Dallas Fort Worth Real Estate & Property Management

Property Managers Executive Success Tour

2011-04-28T15:07:00.005-05:00

A one day workshop on the latest topics and technologies facing today’s property management professionals, presented by industry thought leaders.

Why Attend?

The agenda includes five invaluable sessions that will arm you with the inspiration and knowledge you need to truly succeed in the property management marketplace. The Executive Success Tour will help you:

Gain an edge on the competition
Implement leading best practices
Stand out as a leader and innovator in the industry
Network with property management and real estate leaders
Increase revenue and reduce costs

We’ll provide you with the essentials you need to ignite new ideas, inspire change, enhance communication and market your business for maximum growth. The Executive Success Tour is a wise investment and you’ll leave with a variety of ideas you can implement in your office for immediate positive impact.

Five 60 minute sessions are featured:

1. Maximizing Profits in a Minimizing Economy
Mark Kreditor, MPM®, Broker and President,
Get There First Realty

2. Growth through Acquisition
Kevin Martin, COO, ONEprop, Inc. and Charles
Riska, VP of Operations, ONEprop, Inc.

3. Avoid the Pitfalls of Managing Foreclosures—Top 5 Tips for Success
Denia Graham, COO, Tenant Access.

4. Good Owner, Bad Owner
Melissa Prandi, MPM®, RMP®, CEO, Prandi
Property Management, CRMC®

5. Nurturing Tenant and Owner Prospects through Social Media—The 30 Day Plan
Tom Fanelli, VP, Propertyware and Deb
Newell, CEO, Real-Time Leasing

What’s the cost?
$99 per person, including continental breakfast and lunch.

Where and when?
May 19, 2011 Dallas, TX
June 15, 2011 Denver, CO
August 25, 2011 San Diego, CA
November 17, 2011 Orlando, FL

Sign Up Now or call 866-642-9399

Plan to take the listing!!

2010-12-21T16:45:00.000-06:00

Action plans can help keep you on track and ensure that you’re covering all of your bases. One such action plan should revolve around new listings. What do you do right now when you take on new listings? Is there a series of steps you follow to make sure all of your tasks for this listing are fulfilled? What are the essential steps to perform when you take a new listing?

Here are seven key things you should do each time you take a new listing. While there are many important steps you take every time you list a property, the following seven will help you shine:

1. Send a handwritten “thank-you note”

After you return to the office, take the time to send a handwritten thank-you note to your new clients. Unfortunately, this is a dying art, and many sales associates don’t bother to use personal handwritten correspondence. But a simple, handwritten card can make a great impression and set you apart from the competition.

2. Organize and verify your forms

As a real estate broker and the designated licensee responsible to the state real estate commission for the activities of personnel at my brokerage, I know that completed and properly filled-out forms from my associates are important and appreciated. If there are corrections or missing documents, a quick review of your packet and organization of the file can normally catch these errors. Taking the time to double-check all your information and putting the file in proper order is an excellent way to make certain everything is error-free and ready to be audited by the licensing authorities.

3. Write several advertisements

One of the most important duties of a real estate pro is to write several good advertisements for new listings. Many practitioners don’t spend the proper amount of time preparing and writing good advertisements. I would encourage you to devote time early on to writing more than one advertisement description for your new listing. Also, track the calls and feedback you receive on your property so that you can begin getting a good feel for which descriptions are working.

4. Take good photographs

Visuals and photos play a huge part in real estate marketing. Take plenty of pictures, and try various angles when getting both interior and exterior shots of your new listing. Figure out which photos you want to use with your marketing efforts on your Web site and in print advertising. Organize your photos into separate folders on your computer for easy access, and try posting them to online portals such as Flickr. Good photographs are important for your listing to be visually appealing to the consumer. Make certain your photos are current with the season of the year. You might take a new listing in late September when the grass and trees are still green, and in 30 days, your photo will look old and dated.

5. Post to online classified sites

With consumers flocking to the Web to look for homes, having a presence on the Internet is important. There are many interesting and time-saving sites that will help you posting your new listing to popular online listing publishers such as Postlets and RealBird. All you have to do is input your listing information and upload photos, and your listing will then be forwarded to many of the sites where consumers search for houses.

As important as it is to publish listings on Web sites like Postlets, BackPage, and YouTube, it is just as important to make certain that your listings are removed after the expiration, termination, or selling dates. One good way to keep track of your online marketing activities is to make a checklist of all the sites that have info on your listings. Keep this in your file, and when each listing terminates, go through your checklist and remove your property from all those sites. Note: With sites such as Postlets and RealBird, your listing will be removed on the expiration date you enter.

6. Send a sample flyer to your clients and a link to the listing Web site

Take the time to send your client a copy of the finished listing flyer after you list their home. You might also consider e-mailing a Web link to their listing on your company or personal Web site. Frequently, the seller can help provide good input on items you may have missed when preparing the property flyer.

7. Set-up a 30-, 60-, or 90-day follow-up plan
Finally, develop a road map for the next 30, 60, or 90 days to lay out how you will correspond with and update your seller. Many practitioners start out with the intention of keeping their clients in the loop over the course of a listing agreement, but their daily business tasks can become overwhelming. It’s all too easy to have two, three, or four weeks go by without contacting your seller. You have to keep the client posted on the marketing efforts: Besides being professionally sound, it will show sellers your attention to detail and concern about their listings.

10 States Losing the Most Residents

2010-12-17T11:02:00.000-06:00

Using data from Moody’s Economy.com, Forbes identified the top-10 states where more residents are leaving than arriving.

The factors that encourage outbound migration from these states are mostly economic — high employment and high cost of living — although both Louisiana and Mississippi have been affected by natural disasters.

The 10 states that have said goodbye to the most residents are:

1. New York
2. Illinois
3. Ohio
4. Nebraska
5. Kansas
6. Iowa
7. Louisiana
8. North Dakota
9. South Dakota
10. Mississippi

Source: Forbes, Jenna Goudreau (12/08/2010)

Foreclosure Scams!!!!

2010-10-07T09:37:00.000-05:00

Last year, the U.S. Federal Trade Commission identified 71 companies running suspicious foreclosure rescue ads. This year, the Better Business Bureau named foreclosure rescue rip-offs among its top 10 scams.

Here are just two common scams identified in the September “Foreclosure Resource Guide” now available at the REALTOR® Content Resource:

1. A representative of a so-called foreclosure rescue company promises to negotiate a deal with your lender, instructing you not to contact your lender, lawyer, or credit counselor during the supposed negotiations. Once you pay an up-front fee or a few months of mortgage payments, the scam artist will disappear.

2. A scam artist promises to fend off foreclosure in exchange for an up-front fee. Instead of getting you legitimate relief, the fraudster will pocket the fee and secretly file a bankruptcy case in your name.

Also covered in the September “Foreclosure Resource Guide” now at the REALTOR® Content Resource are free tips on what to do immediately if you’re facing foreclosure, five foreclosure pros you need on your team, what foreclosure counselors can and can’t do, and website resources for foreclosure help.

The REALTOR® Content Resource, the new tool brought to you by the NATIONAL ASSOCIATION OF REALTORS®, is an exclusive member benefit that entitles you to download free homeownership content from HouseLogic to your consumer website, blog, or e-newsletter. HouseLogic is the NATIONAL ASSOCIATION OF REALTORS’® comprehensive consumer website geared to helping homeowners make smart decisions to enhance, maintain, and protect the value of their home.

3 Reasons To Buy A Home NOW!!

2010-08-30T10:37:00.000-05:00

Stocks are up 50 percent from the March 2009 bottom. Some commodities have risen dramatically. The only asset class left in the cellar is real estate, says Michael Murphy, editor of the New World Investor stock newsletter.

As a result, Murphy is advising investors to buy now for these three reasons:

• Desperate sellers: Both home owners and lenders are eager to unload a flood of foreclosed and underwater properties. Buyers with the patience to push through these complex deals can save a bundle.

• Little competition. Because most people don’t have what it takes to negotiate their way through short sales and REOs, patient investors are winners.

• Low rates. Mortgage rates are at their lowest level in 40 years. If you believe inflation is inevitable, lock in now.

Sick of this hot weather? - check out this Richardson home with pool.

2010-08-19T10:22:00.006-05:00

Well, it's not quite an iceberg pool but I have the next best thing (for Texas of course)... a beautifully landscaped home in an established subdivision in Richardson. Within walking distance to Yale Elementary and Yale Park. 3/2/2 with pool is the perfect home for a first time home buyer. Large kitchen and formal dining overlook the covered patio, wood deck and glistening pool. Large family room with vaulted ceilings and built ins. Check it out at 1713 Elk Grove. It's a great value and there are so few homes available in this part of town. Call 214-632-0534 for a showing.

Vanderbilt home for sale or rent

2010-08-12T16:18:00.000-05:00

Just reduced and also offered for rent!

6027 Vanderbilt

Can't sell your home and need to lease it to make ends meet?

2010-08-09T13:45:00.002-05:00

Numbers for July in Dallas were just released today and for the year, sales are up 3% over the same period last year. With that said, July sales were down a whopping 29% over last year (condo's and town homes are down 37%). Even with the fall off in prices there was a 1% increase in prices so not all news is bad.

With the lack of constant sales you may find yourself in the position of the reluctant landlord. If this is something that is rearing its head, read this article. If you have any questions please don't hesitate to call us.

Advice for the reluctant landlord

Prestigious Highland Park Home Overlooking Dallas Country Club

2010-08-05T15:26:00.007-05:00

Elegance and style abound in this regal home nestled on a corner lot over looking the Dallas Country Club. This 5 bedroom, 5.2 bathroom home has a large living room, formal dining, study, den and the kitchen of an Iron Chef's dream. The master suite on the first floor has extravagant his and her master bathrooms including separate sinks, dressing areas and water closets along with multiple walk-in closets. The stately entry on this corner lot is lushly landscaped. The perfectly appointed kitchen with sub-zero is adjacent to the dining, living room and outdoor patio. The home has storage galore. The master overlooks the multi-leveled backyard and gorgeous pool with built in spa and koi pond. One bedroom has been converted to an amazing stadium style media room with a built in wet bar. Large high windows create an abundance of natural light to accent the stunning custom light fixtures throughout the home. The home also includes a complete mother in law quarters above the garage.

Call today for a private tour of 3843 Maplewood Avenue, Highland Park which is presented by the Johnson Balen Group of Hodge Realty.

214-321-5203
214-282-6747

Lakewood Area Home Prices Update

2010-07-28T14:50:00.005-05:00

A quick update on the neighborhood activity in the Lakewood area (area 12 sub area 7):

139 homes currently on the market
Average price is $727,493 (there are 14 homes over $1M and one for $6.99M)
Average days on market are 136 (from 2-448 days)
Price range is $200,000 - $6,995,000)
Average square footage is 3109
Average price per foot is $218

If you are interested in purchasing or listing your home, give me a call for more details.

Hollywood Santa Monica Availability

2010-07-28T14:41:00.000-05:00

A quick update on the neighborhood activity:

40 homes currently on the market
Average price is $313,378
Average days on market are 95 (from 3-595 days)
Price range is $159,000 - $599,900
Average square footage is 1677
Average price per foot is $190.20

If you are interested in purchasing or listing your home, give me a call for more details.

Did you have to lease your home instead of sell it?

2010-07-22T14:07:00.004-05:00

Property values have dropped, inventories are up and foreclosures are still out of control. These conditions are causing individuals to to consider leasing their homes.

This is the best scenario for people when they have a mortgage to pay but must leave the home for one reason or another. BUT - the problem I see is that the For Lease by Owner signs are out in the yards for way too long.

It is not uncommon for an owner to be so concerned with covering a mortgage payment that the house is priced too high and it sits for months vacant and generating zero income. A reduction of $100 per month equates to $1200 per year. That is not too much when you consider that one month of vacancy may well cost you that much or more.

I suggest that rather than looking at the short term monthly picture that you look at it from an annual view. You may well have to contribute to the monthly rent to make ends meet but that is better than a long term vacancy.

Professional property managers have access to numerous advertising outlets that are not available to the average home owner. For one they have access to the MLS with its tens of thousands of Realtor participants. Many owners are concerned about the cost of management and making enough each month to cover their note and management fees. Honestly, this isn't always possible. But once again a month of vacancy could quite possibly have paid for your management fees for a year. For example if you list the property yourself at $1200 per month and it takes you three months to lease it, you have lost $3600. Many property managers charge a leasing fee equal to the first months rent to cover advertising expenses and an ongoing nominal fee for monthly management (about 10% is common). So if the manager leased the property in 30 days due to their networking and marketing efforts that are not available to traditional homeowners, they would have saved you $1200. This does not include the fact that handle everything from tenant screening, rent collection, late night maintenance calls, evictions and legal forms.

Think about it, don't price too high or your house will sit. Consider a professional property manager and the benefits they offer for what amounts to a nominal fee.

Why Use One?

My recent bike race in Montreal

2010-07-22T13:33:00.000-05:00

While in Montreal recently I decided to give the Bixi bicycle sharing a try. Somehow I ended up in a race and included some video.

Bike sharing is gaining popularity all over the world. Paris was one of the first adopters of the system and they have over 20,000 bikes in the program. They believe that no bike station should be more than 300-500 meters apart or people won't use the network. This has led to a traffic reduction of over 5%.

