Plano Texas Real Estate Blog - Local Plano Real Estate.

Local Market Stats for 75093

For this week in Plano zip code 75093 for Single Family Homes:

• The Median List Price is $514,900
• Asking Price per Square Foot is $138.
• Average Days on Market is 71
• Percent of Properties with a Price Decrease is 49%
• Percent Relisted (reset DOM) is 10%
• Percent Flip (price increase) is 2%
• Median House Size  (sq ft) is 3790
• Median Lot Size 0.25-0.50 acre
• Sold Homes - 25

Inventory and days on market are climbing, perhaps signaling to a weakening market.
Local Conditions are currently in a buyer's market, though not strongly.
Buyers should expect reasonable levels of selection and bargaining power depending on how a property is priced.

Seller's are adjusting prices accordingly, last week 49% of properties listed took a price reduction.

Happy House Hunting!

For more trending info click here

A Classic Landmark 

On my way down to an open house yesterday, I stopped by Highland Park Village to
grab a bite of lunch.  The photo is of Highland Park Village Theater - a classic old
theatre with all its charm.

Here's a bit of Dallas trivia that you might not know.

The Highland Park Village Theater opened in 1935. Highland Park Village is
recognized as the first shopping center in America and the prototype for shopping
centers across the country. According to the Urban Land Institute, Highland Park
Village was the first development built on a single lot surrounded by parking areas
with stores facing away from access streets. It was the first luxury theatre in Texas
and cost a whopping $100,000 - a lot of money back then!

Architects were the renowned Foshee and Cheek of Dallas who were very much
inspired by Beverly Hills.  Highland Park has many Spanish and Mediterranean
influences and is the "Beverly Hills" of Dallas.

REAL ESTATE EXPLOSIONS

You would be living under a rock if you didn't hear or experience the
explosions from the Southwest Industrial Gas plant near downtown Dallas
this past Wednesday.

As the blame was pushed back and forth...by the Media, City of Dallas
and Southwest Industrial Gas in typical Dallas fashion....finger pointing at
its finest, ya know.

The details started to come out about what really happened.  Check
this video of eye witness accounts of the explosions.  Scary stuff!

What you need to know is the location of the incident and the tony
real estate that surrounds the area of concern.

The area is near downtown and the mixmaster, which is the worst traffic
congestion in Dallas - it is where all highways collide.

Near downtown is really the Victory Park area where all the revitalization
is taking place.

These are the venues and buildings nearby:

• American Airlines Center
• Reunion Arena (canisters of fire actually hurled through the glass)
• W Hotel and Condos
• Mandarin Hotel and Condos
• Ritz Carlton Hotel and Condos
• 1999 McKinney (original loft concepts in uptown)
• Victory Park Retail
• WFAA Studios at Victory Park - Channel 8

Now, you wouldn't want to be sitting in your $500,000 plus high rise condo
and have a fire torpedo coming at you? Nope would not!

Looks like Dallas has some cleaning up to do.  Who realized there was a
industrial gas plant there anyway?

Will it hurt the downtown movement back to the city?  It might put people
off in the short term, but with Ross Perot, Jr. and Mark Cuban as the catalysts
and developers down there something tells me everything will be OK, maybe
even better now.

How Come A House In The Same Neighborhood Sold For $110,000 More Than The One Across The Street On A Creek Lot?

Now, you might be saying, "that's a big difference" Why?

This did happen in my neighborhood!

Both homes were built in 1993 and are similar square footage - one backs up to a beautiful private creek lot and the other backs up to other homes that are very close, but not so close you can see in each others windows.

So, why did this home sell for more in a worse location? 

The home had been updated in the right ways.

Not totally, by any means - but the kitchen had new granite counters, stainless steel appliances and the home had been freshly painted.  The cabinets were the old 90's white wash finish that look tired but with the new granite, stainless and paint  - the total appearance was a design to sell miracle. It all flowed!  Looked new and you didn't have to do anything! That is a huge deal - especially in this market.

