Localism: Dallas, TX

Texas Has An Attitude/Area Update

Mon, 01 Dec 2008 17:06:27 -0600

Texas Has an Attitude

Texans have an attitude too! That is why we created 23,000 new jobs in October – the only state in the nation that created jobs, all other states lost jobs. How is that for defying economic trends and forecasts?

Texas also has the 15^th largest economy in the world, just behind Canada at 12^th place and Mexico at 14^th place. And with our economic growth we are expected to surpass Mexico with its 109 million people this year.

Texans have an attitude! If you plan on moving to the Lone Star State and the DFW area, give me a shout! I would love to help you find your place in Texas!!

Area Update...

Lewisville

Castle Hills continues to exceed projections as the development moves north with new villages near the new 121 Tollway. Also, Killian Middle School and Independence Elementary opened this year in north Castle Hills. Other new subdivisions sprout along 121.

www.cityoflewisville.com

Carrollton

The new Carrollton (Green Line) Dart Rail is scheduled to open in December 2010. The city plans major development in Old Town with brownstones, apartments, retail, etc.

www.cityofcarrollton.com

Coppell

Sprouts – the City Council on December 9^th will consider approval of the request by Sprouts for their new store at the NW corner of Denton Tap & Sandy Lake. The P&Z has already given approval and preliminary construction has already begun. Also, the new Market Street Grocery and Center at Denton Tap & 121 Tollway opens in January. Together these two stores will provide almost 600 new jobs.
Three new upscale housing subdivisions along Denton Tap Road with Toll Brothers and David Weekley are opening – price ranges $475,000 to $1.1 million.

www.ci.coppell.tx.us

Cypress Waters at Northlake

Lucy Billingley’s new 10,000 home development is expected to begin as early as late 2009. It will consist of multi-family, condos, townhomes, garden homes and single family. The Coppell ISD has purchased 4 school sites – 2 elementary, 1 middle and 1 high school site for the development.

Las Colinas

Hines Development has opened two new premier housing developments along Riverside Drive and builders are now selling beautiful home sites. The neighborhoods are Riverside Village and the Lakes of Las Colinas and the streets are now in. Approximately 700 homes will be built with a price range from $300,000 to $1 million.
CFB ISD has reserved a site for a new middle school along LBJ Freeway near Riverside Drive for La Villita Middle School. Next to this site the school district has also reserved a site for its next football stadium to serve the district’s growing population in Irving and Coppell.
The Las Colinas Urban Center is exploding with new growth with the construction of the new Water Entertainment Center, the new Irving Convention center on Las Colinas Blvd (opens November 2010), 3 new hotels, and over 1,500 new condos and apartments, many constructed by Lucy Billingsley.
The new Dart Rail Line (Orange Line) opens December 2012 from Downtown Dallas to Las Colinas. Acquisition of land has begun.

Valley Ranch

Everest Heights Mall – the new South Asian Mall at LBJ & Bush Tollway is now under construction and scheduled to open in late 2009. It will have 45 retail stores, a six screen theatre, concert hall and banquet facilities, fine dining restaurants, food court and Asian grocery facilities. This will be the finest Asian mall in the nation and will provide up to 800 new jobs. It will serve the over 100,000 South Asians that now live in the Dallas suburbs. Please go to www.everestheights.com for a virtual tour of this exciting new mall.

www.ci.irving.tx.us

To view homes in the DFW area go to www.patohomes.com

Lower Greenville Market Update for November 2008

Mon, 01 Dec 2008 16:52:14 -0600

WIN SOME, LOSE SOME. October was a pretty tough month for Lower Greenville. At the end of the month there were a lot of homes under contract looking to close in November, so hope remained. The good news is that those homes did in fact close. Not as many as July, but pretty good for a November. On the downside, lot values are not looking good. Could this be a bubble? Stay tuned....

