Luxury Real Estate

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.

Jenni Stolarski is a North Oak Cliff resident, an environmental buff, a bike enthusiast, and a residential Realtor. And on her commute across the Continental Bridge each morning, she has watched the gradual progress of Dallas’ Margaret Hunt Hill Bridge.

Excited by the Trinity River project’s potential (for the real estate industry and for her personal enjoyment),  Stolarski shares her observations and expectations.

Q: Approximately $117 million is being invested in the bridge. What pay-offs do you predict?

A: The biggest boost so far has been the increase of positive press for the area. I expect to see additional creative and unique businesses that will draw people to neighborhoods like Kings Highway Conservation District and Winnetka Heights.

Unfortunately, a bridge in itself won’t solve Oak Cliff’s long-standing issues. We also need innovative entrepreneurs like Matt Spillers of Eno’s Pizza and Monte Anderson of the Belmont Hotel to do their magic and invest in the neighborhood.

Q: Real estate investor Larry “Butch” McGregor has bought dozens of acres in the area. He believes that “the real estate market is going to turn around. It’s just a matter of time.” Do you agree?

A: I’m a Realtor.  As such, I see possibility in vacant land, worn-out garages and abandoned buildings. The area where the bridge lets out in West Dallas could be great, in the right hands.

Projects of this scale can draw ingenious participants from around the world.  Larry Beasley, a world-class urban planner, just signed on to consult with the City of Dallas. Larry understands the Trinity River Corridor to be a unique asset that, done well, can attract residents and business to Dallas for decades to come.

Q: The bridge will link West Dallas and North Oak Cliff with downtown Dallas. What are these neighborhoods’ primary needs?

A: Home to approximately 300,000 people, North Oak Cliff is essentially a city in itself and thus has a wide variety of needs.

I see a huge need for complete streets that include lanes for cars, pedestrians, cyclists and public transportation (busses or street cars). Fortunately, residents Jason Roberts and Amy Cowan, along with City Councilwoman Delia Jasso, are addressing this issue from a grassroots level.  They are re-working antiquated laws in City Hall to be more conducive to the businesses and services needed.

Our hope is that the Trinity River projects and bridges will fan the flames!

Q: There are concerns that the current residents will be forced out once development begins. Any thoughts?

A: As a city, we have to come up with a better plan for addressing housing for all income levels.  Until we do that, we will always leave it to the forces of economics to set the pace.

Again, referencing Larry Beasley, his team has met with the families in La Bajada, West Dallas who are concerned about being pushed out of the area. Larry believes that if you are protecting and enhancing the neighborhood it will encourage the current residents to have pride and stay.

To explore opportunities to live in Oak Cliff or other Dallas neighborhoods, contact Jenni Stolarski. For further details about the Margaret Hunt Hill Bridge and the Trinity River Corridor, visit dallasnews.com.

Also follow @UpdateDallas on Twitter for regular real estate news.

Briggs Freeman COO Stephanee Bates with JP Morgan Chief Economist Anthony Chan

Average rates for 30-year fixed loans have hit an all-time low of 4.69 percent, down from the previous record of 4.71 percent set this past December.  While housing market activity has slowed partly due to the tax credit expiration, experts predict another boost as buyers take advantage of this unprecedented opportunity.

As reported by the Dallas Business Journal, J.P. Morgan chief economist Anthony Chan strongly encourages an optimistic outlook. Yesterday Chan spoke to real estate professionals from Briggs Freeman Real Estate Brokerage, confirming that the U.S. economy is gradually improving. Chan explained that the residential market has stabilized, and he foresees a 3 percent economic growth during the remainder of 2010.

His consistent concern is the struggling labor market, since real estate performance hinges upon employment. Unfortunately the U.S. average unemployment rate remains high and has been hovering around 9.7 percent. Texas, however, has been graced with an 8.3 percent rate and recently added 43,600 jobs.  More specifically, the jobless rate in Dallas-Fort Worth dropped to 8.1 percent in May, positioning the Metroplex for a speedier housing recovery than much of the nation.

Home prices are not likely to spike dramatically in the next two years, but Chan advises homebuyers to take advantage of the record-low mortgage rates that will soon rise.

For further details, see dallas.bizjournals.com. Also follow @UpdateDallas on Twitter for the latest real estate news.

For three months straight North Texas has seen double-digit home sales gains. This May’s pre-owned home sales rose 18 percent over April, and 12 percent over May 2009. North Texas’ median pre-owned home sales price also increased 2 percent.

Because the latest data was affected by the recently expired home buyer tax credit, some economists are concerned that improvements will soon cease. “Expect September, October and especially November numbers to look really bad by comparison to last year’s when the credit was in full force for first-time buyers,” said James Gaines of Texas A&M’s Real Estate Center.

On the contrary, others continue to take a cautiously optimistic stance. Ted Wilson, a housing analyst at Residential Strategies Inc. commented, “Builders remain hopeful that the job growth seen so far this year keeps coming and that sales continue their modest recovery in the second half of the year.”

