September 2009

For those who still have money, there’s likely never been a better time to acquire luxury properties at bargain rates. Luxury homebuyers today will get roughly 20 percent “more house” than they did in recent years, Josh Brian Losh of luxuryrealestate.com told the AP.

Subprime loans led many to buy houses beyond their means, and this high demand fueled ever-higher home prices. When the housing bubble burst and many buyers unexpectedly entered unemployment lines, the sales of homes over $1 million slowed significantly.

“Everyone has less money than they once had,” said Amy Wright, an agent with The Real Estate Office in Rancho Santa Fe, Calif. “That has certainly affected the nouveau riche, and that’s definitely in that $1 million price point.” During August, sellers with homes listed above $2 million discounted prices by an average of 14 percent, compared with the national average of 10 percent, according to Trulia.com.

Dallas’ premier neighborhoods offer luxury buyers several of these incredible opportunities. For example, sellers have significantly discounted 4301 Edmondson, a beautiful five-bedroom new construction within walking distance of Highland Park Village. And 3216 Princeton, also situated in a prime Highland Park location, has just been reduced to under a million.

Luxury buyers searching for second homes will also find that deals abound. To watch video footage of a reduced-price colonial in nearby Kaufman, click here. Or to browse excellent opportunities for 2nd homes further away, click here.

Texas’ gross domestic product will increase by 1.7% in 2010, according to predictions by BBVA Compass economists. While the nation’s GDP is only expected to rise 0.2% in 2010, economists foresee a more significant improvement for Texas, aided in part by a surge in the state’s home sales. The future of our state’s home sales looks bright: the experts predict a 4.5% increase in 2010. To read the full report, click here.

Texas also beats the US average in the area of non-farm employment growth rates, as shown by the chart below.

The New Wyly Performing Arts Center is now releasing photos! See these breathtaking shots in the slideshow bellow:

Recent headlines have highlighted August’s decline in home sales, describing the dip as a “significant set back” for the housing market – or even worse.  According to today’s report by Dan Green, these headings are too narrowly focused and unnecessarily alarming. While Green acknowledges the drop, he offers a wider (and more positive) perspective, encouraging Americans to “rest easy.”

The media have stressed home sale statistics, but many economists see a bigger picture and take into account other factors. Green writes about the importance of volume, price and supply, reminding readers that “housing supply is paramount to the long-term strength of the market.” Though last month’s drop in home sales is indeed negative news, Green believes the continuing decline of overall supply indicates that equilibrium is ahead and “a full housing recovery is just around the bend.”

To read the full Existing Home Sales report, click here.

“A “Green Designation Course” will take place in Dallas this Wednesday and Thursday, giving realtors the chance to get in the green game, and fast. The two-day intensive – the only green course recognized by the National Association of Realtors – covers a wide variety of topics: green building concepts, consumers, zoning, marketing, and more. To learn more and register online, click here.

Housing construction surged this August, reaching the highest level since last November. The recent rises in both homebuilder activity and applications for building permits indicate that the housing market has hit bottom and is now bouncing back. Read the full report by MSNBC.

Forbes touts Dallas as tops, recently ranking our metroplex as the #1 city to earn a living. With our lively business environment, steady job growth, and low cost of living, Forbes reports that Big D is the place to be.

Below is the official list of the “top U.S. cities in which to take home a paycheck.” To see the full article, click here.

1. Dallas
2. Houston
3. Minneapolis
4. Austin
5. Washington, D.C.
6. St. Louis
7. Seattle
8. Atlanta
9. Kansas City, Mo.
10. Denver
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