Plano Texas Real Estate Blog - Local Plano Real Estate.

Because of real estate and being an arts patron I get lots of emails and advertising
for projects that are happening in Dallas.  This photo is courtesy of the Dallas Center
of the Performing Arts.  They are responsible for building a world class arts district
that will debut in 2009.  Below is a map and location of each building that Dallas has to
look forward to.


Photo courtesy of the Dallas Center of Performing Arts

1. Winspear Opera House
2. Annette Strauss Square
3. Performance Park
4. Wyly Theatre
5. City Performance Hall
6. Meyerson Symphony Center
7. 7.Cathedral Guadalupe
   
8. Belo Mansion
   
9. Crow Collection of Asian Art
   
10. Dallas Museum of Art
    
11. Nasher Sculpture Center
    
12. Museum Tower
    
13. Woodall Rodgers Park 
14. Booker T Washington Arts Magnet
    
15. St. Paul United Methodist Church
    
16. Fellowship Church 
17. One Arts Plaza
    
18. Dallas Black Dance Theater

One Arts Plaza is a fabulous new high rise condo project - It's contemporary luxury at its very finest.
I have been on a few hard hat tours and this building is truly amazing! Your view is the ARTS DISTRICT.

Highland Park Architecture



I had business today in the Park Cities - the temperatures have stayed under
100 degrees for most of the summer and because of the extra rain, well
Dallas has never looked prettier.

So here are a couple of photos of what Highland Park homes look like.
There is quite a range, but you will find plenty of Mediterranean and Tudor
like below, each unique in their own way. Search Park Cities Real Estate

NEW DEVELOPMENT -  KINGS LAKE


This is a fresh new townhome community located at 121 and Spring Creek
Parkway in West Plano 75024. 

Homes start at $400K and up and the two quality builders are Sotherby's
and Kings Hollow.  Both well respected.

The homes are low maintenance  zero lot line, although some lots have
decent sized yards.

It is a small community surrounded by a lake with fountains and a common
area to walk and enjoy the sound of water.

They are just starting to build in this new community and it's one of the
few new developments in West Plano - very close to the Shops at Legacy
and the tollway. Great starting price too for the location!

Plano Market Update for Week of 8.24.07 - Single Family

Monday is an office day so we look at the market to determine what is going on
to help buyers and sellers in this market.

There are 1801 homes for sale in Plano that have been on the market for an
average of 75 days.  The median price is $260,000.

For the past month or so the days on market has been trending up but the
inventory and market action has remained flat, which basically means in
layman terms, no strong indicators.

Homes that are selling are under $325,000, 81 units sold last week.
Only 8 homes sold last week over $600,000.

Back in May the median price in Plano was $350,000, now it is $260,000.
What this shows is that prices have adjusted and that they have remained
stable through the mortgage mess.

City Overview

Median List Price - $260,000
Average List Price - $372,451
Asking Price per Sq. Ft.- $92
Average Days on Market - 75
Total Inventory - 1801
Sold this week - 89
Percent of Properties with Price Decrease - 49% (WOW!)

Advice for Seller's is if you truly want or need or sell, take the 3-5%
price reduction that you need to take.  You are better off taking a price
reduction than give bonuses or extras, the buyer will appreciated the price.
It is a buyers market and it is not going to change for 1-2 years.
You might even consider taking you home off the market and do some
updates to get a better price later.

Advice for Buyers is don't low ball a house that is price correctly, the
market has been adjusting all along and there are very good value in resales
right now and well, foreclosures are plenty, there you can low ball but it will
take longer to do a deal depending on the institution you are dealing with.
Short sales also represent a very good deal for the buyer but a a little
more complicated to do, this is the step before foreclosure - it helps the
seller to maintain his credit and not have their property go foreclosure.

Dallas - City Overview for the Week of 8.19.07


photo taken by Tom Davis at Hotel W

For this week in Dallas the median single family home is $200,000 - a bargain
compared to other cities.  The average days on market have been 97 days with
around 5570 homes on the market, in the city of Dallas.

Dallas is not different form other cities where the days on market has been
trending up.  Asking price per square ft. is $102.  This week 42% of properties
on the market have taken a price decrease.

Basically, properties that are selling are $300,000 and under.  Price and value
has basically been stagnant.  The inventory has been hovering around 5500
homes on  the market since May.

The market has been showing signs of slowing - the $800,000 and up as well
as the $130,000 and below are showing weaker demand.  If you are in the market
for this price point now is the time to buy.

