Monthly Archives: April 2009

Candy Evans, D Magazine, has good taste

Thanks for blogging about my contemporary, newly constructed listing in Bluffview, Candy. I agree with you completely: this home and neighborhood are extraordinary.  Click here for more details about this home.

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Filed under Bluffview / Devonshire, Press & News

Real Estate Statistics for Highland Park – April 7, 2009

NTREIS is the MLS system for Realtors. Here are today's stats for Highland Park and University Park, Texas.

NTREIS is the MLS system for Realtors. Here are today's stats for Highland Park and University Park, Texas.

I am looking through MLS online tonight and I find it amazing that if a homebuyer is looking in Highland Park or University Park for a home that is priced between $1million and $2million you have a selection of 203 homes. I am estimating that is approximately a 17-month supply. Currently there are 14 homes with contracts pending and only 12 homes have closed in 2009 in this price range.

Buyers should take advantage of this huge selection of homes in this price range – In a normal market, there might be a 6-month supply of homes.

And for sellers, it’s more important than ever for your homes to be priced “ahead of the market” to be competitive, which means that they need to be priced at or below the current homes that have sold – Stay away from trying to price your home similarly to the current active homes … there are too many to compete with.

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Filed under About my business, Highland Park / University Park

How do you define value in a new home? Let’s begin with the definition of “Oh, wow, I love it.”

You know what – I read the article (below) this morning and I agree that our prices in Dallas are not dramatically changing even though they have gone down a bit. However, I think the major thing affecting the prices right now is buyer confidence and this is a common familiarity in all US cities. Prices have come down, and there are a lot of values out there but there is a lot of fear out there as well. There doesn’t seem to be any emotion in the market. Homebuying is usually such an emotional thing.

A home is a place that makes you feel good about yourself every time you walk in the door, and that’s how I define value.

What do you think?

4208 Rosa Court in Preston Hollow-North Dallas

4208 Rosa Court in Preston Hollow. Wonderful home on a quiet cul-de-sac close to many private schools and shopping.

Risk of drastic home price drop still minimal in Dallas-Forth Worth

08:08 AM CDT on Thursday, April 2, 2009

By STEVE BROWN / The Dallas Morning News
The risk of a home price decline in the Dallas-Fort Worth area crept up a bit in the final months of 2008.

But the likelihood of lasting, significant drops in residential value here is still “minimal,” according to the latest report from mortgage insurance firm PMI Group.

The California-based firm estimates that the D-FW area has less than a 3 percent chance that overall home prices will be lower two years from now than they are today, the report released Wednesday said.

That’s up from less than a 1 percent risk of home price decline in PMI Group’s third-quarter report.

PMI economist David Berson said the slight increase in risk in the North Texas housing markets is due to “deterioration in the job market in the metroplex.”

“Unemployment is up to around 7 percent, and there are declines in year-over-year job growth,” Berson said.

Preliminary numbers show that the D-FW area lost more than 31,000 jobs during the 12-month period ending in February.

The PMI Group study looks at housing market conditions in more than 300 U.S. markets.

Most Texas cities were clustered at the bottom of the ranking of housing markets expected to see home price declines.

By comparison, many California, Florida and Arizona markets had almost a 100 percent risk of falling home prices over the next 24 months, the report shows.

The D-FW area has rated low on PMI Group’s risk index for more than two years.

Another widely followed home price study by Standard & Poors/Case-Shiller said this week that Dallas-area home prices have fallen more than 10 percent since the market peak in mid-2007.

But that report uses different measures than the PMI Group research, which focuses on where the market will be two years from now.

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Filed under Press & News, Preston Hollow area