district is Plano ISD & Lewisville ISD, the funny thing about West Plano is that West of the tollway the school boundaries are skewed in almost every neighborhood, so you need to carefully look at the schools if that is an issue for you. The homes in Shoal Creek range from 400K to 1M plus, zip code is 75024.  If you desire rolling terrain, lakes and wooded lots this is the neighborhood for you.  Here are a few photos of the neighborhood and types of views and lots you get in the interior of Shoal Creek.

So for all of you that think Plano is not pretty, you will be pleasantly surprised. See Shoal Creek Real Estate for Sale.




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Futuristic New Building in West Plano



Well now, West Plano is rivaling the City of Dallas with state of the art architecture.  Classic BMW's chic new dealership looks more futuristic then any car dealership I have ever seen. Prime real estate in a prime location!

Smack dab in the middle of 75093, is a new 155,000 sq. ft. complex that looks more like a custom BMW airplane than a car dealership.  We have watched this being built and it is COOL!  It has 28 foot ceilings in the showroom and is all glass, WOW, I guess they will have a professional glass cleaner on site and fully employed.  The dealership has curved cantilever glass walls, even if you don't buy a BMW you will want to see this building.

Did you know that Dallas is second to LA in BMW sales?  We love our cars just like the bright and sunny LA.  This new site is at Spring Creek and the tollway in zip code 75093, which is home to the largest number of BMW's customers in North Texas.  Classic BMW has interpreted the BMW in a brand new way beyond just a car dealership building, curved glass glass, brushed aluminum and ash wood are all materials in this magnificent structure, inside there is a skylight that is shaped like a center of a propeller that goes back to BMW's aeronautical past, like the logo you find on all BMW's. Classic will be the 2nd or 3rd largest dealership for BMW, at a cool $30 million.

Even if you don't want to buy a BMW, Classic BMW is located just stones throw south of Shops at Legacy and worth a look see when it officially opens, March 12th. As a side bar, I owned the 5 series for the last 4 years and was so disappointed that I swore I would never buy a BMW again, this might change my mind. Buying a BMW at this place you might just be able to fly off the lot to your next destination!

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West Plano: The Hills at Prestonwood a place to call home.




The Hills at Prestonwood is a lovely golf course community that is located just west of the Dallas Tollway off of Park Blvd. It was actually developed back in the 80's as a satellite golf course to the prestigious Prestonwood Country Club.  It started with the subdivisions of the Hills of Indian Creek and Prestonwood Estates which are fine homes that surround the golf course with spectacular views of rolling terrain and lakes.  In the early 90's Fairfield builders bought the rest of the land around the golf course and developed it into an exceptional community with high end custom home builders and unique quality homes.
Each home is different from the inside out, no cookie cutters here.

There are approximately 700 + homes in the community with something for everyone, prices range from 300K to 1M +.  You will find beautiful zero lot line homes as well as .1 to .5 acre lots. Besides the beautiful scenery it is located justed directly west of Willow bend, by a mile or two.  It is also considered in the Heart of West Plano and offers the privacy and space you deserve. You do not feel closed in this community, there is plenty of parks, nature preserve, shopping, hospitals and award winning schools make this an excellent choice to call home. Whether you want to walk the dog, jog around the block or hit a few tees you will find yourself at ease in this beautiful community a only 20 miles north of Downtown Dallas. Check out a few of the homes available for purchase:

 

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About Willow Bend & Photos of Homes

When you think about West Plano real estate and where to live, the first development that comes to mind is the community of Willow Bend, it set the standards for West Plano as one of the most upscale and affluent neighborhoods in zip code 75093.  A comparison of Willow Bend to the Park Cites is often made because it is a close knit community with excellent schools and police department, shopping and restaurants that would satisfy anyone and then some!  All located in the Heart of West Plano.