Despite all the turbulence in the markets, real estate is still bought and sold
everyday and will always go on, no matter what has happened.  There are still
plenty of lenders lending money, the standards have just changed.  If you qualify,
today's your day.

If you are a bottom feeder, it's time to play, the market is always ahead of what
you hear from the media, thank goodness!

We have made a few verbal offers to those that would take them to see how the
market will respond - I'll let you know what deals can be made.

Local Market Stats for 75093

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

• The Median List Price is $527,000
• Asking Price per Square Foot is $138.
• Average Days on Market is 84
  
• Percent of Properties with a Price Decrease is 57%
• Percent Relisted (reset DOM) is 18%
• Percent Flip (price increase) is 6%
• Median House Size  (sq ft) is 3786
• Median Lot Size 0.25-0.50 acre
• Sold Homes - 28

Inventory and days on market are climbing, perhaps signaling to a weakening market.  There are 357 properties currently on the market and this has been rising. Two months ago average days on market was 58 days - that's a 12% increase.

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 57% of properties listed took a price reduction.  This has been common over the last several weeks.

With school starting and the Feds possibility taking a rate cut - this could help generate some fall activity.

This very well could be a buyer's best time for buying a home and getting the price you want as well as low interest rates.

City overview of Plano overview is here.

For more trending info on Dallas click here

Legacy Livestock in Plano Texas

Every so often we have to take continuing education classes on the business of Real Estate pertaining to contracts and legal updates.  Last week we went to a class about Mortgage Fraud.

Beginning September 1st, in Texas, you can report to the Attorney General, Department of Public Safety or the FBI - any suspicion of loan fraud or a suspect of loan fraud.  Anyone can do this...

The tip can be anonymous and you can't be prosecuted in any manner or sued personally.

With everything that has transpired in the market the past few years you don't have to be in Real Estate to know there was some funny stuff going on.  Here's a chance to catch some bad guys!

Why The Sub-Prime Debaca Shouldn't Worry You

This is a newsletter from yesterday that was sent to me from one of the news services I subscribe to and a write up that I send out to various clients/investors that I work with and thought you might find it of interest:

I do firmly believe (Personal Opinion) that our society has come to a HERD mentality and is driven by an overzealous reporting MEDIA that bends the story line of really what's going on out there in the real world on a day in and day out basis.  I can only speak for the immediate market that we work and I deal in on a day to day basis, but I do have enough contacts in other markets across the country and can come up with the real numbers otherwise to dispute a lot of the hysteria that is being reported in the media.

Again, this is FYI...and only time will tell. Please note:  I am of the opinion that with the inventory levels where they are SELLERS are going to have to really evaluate their list prices and also take a hard look at their offers when they do receive offers and candidly if some SELLERS really don't have to sell or need to sell they should take their property off the market for the time being.

This article is written by Jason Kelly who actually got out in the field to investigate the market, this is an article from back in May....

Why Sub-Prime Doesn't Worry Me

Wide Open Spaces

When you think Plano is this big bustling city, which it is, you still have many
acres of farm land and cattle in between all the neighborhoods.  This picture
pretty much depicts North Texas - Big Sky Country and Lots of Land.

How do I Negotiate on a Wood Shake Roof?

photo courtesy of ONE/MILLION - Flickr

Let's say you found a house you love and you want to put a contract on it and
it has a wood shake roof.

Do you need to replace it?

The answer depends on how old it is and what condition but probably yes...
A little history first...

During the 80's and early 90's many upscale Far N. Dallas and Plano
neighborhoods were built with wood shake roofs. In fact, it was a
requirement of the Home Owners Associations.

So, if you are buying a resale in some of the finer North Texas neighborhoods
you will still encounter these types of roofs and many have not been replaced.

What happened in 1995 is that because of fire, wind and heat in Texas these
roofs were outlawed - many homes were destroyed because of fire that spread
from roof to roof and completely burnt homes down., like kindling....

You can still have this kind of roof but your insurance premium will be around
25% higher.  They also require proper maintenance and are expensive to maintain.

For example, Driving around you notice on wood shake roofs there are new
shingles mixed in with old weathered ones.  This is how you repair one of these
roofs, a shingle at a time. That's very costly to have someone climb the roof to
replace a few bad shingles and beside that it doesn't look good! They are only
pretty when brand new. (my opinion)

Now a roof is not cheap to replace so when you are thinking about buying a
home that has one - these are the things you need to deal with:

• Has the roof been considered in the listing price or any allowance given?
• The cost of a new roof for the price point of home and neighborhood.
• What are HOA requirements?
  