Local real estate broker Robbie Briggs of Briggs Freeman reminds Dallas residents, “This type of data must be interpreted according to specific neighborhoods, as home sales vary in each pocket of Dallas.” Briggs has seen “significant improvement in the Park Cities, where several lots have been selling at prices even higher than the 2006 real estate peak.”

Briggs continued, “Nonetheless, luxury home sales prices remain relatively flat, and there is still a large housing inventory. While Preston Hollow lots are selling at a faster pace, the neighborhood’s home sales remain fairly slow.”

Specializing in Dallas’ high-end areas, Briggs is also encouraged by recent reports regarding improving buyer confidence in luxury housing markets and car sales.

Visit dallasnews.com to find home sales data for each Dallas neighborhood and to read more about Dallas’ housing market activity.

For regular updates, subscribe to UpdateDallas or follow @UpdateDallas on twitter.

Undoubtedly, Uptown is upbeat. Chic restaurants, artsy theatres, stylish boutiques, and dive bars – all spots to see and be seen. Adding an urban element to predominantly suburban Dallas, the swanky neighborhood is a treasure.

A treasure worth a fortune, in fact. More than 30 years ago, real estate investor M. Tom Lardner (who passed away last week) dreamed of turning an undesirable district into a high-density hub. The vision broke into reality when Lardner launched the Meridian building, Uptown’s first upscale apartments. A risky test case, the Meridian first proved that a strong market existed and then began attracting further developments.

Now, several years later, Uptown is where it’s at. Real estate agent Katye Sloan comments, “A vital urban transformation is underway in Dallas’ Uptown, attracting the perfect mix of retail, restaurants, residences, office spaces, and entertainment venues.”

Those wanting to join the fun can choose lofts, town homes, and condominiums, but lately realtors are finding high-rises to be especially popular. With numerous amenities, matchless housekeeping, high-level security, and no lawn care, “vertical living” is attracting young and old.

Catching eyes from all around town, the Azure – Uptown’s tallest tower – defines Dallas’ modern, urban lifestyle. Developed by Harwood International, the building is fancified with a jetted pool surrounded by resort-style cabanas, an entertainment room with a wine bar, a 17-seat movie theatre, a state-of-the-art health club…the list continues.

And there’s more. Designed by Susan Smith and Vicki Crew of Urban Interiors, a new model unit has just been placed on the market. Enhancing the Azure’s open floor plans, 10-foot ceilings, floor to ceiling windows, and sophisticated finishes, the talented team created an eclectic interior for a one-bedroom unit. Call for a tour (214-623-6682), but be forewarned: it’s simply dazzling, quite possibly irresistible.

For additional urban living opportunities, visit briggsfreeman.com.

For those who missed the recent real estate headlines, UpdateDallas has gathered key points to keep you current. Though last week’s 27 percent home sales surge is hard to top, Dallas continued to experience noteworthy market activity in the past few days.

Monday:

• Steve Brown of the Dallas Morning News reported that approximately 15 percent of Dallas-area mortgage holders owe more than their homes’ worth, which is significantly lower than the mid-2009 measure of 30 percent.
• Multiple Listing Services revealed that North Texas’ median home sales price has risen 5 percent.

Tuesday:

• BusinessWeek reported that 91 U.S. cities have experienced first-quarter home price gains. Lawrence Yun, economist for the National Association of Realtors, attributed the improvements to the recently expired tax credit. Nonetheless, chief economist for IHS Global Insight Brian Bethune commented, “In the second half of the year, employment growth and an improving economic situation should keep the housing recovery on track.”
• An article on CNNmoney.com explored the idea that real estate’s latest obstacle may be a shortage of housing inventory. Though the U.S. average is an eight-month supply of homes on the market, some areas have dipped to inventories as low as 4.5 months (Phoenix) and 3.2 months (San Francisco). Dallas boasts a 6-month housing supply, which is considered a balanced market, and need not worry about a shortage.

Wednesday:

• The Morning News informed readers that D-FW’s first-quarter home prices increased along with the 90 other U.S. cities mentioned above. The gain was minimal – 0.6 percent – but NAR is encouraged to see prices heading in a positive direction. NAR economist Lawrence Yun believes the nation’s small decline (0.7 percent) indicates a “flattening in home prices.”

Thursday:

• Frank Nothaft, chief economist for Freddie Mac, reported that interest rates on fixed-rate mortgages decreased for the fifth straight week. This week’s 30-year FRMs hit 4.93 percent, which is the lowest level seen in 2010.

Friday:

• Today, Steve Brown shared encouraging information regarding commercial real estate: North Texas is likely to see more business expansions this year. Brown relays a positive outlook from Jack Eimer, president of real estate service firm Transwestern’s central region:

“Our leasing velocity is up 25 percent from first quarter last year,” said Jack. “We expect this to be improved upon, with 2010 leasing revenues exceeding 2009 by at least 30 to 35 percent.”