There are around 1800 homes in the community built between 1979 and 2001. Fourteen different neighborhoods are in Willow Bend that you will find homes for sale on this site. There is some new development of European town homes currently being built , Willow Bend Park.  Many amenities are  available such as : Willow Bend Polo and Hunt Club, Gleneagles Country Club, Arbor Hills Nature Preserve, greenbelts and  many neighborhood parks, bike paths, children's playgrounds and Gleneagles Athletic Club.  Lot sizes vary greatly and homes prices of Willow Bend are generally from 379K to over
$5 million in Willow Bend Country. There is an equestrian theme to the neighborhoods because they were actually Polo fields and the original sign and Club house still remain.

What you will find in these homes quality that exceeds the standards of today.  Many high end builders participated in the development of Willow Bend and the best builders are showcased here. Resales are very desirable. You will get tons of high quality woodwork, moldings, trim, built ins that are not seen today. Also, that spectacular staircase that everyone wants to come down and have their family portrait taken.  Homes have been well taken care of and resales are excellent.  As a point of reference, you can get 2 or 3 times your money by buying in Willow Bend vs. Park Cities and Preston Hollow and you are only north by 18-20 miles.  OH...and if you love golf, it is right at your doorstep.

Here are a few photos of what you can call home in Willow Bend:

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Crooked Builders?


You have probably seen in this market place that builders are offering many incentives because they have over built in some areas. I want to share a story that happened to me last week so you will know not to take all sales prices at face value.

A mass builder has many projects going on in our cities, I found some properties listed on our MLS, 7 to be exact, for a specific development and went with our client to look at these.  Nobody was at the sales office so I took the initiative hoping some of these properties were open during the day or had workman in them.  Yeah! we were able to go into two different floor plans to see and my client liked them.  The sales office was suppose to be open at 10:00, it was 11:00 and no one was there, so I made the voice mail cell phone call and waited for a call back.  An hour or so later we met up with the rep, and her excuse was her assistant quit and was suppose to open, btw...this is a bad sign!

Now, we got the full tour from the rep and some units were not on the MLS and were not completed, my clients liked several units so they took all the brochures with them and contacted me a couple days later to write an offer.  I put together the comps for the development and they came in at about $175.00 a sq ft. Most of new models that were available were $220. to $245. a sq ft, BIG DIFFERENCE, for same sq ft and same location, so the inquiring Realtor that I am, asked "Why is there such a huge difference in the dollar per sq ft.?" Another btw, There should not be this big of discrepancy.  The rep did not know the answer so when she called me back she said it was because of all the upgrades of $40,000 to $60,000, WOW! so I asked to see the change orders & pricing of upgrades, which a designer or contractor makes the changes and YOU pay for.  When I received the 25+ page doc on 2 units, this is what I discovered. You are being charge 25% to 30% more on the upgrades from the builders cost, plus much more in some cases.  For example, to put a gas fixture on a line, a whooping $300.00. You really have to know about the building process to know what is a fair price on something or when something is absurd.  The cost sheets are all retail not builders cost. Be skeptical of the rhetoric.

So we made an offer, that was close to the comps and the builder responded with a counter of  $5000.00 less, from the asking price and would take another 5K off if we used their in house mortgage company, and they took away the refrigerator and window covering allowance. I inquired that we were not going to over pay for the same units, with the same upgrades that were sold 2 months ago at $175. a sq ft. Again, she did not know the answer and called me back and hear is what she said....."that her boss had made deals with an agent and buyers to take incentives or commissions off the sales price" Now Folks, this is funny stuff, why would a builder, hurt their own comps? I don't know! So we walked away from the deal, my client did not trust the builder and neither should you.