Usually a roof will last 15 to 20 years so most of these wood shake roofs need to
be replaced. New composition roofs can range between $12k to $30K depending
on size of the home and pitch line of the roof.

The roof issue should be dealt with during negotiations as a discount off the list
price or a credit given at closing.  If you chose to live with the wood shake roof
you will pay the extra insurance premium and have to deal with the issue again
when you go to resale your home, plus maintenance. Most homeowners are
aware of these issues and will help compensate for costs.  All you have to do
is ASK.

Half Year Update - A Few Areas

It's common knowledge that homes sales have been declining
for the first half of 2007.  Quoting any professional group leaves
me a little weary of what is going to happen in this market.
Real Estate is so local - and only that market dictates the trends.
Buyers now have a tremendous advantage in Dallas because of
the home inventory that is available.  Below is a market update
on some of the areas covered on this site for the first half of
the year.

Area	Sales +/-	Avg. Price +/-
Far N. Dallas	697 (+1%)	$342,724 (0%)
North Dallas	379  (-9%)	$913,665 (+20%)
Oak Lawn	52  (-19%)	$497,260 (+82%)
Plano	2126 (-10%)	$275,794 (+4%)
Park Cities	455 (+4%)	$1,209,378 (+9%)
Frisco	1498(-5%)	$290,494  (+5%)

info from NTREIS - North Texas Real Estate Information System

What this shows you is the rapid appreciation south of LBJ.,
N. Dallas, Park Cities and Oak Lawn.
Plano and Frisco are directly north of these areas which is in the
golden corridor. Watch for better appreciation in these areas
that are built out and closer in.  Just a hunch!

PICTURESQUE MONTE CARLO


Not thinking about Real Estate right now....it's going to be 104 degrees today,
so I'm thinking about our trip to France in 2005 and above is Monte Carlo.
That's a nice thought!

How to Handle a Changing Real Estate Market

This week you have seen the wheels fly off the stock market,
brokerage firms and mortgage lenders - money is tight - or
basically we aren't lending anyone any money because we
don't know how much our bad loans that we sold to everyone
are worth.  It's called a trickle down effect.

So what happens? Things slow down - Wholesale Markets -
Retail Markets - Stock Markets - Real Estate.

I'm not a financial person and don't want to be - but being
in Real Estate and serving the consumer, (which is all of us)
you need to be aware on how to advise and consult buyers
and sellers in the Dallas market, so here goes...

Dallas real estate sales are down just like in other markets.
Year to date Dallas is down 6% in home sales, inventory is building,
about a 6.5 month supply of homes - pending sales are down
also. That does not include builders inventory!

The Dallas Market is not like the bottom has fallen out in Florida
condo developments or huge price declines like Sacramento, CA.
Real Estate is local - National figures do not tell a specific market
story and neither does the local evening news, although it might
be a bit more accurate.

So what do you do if you are a buyer or seller in this market?

For a Buyer:

• get pre approved for a loan
• target your search
• make a reasonable offer if a property is priced correctly
• go for the jugular if it's a foreclosure
• be patient for the right opportunity 

For a Seller:

• price your property a tad below comparables
• make sure your home is in excellent showing condition
• entertain all offers
• look for creative solutions
• get pre approval of buyer or if cash-verification of funds
• don't take offense to low offers
• be patient - it will take longer to sell 

Throwing this one in....

For Realtors:

• don't take offense to offers - remember you are not the seller
• look for creative solutions
• make sure clients are qualified and title is clear (no liens on property)

The truth about this market is that prices having been adjusting here
since the beginning of 2006, around 8500 families are moving to North
Texas a month and are finding good values in housing. You still get
a lot for your money and appreciation is ticking up - 6% this year
on the average.

The sold to list price here is 96-98% of list price -if a property is priced
correctly.  Don't try to take $100K off a $300K - the numbers just don't
work.  Now, $100K off a million or more could be doable.

 Because Real Estate is:

• Personal
• Emotional
• Financial

For everyone involved, in this market (and it is a buyers market) - it is best to
approach each deal as a win win for each side of the fence - to accomplish
every ones goals. Like getting on with your life...

Final thoughts about the Dallas Real Estate Market are:

It is a great time to be buying in Dallas if you can get a loan!
If you are lucky enough to have cash - you can make a sweet deal!

