2013 Residential Dallas

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

Candy Evans post on Culture Map

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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!
   

Thinking about highrise living?

Check out this view from our listings at 3510 Turtle Creek, Penthouse 18CE!  7884 total square feet, could be split into two units of 2 bedroom, 2 baths each.  Exquisite finishes for the discerning Buyer, commanding views of the Dallas skyline, adjoins the Katy Trail!  $5,000,000.  Maybe you would like to see the inside of this fabulous condo?  Email me at kimg@daveperrymiller.com.

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.....!!!

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'...