Another interesting fact about this home is that is has an extremely small family room but it does open to the kitchen and breakfast area.  You wouldn't know it but last year a 200 year old oak tree died that use to be in the back yard!  Trees are worth a premium here and defintely increase the value of your property.  In this case, I would say the previous owner paid $15,000 extra for that tree.

So the tree is gone, but the home still sold for $35,000 more than it did in 2005.

Don't under estimate the value of your kitchen or the applicances - the cabinets and appliances are the biggest cost in a kitchen remodel - the appliances are the deal maker in this - most people do not replace them.

This home sold in 30 days and the creek lot home took 3 price reductions and took over 100 days to sell, because it needed updating.

By updating the kitchen and replacing appliances with stainless steel - this home stood out in the marketplace and sold quickly.  That's why it sold for so much more - sometimes putting money in the right places pays off with money in your pocket.

REAL TIME MARKET REPORTS

Let me ask you a couple of questions ( 3 to be exact )...

Are you curious about:

• What is really going on in the market?

• What are the pricing-supply-demand- trends?

• What should I know about the local market?

Did you know that most information you get is from last month or last quarter?  Sure this helps but it is in the past.  Knowing the details is important!

What we are offering on this site are detailed market reports on the city of Dallas and Plano.



VIEW SAMPLE REPORT

The charts are updated every week (on Monday's) with real time market information.  You can see the interactive chart (above on right sidebar)  for median price on Dallas, Plano and zip codes that we specialize in on this site:

75093 - West Plano
75024 - West Plano
75025 - West Plano
75287 - Far North Dallas
75229 - Park Cities Vicinity
75205 - Highland Park
75225 - University Park
75230 - Preston Hollow
75219 - Oak Lawn

So you can visit back weekly to see the trends on this blog page or market stats page

Or you can sign up for a more detailed 10 page report like the view sample on this page

The data in these reports are gathered by other sources and the MLS, they will give you a more accurate view of the trending market - what's happening NOW every week!   We also offer multi family as well as single family properties.

This is new technology and we want to offer you this unique platform that gathers real estate data, analyzes it in real time and creates reports for local markets and zip codes - It tells you where the market is heading...How cool is that!

Plano Apartment Garages Hit at The Shops at Legacy

If you are from the Dallas area you have certainly heard of the Shops at Legacy - a new urban living, shopping and dining Mecca

On Thursday evening 13 car burglaries were reported from the apartment garages surrounding the Shops at Legacy. 13 thefts!  now that's too easy.

This was on Fox news Friday evening, here is the video link of the report.

What's surprising is most of the cars that were broken into, were unlocked and had all personal items in view,
mobile phones, laptops, cameras, briefcases, and handbags etc.

Even in an upscale area like this, bring your valuables inside or put them in your trunk no matter how tired you are or what state of mind you are in.

This is the second time it's happened at the upscale apartments and townhomes, It's time for the Shops at Legacy to beef up SECURITY in a big way!

$12,000,000 for 12 Acres - Sounds Fair

Now this is a little wierd.  You'd think that
the most expensive listing would be in Willow Bend
Country in West Plano. Surprise!  This is actually in
Parker, zip code 75002. For $12,000,000. Yes that's
right!.  It is 12 acres of land, dwelling is from 1986.
This is the only photo. Another interesting fact is that it
is on the tax rolls for $1.2M.  Any developers interested?
This is prime real estate west of 75 and and Parker.
see MLS info here.

Glen Meadows Neighborhood - Best Value


A common question asked by clients looking for a home in the West
Plano area is "What is the best neighborhood for the money?"

Of course, what is appealing about Plano is you get a quality life style at all
price point of homes.

One neighborhood that is an excellent value for location is Glen
Meadows.  This represents the opening price point in West Plano with
exemplary schools and it is at the verge of astounding appreciation.



Homes were built in the early 90's by David Weekly and other custom
builders.  They range from 239K to around 375K.  You are walking distance
to Barksdale elementary, Hills of Prestonwood golf course and Arbor Hills
Nature preserve and Glen Meadows Park - right in the development!
Close to all shopping, highways and Presbyterian hospital.
There are around 186 homes in the development and most are brick traditional.

