April 2010

cul•ture noun, the quality in a person or society that arises from a concern for what is regarded as excellent in arts, letters, manners, scholarly pursuits, etc.

For a while now, Dallas has proudly hosted a range of cultural attractions, such as the State Fair (1886), the Dallas Museum of Art (1903), Six Flags (1961), and the Meyerson (1989). With no shortage of shopping opportunities, sports teams, concert venues, restaurant choices, and convention centers, the Metroplex has drawn all types of visitors.

But over the past year, Big D stepped it up a notch. Adding a few especially eye- and ear-catching sights to our Arts District, we made significant strides towards becoming a world-renowned cultural capital.

Fast Company noticed. Each spring the magazine publishes “Fast Cities,” a collection of bold ideas from America’s top 12 cities. This year Dallas got props for having “culture front and center” — quite a recognition.

While funnel cakes, fried butter, and the ferris wheel are undeniably key cultural ingredients in Texas, the new Performing Arts Center has added “a red-hot heart” to downtown, raising Dallas’ worldwide reputation to a more refined level.

Relocating to Dallas? Contact briggsfreeman.com for expert assistance.

Mayor Leppert and a select handful gathered at 4343 Beverly for a recent evening reception. A Spanish guitar set the mood as guests mingled and munched throughout the Mediterranean, catching the first glimpse of the home’s impressive craftsmanship.

Newly constructed by Terrasse — a high-end builder founded by Javier Arreola — this energy-efficient manse boasts high-ceilinged rooms that overlook beautiful gardens.

To read details about the home, visit briggsfreeman.com.

Positive real estate activity was prevalent throughout this week’s national and local headlines. Due to the expiring tax credit, low mortgage rates, and increased buyer confidence, the nation’s spring market has been unexpectedly strong. While housing market challenges still remain, the latest numbers provide evidence that residential real estate is on the rise.

Dallas Morning News:

• 4/16: DFW home foreclosure filings drop 12%
• 4/16: DFW is No. 1 in apartment construction, and leasing appears to be moving back up
• 4/21: Forecast for future development picking up
• 4/22: Homebuilders scrambling to buy land, lots in DFW area
• 4/23: High-end homes stand a better chance of selling right now
• 4/23: High-end pre-owned home sales bolster the DFW market

New York Times:

• 4/22: Home Sales Surge in Southern Cities (highlights the DFW Metroplex)

msnbc:

• 4/23: New-home Sales See Biggest Jump in 47 Years

CNN:

• 4/22: Existing-home Sales Soar in March

To stay up-to-date with real estate news, follow @UpdateDallas on Twitter.

Many Americans have forfeited dreams of homeownership, convinced that renting is their only financially feasible option. With the housing bubble and bust, however, buying may now be the wisest choice.

To help people with this buy-or-rent question, the New York Times has introduced the “rent ratio”: the purchase price of a house divided by the annual cost of renting a similar one. The Times explains,

“The number 20 provides a useful rule of thumb. When you do the math, you discover that a ratio above 20 means you should at least consider renting, especially if you may move again in the next five years or so. When the ratio is well below 20, the case for buying becomes a lot stronger.”

According to the Times, Dallas is one of several large metropolitan cities where the average rent ratio is approximately 16, which is significantly lower than five years ago. With this favorable ratio and today’s low interest rates, “the costs of owning can be less than the costs of renting — and buyers will end up worse off only if prices fall considerably more.”

The Times provides an interactive calculator online to help determine whether buying or renting is better for you.

For more information, visit nytimes.com.

Dallas-Fort Worth’s industrial market “may have turned the corner,” writes Steve Brown of the Dallas Morning News. According to his report, industrial leasing agents predict a net gain throughout 2010.

Jean Russo, a senior director for Cushman & Wakefield, offered a very grounded perspective. ”I think we are seeing more activity in the market,” she said. “Sure, we need more deals to come through the pipeline. But you have to start somewhere.”

Less than 13 percent of DFW’s industrial space is vacant, which is 2 percent better than two years ago.

Find the detailed report at dallasnews.com.