Bike sharing involves picking up a bike at any bike station and for a small fee you may take the bike to your destination and drop it off at another station. It is designed mainly for intercity or close in cities. The Bixi prototype in Montreal (which has 5000 bikes and 400 stations) has been adopted, emulated or modeled in Washington DC, Denver, Minneapolis, Boston and most recently in San Antonio, TX.

The US based systems have been highly financed by companies such as Blue Cross Blue Shield and Humana who recognize the health benefits. The federal stimulus funds have also played a part in funding due to the environmental benefits of traffic reduction.

So....do you think such a system would work in Lakewood, Downtown & Uptown Dallas? We already have a great trail system that could easily be incorporated into the program.

Interesting Bike Share Article

Most Affordable Popular Retirement Locations

2010-07-09T09:39:00.000-05:00

The real estate downturn has turned some very popular retirement destinations into bargains.

To determine where the prices are most attractive, U.S. News & World Report examined price-to-income data for 384 metropolitan statistical areas. This expresses the relationship between owner income and home values.

Here are 10 retirement havens where homes are most affordable by this measure:

Bend, Ore.

Napa, Calif.

Fort Meyers, Fla.

Fayetteville, Ark.

Las Vegas, NV

Sante Fe, N.M.

Punta Gorda, Fla.

Phoenix, AZ

Santa Cruz, Calif.

Burlington, Vt.

Willie's Picnic 1974 - College Station

2010-07-02T11:56:00.000-05:00

The year was 1974 and Willie was in College Station for his three day 2nd Annual July 4th Picnic. This year marks the 37th year of the picnic at the backyard at Bee Caves, Texas just outside Austin. But, if you can't make it to Austin there are plenty of things going on here in Big D.

Here is a sampling of weekend activities:

Friday and Sunday - Ballpark in Arlington - post game fireworks. I have found in the past that this is one of the best displays of fireworks in the area. Plus the Rangers are kicking it right now.

Saturday & Sunday - neighborhood parades in Lakewood, Forest Hills, Kessler, Bent Tree, Preston Hollow and many others.

Saturday - Thunder over Cedar Creek Lake - Pinnacle Club - Airshow and fireworks spectacular. Airshow begins at 6 pm and fireworks at 9m. This is the best show in all of DFW in my opinion. Last year there were over 40,000 people. View by land or water.

Sunday - Libertine Bar - 2101 Greenville Ave, Dallas - The free Brass Knuckle Corndog Beatdown.

Sunday 9 am - 5pm - Dallas Arboretum - Fourth of July - music, picnics, and floral displays.

Sunday 11 am - 4 pm - Dallas Heritage Village at Old City Park - Old-Fashioned Fourth - celebreate like it was 1899. $5 general admission.

Sunday - 9 pm - Lakewood Country Club Fireworks Display - Gaston & Abrams

Monday 6 pm - 10:30 - Fair Park Fourth-on-the-Fifth - Water shows and choreographed fireworks. Free to the public.

There are literally hundreds of other events for more check out Guideliv e.

Have a great weekend and be careful.

Deadline Extended!!

2010-07-01T16:55:00.000-05:00

After a close brush with a deadline that could have impacted tens of thousands of home buyers, the U.S. Congress last night passed an extension of the Home buyer Tax Credit closing deadline.

The extension is included in the Home Buyer Assistance and Improvement Act (H.R. 5623) and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit through no fault of their own. These households had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit. Under the legislation that passed last night, these households now have until September 30 to close.

The NATIONAL ASSOCIATION OF REALTORS® supported extension of that closing deadline because buyers are experiencing delays in getting their financing closed. The delays are the result of the large number of transactions that are short sales, which can take a long time to close, and the rush of transactions lenders are processing from buyers submitting contracts before the April 30 contract deadline.

The legislation, which now goes to President Obama for signature, is designed to create a seamless extension of the closing deadline; there will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with congressional leaders on both sides of the aisle in supporting lawmakers' passage of the legislation, which the association says will help provide additional stability to real estate markets across the nation.

Separately, the U.S. Senate also last night passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), which extends the National Flood Insurance Program until September 30. This will allow home purchases in the 100-year floodplain to move forward. The House passed the bill last week.

When signed into law by the President, the bill, which will apply retroactively, will cover the lapse period from June 1 to the date of enactment of the extension. Without flood insurance, households buying homes in the 100-year floodplain cannot obtain mortgage financing.

Mortgage Applications Decline

2010-06-23T14:45:00.000-05:00

Mortgage applications declined 1.2 percent last week compared to the previous week on an adjusted basis, according the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchased applications declined 2.3 percent and they were 36.8 percent lower than they were the same week a year ago.

The decline in purchase applications was driven by a 4.4 percent decrease in applications for government-backed mortgages, according to the MBA. Conventional purchase applications actually increased 1 percent.

Most mortgage rates were at their lowest point since mid-May:

* 30-year fixed-rate mortgages decreased to 4.75 percent from 4.82 percent.
* 15-year fixed-rate mortgages decreased to 4.19 percent from 4.23 percent.
* 1-year ARMs decreased to 7.05 percent from 7.07 percent.

Growing Counties!!

2010-06-22T08:56:00.000-05:00

The fastest-growing counties in the country, according to the U.S. Census Bureau, are mostly in suburban areas outside of urban centers.

The census numbers govern the distribution of more than $400 billion in federal money each year.

Here are the 10 fastest-growing counties:

1. Kendall County, Ill. (Chicago), 92.1 percent

2. Pinal County, Ariz. (Phoenix), 89.7 percent

3. Rockwall County, Texas (Dallas), 88.9 percent

4. Flagler County, Fla. (Jacksonville), 83.9 percent

5. Loudon County, Va. (Washington, D.C.), 77.6 percent

6. Forsyth County, Ga. (Atlanta), 77.4 percent

7. Lincoln County, S.D. (Sioux Falls), 70.7 percent

8. Paulding County, Ga. (Atlanta), 67.4 percent

9. Williamson County, Texas (Austin), 64.3 percent

10. Douglas County, Colo. (Denver), 64 percent

Home Sizes Continue to Decline

2010-06-18T09:14:00.000-05:00

Census data shows that the average square footage of a new single-family home dropped to 2,438 in 2009 after peaking at 2,521 in 2007.

"The decline of the early 1980s turned out to be temporary, but this time the decline is related to phenomena such as an increased share of first-time home buyers, a desire to keep energy costs down, smaller amounts of equity in existing homes to roll into the next home, tighter credit standards and less focus on the investment component of buying a home," says National Association of Home Builders chief economist David Crowe. "Many of these tendencies are likely to persist and continue affecting the new home market for an extended period."

The data indicates that 34 percent of new single-family homes had four or more bedrooms in 2009, down from 39 percent in 2005, but the number with three bedrooms rose to 53 percent from 49 percent over the same time span. Additionally, 37 percent of new single-family homes had two bathrooms in 2009, up from 35 percent in 2008; and the number with just one story rose to 47 percent last year from 43 percent in 2007.

Regionally, the data shows that 99 percent of homes in the South had air conditioning, versus 88 percent nationwide; 30 percent of homes had three-car garages in the Midwest, versus 17 percent nationally; and 74 percent of homes in the Northeast had vinyl siding, versus 34 percent nationwide.

I've Learned......

2010-06-17T14:46:00.005-05:00

"I've learned that no matter what happens, or how bad it seems today, life does go on, and it will be better tomorrow."

As a property manager I frequently attend training and networking events and today I attended a NARPM (national association of residential property managers) seminar with Melissa Prandi from San Rafael, CA as the speaker. She closed by saying that in our property management business there are rough days and on those days she likes to reflect back on these words by Maya Angelou. I thought they were appropriate for all of us, in any business. (by the way that picture is real and that is what a bad tenant can do to your rental)

"I've learned that you can tell a lot about a person by the way he/she handles these three things: a rainy day, lost luggage, and tangled Christmas tree lights."

"I've learned that regardless of your relationship with your parents, you'll miss them when they're gone from your life."

"I've learned that making a "living" is not the same thing as "making a life."

"I've learned that life sometimes gives you a second chance."

"I've learned that you shouldn't go through life with a catcher's mitt on both hands; you need to be able to throw some things back."

"I've learned that whenever I decide something with an open heart, I usually make the right decision."

"I've learned that even when I have pains, I don't have to be one."

"I've learned that every day you should reach out and touch someone. People love a warm hug, or just a friendly pat on the back."

"I've learned that I still have a lot to learn."

"I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel."

What can $7,000,000 buy you on White Rock Lake

2010-06-16T13:41:00.009-05:00

Have you seen it and wondered.....For several years while riding my bike around the lake I watched this five bedroom, nine bath, eight living area, five fireplaces, one and a half acre, 12,000 square foot house being built along Lawther and shortly after completion it went on the market.

The land sold in 2004 for $1.2 million according to records and is now listed for $6,995,000 making it one of the most expensive if not the most expensive house for sale in East Dallas.

It has a spectacular view of the lake from the home and the pool. The landscape over the past couple of years has really taken off and it is as lush and inviting as ever. The pools and rock waterfalls are magnificent. Of course there is a wine cellar and a guest house of about 1,500 feet for the family that stays too long at Christmas.

I can't even begin to list all of details and features of this house but needless to say it is exceptional.

4636 Chapel Hill, 75214

Couples Actually AGREE On Something!!!!!!!

2010-06-16T11:50:00.000-05:00

It’s true. Men aren’t looking for exactly the same things women are when they go home shopping.

ZipRealty surveyed 1,000 home shoppers and concluded that while about an equal number of men and women sought green features – about 27 percent – and 35 percent of both sexes put a high priority on a home office, there is disparity in the desire for other features.

Both sexes did agree on the biggest turn-offs: structural damage, bad odors, a busy street, and an awkward floor plan.

Here are the top 10 features most desired by men:

1. Garage or designated parking space, 85.5 percent
2. Master suite, 79.8 percent
3. Ample storage space, 71.2 percent
4. Guest bedroom, 70.2 percent
5. Large closets, 64.2 percent
6. Outdoor entertainment area, 63.4 percent
7. Gourmet or updated kitchen, 59.1 percent
8. Breakfast room or eat-in kitchen, 55.2 percent
9. View, 44.5 percent
10. Large yard, 43 percent

Here are the top 10 features most desired by women:

1. Garage or designated parking, 87.7 percent
2. Master suite, 77.8 percent
3. Ample storage space, 72.7 percent
4. Large closets, 68.7 percent
5. Outdoor entertainment area, 64.2 percent
6. Guest bedroom, 63.9 percent
7. Gourmet or updated kitchen, 61.8 percent
8. Breakfast room or eat-in kitchen, 56.1 percent
9. Large yard, 43 percent
10. Wood floors, 40.9 percent

Better Curb Appeal!!

2010-06-11T14:25:00.000-05:00

HGTV’s real estate site, FrontDoor.com, offers some ways to make a home more appealing.

• Restore the roof. Improve its appearance and keep it from leaking.

• Clean up the driveway and walkways. They set the tone for the rest of the home.

• Maintain the gutters. Clean out leaves and debris. Eliminate signs of water damage.

• Pay attention to details. Install attractive street numbers, door hardware and a new mailbox.

• Make the front door welcoming. Paint an old but solid one; replace one that is past its prime.

• Light it up. Decorate with attractive outdoor lighting.

• Paint offers big payoff for a low price. Just doing the shutters, trim and railings can help.

• Spruce up the lawn. Mow, pull weeds and fertilize.

• Add a WOW factor. Some beautiful plants will impress buyers.

Social Mention!!

2010-06-09T12:02:00.000-05:00

Real estate professionals who wish to monitor their brands have been using Google Alerts to see what people are saying about them online and check their "@" messages in Twitter to locate references to their names. Now they can also determine who is sharing information from their Facebook pages with the help of Social Mention.

Social Mention provides free daily e-mail alerts of specified search terms in Facebook, Twitter, Yahoo, and Google, acting as a Google Alert for social media.

Real estate professionals can then interact with those sharing their Facebook content, expanding their fan base.

Manifesto: The Mad Farmer Liberation Front

2010-06-09T08:02:00.000-05:00

This was posted by my friend from Austin City Living and I found it thought provoking. Ponder....

Manifesto: The Mad Farmer Liberation Front by Wendell Berry

Love the quick profit, the annual raise,
vacation with pay. Want more
of everything ready-made. Be afraid
to know your neighbors and to die.

And you will have a window in your head.
Not even your future will be a mystery
any more. Your mind will be punched in a card
and shut away in a little drawer.

When they want you to buy something
they will call you. When they want you
to die for profit they will let you know.
So, friends, every day do something
that won't compute. Love the Lord.
Love the world. Work for nothing.
Take all that you have and be poor.
Love someone who does not deserve it.

Denounce the government and embrace
the flag. Hope to live in that free
republic for which it stands.
Give your approval to all you cannot
understand. Praise ignorance, for what man
has not encountered he has not destroyed.

Ask the questions that have no answers.
Invest in the millenium. Plant sequoias.
Say that your main crop is the forest
that you did not plant,
that you will not live to harvest.

Say that the leaves are harvested
when they have rotted into the mold.
Call that profit. Prophesy such returns.
Put your faith in the two inches of humus
that will build under the trees
every thousand years.

Listen to carrion -- put your ear
close, and hear the faint chattering
of the songs that are to come.
Expect the end of the world. Laugh.
Laughter is immeasurable. Be joyful
though you have considered all the facts.
So long as women do not go cheap
for power, please women more than men.