• Brown goes on to comment that commercial real estate investment has begun to thaw, the apartment market is exceeding expectations, and investors are now viewing foreclosures as investment opportunities. Commercial conditions are improving, and most executives believe the market will get “back to business” by early 2011.
• This week’s foreclosure data includes both positive and negative components. The Morning News reports that the Metroplex’s June foreclosure filings have fallen for the 2nd straight month, and are 7 percent lower than June 2009. However, the Business Journal tempers that encouraging news: D-FW’s first-quarter foreclosures have risen 10 percent over 2009’s first-quarter rates.  What to make of this mixed report? Industry analysts believe it’s too early to say.

For regular real estate updates, follow@UpdateDallas on Twitter.

Outdoor landscaping enhances life and also adds value to your property.  Refreshed patios and backyard spaces make entertaining more enjoyable, and provide a serene setting to savor your morning coffee. For those looking to sell, eye-catching yards attract buyers. After browsing your home, buyers will associate it with positive, colorful outdoor images.

Not sure how to start making improvements? Dallas realtors Kim McAuliffe and Erika Orbin share helpful tips to create your own outdoor oasis:

1. Create a solid backdrop to your garden by planting perennial trees and bushes.

2. Add annuals for a splash of seasonal color – hanging baskets are easy and effective!

3. Resurface your patio in flagstone or brick.

4. Add a table and chairs or a sectional, a weatherproofed rug, and decorative pillows.

5. For shade, add an awning, pergola or a large patio umbrella.

6. Install outdoor lighting in your trees for evening ambience.

7. Install a water feature for relaxation and a sprinkler system for lower maintenance flower beds.

To browse extraordinary homes and gardens, visit briggsfreeman.com.

This week’s headlines presented positive real estate and economic news, coupled with some market challenges.

Monday:

• The Dallas Morning News reported that first-quarter Texas home sales rose almost 5 percent, and median sales prices increased approximately 3 percent. Jim Gaines of Texas A&M’s Real Estate Center affirmed that all of the improvements occurred in March, and he takes a “cautiously optimistic” stance.
• The Business Journal referenced the Small Business and Entrepreneurship Council, which ranked Texas the second-best state in America for small-business development for 2010.

Tuesday:

• Pending home sales rose 5.3 percent from February to March, reaching the highest levels since October. While experts predicted a March increase due to the expiring tax credit, the data exceeded their expectations of a 4 percent gain.
• BusinessWire released an article explaining Texas’ low risk for home price declines and high probability for leading the U.S. out of the recession. Dr. Ali Anari of Texas A&M’s Real Estate Center attributes Texas’ positive performance to its “lower-than-national-average housing cost.”

Wednesday:

• Late mortgage payments rose 6.4 percent in Dallas, which is higher than Texas’ home loan delinquency of 5.98 percent. Though this rate is lower than the national average (8.9 percent), it still signifies a challenge for Dallas’ real estate market. The Metroplex’s foreclosure rates also increased 1 percent since last March.
• The Business Journal reported that Dallas is an especially attractive landing pad for college graduates, boasting low housing costs and high job inventories.

Thursday:

• Steve Brown reported that downtown Dallas’ Elm Place tower is now on the market for $19 million. The 45-year-old building comprises 52-stories, 1.3 million square feet, and 469 underground parking spaces – in Steve’s words, the “ultimate fixer-upper.”
• Dallas did well in a home-price survey, ranked among the five top markets in America.

Friday:

• BusinessWeek released data that U.S. employment rose by 550,000 in April – the biggest gain in four years. Companies’ improving sales are leading to increased hiring.
• The Business Journal shared that D-FW is a proud leader in the banknote business, making and processing money at the Federal Reserve Bank in Dallas and the Bureau of Engraving and Printing in Fort Worth. David Thomas, CEO of Non Linear Concepts, said that these businesses moved to D-FW for the usual “laundry list of reasons why companies move to North Texas, such as the central location, easy access to Dallas/Fort Worth International Airport and the rich talent pool.” According to Thomas, “Texas is a great place to be based.”

Check UpdateDallas.com next Friday for another weekly news recap, or stay current throughout the week by following @UpdateDallas on Twitter.

Brokers from around the world have gathered at Miami’s Ritz for the Luxury Real Estate Who’s Who Conference, hosted by the Board of Regents. Robbie Briggs of Dallas’ Briggs Freeman Real Estate reports, “Firms from across the U.S., Canada, and South America have shared positive real estate results and improvements in almost all markets.”

The future of real estate has been a central topic of discussion, with Joe McAuliffe of Metamorphosis Consulting and Liz Christopherson of Empower Consulting Group addressing the next generation of realtors and social media. Tackling the economic challenges head-on, Silvana Malpelli of Brown Harris Stevens has shared excellent tips about keeping educated and motivated in spite of real estate obstacles.

The Board of Regents’ member companies include Houlihan Lawrence of Westchester County, NY; Daniel Gale of Long Island, NY; Harry Norman of Atlanta, GA; John Daugherty of Houston, TX; Washington Fine Properties of Washington, DC; Willis Allen of San Diego, CA; Alain Pinel of San Francisco, CA; Esslinger Wooten Maxwell of Miami, FL; and several other premier agencies located in the U.S, Canada, Central and South America, Europe, Asia, and Australia.

More insight from the conference will be posted once Robbie returns to Dallas.

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.