Britt Fair of Hexter Fair Title Company reported super interesting stats today on the residential market. 25% more transactions than the same period in 2011, but prices DOWN 15% in Preston Hollow. Similar stats in Park Cities. Lakewood had 20% + transactions and a 2% price increase over the first 9 months of 2011. Terrific year in 2012 for the sweet spot of prices, $500,000-800,000. Low interest rates expected to continue for awhile, along with stable Dallas prices.
2013 expected to be slower due to LOW inventory, continuing concern over international market stability, job creation in the private sector and the continued monetarizing of U.S. debt. Ouch.
Can't wait to see how the election tomorrow affects Congressional gridlock and the fiscal cliff, additional factors setting the tone for the 2013 Dallas residential market. We are hopeful more Sellers will decide to list their homes to satisfy demand.
While most major markets fell off of a cliff in 2007, slow and steady Dallas never boomed, and never busted. We've had continuous positive job creation that hasn't varied from 45-49,000 new jobs per measured period since 2001. When people feel secure in their jobs, they buy in the sweet spot. When the wealthy feel good about the stock market, they buy more high end homes.
So interesting that we are experiencing the lowest interest rates in US history, and buyers/sellers taking light advantage. Go find a residential property to buy, Americans!
Sources: NTREIS, Case Shiller
Monday, November 5, 2012
Candy Evans post on Culture Map
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Thursday, October 11, 2012
Checking out New City Performance Hall!
Checked out this brand new venue, the newest gem in the Arts District with a Dallas Classical Guitar Society concert. The acoustics were so good, the artists said they did not need microphones or amplification! Very classy, understated venue with good street parking nearby. It was fun to see events going on simultaneously in the plazas, the Wyly Theatre, and the Performing Arts Center. And this month, the new 5 acre deck park is opening! My question is, where do visitors park? Can't wait for this. Not only that, the Perot Museum of Nature & Science opens in December, along with Museum Tower! What a gorgeous skyline we have, and what terrific cultural and entertainment opportunities are here!
Luxury Homes Preston Hollow -- Deals Abound!
Great press on the Dallas residential market is permeating the media -- 17% fewer properties on the market than September 2011, 3.8% price increase average, tight markets in Preston Hollow, Park Cities in Lakewood, with less than 3 months supply.
Terrific news for the market and for Sellers in this new Sellers' market! A closer examination will tell us that, for properties above $3 million, Preston Hollow is a BARGAIN and is a Buyers' market. There are 31 listed currently on 1 plus acres, definitely down from 50+ a few years ago, and many of these are fine, quality properties in great locations. Buyers can find luxury homes in the $350-$450/sf price range. The market is averaging a little over 1 luxury sale per month.
5330 LOBELLO, HIP POCKET LISTING ON 1 ACRE, $4,395,000, 9516 SQUARE FEET, BUILT 2007, REMARKABLE HOME!
The odd quirk is, there have been two sales, both Dave Perry-Miller & Associate listings, that sold close to list in the $550-$725/sf range this year; one on Park Lane, new construction, sold in less than 2 months, and the other, on Strait Lane, was an off market sale. Crazy times! Great being in Dallas!
Terrific news for the market and for Sellers in this new Sellers' market! A closer examination will tell us that, for properties above $3 million, Preston Hollow is a BARGAIN and is a Buyers' market. There are 31 listed currently on 1 plus acres, definitely down from 50+ a few years ago, and many of these are fine, quality properties in great locations. Buyers can find luxury homes in the $350-$450/sf price range. The market is averaging a little over 1 luxury sale per month.
5330 LOBELLO, HIP POCKET LISTING ON 1 ACRE, $4,395,000, 9516 SQUARE FEET, BUILT 2007, REMARKABLE HOME!Wednesday, September 26, 2012
Thinking about highrise living?