Ask yourself: Will this satisfy
a woman satisfied to bear a child?
Will this disturb the sleep
of a woman near to giving birth?

Go with your love to the fields.
Lie down in the shade. Rest your head
in her lap. Swear allegiance
to what is nighest your thoughts.

As soon as the generals and the politicos
can predict the motions of your mind,
lose it. Leave it as a sign
to mark the false trail, the way
you didn't go.

Be like the fox
who makes more tracks than necessary,
some in the wrong direction.
Practice resurrection.

Wendell Berry

Home-Ownership Rate Falling!

2010-06-08T14:21:00.000-05:00

Home-ownership rates are down 2 percentage points from their 2006 peak, but could fall another 5 percentage points in the next couple of years, according to a study by the Federal Reserve Bank of New York.

The study subtracts the number of home owners who are underwater from the official home-ownership rate calculated quarterly by the U.S. Census Bureau.

Officially, home-ownership was 67.2 percent at the end of 2009, but the report says that effectively the rate is about 62 percent if those home owners likely to lose their homes are subtracted from the total.

Cities cited as having very low effective home-ownership rates include Las Vegas, Phoenix, San Diego, Los Angeles, San Francisco, Miami, Tampa, Detroit, and Washington, D.C.

15-Year Mortgage Hits a Record Low

2010-06-04T13:30:00.000-05:00

Interest on 30-year fixed home loans averaged 4.79 percent this week -- up slightly from 4.78 percent a week ago but still near historic lows.

The average rate on 15-year fixed loans hit a record low of 4.2 percent, down from 4.21 percent; while interest on one-year adjustable-rate mortgages was unchanged at 3.95 percent, and the five-year ARM fell to 3.94 percent from 3.97 percent.

Surge in Pending Home Sales!!

2010-06-04T12:08:00.000-05:00

Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®.

The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.

Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.”

NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.

“The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure,” Yun said.

Pending Home Sales Index by region:

* Northeast: jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago.
* Midwest: rose 4.1 percent to 104.2 and is 17.9 percent above April 2009.
* South: slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago.
* West: increased 7.5 percent to 107.9 and is 12.0 percent higher than April 2009.

“A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date,” Yun said. “However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues."

He added that there could be a sizable number of home buyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30. Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.

Buyers - What to Do and What Not to Do

2010-06-04T10:47:00.006-05:00

Home shopping is actually quite fun when buyers are informed and able to move through the process with their eyes wide open. Honestly it starts with the basics. Just like in elementary school people are always looking for short cuts, ways to get to the good stuff without the need for taking care of the details first. Unfortunately most of us learned the hard way that in the end this only makes it more difficult. Remember long division? I do. In fact I also remember teaching to my daughter. Laurie is one of those people who is able to do math in her head without the need for scratch paper. Lucky her! She was able to look at a problem and simply tell you the answer. The part she struggled at was showing her work. Whether for lack of ability or for simply not wanting to take the time, she didn't do it. This became a point of contention for her when she entered public school as her teacher consistently marked her down and lowered her grade on papers and tests for not showing her work. Laurie believed the steps did not matter as long as the outcome was correct. And this very well may be true, except for the fact that the directions said to 'Show you work'. Thus making it a gradable step. For those of us who need to do the steps in order to get the answer we learned it is very important to follow the instructions and do them in the proper order to gain the desired outcome, a correct answer.

What To Do:

In order to have the joy of finding just the right home to purchase one must first follow the steps to obtaining approval to make that purchase. Also known as mortgage approval or being 'Pre Approved'. Getting pre approved is fairly easy and actually painless. I have a list that I give our clients at a buyers appointment which lays out the items the lender will need to see in order to process your request for approval. They include:

Income:

Paycheck Stubs (last 30 days)
W-2 forms for the past two years
If self-employed, previous two years tax returns
Other income information if applicable: child support, retirement, social security, etc.
Start date of current employment (must cover 24 months history)

Assets:

Bank Statements (last two months, include all pages for both business and personal)
Two months statements of liquid assets (investment portfolio: stocks, money market, 401K, SEP, etc.)

Other Information:

Residence History (last two years including dates)
Landlord History (address and phone for last two years)
Date of birth (all borrowers)

Once you have your loan pre approval you can begin your search for homes that fit the mortgage and payment amount that you are comfortable with. Why look at homes before you know what you can afford to buy? It can be very disappointing to be looking at homes priced in the $200,000 to $250,000 only to find out that you qualify for $175,000 and will more than likely be purchasing a town home or condo rather than a residential home. It can be equally discouraging to be looking under budget depending on the neighborhood you desire to love in. Best to get approved first and then start searching!

It is also a good idea to maintain open communication with your Realtor and your Loan Officer. Tell them everything! What you like, don't like, what you know and what you don't know. If you have a question, ask it! The only stupid question is the one you didn't ask. Your Realtor and your Loan Officer want to help you be informed throughout the entire home buying process.

While searching for homes many buyers catch the bug! The shopping bug that is. As they began to realize that their new home will need a few more things than they currently have such as new curtains or perhaps new blinds, maybe a new washer and dryer or refrigerator, they began to start looking online and at local stores in their free time. While it never hurts to look and is a great idea to start gathering information and pricing so as to plan for your new home it is best to stay clear of making any purchases while home shopping. Every time you access your credit file to apply for a credit card, loan, or make what may seem as insignificant changes to your credit card balances your FICO score changes. If you make a purchase on a department store card such as Sears it can greatly effect your FICO score and it may actually change your ability to get a loan or at minimum change the interest rate that you qualify for. Some buyers are surprised shortly before closing when they are informed they no longer qualify for their mortgage due to changes in the credit report.

What NOT to do:

Make purchases on your credit cards
Apply for new credit cards or lines of credit
Apply for an Auto loan
Make larger than normal payments to your current credit cards or lines of credit (pay off entire balances, yes even paying things off can have a negative affect). If in question ask your loan officer before making a payment.
Absolutely do NOT change your job!

Many buyers think once they are past the approval process, have made an offer on their new home, have made it through the inspection and appraisal process, that they are home free until closing. Hopefully, this is the case. Lending guidelines have changed drastically over the past 2 years. One step that has been added much to many people's surprise when uninformed is a day before or day of closing phone call to verify employment. The underwriter or processor makes the call. If they are told you no longer work for the company you specified on your application your loan cannot be funded. Imagine your surprise (and your agent's) when you are called the day of closing and told you are not purchasing a home today. If you are in the process of changing jobs wait to purchase a home after the change as long as it is in the same industry you currently work in and for the same or higher pay. If you will be changing job profession entirely you may need 1-2 years on the new job before obtaining a loan. If that is the case you may want to hold off on your job change until after you have closed on your new home if at all possible.

Many underwriters also run a last minute credit report to see if there are any changes there as well. Throughout the final days before closing many buyers are asked for additional documentation to verify down payment funds, sources, employment, rental or investment information. This is different for every buyer. Be prepared to provide whatever is requested as quickly as possible in order to help your loan process flow as smoothly as possible. The quicker they have the information the sooner conditions can be met and your loan documents can be delivered to escrow for signing.

I have to admit that I "borrowed" this blog post from Kristi Lyn Reddy of Reddy Family Real Estate in Seattle - but it was really great information.

Vacation Rental Market is Better

2010-06-01T15:26:00.000-05:00

The vacation rental market has improved this year compared to 2009.

"Some companies have reported advanced bookings have increased as much as 60 percent to 80 percent over last season," said Alex Risser, president of the Vacation Rental Managers Association, which manages 150,000 vacation rentals.

Increasing demand doesn’t mean that potential renters are willing to settle for less than ideal properties. “It’s still a tenant market in rentals,” says Theresa Smith, director of vacation rentals for Kinlin Grover GMAC’s Vacation Rentals on Cape Cod.

Today is the last day to dispute your property taxes - 6/1/2010

2010-06-01T12:20:00.003-05:00

Today is the last day to dispute your property taxes in Texas. If you would like to dispute the assessed value of your taxes you must fill out a form by closing of the tax office today. There are no exceptions.

The appraisal district websites are listed below and Dallas and Tarrant have an online form. In the other three major counties, you must fill out the form and deliver it by end of business.

www.dallascad.org
www.tad.org
www.collincad.org
www.dentoncad.org
www.rockwallcad.org

Mortgage Rates Might Not Be Low For Long

2010-05-28T12:20:00.000-05:00

The near-record low mortgage rates seen during the past few weeks may not be around much longer.

Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgage rates, says Stephen Stanley, chief economist at Pierpont Securities LLC.

The evidence includes more consumers are paying their bills on time. Past-due accounts at American Express declined 34 percent compared to a year ago, and Target Corp. reported its lowest delinquency rate in two years during the second quarter.

In another sign of economic improvement, fewer banks reported tightening lending standards this month, one reason consumer borrowing rose for the second time in three months.

“If lending standards start to stabilize, that’ll be another reason to remove the emergency measures, including the zero rate,” says Jay Bryson, a senior global economist at Wells Fargo Securities LLC in Charlotte, N.C., who formerly worked at the Fed in Washington.

Are banks really necessary these days?

2010-05-28T11:18:00.000-05:00

Do you pay your bills online? Do you get cash back on your debit card at the grocery store? Do you go to the ATM? Is your paycheck direct deposited? My guess is that you said yes to several if not all of those questions.

There is even a new bank called Ally that is a virtual bank with no locations. They have lower interest rates and less fees. USAA bank even allows you to make deposits using your iPhone.

So ask yourself, how often to you actually go into a bank? Is there really a need for more "brick and mortar" banks?

Within 2 miles of the corner of Mockingbird and Abrams there are no less than five Chase Bank branches. There are four between Abrams and Central (although the one at Mockingbird & Central is closing). There is also at least one Bank of America, Comerica, Wells Fargo, BBVA Compass, Professional Bank, Liberty Federal Savings, Texas Capital, Park Cities Bank and Wachovia in that same radius. Before bank meltdowns, FDIC closings and consolidations there were even more.

Until the banks start lending again this financial mess is not going to improve much. So if we rarely go into a bank, doesn't it seem that the money used to buy that expensive land and build these new financial institutions would be better spent on improving the balance sheet and lending?

Memorial Day Dallas

2010-05-28T11:05:00.003-05:00

Memorial Day is a time of remembrance and appreciation for those who gave their lives to better protect our country, a tradition held in America since the 1880s. Originally known as Decoration Day —because family and friends would decorate the graves of those in military service with carnations, poppies or flags — this tradition stems from paying respect to Union Civil War Soldiers. Only after World War I was Memorial Day expanded to pay homage to all fallen soldiers enlisted in military service. There are several ways to observe Memorial Day. Citizens can visit a memorial, they can decorate the graves of fallen soldiers with flags or flowers, and they can fly the U.S. Flag at half-mast from dawn until noon. For more ways to honor Memorial Day in and around Dallas, you can participate in a number of special activities offered over the three-day weekend:

• May 30 - Central 214 Memorial Day Patio Party, with cocktails and a late night menu, benefits the North Texas Food Bank. Suggested donation $10, 7 p.m. at the Hotel Palomar 5300 E. Mockingbird Dallas 75206 or 214-443-9339 for more info.

• May 31 – University Meadow’s Neighborhood Associations Annual Memorial Day Parade.
9:45 a.m. – Parade participants line up at Berwyn and Creighton (75214). Ribbons will be given for the coolest antique cars, decorated bicycles, scooters, wagons and anything on wheels. Snazziest looking pets will also be recognized. 10 a.m. – Parade begins, with Fire Department and Police escorts, and proceeds to Zion Lutheran Church. 10:30 a.m. – Awards and ceremony honoring Veterans. Special guest include Councilman Sheffie Kadane, the Lake Highlands Wranglers Dance Club and Pageant winners. Join the parade or cheer neighbors along the parade route.

• May 31 - Sen. Kay Bailey Hutchison and Rep. Kenny Marchant will speak at the Department of Veterans Affairs and the Texas National Cemetery Foundation’s Memorial Day ceremony. 3 p.m. at the Texas National Cemetery 2000 Mountain Creek Parkway, Dallas 75211 or call 214-467-3374 for more information.

• May 31 - Eddie Coker Memorial Day Children’s Concert and Picnic in the Garden at the Dallas Arboretum features Sara Hickman, singer songwriter, from 11 a.m. – 12 p.m. and 2 p.m. – 3 p.m. on the Martin Rutchik Concert Stage. 8525 Garland Rd. Dallas 75218 or 214-515-6500 for more information.

• May 31 - Dallas Symphony Orchestra’s Memorial Day Concert at Flagpole Hill features Tchaikovsky’s 1812 Overture solennelle, Opus 49. 8 p.m. 8100 Doran Circle Dallas 75238 or www.dallassymphony.com for more information.

Courtesy of Barbara Johnson - White Rock Lake Weekly

Just Listed - M-Street Colonial

2010-05-27T12:18:00.003-05:00

Beautiful Colonial home sits on 1.5 lots. The 1st floor has a living room, study, dining, bath, powder bath and an eat-in kitchen. Kitchen remodel boasts sub zero, 6 burner gas stove with pot filler faucet, built in wine cooler, apron sink and granite counters. All three bedrooms are upstairs, 2 full baths plus the over sized utility room with sink.

6027 Vanderbilt, Dallas, TX 75206

Noboby Likes to Live Around A Crime Scene

2010-05-26T11:57:00.000-05:00

Wells Fargo Bank was the only bidder this week for a house in Waterloo, Ill., where a former bodyguard apparently strangled his wife and two sons to death. The bank offered $256,420.