And now for the coup d'etat, yesterday I was researching the same properties and noticed the homes that we looked at had significant price increases, $5,000 to $60,000 a unit, just like everything else, no rhyme or reason.  All the units were still available. Then around 5:00 pm yesterday I received an email from this particular builder that they were now offering 5% Realtors commission on all homes sold through the end of March.  This is why I wrote this post...Guess who is paying for that! YOU!  Now I will say that you should really work with someone that knows the market, has built homes and knows how to uncover things before you sign on the dotted line and way over pay for something. The other thing is builders have a marketing budget that pays Realtors commission and incentives that is not part of the building budget, and some Realtors, if there is an incentive might just throw some of it your way if necessary.
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The Transparent Realtor®



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A Dallas Icon- "the flying red horse"

Did you know that Dallas has a real mascot? No, its not JR Ewing.
and it has nothing to do with football or the cowboys.  It is Pegasus,
our red neon sign that proudly spins on top of the Magnolia luxury hotel.

This Dallas skyscraper was the headquarters of the Magnolia Petroleum
Company, before Mobil.  When it first opened it was considered to be the
"Tallest Building in Texas".  The architectural style is Beaux-Art design and
ornamented on all four sides.

In 1934, Magnolia Petroleum Company erected an oil derrick on the roof
(that's so Texas) that supported two 30 x 50 foot red neon signs in the image
of Pegasus, the flying red horse and the logo for Magnolia. Exxon Mobil still
uses it today.  The two horses were placed 14 ft of each other and revolved on
top of the building till 1974 when they quit. They sure don't make things like
they use to. During this long period the flying red horse had become a Dallas
Icon. In 1977, Mobil moved its headquarters and gave the building and sign to the
City of  Dallas.  Over time the building became damaged and outdated and the
sign was officially turned off in 1997. 

That same year Denver developers bought and converted the building to
a 330 room luxury hotel for executive travelers keeping what they could restore,
even the elevator doors are original with the Pegasus logo.  This was one of the
first downtown buildings to be lovingly restored as part of the renaissance
happening in downtown.

As part of the Dallas millennium our flying red horse was brought back
to life in 2000. They tried to restore the original but it was too damaged to
repair, a new Pegasus was made for $600,000 and now proudly revolves once
again.  The original sign is on display at the Dallas Farmers Market.

The Magnolia is conveniently located by the Adolphus Hotel and Neiman
Marcus,...oh,did I mention shopping?...so if you live, relocate or visit Dallas you
will have an idea of what the flying red horse means, it is also a logo for the city
of Dallas on downtown and west end street signs.  When you live here a while
and see Pegasus he will become your pet too. The Magnolia is an upscale hotel
that  you should check out and see some of Dallas history, gloriously restored,
with an urban edge.

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MLS Market Summary for Dallas Neighborhoods

These numbers come out around the 2nd week of the month, so I will use the same format here for you to keep tabs on these neighborhood markets monthly. If you read the Dallas Mornings News you would think the sky is falling, (which it is not, just adjusting if you will) but this one article on jobs is very favorable for our market, jobs and people just keep on coming....the last undiscovered Southwest city, perhaps. Typically, real estate starts to pick up now, but from the pending sales in some of these neighborhoods are very promising, (pending is waiting to close, been through all inspections and contingencies) I will say that Plano pendings are down, but I have never seen the inventory this low in 5 years, so if you have a great location, updated home and price it correctly, it should sell quickly, sellers you don't have the competition right now.  Here are January figures...

Overall North Texas Market:

Month-to Date Sales Closed by Area for: January 2007 - Single Family - Part I

Far North Dallas- north of LBJ
Sales up 6% from year ago, Dollar volume up 5% from year ago, Average price down 1% from year ago.

North Dallas-south of LBJ (Preston hollow)
Sales up 3% from year ago, Dollar volume up 23% from year ago, Average price up 19% from year ago.

Park Cities Area
Sales flat from year ago, Dollar volume up 30% from year ago, Average price up 30% from year ago.

Plano Area
Sales down 13% from year ago, Dollar volume down 1% from year ago, Average price up 14% from year ago.

Lakewood-M Street Area
Sales down 7% from year ago, Dollar volume down 4% from year ago, Average price up 3% year ago.

Uptown-Oak lawn- Condos & Townhomes
Sales up 1% from year ago, Dollar volume up 11% year ago, Average price up 10% year ago.