Congratulations North Texas!

Dr. Pepper Minor League Ballpark - Frisco

On the Forbes top 100  fastest growing suburbs, there were
11 N. Texas cities that made the list.

Frisco came in at Number 7 and Wylie Number 8.  These two
cities are considered close in to Dallas.

Frisco is just north of Plano and is a very vibrant and well planned
city, excellent schools - Minor League Ballpark, Stars hockey center,
Stonebriar Mall, Stonebriar Golf Course, Country Club and New Homes
...yes plenty of new homes.

The only thing that Frisco needs to complete are its roads and
highways to support it's growth - until then you will have to cope with
traffic. Here are growth figures for Frisco for the last 6 years:

2000           2006              %

35,299        80,499           128.0%

As you see the growth has been explosive  - and there is still plenty
of room to grow - Frisco around highway 121 is only about 30 miles
North of Dallas.  You can also find all Frisco listings on this site.

MLS Market Summary for Dallas Neighborhoods - July 07 Results

As the market tends to be very indecisive - up and down from month to month the one thing that keeps getting larger in the Dallas Area is the inventory of unsold homes!

There is an average inventory of 6.6 months supply in July.  What's even more disturbing is $500K and up - there is a 10 to 16 months supply of homes on the market and that does not even include builders homes.

What does this mean? Buyers has a tremendous opportunity to pick from the creme of the crop and probably make a pretty sweet deal.  If the Fed lowers interests rates (which is still low anyway) it will jump start the market to get rid of this inventory.  Sellers sharpen your pencils if you want to sell.

Far North Dallas and North Dallas seem to be chugging ahead with sales up from last year. Another dramatic drop for the Park Cities - June was down 17% and July down 20% from a year ago.  Plano seems to be constant with sales 9-10% below last year past two months. Days on market are lingering and supply is building.  Buyers may have it their way all day long.

Average prices are up - which means their is GREAT value in this market and room to grow but with days on marketing increasing and inventory building  - price will have to give at some level of price point, especially the homes over 500K.

Here are July Results....

July 07 for Single Family:  Sales down 3% from year ago, Dollar volume down 1% from year ago, Average price up 4% from a year ago.

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

Far North Dallas- north of LBJ
Sales up 5% from year ago, Dollar volume down 1% from year ago, Average price up  8% from year ago.

North Dallas-south of LBJ (Preston hollow)
Sales up 14% from year ago, Dollar volume up 57% from year ago, Average price up 39% from year ago.

Park Cities Area
Sales down 20% from year ago, Dollar volume down 2% from year ago, Average price up 8% from year ago.

Plano Area
Sales down 9% from year ago, Dollar volume down 2% from year ago, Average price up 8% from year ago.

Lakewood-M Street Area
Sales down 9% from year ago, Dollar volume up 1% from year ago, Average price up 11% year ago.

Uptown-Oak lawn- Condos & Town homes
Sales down 10% from year ago, Dollar volume up 9% year ago, Average price up 21% year ago.

Year-to Date Sales Closed by Area for: July 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 8% from year ago.

North Dallas-south of LBJ (Preston hollow)
Price per sq ft up 13% 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 8% 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 6% from year ago.

Lakewood-M Street Area
Price per sq ft up 5% from year ago, Sold to list price flat from year ago, Days on market up 18% from year ago.

Uptown-Oak lawn- Condos & Town homes
Price per sq ft up 8% from year ago, Sold to list flat from year ago, Days on market up 18% from year ago.

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

Far North Dallas- north of LBJ
Pending sales up 5% from year ago, New listings down 1% from year ago, Active listings down 5% from year ago, Months Inventory down 5% year ago.

North Dallas-south of LBJ (Preston hollow)
Pending sales down 7% from year ago, New listings up 2% from year ago, Active listings up 13% from year ago, Months Inventory up 26% year ago.

Park Cities Area
Pending sales down 1% from year ago, New listings up 10% from year ago, Active listings up 20% from year ago, Months Inventory up 27% year ago.

Plano Area
Pending sales down 9% from year ago, New listings up 5% from year ago, Active listings up 15% from year ago, Months Inventory up 30% year ago.

Lakewood-M Street Area
Pending sales down 1% from year ago, New listings up 3% from year ago, Active listings up 6% from year ago, Months Inventory up 9% year ago.

Uptown-Oak lawn- Condos & Town homes
Pending sales down 8% from year ago, New listings up 3% from year ago, Active listings up 10% from year ago, Months Inventory up 3% year ago.