Other homes that were the sites of violent crimes also have attracted few buyers.

The Chicago-area home where John Wayne Gacy tortured and strangled at least 33 men, then buried them in the crawl space, has been torn down and a new home built on the lot. The three-story apartment building in Milwaukee where the remains of 11 of the 17 people Jeffrey Dahmer confessed to killing was demolished and the lot remains vacant.

Only two states – Alaska and South Dakota – require sellers to disclose if there was a murder or suicide on the property.

People Like Renting!!

2010-05-25T14:27:00.000-05:00

More than 76 percent of people say they would prefer to rent a home than buy one, up 5 percent from 2009, according to this year’s survey from the National Apartment Association.

The survey also calculated that 60 percent of renters plan to continue renting in 2011, with only 12 percent planning to buy a home in the next year.

Some 64 percent of renters cited having no responsibility for major repairs or maintenance as the primary reason they prefer to rent, followed by 33 percent who cited not being impacted by an unpredictable real estate market or susceptible to foreclosure.

Europe's Crisis Making New Home Buyers HAPPY!!

2010-05-24T11:09:00.000-05:00

Europe’s financial problems are pushing U.S. mortgage rates lower and lower.

Because international investors see the U.S. as in much better shape than Europe, investors are putting their money into U.S. government securities, driving mortgage rates down near record lows.

Some in the industry predict that rates could be as low as 4.5 percent this summer, although some warn that this may come with lots of volatility as investors jump in and out of the market.

Not long ago, many experts were predicting that rates were likely to rise to at least 6 percent by this fall since the Federal Reserve stopped buying mortgage securities.

The Government Does Something RIGHT!!!

2010-05-21T13:52:00.000-05:00

The Senate on Thursday approved the most extensive overhaul of the banking system since the 1930s.

The legislation must still be reconciled with the House bill passed in December.

Measures in both bills that directly affect property transactions include:

* Limits on the ability of mortgage lenders to penalize borrowers who pay off loans early.

* Stated-income loans would be effectively eliminated.

* Lenders would be required to obtain proof from borrowers that they can pay for their mortgages. Buyers would be required to provide tax returns, payroll receipts, or bank documents.

* Lenders and brokers will be prohibited from pushing borrowers to accept loans with higher interest rates or with risky features.

You live where, make how much and you're how old?

2010-05-20T16:32:00.007-05:00

Last night on the CBS11 news there was a story about an internet site called Spokeo whose tag line is "Not your grandma's phone book." That is because they have consolidated boatloads of information on each of our personal lives from all over the internet. What they do is scour all the social networking sites, public records, email accounts and so on and so on and make all of this available in one convenient place. Granted some of this information is public record anyway but this is way too invasive for me.

I went out to the site and by pulling up my name and email addresses and without even signing up for the reasonably priced (although auto recurring billing) service, I realized the information is frighteningly accurate. Spokeo knew the following about me (some right, some wrong and some unknown):

My age
My address (with pictures)
My email addresses
Personal pictures of me
My marital status
Whether I had children or not
Occupation (fairly accurate)
Political Party (unknown)
Religion (unknown)
Hobbies (fairly accurate)
Estimated home value (wrong info)
Zodiac sign
Education (partially accurate)
Registered voter
Home Owner
Length of ownership (wrong info)
Quality of neighborhood (wrong info)
Lifestyles and interests (fairly accurate)
Play lists of music from Pandora
Books I have purchased on Amazon
IP addresses of computers I have used

Spokeo searched through the websites listed below and found there was personal information available on about one third of them. It tells you whether the information about you on each site is an unknown, a likely match or an exact match.

Amazon
Bebo
BizShark
Blogger
Buzznet
Digg
Facebook
Flickr
Flickr Group
Flixster
Fotolog
Friendster
Goodreads
Hi5
iLike
Last.fm
LinkedIn
LiveJournal
Multiply
MySpace
MyYearbook
Netlog
Pandora
PhotoBucket
Picasa
PictureTrail
Slide
Stumbleupon
Tagged
Target
Twitter
Upcoming
Veoh
Vox
Web Results
WebShots
Windows Live
Wretch
Xanga
Yelp
You tube

You may remove the information about yourself from the Spokeo website by clicking http://www.spokeo.com/privacy but it warns you that it does not remove the information from the internet all together. I think it is important to pay the additional money to see which websites they have used to gather your profile. You will then be able to click on that site, log in under your user name and password and go to either the profile settings, account settings or privacy settings to un-check anything that allows your profile or private information to be broadcast to 3rd party applications or publicly.

Interestingly the site that gets the most publicity about their privacy settings, Facebook had not released any information about me. However, Amazon, Myspace, Youtube, Google, Bebo, Yahoo, Twitter, Picasa, Blogger, MSN, Digg and Pandora had. It appears that virtually every site has its default privacy settings set to release your information.

I realize that we are going to have to embrace the fact that our lives are now a window to the world but you are going to have to look really hard to see through my window unless I choose to open the blinds.

NOW IS THE TIME TO BUY!!!!

2010-05-20T14:21:00.000-05:00

When you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.

Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.

Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.

Have you heard what the city wants to do to bicyclists?

2010-05-19T12:03:00.000-05:00

Do you ride a bicycle?
Do you want to ride a bicycle and feel it's not safe?
Do you want to see changes in your neighborhood?
Come share your vision for a bicycle friendly Dallas!

The City of Dallas needs your input. The 2010 Dallas Bike Plan is a city-wide plan that will affect OUR neighborhoods, OUR children, OUR future. Please consider participation in this open house on Thursday the 27th of May from 5-8 pm at Dallas City Hall in the Flag Room (6E-North)

If you cannot attend the meeting and would like to provide feedback or if you would like to be added to the email list for news about bicycle planning in Dallas, please contact:

Waco Moore, Dallas Bicycle Advisory Committee
waco.moore@gmail.com
972-352-3492

Whether you support bikers or not, this is your chance to have your voice heard.

The Top Worst Re-Modeling Projects

2010-05-19T11:42:00.000-05:00

When considering adding value to a home, you consistently hear from the real estate industry that updated bathrooms and quality kitchens stand out in a home sale. Those are proven sale closers. There are certain other improvements you can make to your home that will beautify it or create convenience for your family. When it comes time to selling, however, those improvements may do nothing to increase the value of the property and may even turn off potential homebuyers.

1. Over-the-Top Renovations

Au contraire mon frère, not all renovations will raise the value of your home. Just `cause it's bigger doesn't mean it will be perceived as better by future homebuyers. Unless your home is located in Beverly Hills or some other very posh neighborhood, don't install the bathroom with the supersized steam shower, imported Italian marble and several different spray heads ... unless you have the money to do it for your own pleasure and enjoyment only. That kind of improvement doesn't typically do anything to increase the value of the average home.

On the other hand, if you updated an old bathroom, you could see an increase of several thousand dollars to your home's bottom line. Real estate professionals suggest that homeowners pour over local home listings to see what amenities are the standard in your area, then upgrade your home to meet it. If you overdo it, however, you may not recoup your investment.

2. Swimming Pools

If you think installing a swimming pool in the back side of your home will draw hoards of homebuyers clamoring to make offers on your home at sale time, you'd be wrong. Some may consider it a perk, but others may perceive it as a pain with all the maintenance it will require.

Homeowners have even paid to have their swimming pools buried to create more yard space. If you shell out the expense to build one, don't expect your home's value to budge. The only exception to building a swimming pool is if you live in states where they are considered the norm.

3. Home Office Renovations

Although, a home office is often an amenity appreciated by those shopping for a home, it should be built with frugality in mind. Overhauling an office doesn't pay off when it's time to sell your home. Don't steal usable space from another living area to create a home office. Instead, make sure the space can easily be converted back into a bedroom or other living space if needed. If you decide you just have to have the built-in Curly Maple wood shelves, know that you will only recoup around 50 percent of your cost at sale time.

4. Unique Builds

Home magazines are always coming up with clever and creative ways to change the look of your living space. Some are exotic and outlandish, but they can pique your interest. Tempted to put a classic disco ball with lights in your bedroom, a constellation ceiling in your family room or a peaceful Koi pond in your back yard? Avoid making outlandish changes to your home or changes that will be perceived as adding work for a future homeowner. Don't be tempted to incorporate these ideas into your own home, unless you don't plan on selling anytime soon. Homebuyers may not share your enthusiasm.

5. Roof Renovations

If your roof needs repair, don't hesitate to have the work done. It will be one less issue you'll have to deal with when listing your home. If in your pursuit to list your home you think replacing your roof with cedar shakes or clay tiles will increase the value, think again. Although they have the ability to make your home stand out, they probably won't inspire homebuyers to pay more for them. So, unless you have the money to burn, keep it simple when preparing your home to be listed on the real estate market.

Energy Wasting Day

2010-05-19T10:47:00.000-05:00

I recently received information on Energy Wasting Day and while it made me laugh it also caused me to reflect on a blog article recently posted in the Advocate Magazine.

The article was about a free service (not really free since you pay a fee each month to Oncor to subsidize this program) where your electrical provider will send someone out to do a free energy audit on your home; seal HVAC connection points throughout the house to prevent air loss, weatherstrip doors, install foam insulators behind light switches and plugs, and seal plumbing penetrations beneath the sinks.

I, like the blog writer thought this was too good to be true. So I called the company in the article, E3 Solutions and Matt Newnham and his crew showed up. First they tested the amount of air that the home was losing and said it was quite a bit since my house was built in 1933. They proceeded to seal all the HVAC connections points, repair duct work that was leaking, seal plumbing penetrations underneath all the sinks and install foam insulators behind the light switches and plugs. While they will blow in attic insulation at a cost subsidized by Oncor, I was told it was unnecessary on my house. What they did not do was weatherstrip the french doors (3 sets) nor weatherstrip the windows. After all the work was completed another air loss test was completed and the air loss was reduced by 12%. This is not a huge difference but it would be nice if I got a 12% decrease in my electricity bill.

There are some limitations: your house has to have at least 50% of the HVAC vents in the ceiling and the home must have been built before 2002.

Oh and by the way, it was free and it took about two hours.

Give Matt a call at 214-995-9581 and try it out for yourself. It's only good until the funds run out which Oncor predicts will be sometime in late June to early July.

Collecting rents

2010-05-19T10:38:00.000-05:00

Collecting unpaid rent is part of the 1st CAM process. The trick is to not let the situation get out of hand. The first month a tenant falls behind in the rent, you need to take action.
While it's important to respond quickly, you want to avoid face-to-face contact because it could lead to confrontation. The better alternative is to send a letter to the tenant, and because it's not one of the legal forms in your library, it doesn't have to be sent certified mail. Any letter that has the correct address and postage is considered received once it is mailed. The body of the letter should instruct the tenant to call you so that the matter can be resolved.
If the tenant offers you a partial payment, 1st CAM recommends that you accept it. However, it is important that you give the tenant a receipt that clearly states that what you received is only a partial payment, and that you still have the legal right to collect the rest of the unpaid rent.
You may also feel that effective techniques require you to investigate how serious your tenant's financial crisis is. That means checking to see if they're still employed, and how much other debt they're carrying. If your original rental agreement doesn't prevent you from calling the employer listed, you can do so to see your tenant is still working for the company.
Also, as long as you maintain a debtor-creditor relationship with your tenant, the Fair Credit Reporting Act allows you can to get a copy of the tenant's credit report. Legal forms like your rental application usually have a release allowing this.

Although you can get this information, it really won't do you much good. Even if the tenant is unemployed and is carrying a huge debt, if they pay the rent they can't be evicted. The only value that information might have in terms of 1st CAM is if you use it to decide how much leeway you are willing to give them.

The real problems start when you've put off collecting back rent and the tenant is still in the apartment. Your only choice is to start eviction.
You begin by sending your tenant a Notice To Quit, which IS one of the legal forms in your library you have to use specifically. The letter tells your tenant how much time they have to pay the back rent, typically 3 to 14 days according to state law. If the tenant pays, they can stay, but if they don't, they must vacate.
Should your tenant leave still owing you back money, you're going to have to collect the debt some other way.

The Fair Debt Collections Practices Act (FDCPA), which protects consumers from abuse from debt collectors, says that a 1st CAM acting on their own behalf isn't subject to the provisions of the law because they aren't considered a debt collector. However, even though you aren't subject to the law, you can't engage in any of the abusive practices the law prohibits.

Employees of 1st CAM aren't considered debt collectors under the FDCPA either because the rental payments aren't owed to another individual or entity. But if at any time during the collection process the property manager mentions any name other than their own, that means that a third person is collecting the debt, and the property manager becomes a debt collector subject to the FDCPA.

If you can't collect on your own, you will probably have to sue for the amount owed under breech of contract. An attorney familiar with your state's collection laws and the necessary legal forms required to sue should be contacted.

D.C. Pushing for FREE CREDIT SCORES!!!!

