Update Dallas

Walk•a•bil•i•ty, noun. The measure of how friendly an area is to walking.

It aids health and benefits Mother Earth. It creates kid- and pet-friendly environments and increases sociability. It cuts transportation costs and augments property value. So it’s no surprise that walkability is at the forefront of homebuyers’ minds. Real estate agents across the U.S. have grown accustomed to hearing, “How walkable is the neighborhood?”

And local realtors are fortunate to have a solid response. With an overall Walk Score of 51, Dallas is proud to be America’s 24^th Most Walkable metro.

Of course some areas of Dallas welcome pedestrians more than others, which is why the interactive map on walkscore.com is especially helpful. Using an (imperfect) algorithm, the site determines where specific neighborhoods fall on a walkability continuum. And according to their calculations, Big D has some incredibly pedi-friendly parts.

If you’d like to live in a “Walker’s Paradise,” then consider one of the following:

• Uptown / West Village (a Walk Score of 91)
• The West End (98)
• Oak Lawn (95)
• Knox-Henderson (95)

And for those who don’t mind driving a bit, these neighborhoods still classify as “Very Walkable”:

• The Arts District (89)
• Turtle Creek (83)
• Victory Park (82)
• Highland Park / University Park (77)

Specializing in several of Dallas’ urban areas, realtor Katye Sloan confirms homebuyers’ increasing interest in walkability.  ”Many of my clients are longtime Dallasites moving from the Park Cities and North Dallas to Uptown or Turtle Creek because of the ‘walk to life’ ease these areas offer.” She has also observed this pattern in those relocating to Dallas, especially if they are moving from high-density cities. Sloan concludes, “Walkability is now an important criteria for a home search – as important as the number of bedrooms or square footage.”

To find a home with exceptional walkability, contact Katye Sloan or visit briggsfreeman.com. Also follow @UpdateDallas on Twitter for the latest real estate updates.

Which U.S. housing markets are on the rise? The Wall Street Journal predicts that Texas is likely to “recover most smoothly” and specifically references Dallas’ home prices, which are only 7% lower than their peak.

Several factors are now attracting investors to Texas, most notably the state’s robust housing demand.  Over the past decade, Texas has naturally needed additional homes to accommodate its 19% population increase.

A favorable business climate, affordable housing and stable employment rates have also given Texas national recognition.

For additional details, visit wsj.com. Also follow @UpdateDallas on Twitter to receive 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.

Broker Robbie Briggs of Briggs Freeman recently joined commercial real estate leaders Newt Walker and Lou Leibowitz to hear AllianceBernstein’s Senior VP Greg Young expound on successes and setbacks in the commercial market.

Undoubtedly, transaction volume has plummeted and delinquencies have spiked over the last two years. Young reported that we have likely seen the worst of property value declines, though the cycle has not yet reached bottom.

After reporting significant challenges, Young called attention to the promising market movement not often conveyed by the media:

• The Organization for Economic Co-operation and Development (OECD) Leading Indicators Index confirms significant improvement since 2009 lows.
• U.S. exports are above the global average and corporations are poised to spend.
• Global mergers and acquisitions have begun to rise once more, pointing to increasing confidence. Young emphasized that the global economy is central to America’s commercial real estate stability.
• Publicly traded companies (REITs) have stronger capital positions and have reduced balance sheet leverage.

Dallas’ commercial market has undeniably experienced both ups and downs. For example, local condo sales have been making a comeback, but developers have not been buying lots.

Accepting the uphill battle ahead, local commercial real estate executives continue to embrace patience and optimism, especially encouraged by the latest global and national activity. Steve Brown of the Dallas Morning News also takes a positive stance: ”The freeze on commercial real estate investment is starting to thaw, and office and industrial leases are rising.”

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

The U.S. Treasury  and the U.S. Department of Housing and Urban Development (HUD) received high marks on their new monthly scorecard, which was released for the first time last Monday. HUD Secretary Shaun Donovan commented, “We want to be judged and held to a high standard for all our housing efforts.”