North Dallas-south of LBJ (Preston hollow)
Price per sq ft up 21% from year ago, Sold to list price down 2% from year ago, Days on market down 1% from year ago.

Park Cities Area
Price per sq ft up 11% from year ago, Sold to list price up 1% from year ago, Days on market up 13% from year ago.

Plano Area
Price per sq ft up 2% from year ago, Sold to list price flat from year ago, Days on market down 16% from year ago.

Lakewood-M Street Area
Price per sq ft up 3% from year ago, Sold to list price up 1% from year ago, Days on market down 1% from year ago.

Uptown-Oak lawn- Condos & Townhomes
Price per sq ft up 10% from year ago, Sold to list price down 2% from year ago, Days on market down 13% from year ago.

Year-to Date Sales Closed by Area for: December 2006 - Single Family - Part III

North Dallas-south of LBJ (Preston hollow)
Pending sales up 12% from year ago, New listings down 13% from year ago, Active listings down 2% from year ago, Months Inventory up 11% year ago.

Park Cities Area
Pending sales up 1% from year ago, New listings up 3% from year ago, Active listings up 22% from year ago, Months Inventory up 32% year ago.

Plano Area
Pending sales down 11% from year ago, New listings down 18% from year ago, Active listings up 2% from year ago, Months Inventory up 9% year ago.

Lakewood-M Street Area
Pending sales down 2% from year ago, New listings up 7% from year ago, Active listings down 1% from year ago, Months Inventory up 3% year ago.

Uptown-Oak lawn- Condos & Townhomes
Pending sales down 15% from year ago, New listings up 12% from year ago, Active listings up 11% from year ago, Months Inventory up 6% year ago.

A word about average dollar per sq ft:
Far North Dallas - $115
North Dallas - $254
Park Cities - $333
Plano - $96
Lakewood - $124

These are average and certainly depends on the property, but areas north and east of North Dallas & Park Cities are great places to live and you can depend on some nice appreciation, in general.

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I just watched the videos of animals on 20/20 and thought about these
photos of my cat, Figaro - she is 12.  Now she doesn't like to drink but
she loves olives, she goes crazy....this is a series of her posing and
licking all the olive juice she can get then she pauses to see if her sister
Godiva is going to bring her desert..but, She only wants the salt and
a little rest.

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If you follow fashion you will want to know about this...



These days it seems certain words are all the buzz, being one
of them and anything with Park in it. Well, for all of you that
do not know about Fashion at the park, here is a run down.

Northpark Shopping Center in  Dallas has always been a fashion
destination, well they have recently finished a $225 million expansion
and more upscale stores to boot. They are kicking off their new
marketing campaign by answering to New Yorks Fashion week.

Dallas is having their own, each spring and fall Northpark will
mimic New York Fashion week with their own buyers, celebrities,
models and fashions from their exceptional mix of tenants,
like Neiman Marcus, Nordstrom, Barney's and tons of specialty stores.

The event will take place:

• March 7-10 -16 designer shows over 4 days
• 15,000 sq ft fashion tent, 500 seats, White & black decor
  with full scale 180-foot, H-shaped runway
• Tickets start at $25 and are on sale here or call
  1.877.772.5425

Erin Wasson supermodel (maybelline); Willa Ford, singer & songwriter;
designers Salvatore Ferragamo, Massimiliano Giornetti, Graeme Black
and Doo-Ri Chung; and many fashion insiders like Simon Doonan, creative
director of Barney's New York are all confirmed appearances so far.

Check out the Northpark web site for more info and tickets.
This is quite the buzz and an event that will put Dallas on the
fashion map as a top destination. Vogue is a sponsor and you will
see ads like the graphic above.

This post doesn't have anything to do with real estate except
that Northpark is some of the most valuable commercial real estate
there is and it is located just north of the Park Cities and east of
Preston Hollow, in North Dallas.