2010-05-19T10:21:00.000-05:00

People who are denied credit or a job because of their credit history may soon be able to get their credit score free of charge, thanks to an amendment passed by the Senate Monday evening.
The measure, part of the massive Wall Street reform bill being debated in the Senate, would expand an existing law that, in December 2003, gave consumers the right to one free credit report every year from each of the top three consumer reporting agencies -- Equifax, Experian, and TransUnion.
The credit score, however, has not been made available for free. It is a numerical representation of the information in a consumer's credit report, which covers a consumer's entire credit history -- all debts, payment habits, and jobs held. The credit score is widely used as a shortcut by lenders, so monitoring it is crucial.
But options for getting a credit score have been limited to many "for-fee" sites. Some have lured consumers in by offering a "free" score in return for signing up to a credit monitoring service that could cost $14.95 a month or more, if consumers don't opt out before the end of the trial period.
The amendment "dramatically increases the number of people getting this critical piece of information," said Jennifer Talhelm, a spokeswoman for Sen. Mark Udall, D-Colo., who is sponsoring the effort.
A recent survey from the National Foundation for Credit Counseling found that some 65% of adults have not checked their reports in the past year. And nearly one-third of adults don't know their credit score.
Your credit score is used to determine far more than the cost of borrowing money.
Finding a job. More and more often, employers are using credit reports to help make decisions about job applicants. Employers conducted credit checks on 60% of job candidates in 2009, according to a recent survey from the Society of Human Resource Management, looking for top red flags such as bankruptcies or accounts that are in debt collection. By law, your employer must inform you if you're denied a job because of your credit history.
Buying a house. The consumer credit rating agencies use different numerical scoring systems, but generally speaking a 680 and above sits within the "good to excellent" range, while scores below 680 are labeled "ok to poor."
Only a credit score of 740 or better get the best mortgage rates, according to Greg McBride, senior financial analyst for Bankrate.com. A score between 700 and 740 could jack up interest rates by 0.5% to 0.8% on average. Anything less than 700 could be problematic in today's tight credit market.
Credit cards and student loans. If your credit score is 700 or better, you're in great shape to get the most competitive credit card rates, which average about 14% for a variable rate card. For those with marginal or poor credit, it will be more difficult to get a card at all. And those who do qualify will see lower credit limits, rates in the high teens to low 20% range, and more credit card fees, said McBride.
Even college students need to pay close attention to their credit scores because it's the primary factor in determining the rate on private student loans, which can range anywhere from 5% to 13% these days.
Auto insurance premiums. Insurers look at things like payment patterns, length of credit history, and the number of new applications for credit when calculating their risk formulas.
Not only can credit problems signal that you have little cash on hand to absorb the cost of an accident, making you more likely to file a claim, but studies have shown a correlation between bad credit and accidents. This could translate into higher premiums.

Consumers should not apply for loans, just to get their scores. Multiple "inquiries" on your credit report can lower your overall credit score.
Although experts say Udall's bill is a step in the right direction, some are concerned that it will fall flat if it doesn't address the fact that lenders use multiple scores to assess creditworthiness.
"The most widely used score is the FICO," says Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling, "but the top three bureaus' are proprietary scores based on their information."
And some say that without context, including credit score ranges and scores relative to other credit rating agencies, consumers will not gain much.
"That's the type of context consumers will need to get the most benefit from having this type of information," said McBride. "Otherwise, [the credit score] is just a 3-digit number, which wouldn't be terribly meaningful to many consumers."
Still the bill may open the door to wider availability of free credit scores - for example, not just when you're denied credit, but perhaps once a year as is the case with your credit report.
"The government's website (annualcreditreport.com) started much in the same way, where consumers got their free credit report when denied credit," said Cunningham. "This may be a first step toward universally providing free credit scores to consumers."

Having Trouble Closing On That New House?

2010-05-18T11:13:00.010-05:00

Have you ever stopped to think of all the people that are involved in making a real estate closing occur.

Take a look at the list and tell me it's not a miracle when a closing happens on time.

I’m sure we could add more in today’s market with Internet technology. What do you think?

The seller
The buyer
The seller's Realtor
The buyer's Realtor
The buyer's lender
The lender's underwriter
The appraiser
The home inspector
The FHA underwriter
The surveyor
The escrow officer
The escrow processor
The courier
The title company underwriter
The appointment service
The contractors
The notary
The phone company
The electric company
The gas company
The cable company
The county clerk
The buyer's employer
The buyer's current landlord or mortgage company
The credit bureau
The attorneys
The PMI company
The home warranty company
The MLS provider
The tax office
The buyer's home owners insurance agent

Now consider that each of these parties had a staff involved of say 3-4 people and you are looking at over 100 people who touch a real estate transaction before it finally closes. Think there is a chance for a screw up or two?

Lakewoodstock is this Sunday

2010-05-14T10:45:00.000-05:00

The Lakewoodstock Neighborhood Festival is this Sunday the 16th from Noon till 8 pm. There are live bands all day long on three stages, arts, crafts, food and shopping.

The Friends of the Santa Fe Trail are also sponsoring a bike ride in conjunction with the festival. The ride will officially start at Main Street Garden, the cool new park in downtown Dallas and take the Santa Fe Trail to Lakewoodstock in Lakewood village at 1pm.

There are at least 58 neighborhood sponsors and over 70 Lakewood businesses in the immediate area that are involved.

Is White Rock Lake worth $528,783,552,000?

2010-05-12T10:42:00.007-05:00

I had an opportunity to go to New York this past weekend and since the weather was so nice, I decided to take in Central Park. The park is on 843 acres right smack dab in the middle of Manhattan.

Central Park has its own wildlife and also serves as an oasis for migrating birds, especially in the fall and the spring, making it a significant attraction for bird watchers; 200 species of birds are regularly seen. The 6 miles of drives within the park are used by joggers, bicyclists, skateboarders, and inline skaters, especially on weekends when automobile traffic is banned.

The real estate value of Central Park was estimated by property appraisal firm Miller Samuel to be $528,783,552,000 in December 2005.

It got me thinking about the crown jewel of our park system.

Our park is on 2,115 acres (including 1,015 of lake surface) right smack dab in the middle of Dallas. It has 9.33 miles of hike and bike trails, an Audubon Society-designated bird watching area and wetlands, tennis courts, picnic shelters, playing fields, dog park, fishing piers, boat house, historic buildings for rent, a museum and oh yea - a lake.

I'm not sure what the real estate value of White Rock Lake Park is, but to me as the Visa commercial says "it's priceless".

Beautiful Video from the Dallas Morning News
Lake Statistics

Take out the trash!

2010-05-12T10:07:00.000-05:00

Just try to drive down Santa Monica on a Saturday morning by Lindsley Park. Cars are parked on both sides of the street while Mom, Dad and kids are running around everywhere playing soccer, grilling and having birthday parties among other things. The pathway between cars is so narrow that a suburban can barely make it through much less two cars trying to go in opposite directions. But the parking near the park is another story.

It is obvious by the number of people at the park on Saturday and Sunday that it is a popular weekend activity. But drive by on a Monday morning and it looks like a war zone. The amount of paper plates, napkins, water bottles and beer bottles (which incidentally are illegal in Dallas Parks) is sickening.

Doesn't it seem like it would be a better use of the Parks and Rec departments time and money to mow, seed, landscape and repair the athletic equipment than spend their Mondays cleaning up litter?

Do your part, pitch in. If we need more trash cans, lets figure out a way to make that happen.

Tree & Plant disease/insects

2010-05-10T15:07:00.000-05:00

Last month the eight year old Carolina Jessamine in my yard was blossoming more beautifully than in any of the past years, but this weekend I noticed that it had suddenly died.

To be honest, I still don't know what attacked it or caused both plants to die but it did prompt me to examine all of my landscape. After taking samples to Redenta's on Skillman and Oram I realized that this past winter was unusually hard on our plants. My pecan tree leaves have these unusually large green pimple on them (sometimes 10-12 per leaf), the black walnut tree has some type of unknown scale or bug, a hibiscus has aphids or white fly, the shrubs and roses have scale and I mentioned the Carolina Jessamine.

Both Walton's and Redenta's have provided me with excellent counsel in the past and I am sure there are other arborist and horticulturalists in the area that would also. With that said, I don't think there is a better blog out there that either addresses or links solutions to our N. Texas landscape issues. DFW Gardening Blog

Keep an eye out because my guess is that I am not the only one who is having issues.

Real Estate Laughs

2010-05-10T12:27:00.003-05:00

Thinking about moving? This website is always good for a few laughs while on your home search.

No Trespassing - Trail Closed

2010-05-05T08:59:00.000-05:00

Although few people pay attention to them, I wonder why the city suddenly showered "No Trespassing" and "Trail Closed" signs on the Santa Fe Trail after months and months of grading, utility work, laying re bar and pouring wet concrete. They appear to be about 90% complete.

Got Flood Insurance......

2010-05-04T10:23:00.003-05:00

Many of the people in Middle Tennessee didn't think they needed it either.

Nashville just had an epic flood and almost no one is noticing. It seems we are too focused on an oil slick, illegal immigration and an unexploded car bomb to notice that at least 29 people are dead, historic landmarks are destroyed and homeowners who never thought they needed flood insurance are now homeless.

Makes you think that the Dallas city council's hasty decision to spend the money to fix the levees wasn't such a bad idea.

http://www.tennessean.com/article/20100504/NEWS01/5040352/Thousands+wonder+how+to+recover

The forgotten tragedy

2010-05-04T09:40:00.000-05:00

Illegal immigration, an unexploded car bomb and an oil slick have all overshadowed a harrowing scene in Middle Tennessee.

The city of Nashville and surrounding areas had 14-15" of rain in a 24 hour period and at least 29 deaths. Thousands of homes and most major tourist sites have been devastated with rising water.

I can only hope that if something happened like this here that we would not be forgotten like they have been in Tennessee.

To make a donation, please call 1-888-540-5200 or donate online www.cfmt.org/floodrelief

Visit msnbc.com for breaking news, world news, and news about the economy

His Name is Bob

2010-04-30T10:02:00.000-05:00

My office is located at the Mockingbird Central Shopping Center directly across from Mockingbird Station. It is the center with Jason's Deli and Whole Earth Provision. If you have spent much time here over the past several years you probably have met Bob Crawford.

Bob is a quirky, moody, unkempt and yet fascinating man. Bob plays the keyboard and spends almost every single day at the shopping center visiting with shoppers and staffers. It is not uncommon to walk into our office and see Bob sitting at the front desk (you might mistake him for a homeless man) on the phone or computer. He is often overheard calling people and telling them he is at work up at the office. Most days he will ask someone in our office or elsewhere in the center for a ride to his AA meeting or Deep Ellum to "work".

An interesting checkered past would be putting it lightly when describing Bob's life and you can meet Bob tonight at the Angelika Theater when his documentary debuts at the USA Film Festival.

Ever sold a timeshare??

2010-04-30T09:44:00.005-05:00

I have a client who has a time share at Sunbay in Hot Springs Arkansas and has asked me to sell it. The time share company wants to sell it for $7,400 and pay the owner a measly $1000 and keep the rest in commission. Has anyone ever sold a timeshare? If so, what was the process, how did you advertise etc?
Wes

Lake Highlands Tudor - Back on Market

2010-04-29T15:18:00.004-05:00

This Lake Highlands tudor at 1717 Crowberry Drive is back on the market.

A charming 1950's home in a quiet pocket neighborhood close to White Rock Lake! 4 bed, 3 bath, 2 living areas, 1 fireplace and beautiful inviting pool and spa. Hardwoods and recent carpet, french doors off family room to covered deck. Formal living and dining in front, updated kitchen open to living room with striking wood burning fireplace and a detached 2 car garage. This home is perfect for entertaining.

Mid-Century Modern for Sale

2010-04-29T14:49:00.000-05:00

Check out this updated "Green" mid-century modern home at 7120 Santa Fe just a few houses in from Lindsley Park.

Ugly Houses

2010-04-27T10:49:00.009-05:00

In addition to our traditional real estate and property management business, our company has a sister company that has been buying and selling ugly houses for years. Often these ugly houses are rehabbed and sold to investors who use our company for property management services. In fact, this is how Hodge was birthed.

One of the best and sometimes the saddest part of the business is all of the homes you get to see. I wish I had the foresight to have written a daily blog about all the houses I have seen over the past 8-9 years. It might have turned into something as brilliant as the Julie/Julia blog.

Recently we got a call from a gentleman who wanted to sell his "mothers" home and to come see it up in North Dallas. From the outside the house looked to be in some minor disrepair with some peeling paint, overgrowth in the yard, lots of junk but for the most part fairly typical. But that is where it ends.

The owner did not answer the door and we had to call to reach him and he told us he would come over to the house and meet us in a few minutes. A couple of minutes later the door opened to a shirtless, scraggly, barefooted gentlemen. Immediately you could smell the pet urine and then a couple of dogs ran out the door and starting barking and jumping. The man invited us in and told us that he was trying to sell the house for his Mom because his brother had been living in the back room and was a meth addict.

As we walked through the maze of crap stacked to the ceiling and along all walls leaving a 2 foot path throughout the house we had to dodge dog doo and urine constantly. There was one bedroom with incense burning to cover up the obvious odor of pot while Judge Judy played on the TV. The bed was covered in books, papers, dishes, artwork, yard tools and probably more.

The back room that looked absolutely no different than any other part of the house was the infamous room that the brother had been living in and treating so poorly.

Now I am not exaggerating when I say that this 2000+ square foot home would need about 40-50 dumpsters at a minimum to clear out. As we discussed purchasing (or not) the home, he told us that he decided he wanted to wait because he had recently been courted by the A&E television series Hoarders.

The man never called us back and I'm not sure if he was on Hoarders but what I do know is that I'm sure glad he wasn't one of our tenants.

Got any other stories?

