March 2010

In a recent study, Dallas ranked the 5th-least-expensive place to do business. KPMG,  a global network of professional services firms, compiled the extensive report after analyzing 22 large U.S. metro areas.

According to the Dallas Morning News, “The study focused on 26 cost components, including labor, taxes, real estate, transportation and utilities, applied to 17 industries over a 10-year planning horizon.”

Here are the 7 least expensive cities:

1. Tampa
2. Atlanta
3. Miami
4. Baltimore
5. DFW
6. St. Louis
7. Houston

The places where high-cost business seems inevitable? San Francisco, New York, and Los Angeles.

For more information, visit dallasnews.com.

Standard & Poor/Case-Schiller released the latest Home Price Index, which measures price activity in 20 U.S. cities. According to BusinessWeek, the “housing market is stabilizing as the economy expands.”

The Up blog readily reports that Dallas’ home prices are up. The Dallas area boasts the third best year-over-year home price increase, following San Francisco and San Diego. North Texas’ prices have been rising for the past few months, but the latest 4% increase is the greatest increase since November 2009.

Across the nation, the year-over-year home prices saw the smallest annual decline (0.7%) in almost three years, and were still 4% higher than May 2009’s bottom. While six of the 20 cities improved since January 2009, month-to-month measurements continued to fall in 12 cities such as Las Vegas and Tampa. The overall average was a 0.3% increase from December to January.

Another report shows that consumer confidence strengthened from 46.4 in February to 52.5 in March.

To read more about the local data, visit Steve Brown’s report at dallasnews.com. For a national overview of the data, visit businessweek.com.

With spring break behind and summer ahead, the weather is perfect for weekend escapes to the lake. Whether to boat, to fish, to swim, or just to breathe, city-dwelling Texans enjoy the convenience of their lake house retreats: a relaxing destination can be reached in a quick and easy drive.

But what if you don’t own lake property?  According to Broker Associate Janis Wells, now is an opportune time to invest. In her words, “Sellers are very aware that there is a lot of inventory on the market, and they are educated about what it will take to get their properties sold.”

Janis suggests that those looking to purchase lake property take time to consider these questions: 

• What activities are important to you and your family? (i.e. boating, fishing, swimming, water sports, hiking)
• How often will you use the home, and how far are you willing to travel?
• What size property do you prefer?
• What type of maintance issues can you deal with as a long distance owner?
• Do you want a private escape, a community setting, or a combination of both?
• What other lifestyle needs do you have?

For Dallas residents, Janis strongly recommends 505 Cedar Creek Ranch Club, a unique gated community just 45 minutes from downtown. The development combines both ranch and lake features, offering a host of activities such as skeet shooting, ATV and hiking trails, bird watching, canoeing, and a world class equestrian center. Surrounded by 505 acres of beautiful woods and grassy prairies, Cedar Creek is one of the best fishing lakes in Texas. Additional amenities include an infinity edge saltwater pool, a sandy beach for playing in the lake, and a gourmet kitchen for entertaining large groups.

Janis comments, “Owners have loved the privacy and security of the development and the opportunity to build their own homes. With 40% of the lots already sold, the value of this private development is increasing steadily, and will only continue to rise as homes are passed from one generation to the next.”

 If you’re searching for a break from Big D, 505 Cedar Creek Ranch Club offers incredible opportunities. Click for more information, or contact Janis Wells directly.

With the weather warming and the buds blooming, spring homebuyers have begun their house-hunting. Visiting several open houses each Sunday, buyers are searching for extraordinary deals. How should sellers attract their attention? Below are simple steps to make your open house outshine the others. 

1. Enliven the main rooms with colorful floral arrangements. Flowers will set a fresh tone, encouraging buyers to associate positive memories with your home.  

2. Add new shower curtains, clean towels, and unused guest soaps to each bathroom. Before guests arrive, light scented candles or spritz the bathrooms with a calming room spray.

3. Create a heart-warming atmosphere in your kitchen with a tray of freshly baked goods.

4. Stimulate your buyers’ imaginations by setting an attractive table with dishes and an eye-catching centerpiece.

5. Give guests a positive first impression by laying out a new doormat with a clever saying.

6. Make sure your street numbers are easily readable, and add pots of bright flowers to your front doorstep.

7. If necessary, remove excess furniture from rooms in order to create a sense of spaciousness.

8. Hide kitchen appliances and personal bathroom items to show more counter space.

9. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork. Remember, you are trying to help buyers envision themselves as residents. 

10. Before guests arrive, turn on the sprinklers to make the lawn sparkle.

To receive personal assistance from an expert agent, contact briggsfreeman.com. 

Consider yourself cordially invited to Briggs Freeman’s Welcome-an-Offer Home Tour this Sunday, March 21. Wander through a wonderful assortment of homes…and be sure to bring your offer. Ranging from a magnificent chateau to a one-bedroom condo, this tour is a one of a kind chance to start the negotiations. View a few feature properties below, and then click for the full list. We’ll see you Sunday!

6230 Prestonshire

Opportunity knocks at this 2005 Oscar Ponder Mediterranean, boasting custom finishes, a sweeping staircase and beautiful sight lines. The exceptional backyard features a salt-water pool and spa, outdoor kitchen, and covered patio with fireplace. 5/5.2. $2,795,000. Sandy and Courtney Petruska. 2-4 p.m.

5131 Shadywood Lane

The owners must sell to settle an estate, and they are open to creative offers. There has been a reduction of $2 million from the original asking price. The exquisite new construction is situated on 1.2 acres of beautiful land in coveted Bluffview. 6/8.3. $5,200,000. David Leachman. 3-5 p.m.

