Update Dallas

Take a moment to discuss housing and you’ll probably uncover a recurring theme: uncertainty. Some think a double dip awaits. Others, like Karl Case of the Case-Shiller Index, are sure we’ve come through the worst.

Hoping to shed light on the situation, New York Times economics columnist David Leonhardt poses two questions for consideration.

Do you believe that housing is a luxury good and that societies spend more on it as they get richer? Or do you think it’s more like food, clothing and other staples that account for an ever-smaller share of consumer spending over time?

Leonhardt goes with option #1 – the  “less bearish” choice. He and his cohorts are pretty convinced that “house prices rise nearly as fast, if not quite as fast, as incomes, and that real estate is no longer in a bubble.” Full-blown bears, however, take another stance: “housing was in a multi-decade bubble and has now entered a multi-decade slump.”

The article goes back and forth, expounding on both sides of the debate. After backing up his opinion with historical data and substantial statistics, Leonhardt concludes with a simple suggestion:

The best advice for homeowners and would-be buyers may be to think of a house not as an investment, first and foremost, but as a place to live.,, If you can imagine staying [in your home] much longer than a few years, you should take some comfort in the fact that the bubble seems mostly deflated. Sometime soon, prices should begin rising again. They may not quite keep up with incomes, but they will probably outpace the price of food and clothing.

Read the full story at nytimes.com. Also follow @UpdateDallas on Twitter for the latest real estate news.

Tuesday’s S&P/Case-Shiller Home Price Index revealed positive data for Dallas-Fort Worth and the nation as a whole. CNNMoney.com reports,

Despite a recent spate of bad news coming out of the housing industry, home prices show signs of stabilizing.

National home prices jumped a substantial 3.6% in the past year, according to the S&P/Case-Shiller Home Price Index released on Tuesday. Prices also climbed 4.4% in the second quarter compared with a 2.8% plunge in the first quarter.

Though the housing market is “in better shape than this time last year,” experts are uncertain whether the increases will continue in the coming months.

Dallas-Fort Worth’s home prices rose 1.2% –  the area’s 8th consecutive month of gains. Prices are still down about 4-percent from their June 2007 peak.

Visit CNNMoney.com and dallasnews.com for the full reports. Also follow @UpdateDallas on Twitter for the latest real estate news.

Today everyone is searching for good deals, especially on large expenditures like housing. To meet this demand, apartment developers have started building eco-friendly units. Their claim: energy-efficiency translates into lower utility bills – an unbeatable deal!

Several Dallas-area projects are using this approach to differentiate themselves. One example is the new Belmont Apartments, a 464-unit property in East Dallas, which promises that its green features will save renters $380 to $550 each year. The Savoye neighborhood in Addison and The Illume on Cedar Springs claim similar savings.

Greg Willett, VP of Carrollton-based MPF Research Inc., reports that the environmental verbiage and lower costs have been especially attractive to young residents. Developers are also drawn to properties with eco-friendly features, as they are expected to have higher investment value. Willett, however, isn’t yet convinced that green construction will lead to greater returns.

Visit dallasnews.com to read further details. Also follow @UpdateDallas on Twitter for the latest real estate news.

Many potential sellers have been hesitant to list their homes, convinced that selling a home right now is near impossible.

Recent data proves otherwise: priced right, houses are switching hands rather quickly.  And determining that smart price doesn’t have to be difficult – consider the following suggestions:

• Analyze your market. Look at comparables and trends. Remember: the larger your neighborhood’s inventory, the more competitive your price must be.
• Take your Realtor’s advice. Many homeowners discount Realtors’ objective price recommendations because they subjectively believe their house is worth more. This often leads to homes sitting on the market with no sale in sight.
• Accept the current reality: price reductions are common. According to the Associated Press, “Almost a quarter of all listings on the market in July had at least one price reduction,” and the average selling price was 10-percent lower than the original list price.

Explore an interactive map with your neighborhood’s median days on market and other helpful stats at dallasnews.com, or visit briggsfreeman.com for individual assistance. Also follow @UpdateDallas on Twitter for the latest real estate news.