You have cash

2010-04-27T09:38:00.000-05:00

Recently I heard a story on a local television station about unclaimed monies that the state of Texas holds on your behalf. I didn't think there was any chance that I would be on that list but merely out of curiosity I decided to go check it. Lo and behold, I had cash! There was $253 from Homecomings Mortgage (now GMAC) for a refund check that was sent to a bad address after I sold a home. But it was the other chunk of change that I was really hoping to find (insert sarcasm here)...I had a whopping .02 cents from my alma mater Texas A&M for some overpaid fees back in the late 80's.

Businesses that have an outstanding credit for a customer must escheat those funds (revert to the state) after a certain period of time. The state holds those monies until you claim them.

After winning what felt like the lottery I determined that it was just a fluke and I decided to type in the names of several of my relatives. Guess what, they had cash too. It must be fairly common so check it out and find out if you have a similar new found fortune.

Do I have unclaimed cash?

Friday is the last day

2010-04-26T16:30:00.004-05:00

If you want to get the free money from the government for the home buyer credit you have until Friday.

Qualified first time buyers are eligible for up to $8000 cash back and qualified existing home buyers may be eligible for up to $6500. However you must have a signed contract dated on or before April 30.

Remember you DO NOT have to close on the property by the 30th, rather you must have picked out the home and signed a contract to purchase.

This is not going to be renewed like the last time and you probably will never see this again in your lifetime (at least we hope, based on the circumstances that caused us to reap this benefit).

Restaurant Review - El Fenix at Casa Linda

2010-04-26T16:04:00.000-05:00

Last night after working at the Hollywood Home Tour at 7001 Vivian I went to the 50+ year old El Fenix at Casa Linda.

As you walk into this classic restaurant you can't help but feel like you are in an "ol school" type of place. The front area with the walkway through the middle of the dining room feels like you are in Mexico but the back room - not so much. It feels more like an old Furr's with the bright lights and an open cafeteria feel. Throughout the rooms the old plastic pink chair pads and table clothes definitely need to be brought up to the 21st century. This is the old ambiance I understand but there are some great products out there that don't look like a school dining hall.

But the most important thing was that our service and the food were good. As always the chips are crisp and tasty. The salsa was much milder than what you would find in their proprietary jars. The waiter brought a "fajita sauce" with a little more pep and it was excellent with onions, jalapenos and I think a touch of tomatillo.

The chili relleno poblano was tasty and there was no heat. The meat sauce was incredible and my guess is that it was about the fattiest ground beef on the market which is why it tasted so great. We substituted the ranchero sauce for a verde sauce which was nice along with some of the tastiest re-fried beans that made my arteries instantly clog.

The Maximilian's Delight with the puff taco and fresh avocado was perfect. The shell was crispy (not that common in some other local places) and the sour cream chicken enchilada and beef enchilada were exceptional as well.

Bottom line, while the chili relleno could be crispier the meal was great.

Oh and one last thing....the margarita's are pretty darn good!

Hollywood Santa Monica Home Tour

2010-04-23T13:38:00.002-05:00

The home tour is tomorrow and Sunday from Noon to 6 pm. Tickets are on sale at Curiosities on Abrams and at Lindsley Park on tour days.

On Sunday there are usually numerous other homes that are open for viewing in addition to the tour homes. For a list of available homes for sale Hollywood for Sale.

The story of Hollywood/Santa Monica begins in the 1920s when J.B. Salmon acquired this former dairy farm and formed the Hollywood Company to subdivide and improve the land. Also known as the developer of Kessler Highlands in Oak Cliff, Mr. Salmon was exceedingly careful in the planning of his property. So thoughtfully conceived was his development that he could allow other developers to build in diverse styles as long as they stayed within the deed restrictions. These styles include the predominant Tudor Cottage, as well as Spanish Eclectic, French Eclectic, Minimal Traditional, Craftsman, Monterrey, and two rare examples of the flatroofed Pueblo Revival style. We may suppose that Mr. Salmon was pleased by the outcome because he made his home within the development. Much has been said of the architecture to be found in Hollywood and Santa Monica, and the neighborhood may well be the largest collection of stone-embellished Tudor cottages in the nation. Indeed, it's because of the attention paid to the aesthetic beauty of the area and its historical significance that in 1989 the neighborhood association succeeded in having Hollywood/Santa Monica declared a local Conservation District. This classification is shared by only a few other neighborhoods in the Dallas area.

The unique character of this neighborhood comes not only from the bricks and stones but also from the many people who have added their own unique and personal presence. For the visionary Mr. Salmon or the doughboy returning from Europe, it was a place for new beginnings. For the young family or the single factory worker, it was a place to grow and gain strength. For so many years, Hollywood/Santa Monica has been lovingly referred to as home. As you walk through our neighborhood, try to imagine those who have stood there before you. Will you see the garage aviator taxiing his airplane up and down the street? Or do you see the men talking on the corner - waiting for the streetcar to take them downtown? If you're lucky, maybe you'll catch sight of a few young rascals soaping the rails so that the conductor will be unable to get the streetcar back up the hill to Valencia! Or maybe you'll see the ladies headed down the block to the new grocery that the Minyard family had just opened. You might also envision more recent settlers of the neighborhood. Young men and women, smitten by this rare vision of yesterday, renovating and reinvigorating, building their lives and families much the same as their predecessors did before them. These new neighbors hold the same values that the original community held so many years ago. Armed with these values, they have strived to preserve the neighborhood and the community that thrives here.

Hollywood Santa Monica Home Tour

2010-04-23T13:22:00.000-05:00

Price Reduced - Perfect for investor!!

2010-04-20T06:22:00.006-05:00

Lakewood home is priced to sell

A three bedroom/two bath with 2023 square feet in highly desired Caruth Terrace is a perfect opportunity for someone who wants to be centrally located, a quick bike ride to the lake and in Lakewood Elementary. The home is a ranch the backs up to a greenbelt just north of Mockingbird and East of Abrams. You will see the tremendous pride of ownership from the long time owner as well as the unending potential to customize the home to your exact specifications.
4521 Ashford, Dallas, TX 75214

Remodeling Horror

2010-04-20T05:41:00.000-05:00

As everyone knows keeping up with an old tudor built in the 1930's is a never ending battle. We want the home to stay true to it's historical architecture but also have 21st century amenities.

We recently updated our kitchen and bathroom and if you have ever done a remodel in your home (and don't forget we have conservation district rules) you may recognize some of the battles we encountered in this video. The editing was done by our French neighbor so disregard the subtitles.

Got any pictures or fun stories of your own?

2010-04-19T17:48:00.006-05:00

Bring back Porky??

Back in 2008, Robert Bunch at the Advocate retired Porky because roads were improving (see article below)....is it time to bring him back?

If not, beware because you may see similar Seinfeldian events unfold as seen in Season 8 episode "The Pothole".

For years, Porky the Pothole pig has been pointing out problems with East Dallas roads, with help from faithful Advocate photographer Robert Bunch. In the early days, Porky and Robert hit upon potholes street after street —but lately the roadways are smoother. Robert likes to think he and his sidekick sow have a little something to do with it. “The potholes are getting harder and harder to find. I like to think Porky and I have provided a service to the community in some way,” Robert says. It’s been a real pleasure working with Porky,” says Robert. “He’s a real pro.” Porky will continue to be on call, in case he’s needed again. Until then, semi-retirement will see him sipping potables, poolside. by Robert Bunch - The Advocate

Bicycle Road Rage??

2010-04-15T15:56:00.000-05:00

ESPN's Tony Kornheiser recently urged listeners to be violent toward cyclists and since we live so close to the lake and the presence of cyclists can't be ignored for better or worse, I thought I'd do a little unscientific research....Feel free to respond, Bikers: Good or Bad?

To be fair I must disclose that I am a biker and have some strong opinions of my own......

http://bicycling.com/blogs/roadrights/2010/04/15/kornheiser/

2010-04-14T18:41:00.002-05:00

Love 80's music?
Check the out The Spazmatics the next time they come to town. Hilarious and actually pretty good.

Home Tour Raises Money for Neighborhood Improvements & Charity

2010-04-14T16:43:00.000-05:00

The Hollywood Santa Monica home tour is April 24th and 25th. Both days from 12:00pm until 6:00pm. Tour tickets are $10 each and you can purchase in advance at Curiosities (2025 Abrams Rd) or at Lindsley Park on tour days..

Most people probably never think about where the proceeds for these local home tours goes but you probably should.

I believe that Hollywood Santa Monica is one of the most special neighborhoods in the area. As a Realtor who has worked all over DFW, I have had the occasion of seeing numerous neighborhood associations with mandatory and volunteer membership and dues. Our neighborhood has voluntary membership and the dues are nominal even though the work that the association does is costly. The home tour helps to subsidize activities and improvements.

Have you noticed the Easter Parade and street party, the Christmas party and Halloween parties? Have you ever noticed the entrance to the neighborhood and the landscape? Have you ever noticed the park like medians throughout the neighborhood and their landscape? Have you ever read the newsletter that is delivered to your door? Have you ever noticed that we have an additional police presence? Well you should. You should also know that these things don't come for free nor do your property taxes pay for it. Your dues and home tour proceeds do.

This year the home tour and preview party will provide necessary funds for these and other amenities but also contribute to local charities. In the past, the home tour has contributed to Shakespeare in the Park, JL Long Middle School and Woodrow Wilson High School among other things.

Come out, see the homes and continue to make our 'hood special.

2010-03-25T09:54:00.001-05:00

Up to $4 Million Farmers Branch...Really, I mean Really???

The city of Farmers Branch, Texas has already spent $3.3 million of tax payer money to force property owners to police whether or not their tenant is an illegal alien and says it intends to file an appeal over a Federal Judges ruling that the city's actions are unconstitutional. This additional action could cost over $600,000 according to the city's financial director.

In this time when "too much government" is a fiery issue and the state of Texas is suing the federal government because of too much government interference, the city of Farmers Branch is asking it's citizens to shell out millions to fight a fight that tramples on property rights of individuals?

Is this how you want your tax dollars spent Farmers Branch...Really?

2010-03-24T14:52:00.000-05:00

Federal judge strikes down Farmers Branch ordinance against renting to illegal immigrants 2:10 PM CT

02:25 PM CDT on Wednesday, March 24, 2010

By DIANNE SOLIS / The Dallas Morning News
dsolis@dallasnews.com A Farmers Branch ordinance banning illegal immigrants from renting apartments in the city is unconstitutional, a federal judge ruled today.

Download: Read the decision

U.S. District Judge Jane J. Boyle of Dallas found that the ordinance was an attempt to enforce U.S. immigration laws -- something the judge said only the federal government can do.
Boyle issued a permanent injunction to stop Farmers Branch from enforcing its Ordinance 2952.
"Ordinance 2952 is a regulation of immigration and is preempted by the Supremacy Clause of the United States Constitution because the authority to regulate immigration is exclusively a federal power," she wrote in her ruling.

"The Ordinance applies federal immigration classifications for purposes not authorized or contemplated by federal law. As a result, the Ordinance creates an additional restriction on alien residence in the city."
Farmers Branch Mayor Tim O’Hare, a strong supporter of the ordinance, said he would favor appealing Boyle's ruling. But, he said, the City Council would have to vote on that.
“The American people are tired of judges legislating from the bench,” O’Hare said. “We will finally have our opportunity to have this matter heard at the appellate court level, where we fully expect to prevail. This decision is not unexpected but welcomed, because it allows us to get closer to this ordinance becoming reality.”

Farmers Branch for years has been trying to enforce a ban on landlords renting to illegal immigrants, and Ordinance 2952 was the most recent effort. Previous versions of the ordinance have been struck down by the federal courts.

The city has spent about $3.3 million fighting lawsuits challenging its efforts over the years. The City Council was told in February by its finance director that another $623,000 might be needed in the year ahead.
The renters' ordinances regarding illegal immigrants and the resulting lawsuits have intensified frictions in the community and surrounding areas -- and drawn national attention. Two-thirds of Farmers Branch voters approved a version of the ordinance in a vote in 2007.

2010-01-14T12:42:00.000-06:00

Commercial Loan Defaults Indicate Future Problems

The delinquency rate for securitized loans in North Texas is 50% higher than the national average, and several prominent commercial properties are among those identified as having delinquent loans or loans likely to land in default (watchlist loans), according to Trepp LLC a national real estate research firm.

Today Foreclosure Listing Services in Addison announced that the Four Seasons Resort in Los Colinas home of the PGA's Byron Nelson Classic is set for foreclosure on February 2nd. The $175 million delinquent loan had been on the watchlist . Four Seasons did a $60 million renovation over the past two years.

There are over 700 commercial property loans in the area that are cause for concern. Here's a breakdown by property type:

Industrial - $218.3 M
Hotel - $568.2 M
Multifamily - $1.43 B
Office - $1.9 B
Retail - $2.1 B
Other - $600 M
ALL TYPES $6.81 B

Source: Trepp LLC

The largest loan on the watchlist is the $232 M loan for Galleria Towers. In addition to the $1.45 billion in delinquent loans, $972.5 million worth have been transferred into special servicing (when the management of the loan is transferred from the master servicer to a special servicer. This can occur when a borrower has defaulted or, in the reasonable judgement of the master servicer, is likely to default and be unable to fix the issue within a reasonable time). In order to make any significant changes to a securitized loan, you have to be talking to a special servicer.