This is a great neighborhood to get into now, you are at the opening
price range and very close to some of the priciest real estate west of
the tollway.

The neighborhood of Wyndham Hill is just north of Glen Meadows and has
slightly larger homes and a bump up in price. Still a good value.

A lot of bang for your buck.

Most Expensive Listing in Plano


This is the most expensive listing in Plano TX
75093.  Located in prestigious Willow Bend County

for a asking price of $5.9 Million.  Built in 1986 on a
3 acre plus lot backing up to a creek and a to-die-
for-golf course view.  It is over 12,000 sq ft and
originally started at $9.1 Million.  Also has 2 ponds,
sports court, 5 closets in Master, guest quarters
with an elevator.  Take a look at the last photo of
the garage...

Backs up to Gleneagles Golf Course

Grounds looking back at home

State of the Art Kitchen

Now this is really one of those Texas things -
4 car garage with marble floors that doubles as
a ballroom! Has heat & air! Gazebo, Walk in humidor
5 fireplaces and more...

Put your boots on for this one.

 

DOM

Days on Market - Does it Really Matter?



I will preface this by saying beginning July 15, our MLS - will start a cumulative
days on market counter on all listings.

What does that mean? 

Well, if you have sold or bought a home and used a Realtor you will be familiar
with the term "days on market".  It is a field on the agents report that lets you
know how long a property has been listed under a specific MLS number. 

Now, I 'm going to let you in on a little secret of the trade - you used to be able
to trick the system by re-listing a house under a different MLS and start the days
on market over.  So if a house has been on the market a long time and doesn't
sell a new MLS number is usually suggested by a knowledgeable agent.

Now the party is over on this strategy.  The cumulative field of the MLS will be
turned on this month and start tracking all properties despite a different MLS
number, if it is listed within 30 days.

I know this sounds complicated, so I will try to simplify -

For example, your home has been on the market 90 days and has not sold, if
you re-list the house within a thirty day time frame the cumulative days on
market will show that your house has still been on the market that long.
No since to re-list, it doesn't work anymore, unless you take it off the market
for 30 days and re-list.

However, your total MLS history of a property is still readily available to agents
who seek that knowledge with a few extra clicks.  If they know how to find it.

Why is this important?

Because your days on market and MLS history will directly affect your offer
from your potential buyers.  In this buyers market it is crucial you are priced
correctly and your days on market looks normal.  After all, it is taking longer to
sell a home all over the Dallas area. 

What is normal days on market?

Take a look at this new market stats page to find out.

Everyday many emails come in from this blogsite. 
This random email as the casting director called it
asked to help with a casting call for the new season
of A & E's  #1 rated show "Flip This House"

Dallas could be the next city to land an episode -
They are looking for confident, charismatic, motivated
and opinionated people who "flip" residential properties
for a living. Adrenaline real estate junkies who love the
high risk, high reward nature of their jobs and who are
devoted to doing a great job.

If you would like your team to be featured on the upcoming
season of Flip This House, send an email to
fth@813casting.com .  Include your contact info,
bios on you and your team, and some reasons why your team
should be featured on Flip This House! 
Teams should consist of four or more people.

This could be your chance at reality TV - BTW, Dallas is a
great market to Flip!  Know anyone? Give us a shout! 

 

 

MLS Market Summary for Dallas Neighborhoods - June 07 Results

Even though sales were down 15% for pre-owned homes for the month of June, YTD shows a more accurate view.

Sales for single family homes are down 6% YTD, Dollar volume is down 2% and average price is up 5%. Median price is up 1% from a year ago, price per sq ft is up 4% and days on market is up 7%.  Pending Sales are down 4%, new listings are up 2% and active listings are up 9%.

Although sales are down, prices are holding quite nicely, the average price keeps going up despite inventory levels and lower sales, value is still found in the Dallas area and the average price going up to 7% is proof.
 
Here are June results...drum roll please...

June 07 for Single Family:  Sales down 15% from year ago, Dollar volume down 9% from year ago, Average price up 7% from a year ago.