Steve Brown of the Dallas Morning News reports that there are 9,000 apartments being built in Dallas-Fort Worth — more new apartments than in any other U.S. market. Though some people view this rise in supply as negative news, the first-quarter demand for apartments has also increased, providing positive movement in the rental unit market. Brown writes,

“During the first quarter, net apartment leasing in the D-FW area totaled more than 6,200 units. That was the best demand level in more than two years, and it made up for the entire net apartment leasing declines in 2008 and 2009, according to MPF Research.”

To find more details, visit dallasnews.com.

A 5.2-acre public green space for Dallas residents and visitors to enjoy. A connection between Uptown, Downtown, and the Arts District. A place for concerts, restaurants, gardens, and games. The new Woodall Rodgers Park — which is approximately 10% complete — will draw all ages from all directions to the heart of Dallas.

Making our city more pedestrian friendly, this project will further increase the value of Uptown and Downtown real estate. As rich cultural activities attract people to the area, the demand for these neighborhoods’ apartments, condominiums, and town homes will increase significantly. Now — before the park has been completed — is an ideal time to invest.

Click below to watch a video overview of the exciting project, or visit woodallrodgerspark.org for more information.

To see the original article, visit nbcdfw.com.

In national news, the federal government has reported the latest statistics regarding residential construction.

Building Permits:

• Privately-owned housing units authorized by building permits increased 7.5 percent from February, and rose 34.1 percent from March 2009. The March 2010 levels are the highest since October 2008.
• Single-family authorizations increased 5.6 percent from February, and rose 15.3 percent from March 2009.

Housing Starts:

• Privately-owned housing starts increased 1.6 percent from February, and rose 20.2 percent from March 2009.
• Single-family starts fell 0.9 percent from February.

Read the full reports at realestatechannel.com and cnnmoney.com.

Real estate traditions are changing quickly, and innovative agents are leading the way. Embracing creativity, technology, and teamwork, these real estate experts are busting out of the old box to offer customers exceptional service.

Take Keith Newman, for example. He’s currently working with the owners of 6539 Northport, an impressive five-bedroom in Preston Hollow. This home has everything a buyer could want — beamed ceilings and hand scraped hardwoods, a gorgeous lot with a stone pool and spa, a downstairs master retreat, a game room, a media room… even a hobby room. The place is priceless, but a very interested buyer has one main concern: the side driveway and the back garage bays may be too tight.

Understanding the out-of-town buyer’s apprehension, Keith headed to the Northport home — Flip camera in hand — to prove that the hurdle need not hinder. Keith’s colleague Elly Holder filmed as he carefully maneuvered his seller’s brand new BMW X6 into the garage, then back out, then in, then back out.

In Keith’s light-hearted words, “We hit nothing and ran over no one.” Once the tag-team got a handle on themselves (they had a blast making the video), they emailed the evidence to the buyer and waited to hear back. Watch the funny footage of their adventure below:

Time will tell whether this prospective buyer will be the home’s new owner. Regardless, one thing’s for sure: Keith and Elly are committed to going above and beyond on behalf of their clients.

For extraordinary real estate service, visit briggsfreeman.com.

According to the Foreclosure Listing Service, the Metroplex’s foreclosure filings have fallen 12 percent, down from 5,553 filings at the April auction to 4,861 at the upcoming May auction. Filings have decreased 21 percent from the foreclosure peak in March, and Dallas County’s filings are 15 percent lower than they were in April 2009.

Of course, the large number of foreclosures still translates to heartache for thousands. George Roddy Sr., president of Foreclosure Listing Service Inc., understands the difficulty that many families are facing. “To be forced to leave your home is one of the most devastating moments in a family’s life, especially in the American society where we have so much pride in home ownership.”

Scott Norman, president-elect of the Texas Mortgage Bankers Association, remains rather optimistic about Texas’ stabilization and growth. He recently commented, “The mortgage market in Texas – I don’t think it’s an exaggeration – is the healthiest in the nation. We are in significantly better shape.”

Read more at bizjournals.com and dallasnews.com.