Interesting statistics as we begin to hear that the recession is healing. Are we headed for a relapse? Caution ahead!

Sources: Trepp LLC, Dallas Business Journal

2010-01-06T15:59:00.000-06:00

Petition for change to Oncor tree-trimming

In this month’s Far North Dallas Advocate, columnist Sandy Greyson sheds some light on Oncor’s tree trimming practices, and those “deep V” cutouts they typically leave behind, which infuriate some homeowners.

A group of fed up homeowners are now petitioning the Public Utility Commission in an effort to make Oncor change its ways. The group points to cities like Nashville and Oklahoma City, which have been able to improve tree-trimming standards.

Some of the proposed changes on that petition include cutting trees back 3 feet from power lines, instead of the current 10 feet; trimming trees every three years, instead of every 12 years; and notifying homeowners about trimmings six weeks in advance, instead of five days. They’d also like Oncor to tailor trimming practices based on the species of tree, and have a real person answer the phone when homeowners call in with questions or complaints, instead of the automated system currently in place.

You can see a complete list of what’s on that petition here. And if you’d like to download the petition and mail it into the Public Utility Commission, you can find it here.

by Marlena Chavira Medford Advocate Mag, Lakewood - E Dallas

2009-12-23T13:08:00.002-06:00

Downtown Dallas Has Had An Amazing Transformation In The 2000's

The new millennium was the start of a monumental change to the landscape of downtown/uptown Dallas. Population in the central business district grew form 1,654 in 2000 to over 10,000 at the end of 2009. At the same time uptown had a population of about 6,000 and today has over 19,000. There have been sixteen buildings that have over 15-stories that have been completed or reopened. Additionally there have been dozens upon dozens built with less height, including places such as the West Village which is only four stories but includes residences, restaurants, a movie theater and more. The American Airlines Center which is home to the Dallas Mavericks and Dallas Stars opened in 2001 and Victory Park soon followed. The world renowned Nasher Sculpture Center opened along with the Winspear Opera House and Wyly Theater.

The famous Mercantile Building in the heart of downtown was restored and reopened. Projects under construction include the Calatrava Bridge, the Woodall Rogers Deck Park and the Convention Center Hotel. While not in downtown Dallas it is hard not to mention the $1.2 billion Dallas Cowboys Stadium in Arlington.

The following are some examples of an amazing transformation with more on the way in the next decade.

2001 - American Airlines Center

2001 - West Village Phase 1

2009 - Main Street Garden Park

2004- Victory Plaza/W Hotel

2007/2008 - Mercantile Reopening

2007-Hunt Oil Corporation

2009 - Cowboys Stadium

The Park from kristin gray on Vimeo.

2009-12-16T10:44:00.004-06:00

Is the DFW commercial real estate market an indicator for the residential market?

Recently I visited with one of my former professors who works as the head of underwriting for a large commercial real estate broker. The conversation centered around the pathetic commercial market and the blame that is still put at the feet of lending institutions. We both shared the opinion, right or wrong that bank regulators are hesitant to force the banks to clean up their bad loans and REO's because the actual hit on their books would devastate the major lenders. The government does not want to recreate the Resolution Trust Corp from the 80's so therefore the distressed properties are not being sold at values that are appropriate to create the necessary market stimulus. Basically the lending community can't stand the losses without throwing us into another financial crisis.

The towns north of the Dallas area that were growing like wildfire prior to the downturn now have the largest percentage of residential foreclosures, unfinished housing developments, virtually empty strip centers and "multi use" developments. We wondered when these markets would come back since retail is one of the last segments to rebound because it is reliant on spending habits that are reliant on employment. What will happen to these centers and what is their true value? Ultimately without tenants the owners are defaulting and the banks are beginning to own these properties because they are not selling them at auction. Approximately 3-6% of all foreclosures are sold to 3rd parties at the foreclosure sales. The other 94%+ are going back to the banks and sitting on their books.

In November the commercial foreclosure postings added up to $482 million with $44.5 million coming from one multi-use building in McKinney. There have been over 2000 area commercial properties that have succumbed to foreclosure through October.

So will urban sprawl continue OR are people destined to begin to re-gentrify the area closer to the central business district or inside of 635? Is this area the safest real estate bet in the market? As of the 3rd quarter the median price had dropped less north of 635 than within 635. I believe that the "inside loop" homes had a larger correction to make since the median home prices in those areas are approximately $50 per square foot higher than up north. Interesting too is that every city inside the loop had a smaller foreclosure rate than more than a dozen cities north of the loop. That statistic also held true for commercial foreclosures.

Personally I believe that the commercial real estate market will ultimately have a greater impact the residential market in Northern DFW.

2009-09-30T10:26:00.001-05:00

DFW Real Estate Predictions - Who Knows??

It seems that I read a different prediction each day in a newspaper or magazine regarding the recovery of the real estate market. It doesn't matter which political party you subscribe to, I believe that we have some of the smartest economic and financial minds in the world working on the problem. They all have different opinions and methodologies but as of today, I don't think any of the solutions implemented or proposed by either party have been too wildy succesful. It's frightening that educated people can't figure this out much less explain it. It makes people like you and me seems like real bone heads.

In today's paper it was noted that "Every commercial real estate building in the nation has lost 30 percent of it's value." Dallas Fort Worth has been impacted too. In the same paper it says that area homes have hit rock bottom according to the S&P/Case-Shiller home price index. But I bet that when the North Texas Real Estate Information Systems (NTREIS aka MLS) report comes out it will show something different. So which is right, which do we believe, which do we use to make decisions as to where to put our hard earned money?

Mark Doutzor, chief economist at the Real Estate Center at Texas A&M University (disclosure, my alma mater) said the news is better for home buyers but he also adds just a few short lines later that "The banks are turning down the screws even tighter on builders. What we have seen in declines in home construction is going to continue."

In Dallas Fort Worth, one in every four homes on the market is a bank owned property. Until that product is flushed out, property values are at risk.

But what about commercial real estate, my education tells me that it's impact will also impact the lending market and global economy even further. So far this year, the number of commercial real estate deals posted for foreclosure has grown more than 1o percent. But industry leaders worry that's just a preview of what's to come. "The vast majority of buildings bought after 2005 are absolutely not worth the debt," said Paul Whitworth, president of commercial real estate firm Jones Lang LaSalle's Dallas office. "Don't be shocked that there will be hundreds of millions of dollars in foreclosures in commercial real estate in 2010. Dallas just had a $41 Million piece of land put on the foreclosure list. The largest posting in at least a decade.

But wait, isn't this a global economy? The New York Times reports that there is almost daily news to confirm that Europe's commercial market is returning to health.

So what does it mean? I don't have a clue but I do believe this is the best time to buy a home. Rates are at record lows and they can't stay that low for much longer. The government is offering $8000 cash back to qualified buyers on primary residences and there is a lot of inventory. Remember that one in every four homes in Dallas Fort Worth is a bank owned property and those banks must get rid of that inventory. HUD homes are available in certain cases for $100 down and other municipalities are offering incentives to buyers with down payment assistance programs.

Don't wait for more confusing reports in the same newspaper on the same day, take things into your own hands and focus on the positive aspects. Real estate is coming back!

2009-09-18T11:02:00.002-05:00

Don't Miss Out On $8,000 in Cash Back

The IRS first time home buyers credit is set to expire on November 30, 2009. While the National Association of Realtors and home builder organizations are pushing Congress and the White House to extend and expand the program, do not count on it.

You need to find that house and get it under contract within the next 3-4 weeks at the latest. With all the talk about health care and the expense involved for that, Congress may find it a hard sell to expand another government incentive program. Cash for Clunkers ran out of money and this may also. So in other words, don't bank on anything when it comes to our government.

The important thing right now is to get pre-approved by a lender, find the right house for you and get it under contract now. Additionally, there are lots of local government down payment assistance programs in place as well as $100 down options when purchasing a HUD home.

The program ends on November 30th and you may receive up to $8000 or 10% of the value of the home whichever is less based on your income. But the closing must occur before the 30th (not just a contract to purchase but the closing and funding) The good thing is there has never been such an array of homes to choose from. The bad thing is all of the lending head aches. Be prepared and know that this process will require some patience and work on your part. When the lender asks for something, you must get it immediately. Do not buy one single thing on credit during the time you are qualified until after you close. That will kill a deal.

There are so many horror stories about loans that do not close for qualified buyers. You must give yourself time to have an alternative if the home you contracted to buy does not qualify for some reason and believe me the lenders are looking for any reason. Let me give you an example:

Tom Smith is buying a condo from Fannie Mae that was a foreclosure. The condo appraises for $140k and the buyer has contracted to purchase the property for $120k since Fannie Mae wants to sell it. Smith is putting 20% down on the condo and has a 760 credit score. Smith is also using a Fannie Mae loan to purchase the condo. So Fannie not only gets to sell a non-performing property, they also get to lend to a highly qualified buyer. But one day before closing, the mythical underwriter who no one ever sees or hears from until the 11th hour says that because the property was converted from apartments to condos over two years ago that Mr. Smith will now have to put 25% down in order to buy the property. Keep in mind that Smith is buying the property at 14% below the appraised value and offered to put 20% down therefore leaving the value of the loan at only 66% of the total value of the home. But Fannie doesn't want to sell it without the extra 5% down. Fortunately the buyer had the additional $6k to put down on the property and it closed. But if he had not, the deal would have died and the buyer would have to start his search over again and Fannie Mae would be stuck with the non performing property and a lost loan. No one along the way, the REALTORS, appraiser, home owners association, loan officer or desk top underwriter could have logically foreseen this issue. Good business, I don't think so.

The moral of the story is this could happen to you and if you wait until the last minute to find your dream house, it might be too late to get that free bailout money from the government.

Don't waste your time, call a REALTOR now and find your home.

2009-04-21T15:36:00.001-05:00

D-FW is 2nd Best Place to Live

The Dallas-Fort Worth market ranks second in a new survey of “America’s Top 100 Places to Live for 2009.”

The annual listing is developed by RelocateAmerica.com, a Web site that offers relocating Americans information on local communities.

Dallas-Fort Worth ranks second behind Tulsa, Okla., which secured the top spot.

The Top Ten is rounded out by Pittsburgh; Raleigh-Durham, N.C.; Huntsville, Ala.; Houston; Albuquerque, N.M.; Lexington, Ky..; Little Rock, Ark.; and Oklahoma City.

RelocateAmerica.com determines the winners by evaluating nominations and interviewing local leaders and residents on topics such as the region’s economic environment, educational opportunities, crime, employment and housing data.

“With the increasing concern on our nation’s economy and recovering housing market, we approached this year’s list with a different lens than in previous years. We concentrated on the outlook for future growth and ability to rebound in the communities that we selected,” said Steve Nickerson, president and CEO.

“We looked at the local government and the business leadership in each community as we considered this year’s winners. We selected communities with visionary leaders, improving or thriving economies including housing and realization of 'green' initiatives.”

RelocateAmerica is operated by trueV New Media, which is based on Brighton, Mich.

Dallas Business Journal 04/21/2009

2009-04-20T17:35:00.002-05:00

PROPOSED TEXAS LEGISLATION MAY CREATE MORE FORECLOSURES

In an effort to protect homeowners from foreclosure rescue scams, Texas Attorney General Greg Abbott is asking the Legislature to expand his authority to crack down on fraudulent practices under the Texas Deceptive Trade Practices Act. Sponsored by state Sen. Craig Estes, R-Wichita Falls, the foreclosure protection legislation is supposedly designed to curb growing problems with “scam artists” who prey on homeowners facing foreclosure.

So far so good, except the proposed legislation is so seriously flawed it will create more foreclosures, which is what we do not need in Texas.

If enacted, the law would require an investor to pay at least 82 percent of a home’s “fair market value” (FMV), and that just doesn’t make economic sense.

I have paid less than 82 percent of FMV for a distressed property on numerous occasions, and so have all of my more than 200 professionally-trained HomeVestors franchisees, as well as thousands of other real estate investors across the USA. We are not scam artists, but this legislation would prevent us from purchasing properties. That would be a shame because we are responsible for revitalizing neighborhoods by purchasing properties that, often times, no one else will buy. We rehab the properties, put them back on the tax rolls and provide affordable housing for homeowners and tenants.

As real estate investors, we protect American neighborhoods by improving the quality of housing and the quality of life in the communities we serve. Since 1996, HomeVestors franchisees in Texas have purchased 12,406 houses and sold 10,420 of them—we have purchased almost 40,000 houses nationwide. Our franchisees are required to conduct business ethically and pay a fair price for properties. If we had to pay at least 82 percent of FMV we would not be able to buy most properties. Thus, more houses will sit empty and deteriorate. Neighborhood values will decrease. Vagrants will move into the houses. Crime statistics will increase in these neighborhoods. Eventually, lenders will be forced to take back houses, rehabilitate and sell them, but the homeowners protected by this legislation will still be left with no money and a foreclosure on their records! That’s a great disservice not only to our franchisees, but to Texas homeowners.

Here’s why requiring payment of at least 82 percent of FMV just doesn’t work. At HomeVestors, our model is to pay 60 percent of the retail value of a property, less repairs. For a $100,000 property that needs $25,000 of repairs, we would pay approximately $45,000. Our total investment, with numerous affiliated closing fees and expenses, would be approximately $89,250, leaving us a reasonable profit of $10,750 if all goes well. And in today’s economy, there are more surprises than not. Things usually don't go well.