1851 Turbeville Road, Denton, TX.

“Champ d’Or” Chateau. This owner is entertaining offers for all lifestyles as well as commercial ventures. Inspired by Château de Vaux-le-Vicomte near Paris, France, this 2002 mansion appears to be a 17th-century masterpiece long settled in its peaceful countryside. It’s also a great business investment: Leaders in economic development have deemed the area ripe for new business. Champ d’Or can serve as a core of amenities for numerous commercial possibilities.

The 25-acre estate comprises the 35,000-square-foot mansion, an adjacent lake, formal gardens, indoor and outdoor swimming pools, and a tennis court. 6/6.8. $27,500,000. Joan Eleazer and Layne Pitzer. By appointment only.

4420 Bordeaux

One of the best opportunities in town for a new country-French estate in the heart of the Highland Park French streets. Built with the finest materials, the home offers a den with a vaulted, beamed ceiling and wood-burning fireplace, a gourmet kitchen, and a luxurious master suite. 6/6.2. $4,999,000. The McGuire Team. 1-3 p.m.

Details and tour times for the additional 13 properties are listed at briggsfreeman.com.

Each month the National Association of Realtors® publishes Real Estate INSIGHTS, an extensive report of the housing market’s latest trends. Offering current housing statistics as well as future predictions, this month’s Real Estate Monitor section (pictured below) is worth a look. To read more, visit realtor.org. 

March 17: the day to wear green, drink green, and go green. To celebrate St. Patrick’s Day, UpdateDallas is showcasing a few properties especially appealing to earth-friendly house hunters. 

First, take a look at 3715 University, a 5-bedroom Mediterranean property in University Park designed by noted architect Wilson Fuqua. Built with a state-of-the-art construction process known as ICF (Insulating Concrete Forms), this home boasts incredible efficiency. Click for more information. 

Conveniently close to the earth-friendly Bishop Arts community, 701 N. Edgefield (pictured below) also provides energy-efficient features such as double paned low-e windows, insulated walls and attic, an electric-heat pump, and ample shade. Click to read more about this charming 3-bedroom Tudor home. 

Contemporary in style, technology, and efficiency, 5947 Charlestown is an attractive 5-bedroom home in North Dallas. Built by renowned green builder Elizabeth Newman, this property is ideal for responsible living. Click for more details.

If you live and love all things green, but prefer to purchase a lot and build your dream green home, be sure to contact the Dallas Green Building Alliance. Founded to help environmentally conscious consumers find the “most progressive providers of responsible products and services in DFW,” the DGBA will connect you with a team of eco-friendly experts. (Follow them on Twitter at @DallasGBA.)

Now, in the words of green.org (and perhaps Saint Patrick), “Green thyself!”

As homebuyers shop through listings on the market, they are searching for value. How can you make your home stand apart from the rest? Local real estate agents provide simple steps to help you secure the sale.

• First impressions set the tone, so curb appeal is especially important. Be sure to wash your windows, which will beautify the exterior and add more light to the interior. Tidy your yard with freshly cut grass, trimmed bushes, edged sidewalks, and cleaned gutters. Polish your doorknob and make sure your street numbers are easy to read. Add a touch of spring by placing pots of bright flowers near the entryway.

• Fix minor repairs that might deter buyers. Sticky doors, torn screens, cracked caulking, or dripping faucets may seem trivial, but buyers will get the impression that your property isn’t well maintained.

• Declutter every room (including the garage) and eliminate odors from cooking, smoke, pets, etc. Of course, keep everything ultra clean. If appropriate, install new light bulbs with extra wattage to make your home seem especially light and bright.

In need of more assistance? Click to find an expert agent to help you with the home selling process.

 According to the Dallas Business Journal, the Southwest is attracting “Generation Hap”: 20 and 30-somethings looking for happenin’ places to establish during this tough economy. Dallas proudly ranks the #7  best metropolis for young adults and #5 in terms of job growth rate. (View the interactive map to see all results.) Where does the report advise to avoid? Detroit, hands down. 

DBJ adds that DFW “still has 206,000 more jobs than it did five years ago [and the] local population is zipping higher by 2.4 percent a year.”

So once these young folks get to Dallas, where are they settling? A fair amount choose North Dallas neighborhoods, but – no surprise – it looks like Uptown is where it’s at. 

For the full story, visit bizjournals.com.

When determining the health of the real estate market, watching national statistics can be somewhat helpful. However, because each housing market is unique, local activity remains the best data to consider. 

REALTOR® Research recently released a detailed Q4 2009 report of the nation’s largest markets, which included information about Dallas and the Texas region. Several sections highlight positive news regarding our state and local markets.

First of all, Texas’ home sales (measured from Q4 2008 to Q4 2009) are performing significantly better than the rest of the U.S. As the report shows, the Texas “sales level is much higher than a year ago and growing.” 

Second, the Lone Star foreclosure rate rose minimally compared to the U.S. average’s  large spike.  

Third, looking more specifically at Dallas’ market, we find that the local price growth rate has increased over the last year, moving from negative to positive numbers.  

Fourth, Dallas boasts affordability data that continues to improve and that scores much better than U.S. averages. 

Finally, the analysis below shows the job market to be a principal factor affecting real estate performance. Fortunately for Dallas, job losses are declining which will hopefully fuel an increase in buyer confidence. According to the data, Dallas’ labor situation looks significantly brighter than the problems troubling other U.S. areas. 

To summarize, be thankful to live in Dallas. Due to Texas’ relatively small housing bubble and bust, our local area has evaded much of this recession’s devastation.