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

Far North Dallas - $123.
North Dallas - $251.
Park Cities - $335.
Plano - $101.
Lakewood - $139.
Oak lawn Condo-Town homes - $196.

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

Wanna know how a Real Estate flipping scheme goes bad?

What a way to start a Monday!

The FBI announces indictments of California Real Estate Agents
and Appraisers for fraud putting an end to this flipping scheme.

Here is how the scheme worked:

Real Estate Agents and Appraisers would buy homes at their market
value, but forced sellers and their agents not to report the sales price.

By the way, in Texas you have the option of not reporting your sales
price, but it must be agreed upon by all parties, never forced.

Then they would draw up false contracts that looked like they bought
the property for a much higher price. Inflated by hundreds of thousands
to millions of dollars more than they had actually paid.

Then the appraisers would come in and inflate appraisals of the homes
to match the fake purchase contracts.

Next, they would send in false loan applications and many of them in
other  peoples names, to banks at the overstated, fake prices...

They also had their own title companies and used them to hide the true
purchase prices of the homes and distribute the proceeds that they got
over the real prices they paid.  How did they sleep at night?

The next part of this story involves flipping the house in its second stage
at the inflated prices and reported these to banks to justify the inflated
loans.  These guys are going to jail...

Now this just didn't happen in California, it has happened all over the
country. Texas too.  It happened at every price level of home not just
high end property. There are several Plano neighborhoods that something
similar to this has happened.  You might have noticed that a property
that should be priced at $350K is actually priced at $550K.  That is
suspicious right off the bat!

What's frightening is there are several versions that can happen in these
fraud schemes. For example, sellers that are about to go into foreclosure
or need to sell their property quickly, might contact an agent that deals
with these type of  unethical real estate sharks.  You might think everything
looks legal - but it is actually part of a fraud scheme.

Always get a second or third opinion of a real estate situation to know exactly
what you're dealing with because nobody wants to be indicted by the FBI on
Monday morning. This is just the tip of the iceberg - everyone will be seeing
more of this going down.  Unfortunately.

It was one of those nights you wanted a hamburger and fries - MOOYAH is a
new concept burger place - fresh meat, never frozen - and hand cut french fries
that are delicious. That's all they serve and a few other things - the interior is
very clean and simple - red and white and very happy people to serve you!
The buns make the difference they are very fresh and the ratio between the
burger and bun  - well, just work - try it - it's a different kind of fast food in
West Plano - at Plano Pkwy and Midway. Their tag line is:
just burgers. just fries. just better.  and it is...

The Truth About Sales Disclosure in Texas



What did you pay for your home ?

Would you want people to know?

 "The public" that is...

That's a question most normal people want to know before they buy a resale.

Of course, you might never find that out - but there are a few ways to try.

Texas is a non-disclosure state so you have your privacy, many other
states in the US disclose this information to the public.

In Texas - A Realtor has access to sold comparables from the MLS - that
go back 6 years or so - so you can find like properties that sold by neighborhood
and any other detailed criteria to find out how much you should sell your
home for.

So, the sale of your home is disclosed - just not so the general public can see
how much you spent.

Did you know that you can also request that your home sale not be
disclosed on a sales contract?

Most people do not know this and it really is not discussed too openly.

As a seller or buyer you can request and put in writing that "the sales price
not be disclosed" for whatever reason you wish.  This is usually done on the
special provisions part of the contract.  Just ask your agent or lawyer to write
it in.

However, all parties must agree to this - buyers, sellers, agent, brokers etc.

What happens is when a homes is sold the listing agent or broker will enter the
sales price in the MLS and instead of putting the actual sales price a "Z" is
entered next to the original list price- like this -$550,000 z.

When a Realtor, broker appraiser, builder or whoever pulls ups comps this is
signal that the true sales price has not been disclosed.

Most the the time this will help comps in the neighborhood because if someone
had a foreclosure or something bad happen and the property sold for less then
it should - it will pull the dollar per sq ft down in the area.

Of course, you have no control over who enters what because every listing agent
is required to enter this information on a property after it has closed escrow.

Sellers in this state have some breathing room because it is harder to find out
what a property sold for.

Really, in real estate it doesn't matter what someone paid for their property at all.
What matters is the current market value in a particular point in time and the
comps give an idea of what you should reasonably sell or buy a house for.

Texas is considering to make this information pubic, as most states make this
information available to all.  Let's see what happens.