When reviewing the scorecard, keep in mind that the government grades itself.

See an overview of the report dsnews.com. Also follow @UpdateDallas for the latest 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.

Recent reports have confirmed that Big D is big indeed. According to CNNmoney.com, “The booming Dallas-Fort Worth metropolitan area added more residents during the past decade than any other city in the United States.”

D-FW expanded by 1.3 million people (a 25% increase) between April 1, 2000 and July 1, 2009. The fourth largest city in the U.S., the Metroplex now boasts an approximate population of 6.5 million.

Dallas Mayor Tom Leppert attributes much of the growth to D-FW’s favorable business climate (no corporate income tax, low building costs, minimal regulations) and our “21^st century port,” i.e. DFW International Airport.

The national recession has likely contributed to Dallas-Fort Worth’s expansion. Many residents decided to stay put rather than move away, and others were drawn to Texas’ affordable housing and strong employment rates.

Demographer William Frey of the Brookings Institution calls Texas the “star of the Sun Belt.” When asked about the state’s strong performance he responded, “It’s big cities, it’s oil, it’s the suburbs. It’s a diversified economy. People are moving there for high-skilled and low-skilled kinds of jobs.”

See CNNmoney.com and USAtoday.com for further details. To receive regular real estate updates, follow @UpdateDallas on Twitter or visit briggsfreeman.com.

In 1982 when Lindalyn Adams and her husband Reuben were in the Virgin Islands and in line for dinner, they struck up a conversation with the British rocker, Phil Collins. They had no idea who he was. Reuben said they were from Dallas and that he delivered babies. Phil said he was from London and played drums with the group “Genesis.” Thinking “Genesis” was religious, Lindalyn said they had a son with Campus Crusade for Christ.

And thus was the beginning of a truly beautiful friendship that would lead Phil Collins to amass the largest private collection of Texas historic artifacts in the world. She recently invited him to “headline” a Dallas Historical Society event at the Hall of State where he talked about his love of Texas history before a rapt audience.

Lindalyn’s own love of history has been her driving passion that has inspired friends such as Phil Collins and benefited numerous edifices and organizations. Old City Park, The Dallas Historical Society and the Hall of State, the Sixth Floor Museum, and the Old Red Courthouse have all been tremendously improved – some even founded – because of her nurturing efforts and leadership roles. Read more…

Dog avenues and cat condos are some of the winsome spaces that will serve as temporary homes for rescue animals at the new planned SPCA facility – badly needed space that will help visitors see clearly the pet they just can’t live without. The large building off of I-30, west of downtown, will take $15 million to renovate, and the Rees-Jones Foundation has pledged a matching grant of $4 million.

Jocelyn White and Tricia Linderman are serving as co-chairs of the “Raise the Roof” committee, which must raise $2 million by the end of September for construction to begin, which will take $6 million. Enjoy images of the renderings – and help raise the roof!  To make donations or read more information about the SPCA and the Rees-Jones gift, visit spca.org.

Homebuyers trying to take advantage of the tax credit may have until the end of September to close on their home purchases. The possible extension – proposed by Senate Majority Leader Harry Reid (D.-Nev.) and Sens. Chris Dodd (D., Conn.) and Johnny Isakson (R.-Ga.) – would apply only to home buyers who had a valid contract by April 30, 2010.

What has motivated Reid to pursue the measure? His office spokesman Jim Manley reported,

“The Realtors believe there will be a lot of homebuyers who will not be able to meet the June 30 deadline through no fault of their own. There are a lot of transactions that need to be closed which is overwhelming the system. And many of the homes that are being bought are short sales that require the sellers lending institution to agree to take accept less than full payment on the outstanding mortgage. The financial institutions are taking a very long time to come to that decision and the homebuyer is helpless to move the process along. This amendment gives those homebuyers an additional three months to close the transaction.”

The extension is an amendment to American Jobs and Closing Tax Loopholes Act of 2010, which is currently pending in the Senate.

Click below for commentary from CNBC’s Diana Olick, or find the full story at washingtonpost.com.