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

Far North Dallas- north of LBJ
Sales down 10% from year ago, Dollar volume up 5% from year ago, Average price up 12% from year ago.

North Dallas-south of LBJ (Preston hollow)
Sales down 14% from year ago, Dollar volume up 3% from year ago, Average price up 20% from year ago.

Park Cities Area
Sales down 17% from year ago, Dollar volume down 4% from year ago, Average price up 15% from year ago.

Plano Area
Sales down 10% from year ago, Dollar volume up 1% from year ago, Average price up 12% from year ago.

Lakewood-M Street Area
Sales down 10% from year ago, Dollar volume up 4% from year ago, Average price up 17% year ago.

Uptown-Oak lawn- Condos & Town homes
Sales down 14% from year ago, Dollar volume down 5% year ago, Average price up 11% year ago.

Year-to Date Sales Closed by Area for: June 2007 - Single Family - Part II

Far North Dallas- north of LBJ
Price per sq ft up 2% from year ago, Sold to list price down 1% from year ago, Days on market down 7% from year ago.

North Dallas-south of LBJ (Preston hollow)
Price per sq ft up 11% from year ago, Sold to list price flat from year ago, Days on market up 8% from year ago.

Park Cities Area
Price per sq ft up 9% from year ago, Sold to list price flat from year ago, Days on market up 6% from year ago.

Plano Area
Price per sq ft up 3% from year ago, Sold to list price flat from year ago, Days on market up 4% from year ago.

Lakewood-M Street Area
Price per sq ft up 6% from year ago, Sold to list price flat from year ago, Days on market down 2% from year ago.

Uptown-Oak lawn- Condos & Town homes
Price per sq ft up 18% from year ago, Sold to list flat from year ago, Days on market up 19% from year ago.

Year-to Date Sales Closed by Area for: June 2007 - Single Family - Part III

Far North Dallas- north of LBJ
Pending sales up 6% from year ago, New listings flat from year ago, Active listings down 5% from year ago, Months Inventory down 4% year ago.

North Dallas-south of LBJ (Preston hollow)
Pending sales down 11% from year ago, New listings up 3% from year ago, Active listings up 12% from year ago, Months Inventory up 25% year ago.

Park Cities Area
Pending sales flat from year ago, New listings up 10% from year ago, Active listings up 20% from year ago, Months Inventory up 22% year ago.

Plano Area
Pending sales down 10% from year ago, New listings up 5% from year ago, Active listings up 15% from year ago, Months Inventory up 29% year ago.

Lakewood-M Street Area
Pending sales down 2% from year ago, New listings up 4% from year ago, Active listings up 6% from year ago, Months Inventory up 10% year ago.

Uptown-Oak lawn- Condos & Town homes
Pending sales down 7% from year ago, New listings up 1% from year ago, Active listings up 10% from year ago, Months Inventory up 1% year ago.

A word about average dollar per sq ft as of June 07

Far North Dallas - $125.
North Dallas - $244.
Park Cities - $335.
Plano - $105.
Lakewood - $137.
Oak lawn Condo-Town homes - $192.

Source is from North Texas Real Estate Information Systems. (MLS)
reliable but not guaranteed.

 

Here's a snap shot of Dallas homes sales and months inventory since 1997. If you are relocating here it's nice to know you have a 6 month supply of homes to chose from.

What exactly does that mean?

It means that you can take you time looking for a home, you do not need to feel pressured to find or purchase a home. You can see how sales have risen steadily since 1997.  Folks are moving here.

In real estate you also want to take a look at the absorption rate, because this tells you how long it will take for the current supply of homes to be depleted if no other listings came on the market, that is what months supply of homes means to you.

Of course, if you find something you really love, you should go ahead and write a contract, because the good homes do go quick.

The Commission Get - Who gets what?

This could be a loaded question.  Do you know the answer? To be honest,
nobody knows who gets what until the whole deal has been negotiated and closed.

Even then you will probably will not know total commission paid to each
agent and broker. Most of you will not see what the broker receives at all.
Believe me, it is a nice chunk of change.