Original Homes: The smaller, original homes are the strongest part of the market here. They comprise the most sales, fetch the highest $/sqft and are generally what people have in mind when they say "I wanna live in Lower Greenville". Inventory dropped from 125 to 107 homes this month and 18 sales were recorded (compared to 11 in Oct.) We have right at 6 months of inventory in this part of the market which is perfectly normal. Compared to other areas and other products, the good old Arts & Crafts bungalow is doing just fine, thank you.

Newer Construction: No change in new construction sales. Three units sold out of 66 on the market. Builders have been lowering prices and are now averaging under $175 per sqft. Resales on new construction are having the hardest time right now. With over 30 homes on the market, only 1 sold in November.

Condos/Townhomes: Tick, tick. Like clockwork, we continue absorbing condos at a pace of 3 per month. This month a few of the higher priced ones sold bringing the average sales price above $350K (as opposed to last month at $115K). Two of the three that sold this month were of the "Single family attached" style. (Most of us call that a townhome or a duplex)

Lot Values: We no longer have a market value for lots. Bold statement, but it is quickly becoming true. Right now, there is not enough information to determine what if any value the land has. Lot values appreciated far more rapidly than home values so a bubble in lot values is not out of the question. There were no lots sold this month, but 13 remain on the market. See my note below regarding the "Deal of the Month" on 5710 Velasco. One year ago, this lot would have sold quickly for $225K. Today, it is listed at $145K and has no takers after two months on the market.

And Now for the Numbers:

	Total on Market	Avg $/sqft	DOM	Sold In Sept	Avg Sold Price	Months Inventory
New Construction, Single Family (2006 or later)	34	$173.65	170	2	$579,450	17
New Construction Resales (after 1975)	32	$181.96	131	1	$510,000	32
Older Single Family (Pre 1975)	107	$183.98	152	18	$339,394	5.9
Condo/Townhome	36	$203.35	260	3	$355,633	12
MultiFamily	15	NA	166	2	$287,250	7.5
Lots / Teardowns	13	$24.63	267	0	NA	NA

LOWER GREENVILLE DEALS OF THE MONTH**

Home of the Month: 5947 Marquita

This home is in the M-Streets East Conservation District and is nicely updated. You don't often find an updated 3/2 over 2000 sqft for under $350K in this neighborhood. Plus this one is on a quiet corner lot on a lovely tree-lined street. This street is a favorite for dog walkers in the area.

Lot Deal(s) of the Month: 5710 Velasco & 5436 Miller

5710 Velasco (see story on Lot Values above) has been listed for 60 days at $145K. The home burned several months ago and is not habitable. It could probably be repaired or it could be scraped for a new build. Although this lot is three doors down from Greenville Ave, its a good street with friendly neighbors. At lot value, this would have sold for more than $200K a year ago. At this price, it would be a great investment to warehouse or renovate. Fully renovated that value would be over $300K.

5436 Miller is being auctioned off on Dec 13th, cash only. The home needs repairs and financing is not an option. They are starting the minimum bidding at $99K. Given the slow interest in lots at this time, this could be a real bargain.

**NOTE: These properties are not my listings. I do not earn commissions or fees of any kind on any of these listings.

Light Up Lee Park!

Sun, 30 Nov 2008 21:23:39 -0600

Last night was the annual Light Up Lee Park Celebration... and the Park was packed!

This is the annual lighting of the trees in Lee Park and has become a neighborhood celebration for residents and their families. The festivities kicked off at 6:00 with music and gathering.

At 7:00 there was a fireworks display across the street high above Turtle Creek!

As the fireworks concluded, the thousands of energy efficient LED lights on Arlington Hall and on the trunks of the trees in the park were lit up.

Then, for those not chilled enough, there was an outdoor jumbo screen movie screening (I think someone said it was ELF) on the lawn. Sort of like a drive-in without the cars!

The lights on the trees and on Arlington Hall stay lit at night through the holiday season. Lee Park has a paved walking path and a visit there for a walk through the lights is a nice way to spend some time one evening. And the park is very dog friendly, so bring Fido and he can enjoy the beauty as well!