If $45,000 doesn’t sound like a fair price in exchange for a franchisee risking his money to acquire, repair and market a property, I can provide a long list of satisifed customers who gladly welcomed our cash offers. In many instances we saved them from foreclosure, dings on their credit scores, potential bankruptcy and more.

This proposed bill may protect Texans from unscrupulous foreclosure advisors and investors, but it will also create more problems for homeowners and communities. Stop Senate Bill 354. Tell the Attorney General that we’re all in favor of protecting Texans from scam artists, but we don’t want to prevent honest investors from rescuing ugly houses and enhancing our neighborhoods. If investors can’t buy houses in foreclosure and make a reasonable profit, they won’t buy them at all.

John P. Hayes, Ph.D

2009-04-10T17:40:00.002-05:00

FIRST TIME BUYER? YOU SHOULD CONSIDER IT!

The lowest mortgage rates in decades and new government tax credits are tempting more first-time buyers, a new poll shows.
More than three-fourths of the people in a poll commissioned by Century 21 Real Estate LLC said they think it's a good time to buy a home – even with all the economic problems.
And almost 70 percent of the 1,000 potential buyers polled in early March said they thought homebuying prospects have improved in the last six months.
Penn, Schoen & Berland Associates conducted the online poll on behalf of Century 21.
It contacted a random sampling by e-mail, then sent 1,000 e-mail questionnaires to prospective first-time homebuyers who had indicated that they were likely to buy in the next two years.
The poll was taken March 2-7 and has a margin of error of plus or minus 3.1 percentage points.
"With the income tax credit for first-time buyers, interest rates under 5 percent, the overall selection on the market and the number of foreclosures, we have see an increase in activity, especially the first-time buyer," said Jim Fite, president of Dallas-based Century 21 Judge Fite Co.
"This is great news for housing and for the sellers that are thinking of placing their home on the market."
Falling home prices and increasing buyer incentives are the key factors driving the shift, the research indicates.
Several recent economic reports have shown an increase in homebuying across the country.
A large portion of the recent purchases have been foreclosed or distressed properties.
More than half of the buyers polled said they plan to shop for a foreclosed house.
And 77 percent said they were more likely to purchase a house in the next six months because of the new $8,000 federal tax credit that first-time buyers can claim.

Steve Blow - Dallas Morning News

2006-05-11T20:36:00.000-05:00

TAX CUTS COMING SOON!!

The Texas Senate and House have finally agreed on a property tax reduction bill. There are a few small details that must be worked out between the two bills but it appears inevitable. For this year we will only have a small tax break and the larger break will come next week. Property taxes will be reduced from a max of 1.50 per hundred dollars to 1.00 per hundred dollars. This will be about a 1/3 cut in school property taxes which make up the bulk of our tax load.

My personal opinion is that this tax reduction will help to increase out of state investment in Texas and possibly drive up prices a bit. Since they have decided to invest in our state, many of my out of state clients have been waiting for this day and they are excited that they will no longer be double taxed.

Incidentally property tax assessments have begun to be delivered this week. The assessment amount is determined by the taxing authority and anyone can protest the amount. The first step is to go see an appraiser at the taxing authority and justify the lower amount. The appraiser has the ability to lower the value. If you are not pleased with the outcome of the individual meeting, you may appeal to the Appraisal Review Board. In the past the outcome of the ARB was binding unless you sued in county court. However this year for the first time you may ask for binding arbitration. An independent arbitrator will determine the value.

Anyone has the ability to protest the value of their home and if you are not able to physically do it yourself, a good property manager should provide that service for you. There are lots of services that will charge you a large fee to protest for you. Most of these companies will split the savings with you.
For more information on Tax Protests

2006-04-25T10:15:00.000-05:00

HOUSE PASSES PROPERTY TAX CUT

The House approved a new business tax Monday, part of Gov. Rick Perry's plan to cut school property taxes by about one-third. The plan would provide no new money for schools, though.

Lawmakers also overwhelmingly approved a property tax cut that they said would ensure that schools stay open this year, the "Get outta Dodge" plan (if you can call it that, I call it a cop out).

The measures that were approved now go to the Senate, which could take them up later this week.

The passage of the tax proposals, with some money from the state surplus (which is $8 billion), is designed to pay for about $6 billion a year in school property tax cuts, or enough to reduce a school district's tax rate for operations by about one-third.

About 50,000 businesses that have avoided the corporate franchise tax, often because they are organized as limited liability partnerships, would have to pay the new tax.

As previously mentioned, the House members overwhelmingly approved a "get outta Dodge" bill that would temporarily repair the school funding system. The measure, passed by a vote of 139-5, calls for an 11 percent reduction in local school property tax rates this year – about 17 cents per $100 of assessed valuation for districts that are taxing at the current maximum rate, $1.50. This would only go into effect if they cannot reach another deal before the Court mandated date of May 31.

Stay tuned, the House and Senate typically do not agree with each other!!

Wes

2006-04-18T18:16:00.000-05:00

PROPERTY TAX RELIEF - Will the sixth time be the charm?

Yesterday as the Texas Legislature opened a special session to fix the unconstitutionality of our property tax system which funds our public schools, more than 2,000 real estate agents lined the South lawn of the Capitol, toting blue signs that said, "We need property tax relief now!" They are right!

Texas lawmakers who only meet once every two years in regular session have been called to Austin for a 30 day special session because theTexas Supreme Court has struck down the way the state funds its schools and gave the Legislature until June 1 to fix the problem. Lawmakers must reduce property taxes and replace the $6 billion that it will cost with some other tax.

Now one would think that this would be an easy task since every single major political post, starting with the Governor, Liutenant Governor, the Senate and the House are all controlled overwhelmingly by one party, the GOP. Yet after five, yes five, tries to revamp the system they have failed miserably each time. Well this time Governor Perry seems to think he can pull together the support to get it done and he is spending $6 million in advertising to convince people. He does have the backing of the powerful Texas Association of Business. It's an unprecedented level of business support, but many lobbyists will still work tirelessly to protect their clients. You see, Texas is a business friendly state and any changes to the endless loopholes that keep the majority of businesses from paying any state taxes will be difficult to close. But its not just the businesses that have to be appeased. "When you're dealing with school finance and taxes, there's not any part of society you're not touching" says former House Speaker Pete Haney.

The tax-swap plan devised by Gov. Rick Perry's commission:

Restructured business tax - $4 billion
State budget surplus - $1 billion
$1-per-pack increase in cigarette tax - $800 million
Taxing auto sales based on a standardized vehicle value - $75 million
New auditors in comptroller's office to help collect taxes - $50 - 60 million
Total - $5.9 billion

The proposed property tax cut - The maximum rate of $1.50 per $100 of property value would be reduced to $1.30. Schools would receive enough state money to lower the rate to $1.

Incidentally Perry's chief opponent in this years election, the State Comptroller, announced Monday that there is actually an $8.2 billion surplus.

Mr. Perry's tax plan – which would lower property taxes, expand the business tax and increase the cigarette tax – was filed in the House as five separate bills. Also Florence Shapiro of Plano, the Senate education chief, filed a school reform bill that would give school employees a $2,000 pay raise and would give money to high schools to boost graduation rates and curb dropout rates. Teachers in this state have not had a raise in six years.

Stay tuned, my guess is that on May 31 we will finally have a plan.

2006-04-05T15:44:00.000-05:00

Does Texas expect a bubble burst?

Yesterday as I drove to Arlington, past downtown Dallas where on Sunday 500,000 people flooded the streets rallying for immigration rights, I couldn't help but notice how the skyline is dotted with cranes and partially constructed buildings. The Fort Worth sky looks virtually the same. The construction, migration and overall growth in the Dallas Fort Worth area right now is rivaled only by the early 1980's. Downtown and Uptown Dallas are booming with the addition of the corporate headquarters for 7-11 alongside the development project expanding the Arts District. Hunt Oil is breaking ground on their new offices, the Victory development has a new W Hotel and Condominium project nearing completion which is adjacent to several other buildings that are under construction. In Uptown, the Ritz Carlton Hotel and Condominiums and Azure project are being completed while across Woodall Rogers in downtown there are numerous buildings under renovation for conversion to mixed use including the old Mercantile building which the city gave $70 million in public incentives. Finally just a few miles away is the location for the three Santiago Calatrava bridges which are being built as part of the cities $1.25 billion Trinity River Corridor project.

Fort Worth is not much different, if you somehow missed all the new corporate growth then you can't miss all the bandit signs at intersections pointing to the new housing developments. This does not look much like a place where the bubble is about to burst and most experts agree.

Area avoids bubble trouble

N. Texas house market among least at risk for price drop, analysts say

Wednesday, April 5, 2006

By STEVE BROWN / The Dallas Morning News

While the buzz about a nationwide housing shakeout grows, Dallas and Fort Worth are near the bottom of the list of cities at risk of a price meltdown.
North Texas real estate markets are among the safest in the country, according to the latest analysis released Tuesday by PMI Group, one of the country's biggest mortgage insurers.
At the same time, the chances of a price slide have grown in many coastal markets, PMI analysts found in their first-quarter survey.
"Risk continues to be concentrated on the coasts," said Mark Milner, chief risk officer for California-based PMI Mortgage Insurance Co. "We continue to believe the most likely scenario is a soft landing, because of the continued strength of national and local economies.
"We expect to see the continuation of the slowing trend in many markets," Mr. Milner said.
During the last six months it's been more obvious that the housing market is cooling, he said.
"What we are seeing now is what we are expected to see and, frankly, what we thought we had to see – a gradual slowing of a market that had gotten out of balance," Mr. Milner said.
Among the top-heavy housing markets, seven of the top 10 are in California, and all have more than a 50 percent chance of a significant price decline in the next two years, according to PMI.
But the Dallas-Fort Worth area is rated with cities including Pittsburgh, Columbus, Ohio, and Nashville, Tenn., where a price fall is unlikely.
"Those of us in the San Francisco Bay area wish we were in the same boat Texas is in," Mr. Milner said. "If you look at the Dallas-Fort Worth numbers, what you see is strong labor markets – good job creation and low unemployment – and very strong home affordability.
"The flipside of that is home appreciation has been very slow relative to the rest of the country, but it's been nice and steady," he said.
The home price risk in Dallas is now only about a third of the national average, according to PMI's new estimates.
Local housing experts haven't been swayed by recent worries about nationwide home prices.
"There are a number of reasons why none of the cities in Texas are threatened by the bubble," said James Gaines, an economist with Texas A&M University's Real Estate Center. "Our housing markets are in good shape."
Mary Frances Burleson, president of Ebby Halliday Realtors, said she's not surprised at PMI's findings.
"If there is a bubble, I don't think it's here," Ms. Burleson said.
In cities where home prices are still soaring, it's putting a squeeze on buyers.
"With continued double-digit appreciation in many areas coinciding with rising interest rates, affordability is becoming a challenge for American home buyers," Mr. Milner said. "Overall appreciation remains quite strong by historical standards.
"It still remains in the double digits in many areas, but there is definitely a slowing trend in the past two quarters," he said.
The National Association of Realtors is predicting that home prices will have risen only about 6 percent nationwide last year. That's down from an almost 14 percent jump in fourth quarter 2005.
Home sale prices rose by only 4 percent in North Texas last year.
Pending home sales in February showed about a 5 percent dip from a year earlier, according to the Realtors association

In comparison, D-FW houses undervalued

Friday, February 3, 2006

By STEVE BROWN / The Dallas Morning News

If a new study is correct, North Texas homeowners shouldn't worry about a housing bubble.
Instead of an overheated market, Dallas-Fort Worth housing is among the most underpriced in the country, according to the year-end report by Local Market Monitor LLC.
The Massachusetts-based housing analyst looked at prices in 100 U.S. residential markets before deciding that the D-FW area was among the most undervalued home markets in the country.
Other Texas cities, including Houston, McAllen and El Paso – the most undervalued market on the list – also made the ranking.
"That's a much better position to be in than a lot of the other markets right now that are at the end of a period of expansion," said Ingo Winzer, president of the research firm. "The places that have had the strongest appreciation over the last five years – especially in California and Florida – are very likely to give a bunch of it back."
Local Market Monitor estimates that D-FW home values are 14 percent below the average for the cities it surveys.
Compare that to the most overpriced housing markets, which are mostly in California and Florida. They include Santa Barbara, Calif.; Naples, Fla.; Modesto, Calif.; and San Diego, which are all at least 70 percent overvalued, according to the researchers.
Along with the Texas cities, other places you are likely to find home bargains include Memphis, Tenn.; Little Rock, Ark.; and Fayetteville, N.C.

Watch Video on Texas Housing Price Bubble

2006-04-01T19:06:00.000-06:00

Hello and welcome to the Hodge Homes blog. Over the next few months we will explore the Texas real estate market with a particular focus on Dallas Fort Worth.

Due to excellent economic conditions, positive migration, a friendly business environment and numerous other factors, Texas is one of the safest places in the country to invest in residential real estate. In addition, if the Texas legislature does its job over the next month and fixes the school finance debacle, we will become an even more attractive place for real estate investments since our property taxes will drop.

Please feel free to send me your questions and I will attempt to answer them or find you the appropriate resource. Dallas Fort Worth is an excellent place to invest or to live long term, hopefully you will see that too.

The following article will give you an introduction to the area and some of the vital statistics needed to make an informed investment decision.

http://recenter.tamu.edu/mreports/DallasFWArl.pdf

Wes