Rangers, Real Estate & Performance Halls
Tonight may not be a hand-wringing affair quite yet, but we will be at the Ballpark in Arlington trying to beat Oakland A's! Magic number is still 5.... What a great sports town we live in here in Dallas! Not only a great sports town! We attended a Classical Guitar performance at the new City Performance Hall last Sunday, and the acoustics were perfect! No amplification required and the smaller venue, at the front door of One Arts Plaza, is the final building to be completed in our incredible Arts District. The buildings are all works of art, and these are just two great reasons to live in Dallas, Texas!
Can't forget to mention our perfect September-October weather, and the fact that my buddy Grammy-nominated Russ Hewitt will be performing his original nuevo flamenco Saturday night at the Lakewood Theatre. And of course, we'll be attending the music concert Thursday night at the Dallas Arboretum, enjoying the Chihuly nights exhibit.....!!!
Sunday, September 9, 2012
Wait a minute, what about publishing CRE prices?
Many of our residential clients and realtors aren't too happy about the new MLS rule effective October 15, 2012, where residential home sales prices will now be disclosed. No more Z sales! The two main objections have been: 1) an immediate increase in property tax value because the sale price is significantly higher than current DCAD value and 2) the concern that the sale price, if considerably less than last list price, will negatively affect comps in the neighborhood.
If the alternative is for DCAD to use the last list price as the new appraised value, the new rule is a good one. Appraisers need the comps to value homes for lenders, homeowners need comps to assist in pricing their homes, and buyers need comps to help them determine value for a property they are looking to buy. Of course, the appraisal district needs them to tax residential property properly!
Here is what REALLY BOTHERS ME! This same rule needs to apply to Commercial Real Estate sales, e.g. the 55 story office tower sales, the large multi-family transaction, the land sale in the Design District. Commercial property owners need to share the property tax burden fairly instead of laying it off on homeowners. Let's level the playing field; if a Commercial Seller makes $25 million in profit on a sale, does not have to publish the sales price, and the property is valued by DCAD far below market, how is this fair to the City of Dallas, Dallas County, and the homeowner? Maybe the tax rate could be reduced if everyone played by the same rules. Just sayin'...
If the alternative is for DCAD to use the last list price as the new appraised value, the new rule is a good one. Appraisers need the comps to value homes for lenders, homeowners need comps to assist in pricing their homes, and buyers need comps to help them determine value for a property they are looking to buy. Of course, the appraisal district needs them to tax residential property properly!
Thursday, August 16, 2012
Trinity River coming alive in Dallas
Quality of outdoor life activities on the blackland prairie is about to be catapulted to a "better than good" rating here in the urban areas of Dallas! Yesterday, the City Council said yes to a 4.5 mile concrete trail along the Trinity, connecting to both the Katy Trail and Santa Fe Trail. Last month, construction bids were being collected for the first 2 miles of the Trinity Strand Trail in the design district, and developers in the Market Center and Medical District areas have decided to add trail behind their property along the new DART Rail line. The City is saying we may even have one of the planned lakes by 2016!
Did you know we have visiting Roseate Spoonbills, local Texas Wood Storks and River Otters (along with the wild pigs) that you can see at Lemmon Lake, or possibly while paddling on a 10 mile river trail? The Trinity Audubon Center continues to add hiking trails, as does Dogwood Canyon Audubon Center.
Whether you live in or move to Uptown, Oak Lawn, Park Cities, Greenway Parks, Greenway Crest, Lakewood, M Streets, Devonshire, Bluffview, the Design District, Downtown, North Oak Cliff, Downtown Dallas, the Arts District, Lake Highlands, Preston Hollow, Midway Hollow or in any neighborhood I missed, you will soon be able to walk, bike, or skate to a place where you can stand up paddle, canoe, kayak or crew! Which is good, since the last month we've been envying and enjoying the land and water trails in Memorial area of Houston, everywhere in Austin (!) and along the ocean in the Florida Panhandle. Kudos Dallas!
Sunday, July 22, 2012
2012 -- First Half Joy!