Second-quarter home prices rose in 100 U.S. cities, partly boosted by the homebuyer tax credit. Dallas-area prices increased 2.1 percent over 2Q 2009 – higher than the U.S. average of 1.5 percent and more than double North Texas’ first-quarter gain.

Though Dallas experienced a dip in July home sales, Steve Brown of the Dallas Morning News recently shared uplifting news: “The D-FW area had the best quarter price performance among major Texas markets.”

For the latest real estate news, follow @UpdateDallas on Twitter.

This Sunday is your chance to tour Dallas properties with playgrounds for kids and adults alike. Featuring game rooms, outdoor kitchens, pools and more, these homes offer opportunities to relax and recreate in your personal resort.

Park Cities and vicinity

• 5131 Shadywood – A bar room, game room, covered porch and custom pool offer continual fun. 6/8.3. $4,995,000. David Leachman. Open 2-4.
• 4420 Bordeaux – Game, media and exercise rooms complement a heated pool and an outdoor flat screen. 6/6.3. $4,495,000. The McGuire team. Open 2-4.
• 3413 Hanover – An open-air fireplace for roasting marshmallows, and a craft room for special hobbies. 5/5.2. $1,949,000. Tessa Mosteller.  Open 1-3.
• 4029 Southwestern – Cook poolside with the outdoor kitchen, then cool down in a spacious game room. 4/3.1. $1,379,000. Meredith Ferrell. Open 1:30-3.
• 5645 Caruth – Customize the versatile bonus room, and splash around in the saltwater pool. 4/3.1. $1,035,000. Shell Stegall. Open 2-4.
• 4672 S Versailles – This covered patio and sparkling pool make outdoor gatherings most enjoyable. 4/3.1. $899,000. Becky Frey. Open 2-4.

Preston Hollow and vicinity

• 9024 Broken Arrow – An in-ground trampoline, zipline, and resort-style pool entertain the entire family. 4/4.2. $3,995,000. Lisa Besserer. Open 2-4.
• 6607 Orchid – Barbeque in an outdoor living area beside a refreshing pool. 6/6.1. $1,675,000. Brenda Moershell. Open 2 to 4.
• 8506 Inwood – A porch and a grilling station overlook an oversized pool. 3/2.1. $749,000. Meredith Ferrell. Open 1:30-3.

North Dallas and Far North Dallas

• 11020 Tibbs – Entertain all ages with game and media rooms serviced by a wet bar. 5/5.2. $1,199,000. Pam Brannon. Open 2-4.
• 9312 Daystar – A game room and backyard pool add to this subdivision’s numerous amenities. 4/3.1. $315,000. Traci Hummel. Open 1-3.

Find more details about this Sunday’s tour and additional open houses at briggsfreeman.com. Also follow @UpdateDallas on Twitter for the latest real estate news.

Becky Frey was recently named a “Woman to Watch” by the Dallas Business Journal. She received an award at the publication’s Women in Business Awards luncheon, which took place in Dallas at the Fairmont Hotel.

Frey is a true competitor. As a triathlete, she placed first in her division at a recent triathlon; as a Realtor®, she is consistently ranked among the top five high producers at Briggs Freeman Real Estate, where she is a senior vice president.

She is also a community leader who for the past 12 years has co-chaired the 5K benefiting the Katy Trail, a jogging path that cuts through much of Dallas.

“Becky Frey was born to sell,” said Briggs Freeman CEO Robbie Briggs. “Her first actual sales job was selling potholders door to door when she was seven. She asked her mother the color of their neighbors’ kitchens, then made potholders to match. How could they resist?”

Click to learn more about Frey’s real estate expertise.

The first-time homebuyer tax credit has been a clarion call, motivating renters to make the bold step (or leap) into homeownership. Among the new owners are many ‘echo-boomers,’ a catchy name for the baby boomers’ babies.

As more twenty- and thirty-somethings enter the housing market, real estate agents are hearing quite a different call – get tech savvy and extra speedy, or get out of the way.