Dog gone Funny!

Sat, 29 Nov 2008 17:27:45 -0600

The SPCA is a nonprofit organization that cares for animals. It takes in many homeless pets per day. They care for them physically as well as emotionally. It is not all dogs and cats, however. They often get horses, birds, and an occasional pot belly pig. Every Year there is a contest held called 'PetFlix Film Festival'. The Grand Prize is $2500! Entries must be received by May 15th with a minimal $10 fee. I love this contest because the entries are very creative and, let's face it, I love animals. This year I am considering entering the contest. The competition is fierce but I am in real estate so I am used that.

Here are some previous winners- http://www.youtube.com/watch?v=QwbTc4SGDFY&eurl=http://www.spca.org/site/PageServer?pagename=petflixfilmfestival_videos&feature=player_embedded

And check out- http://www.youtube.com/watch?v=gkjM_ZHynwE&feature=channel

They are too cute to miss! I will try my best to be a worthy adversary.

BTW- If you are considering pet adoption please give the beautiful animals at the SPCA a chance. They are always looking for a good home.

Davenport Meadows New Townhomes - North Dallas Real Estate

Tue, 25 Nov 2008 02:05:41 -0600

If you're looking for a townhome in North Dallas, be sure and check out Davenport Meadows. These new luxury townhomes offer 42 units with 5 floorplans in five buildings. Choose from two or three bedroom floorplans with the option of one or two stories. HOA dues are $115/month and cover blanket insurance, exterior maintenance, management fees, security, and reserve funds. Davenport meadows townhomes are located in Plano ISD off Preston and Frankford. For more information, including pictures, floorplans, pricing and availability, visit Davenport Meadows - North Dallas Townhomes

Davenport Meadow Townhomes Features and Amenities:

Conveniently located in North Dallas close to shopping, banking, city parks and library
Nestled in a urban townhome setting among residential, retail and office uses
Each home clustered with five other townhomes to create intimate "neighborhoods"
Located in the Plano Independent School District
Professionally landscaped, sodded common areas
Development-wide security system with 24-hour camera monitoring
Each North Dallas townhome has two off-street parking spaces (in addition to 2-car Garage)
Guest parking provided for each neighborhood
Private Backyards
9' ceilings in two story townhomes, 10' ceilings in one-story townhomes
13" and 20" ceramic/porcelain tile flooring throughout most of the first floors, and all wet areas (kitchen, baths, utility) (smooth/hand-scraped hardwood and 18" porcelain tile upgrades available)
14 SEER air-conditioning system, natural gas furnace (2-story plans separately zoned)
R-38 blown attic insulation, with radiant-barrier decking on the roof and walls (Foam insulation option also available)
Living rooms pre-wired for surround sound (additional wiring options available)
Upgraded light fixture package throughout, in Brushed Nickel or Oil-rubbed Bronze
Ethernet wiring package available
Brushed Chrome door hardware, Moen-brand Polished Chrome plumbing fixtures
Choice of paint colors for walls/ceilings (two different colors or same)
2-car garage with garage door openers
Upgraded designer carpet and pad throughout (Berber, Friezé and plush available as standard choices)
One-story, downstairs and upstairs master suite plans available
Elevator options available for two-story designs
Minimum 85% masonry exterior
Granite countertops, choice of 12 colors and 3 edge styles
42" cabinets, in your choice of oak or birch cabinets, with 3 stain color choices
Whirlpool-brand appliances, white or black (stainless steel appliance option available - $500)
Electric smooth top range/oven, microwave and dishwasher (gas range option available - $300)
Cultured marble countertops w/integrated sinks in Baths
Designer plumbing faucets (Moen brand - Eva series) in Baths

Visit North Dallas Real Estate to learn more about the housing options available in North Dallas including Homes, Townhomes, Condos, Lofts, and Apartments. Our North Dallas Realtors specialize in commercial and residential real estate. DFW Urban Realty also offers up to $500 cash rebate on select North Dallas Apartments For Rent.