Update Dallas

Last week the Dallas Morning News published an economic snapshot of the local housing market. In case you missed the paper, we’ve gathered the data for you.

Real estate experts share mixed opinions about the latest report:

“So far so good. I’ve been watching the foreclosure postings closely as well as the supply of new and existing homes. If, for some reason, there was an accumulation of unsold inventory this summer, that could put pressure on prices, but I’m not seeing that now.”

-Ted Wilson, Residential Strategies Inc.

“Everyone should be cautious in declaring the housing market to have bottomed. So much of the data just don’t support it — foreclosures, the shadow inventory, new home sales running roughly half of the long-term norm level, expected sales declines after the tax credit expires.”

-James Gaines, economist, the Real Estate Center at Texas A&M

“For the first time in two years, all of the home price indicators for Dallas are moving in the same way — up. Some of the gain could have to do with the types of houses folks are buying. The increasing number of higher-priced home sales this year will drag median prices higher.”

- Steve Brown, real estate editor, The Dallas Morning News

‘Tis the season for barbecues, block parties, picnics and more. With proper care, your lawn can be both beautiful and barefoot-friendly – the perfect setting for outdoor play. Below are a few steps to take your yard from good to great.

1. Test your soil. Inexpensive home kits can measure pH, or you can hire a professional to give you a more detailed description of your soil’s ingredients.
2. Fertilize. After completing the soil test, take the results to your local gardening center for advice. First, apply the suggested fertilizer to the outer edges of your lawn, then make your way towards the middle.
3. Calculate the calcium. Common lawn weeds grow zealously where calcium levels are low. If your calcium-to-magnesium ratio falls short of a 7 to 1 target, distribute high-calcium lime across your lawn.
4. Cultivate with compost. Lay a ½ inch of compost over your early-season grass and rake it into the surface. (If you don’t make it yourself, compost can be purchased at a home center.)
5. Wipe out the weeds. When the spring rains fall, the weeds come up, and that’s your cue to get to work! In moist soil, weeds will come out by hand.
6. Let it lengthen. During the summer, you want to maintain your lawn’s length at about 3-3 ½ inches. The grass blades will shade out weed seeds and also reduce soil evaporation.

Visit NicholsonHardie.com for excellent lawn and garden support, services, and supplies.

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.

Tweet tweet! The Bird Streets are calling Dallas investors.

What: This pocket of Dallas – where 8 of the 11 streets are named for birds – includes 80′ by 150′ lots with affordable 1940’s and 50’s ranch-style homes. Click to view photos of facades and interiors.

Where: Nestled northwest of Inwood and Mockingbird, the charming little neighborhood is adjacent to Greenway Parks and just down the street from University Park. Inwood Village’s attractions (Landmark movie theatre, Cantina Laredo, Breadwinner’s, Starbucks, etc.) are all within walking distance. Necessities are also easily accessible – CVS, Simon David supermarket, and Love Field airport are right around the corner.

Why: Some predict this area is developing into the new Devonshire, and Candy Evans of D Magazine sure seems to be a believer. Local realtor Terry Cook comments, “It’s an undiscovered jewel, with a convenient location, affordable homes, and great neighbors.” And realtor Meredith McKee loves the neighborhood so much that she’s lived there for the past six years. She shares the insider scoop:

• The Shannon Estates Neighborhood Association (SENA) has a very active participation and a zero-tolerance crime policy. The Bird Streets’ crime statistics are some of the lowest in Dallas.
• A $12M state-of-the-art Tom Thumb grocery will soon replace Simon David. (The tear-down begins this June.)
• The neighborhood has approximately 285 brick and stone cottages — most are  perfect for thoughtful restorations and updates, not tear-downs. These affordable one-owner homes are a great blank canvas for young buyers.

To pursue investment opportunities, visit briggsfreeman.com.  (And while we’re on the topic of birds, be sure to follow @UpdateDallas on Twitter!)

The home inspection is a crucial step in the home buying and selling process. Before beginning, read these insightful tips from top realtor Shell Stegall.

Q: Why do I need a home inspection?

Shell: Having a home inspection is similar to seeing a family practice physician. If inspectors see red flags, they’ll recommend a specialist — such as a structural engineer, electrician, plumber or roofer.

Buyers: With limited time to view the house,  buyers can only get a general feeling about the home’s condition.  The inspection, which takes 3-6 hours, will help buyers uncover important information about wiring, ventilation and insulation, sewage, and more.

Sellers: A recent inspection report and receipts for any subsequent repairs will give buyers more confidence, which can lead to higher offers and also speed up the selling process.

Q: When do I call a home inspector?

Shell: Once a home is placed under contract, the inspection is completed during the “Option Period”. During this time of negotiations, the buyer diligently determines whether the property has been well-maintained.

Q: How do I find a home inspector?

Shell: The Texas Real Estate Commission (TREC) publishes an online list of licensed inspectors. I have a table of inspectors that I feel are very trustworthy and thorough. I share that information with my clients and know they’ll be in excellent hands.

Q: How should I prepare for a home inspection?

Shell: Preparation varies for buyers and sellers.

Buyers: Prepare a list of questions to ask. Your realtor can help you determine key issues to discuss. After the inspection, the inspector will review the results with you and address any of your concerns.

Sellers: Clear the access to your HVAC system. For those with pier & beam foundations, clear the access to the crawl hatch. Also, clean out areas under the sink so the inspector can examine the plumbing fixtures. If your electrical panel is hidden, leave a note with its location.

For further assistance from an expert realtor, contact Shell Stegall.

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.