Prior to real estate, I had an executive career in the fashion industry
and love to follow it around. This event will rock if you plan to attend.
Other cities that will do this same event are L.A. Houston & Chicago.
I also love to read Shopping buzz ... see the latest from the New York
fashion shows from Dallas eyes.

Source: Northpark

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What do Homes in West Plano look like?

If you want a good overall picture of what homes
look like in West Plano, typically 75093 & 75024,
you can take a look see at some of the photos below.
Price points are 275K to 5.5M. Most Homes were built
in the early 80's through the 90's. So, you do get newer
homes and recently, zoning changes have spurred more
new construction and you can get brand new homes
in prime locations with great schools.

You will find all types of architecture- traditional,
contemporary, modern, Mediterranean, also you will
find French, Tudor, Italian etc. Most neighborhoods are
distinguished and homes are different from one another giving
a very unique appeal to West Plano.  Many homes have
golf course views due to Gleneagles Country Club and Hills at
Prestonwood both being located close by. You will see
many fine custom homes that were built for owners and not
cookie cutter specs.
See if any of these look like you could call home....when you
roll over photo, description & price will show. See if you can
guess how much each house is, and compare to where you live.

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So your new job is in The Big D, and you need to relocate
and buy a home quickly, what are your options and what will
"I get for the money?"

Here a quick run down and zip codes to explore...

If you have been to Dallas or have family or friends that live here
then you might have an idea on where you want to live. If you don't
have a clue this info could help.

I don't know what you want to spend so here is an overview of what
your get for your hard earned money.

Dallas has a wide range of price points and neighborhoods. Just
like almost every urban area in the country, a re-birth is occurring
and those areas close to town have seen greater appreciation than
the rest of the metroplex.

The area inside the loop, south of LBJ, have seen the greatest
growth, here is what your money will buy you:

If you are looking for a brand new, state of the art home 3000-4500+
sq ft. in North Dallas or Preston Hollow you will need to spend 700K to
1M plus, more in Preston Hollow because it is closer in. You will get
a larger lot and matured live Oak Trees. Neighborhoods are from the
1950's-1970's.

There are still plenty of one story ranch homes, some have been updated,
some not, expect to pay 350K-600K+ for these depending on location.
You are about 5-10 minutes from town in these neighborhoods. Some good
public schools, but near all private schools. Zip codes to look at are:
75229, 75230, 75220.

Directly north of downtown is uptown, this is where all the high rise
condos projects are taking place, you will pay dearly to live here, 500K and
up for around 2000 ft, give or take a few hundred sq ft.  Downtown proper you
will find the same thing with lower price points like 200K and up, but location
is questionable, meaning not too safe and areas are still trying decide what
they are going to be. Zip codes are 75201 & 75204.

Directly north of uptown is the coveted Park Cities, they are actually their
own townships, Highland Park and University Park, it is called the Bubble.
(I will write another post on that one). It is actually the heart of Dallas.

You are 5 minutes from town and always exemplary schools, population
is around 31,000. You will not get a large yard here and it is the most expensive
address. Homes were built 1920's,30's, 40's, and the new homes that are
replacing these start at 1.3M and much much more. Here you will also find
a excellent police dept. Just lot values are 500k and up. Zip codes are
75205,75225.

Of course, there are more neighborhoods, but these communities are located
in the golden corridor with convenience to town and a commute that is easy.

You will find much better values north of LBJ, with your work commute not
more than 20-40 minutes and newer homes in Far North Dallas & Plano, built
1980's and 1990's and some new development. Prices 250K and up, excellent
schools in Plano, (some of North Dallas neighborhoods go to Plano schools).
Zip codes to look at are North Dallas, 75240,75254. Plano zips are 75093,
75024 &75025.

If you are looking for a great place to live and some real estate
appreciation that still has quite a bit of room to go, Far North Dallas and
Plano are it and the next ones to profit from. Here, You will find drill down
searches of all these areas to review, if you want a look-see.

If you are relocating from the east or west coasts you will be pleasantly
surprised of the value here, but don't forget about property taxes, they are
a big nut here and need to be considered.

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