You can read all over the Internet that the standard fee is 6%.  That is a
huge assumption, because the only one that knows the true commission paid
out is the listing agent and the broker of record of the property.
Don't assume anything!

When a property is listed on the MLS, there is a BAC (Buyer's agent
commission) listed on the property, it can range from 0% to 3+% depending
on the seller and circumstances.  So, a total listing fee could range from 0-8%
and sometimes the seller or bank will offer bonuses to the buyer's agent to bring
a buyer to the table.BTW, Your agent is required by law to let you know of these
bonuses if they exist. 

All this is just the tip of the iceberg - because as you know or should know -
everything is always negotiable - Did you know that! Even with a contract! But
once everyone agrees to agree, you have to perform and I don't mean singing on
American Idol. You have to actually write a check and follow the myriad of time
lines demanded of you.

The reason I bring this subject up is really for the many buyer's out there
that chose to represent themselves.  Which is fine, but you really need to
understand how the commission structure works for the consumer.

In Texas, you can only negotiate real estate commissions if you are a
licensed real estate agent, broker or lawyer in good standing.  Even then
you do not know what commissions are totally or on the buyer's side of the
transaction and you can't take the 3% off the sales price.  It simply just
doesn't work that way. Usually with the discount brokers and full service models
of real estate, if you, the buyer chooses to represent yourself, the total
commission is usually quite a variation from the standard fees. 

Sounds confusing?

It is and you will not know what the fees are because the listing agent has a
fiduciary responsibility to the seller and a written agreeement.  Also, the sales
price of a property is based on comparables of the current market, commissions
are part of closing costs.

As a buyer representing yourself, you need to concentrate on the right
price you are willing to pay for the property and see if the seller will accept.
If you are lucky you might have a listing agent that will try to make it work.
If you ask for the 3% buyer's agent commission up front before you even make
an offer on the property - you are showing your hand way too early and probably
will not be taken seriously.  Showing your lack of knowledge of the process will
not start off negotiations very well or in a professional manner to get what you want.

Even before I was in real estate, I did a few transactions and this bit of advice
might have helped with a better outcome in price, for what it's worth.

 

Happy 4th despite the weather....

It is really rare in Texas that there is rainy weather during the summer, however this
year is much different.  Usually it is 100 degrees or so and yes you can fry an egg on the
sidewalk.  I am in Houston this week and we have hardly seen the sun in a whole week.
Dallas has had weird weather too.  A friend of mine said she hadn't seen anything like this
happen in North Texas since the late 1950's.

Fireworks have been cancelled throughout the city because it is so socked in.  If you have
some extra sun, please send it our way.  This is definitely a reminder of living in Seattle,
although not quite as pretty.
Happy 4th!

Luxury Living in Dallas and Plano - New and Resale



As the holiday approaches and we give thanks for our independence,
many of you will be taking a well deserved day off.  If you are looking for
luxury homes in the Dallas Metro area - you may find them all here -

NEW DEVELOPMENT and RESALE.

Check these links for direct access to the MLS by community
of luxury homes in Dallas and Plano.

• Plano Luxury communities
  
• Plano Golf communities
• Park Cities
• Preston Hollow
• Uptown

Each of these links have more drill downs by neighborhoods which are active
listings available for sale. You can see lots of photos, virtual tours, maps, mortgage
calculator and more.

Plano Homes and Land wishes you a safe and Happy 4th!
Pretend you are in the photo above relaxing in a luxury spa and dreaming of your
new home in Texas.

 

Pre Stats for June 2007 for Zip Code 75093

Before the official numbers come out for sales, here is a birdseye view of what happened in zipcode 75093 in June from $199.9K and up - Sales for May where down 13%, June will be down too. Sales come out around the 8th of each month, so check back for a more accurate anaylsis.
There are:

• 327 Active properties
• 23   Expired - (listing agreement expired without selling)
• 24   Option (under contract)
• 25   Pending (waiting to close)
• 77   Sold  (properties for month of June)