Not surprisingly, the younger generation (often stereotyped as multi-tasking over-achievers) is using the Internet to keep up-to-date with economic activity, appealing properties, and specific agents. But Dallas realtors are discovering another commonality among this latest band of buyers: they want what they want and they want it quick. Like now.

“They watch the computer like a hawk,” comments Lisa Besserer of Briggs Freeman Real Estate. “When a new house comes on the market, they text me immediately, asking ‘Can we see this house in an hour?’”

Besserer adds, “You have to be on your toes. They have so much energy.” She showed one young couple 50 homes before they made their final decision.

The echo-boom effect isn’t unique to Dallas, of course. The U.S. Census predicts that approximately 67 percent of the 80 million echo-boomers will be homeowners by their mid-thirties. On the whole, the  generation already annually invests about $170 billion in real estate.

Like it or not, their clear call-to-action has sounded. How should baby boomer realtors respond? Consider following Besserer and become business partners with your plugged-in posterity.

For more information, contact Lisa Besserer (or her daughter, Bonnie). Also visit dallasnews.com.

Follow @UpdateDallas on Twitter for the latest real estate news.

A spirit of sustainability is taking hold in residential real estate across the country as buyers make good use of houses that would otherwise be tear-downs.  “Deconstruction” can now replace “demolition,” enabling Habitat for Humanity and other non-profits to pass on parts of well-built homes to new and needy users.

The first deconstruction in North Texas is currently taking place in Highland Park, Dallas, Texas.  Tessa Mosteller, an associate with Briggs Freeman Real Estate, represented the buyers who wanted to expand the land on a new Terrasse home they had just purchased.

“After purchasing their newly constructed home, they bought the property next door but didn’t want to destroy the very good family home that was on it. So they contacted Reuse People of America in California,” said Ms. Mosteller.

Ted Reiff, president of the California based Reuse People of America, flew to Dallas to begin the process.  He then turned it over to Tarrant County Master Builder Mike Thrutchley to oversee.

With a demolition, the entire home ends up in a landfill.  With this deconstruction, every usable part, from door frames to hardware, will now be sold for pennies on the dollar at the Habitat for Humanity resale shop. Deconstruction can cost four times more than demolition, but the costs can be written off, from $40,000 to over $300,000 in some cases.

The family of the older property is delighted that their home will not be demolished, the buyers are happy to foster sustainability and get a tax credit, and lower income users can get good parts at good prices.  It’s a win-win-win, any way you look at it.

“I haven’t seen such a fabulous way to give back in my 10 years in real estate,” said Mosteller, who says she and her partner, Lucinda Buford, will now encourage other buyers and agents to turn would-be tear-downs into homes that can help others.

For further details, watch the video below or contact Tessa Mosteller directly. Also follow @UpdateDallas on Twitter for the latest real estate news.

Dallas’ latest real estate data indicates that the bounce-back from the bottom has begun, and that significant obstacles are still ahead.

The good news:

Steve Brown reported Friday that both “sales and prices were up in the first half of the year in most Dallas-area residential districts.” From Oak Cliff to Westlake, Dallas home prices have rebounded at an average of 7 percent over July 2009.  The largest year-over-year home sales gains occurred in the Park Cities, Westlake and North Dallas.

Local realtors generally agree that activity has increased due to record-low interest rates and especially attractive deals that are likely to disappear shortly.

The sobering side:

The tax credit is no longer motivating first-time buyers, loans have been difficult to secure, and high unemployment rates have dampened homebuyer activity.

U.S. new-home sales rose 24 percent over May, the largest increase since 1980. But while the headlines seem positive, economist Tom Purcelli reminds readers that “you have to look at the overall report, and what you notice from that is there is not a lot of activity going on in the new-homes sales pace.”

The bottom line:

National improvements are uncertain, but housing analyst Ted Wilson remains optimistic about Dallas’ real estate market and expects that North Texas’ strong economy will sustain the recent gains. “I’m hopeful that the slug of net new jobs that have been created over the past five months in D-FW will lead to a steady housing recovery in the months ahead,” Wilson said.

Find additional details as dallasnews.com. Also follow @UpdateDallas on Twitter for the latest real estate news.