1st half of 2012 update -- the Ebby Halliday Companies, including us at Dave Perry-Miller & Associates, have sold more than 1300 residential properties so far in 2012. We are in a dynamic market, which everyone reading or listening to the media knows by now. When Buyers are asked what are the reasons for their motivation, they say "it's a great time to make a good deal", or "these mortgage rates are insanely low", and it looks like they've been saving up over the past 5 years to make the 20% down payment. A large down payment gives them the opportunity to increase their equity as time goes on, instead of losing it immediately with a 1% down payment, a job change, market shift or life event. Buyers are believing in real estate again as a good investment, they feel better about our "American Dream" of owning your own piece of the world. Now, if the lenders, leaders and policy-makers refrain from greediness (right), maybe the residential markets will continue to settle down and be a place where people want to stake their claims. Go Texas!
Dave Perry-Miller and Associates, Luxury Homes, Dallas, Texas
Our new listing -- a private, exquisite property on 1.6 acres!
Thursday, July 12, 2012
Wednesday, July 11, 2012
Summer in Dallas
Pretty amazing temperatures after last summer's ridiculously dangerous makes-you-want-to move to the North Pole heat wave from May-September. My Buyers actually enjoy looking at homes in our sub 100 degree days here in mid-July, as long as we stop for Starbuck's or a juice/smoothie. Maybe cooler temps are why the market has still NOT SLOWED DOWN!
Why else would residences be sort of flying off the shelves in various price ranges and submarkets; people are here buying instead of running off to Malibu, Seaside, Nantucket and Port Aransas to escape. We finally have great, lazy days of summer full of baseball games, poolside get-togethers, OUTDOOR cookouts in state of the art outdoor living areas, long bike rides around White Rock Lake, kayaking, boating, al fresco restaurant dining... hmm....think I'll go walk my 75 lb poodle, Scout, and his 90 lb brother, Ranger, both still puppies!
Monday, July 2, 2012
Collaborative residential real estate?
Coming from a 25 year background in commercial real estate corporate tenant rep., I've become accustomed to teaming up to go after business. Not so sure this concept translates well into residential real estate. There are agents who 1) either already have teams, assistants, etc. and can't see any financial benefit, 2) lead agents who like to run the show, are not good collaborators and like it that way, 3) arrogant backstabbers (needs no further explanation), and 4) big picture thinkers who believe collaborative efforts benefit the individuals and the company.
In the 4+ years since I've made the excellent switch to residential in Dallas, I've learned that it pays to figure out which type you are, and, before considering teaming up with another agent, figure out which type of agent they are. Do not be naive, faint-hearted -- if you run into a glitch, continue to stand up for what you feel is right, and then move on down the road. There is business enough for all great agents. I plan to continue collaborating, just looking before leaping. It is a FUN job even when it's hard. Merde
In the 4+ years since I've made the excellent switch to residential in Dallas, I've learned that it pays to figure out which type you are, and, before considering teaming up with another agent, figure out which type of agent they are. Do not be naive, faint-hearted -- if you run into a glitch, continue to stand up for what you feel is right, and then move on down the road. There is business enough for all great agents. I plan to continue collaborating, just looking before leaping. It is a FUN job even when it's hard. Merde
Friday, June 22, 2012
I keep thinking about the movies and books that portended a world where big brother knows everything we do, where we go, what we buy, what we watch, who we are, our likes, dislikes; now we've jumped right in the middle of it! I figure Big Brother already knows everything about me anyway, if he/she really cares, and hey, this is cutting edge (except others having been blogging for years), and since I'm a former songwriter, maybe I can publish a few clever lyrics from time to time, and get discovered by Nashville, where we'd just have to buy a second home....
Anyway, the public vs. private debate in my head is settling down a little, the excitement of a new experience is winning today and pushing back the fear of all my freedoms being compromised; the subjects of residential real estate and architecture can always benefit from yet another commentary. Commentary for today: Ain't life wonderful!
Anyway, the public vs. private debate in my head is settling down a little, the excitement of a new experience is winning today and pushing back the fear of all my freedoms being compromised; the subjects of residential real estate and architecture can always benefit from yet another commentary. Commentary for today: Ain't life wonderful!
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