Photo: Supreme Court of the United States

Photo: Supreme Court of the United States

The Supreme Court made a long-awaited ruling on whether tax subsidies for low-income housing in Dallas created segregated neighborhoods. The Texas Tribune has the most detailed report on the ruling, in which the high court ruled 5 – 4 against the state of Texas.

Under the Low-Income Tax Credit program, run by the Texas Department of Housing and Community Affairs, the state gives federal incentives to private developers to build or rehabilitate low-cost apartments, essentially engineering parts of a city’s geography.

The Inclusive Communities Project, a nonprofit devoted to fair housing issues, sued the TDHCA in 2009, arguing that the state doled out tax credits in Dallas in a way that packed minorities into poor neighborhoods and spared white neighborhoods from development of low-income housing. The result is that neighborhoods throughout Dallas remain segregated, the project argued.

We’ve talked before about how a massive, concentrated influx of public housing can affect a neighborhood, sometimes dragging down surrounding property values and creating a ghetto environment. One can hope that this will lead to a more inclusive plan to create and sustain economically diverse neighborhoods.

On the flipside, I’m sure that this ruling will have some wide-reaching affects on Dallas housing and the creation of new affordable developments in the city.

We’ll have more details and analysis as it becomes available.

 

 

Candy at Fox4

It’s no secret that I have a sick unique sense of humor. It even does mornings! This morning, bright and early, I was  delighted to be a guest on Channel 4’s Good Day with Dan Godwin, who was sitting in for Tim Ryan. The topic was our hot hot real estate market, and homes selling so fast it is getting hard to even find them as a consumer. I love TV but it goes so gosh darn fast. I explained months/days on market (6 months being normal in a balanced market), how we are now at a couple months of inventory (MOI) in both Dallas and Collin Counties, way below normal, with price points edging upwards just about everywhere in the Dallas metro area. Unfortunately, we ran out of time — I couldn’t present this chart of sales stats: (more…)

DFW_REALTIES_Sold

If you are up tomorrow morning, tune into Fox 4’s Good Day Wednesday morning around 7 a.m. I will be there talking about our hot hot real estate market, and the latest trends report from the folks at Realtor.com. They just released an early look at the May housing market with Advance Read on May Trends, a glimpse into residential real estate inventory and demand trends over the first 3 weeks of the month.

For May 2015, the analysis of data indicates U.S. housing demand remains strong and continues to outpace supply even with some growth in inventory. Realtor.com gets all it’s data from the Realtors, not through a third party, because the organization is actually run by the National Association of Realtors. So this is good stuff.

Jonathan Smoke, realtor.com‘s chief economist, has ranked the nation’s 20 hottest real estate markets. The rankings are based on a real estate hotness index, which is composed of two indicators reflective of demand and supply: the number of views per listing on realtor.com and the median age of inventory in each market.

Texas makes a bold statement on the list with Dallas-Fort Worth at #4 and Austin at #16. (more…)

Valley View Mall courtesy of Aerial Photography

I drove by Valley View Mall again the other day, and cannot wait for Dallas developer Scott Beck to get his show on the road for this place. Been trying to get in touch with him for an update but alas, Candace Carlisle at the Dallas Business Journal caught up with him FIRST and snagged an exclusive interview. Great interview: Candace works her behind off. Scott told her plans are still on to  redevelop Valley View Mall into Midtown Dallas, the huge 430 acre live/work/play community  he told us all about back in 2012.

Alas, time has passed, property and building costs have all gone up, and Beck has had to “re-imagine” the new Valley View aka Midtown. (Maybe no gondola rides to the Galleria — I don’t know, Candace did not ask him about that. Sad.)

Dallas-Midtown-gondolas-225x400

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NBC trucks

Seems like Robert Durst almost, ALMOST returned to Dallas to live AFTER he was acquitted for murder in Galveston. CandysDirt has learned that Robert Durst called inquiring to rent another space at the Centrum AFTER he had been living in Galveston. In fact, he may have lied to the police in Galveston, telling them he still lived at the Centrum.

Durst called and asked if there was space available to lease. At the time, there was not. Guess he really liked Dallas. (more…)

Frisco ice 2

I mean, how do you show homes in this kind of weather? My pool is surrounded by ice! Share your secrets for schlepping clients on icy roads. Here’s the winter weather update from Dallas — is everyone just staying in today around a nice cozy fire? This is how icy it is up in Frisco, thanks to our correspondent Brad Holden. If you can, stay off the roads, and stay home. House-warming house porn coming right up!

Frisco ice 3 (more…)

Adam and Alicia Rico. Photo courtesy Ryan Ray

Adam and Alicia Rico. Photo courtesy Ryan Ray

Adam and Alicia Rico are trendsetters of sorts, and quick to spot an opportunity when it comes to expanding their business reach.

The Brooklyn couple relocated to Dallas and opened a floral shop, Bows and Arrows Flowers, on Lower Greenville in 2009. Their gorgeous bouquets and arrangements quickly became one of the must-have wedding details for many Dallas brides.

They moved their shop to Bryan Street in old East Dallas in 2011. Last July, the pair spotted a dilapidated mansion in the neighborhood that, to their eye, would make a perfect wedding chapel once renovated, replete with the kind of stylish, high-end details they already offer with their flowers.

They live nearby at N. Fitzhugh Avenue and Live Oak Street and know the area well, so they purchased the property and spent months renovating the space and clearing trash and debris from neighboring lots. They built a new outdoor courtyard, added new exterior features, and were at work on the interior, as well.

But to make the wedding chapel legal, they needed to rezone to property from residential to commercial. And that’s where they ran into problems, Adam said.

“We knew that the process of zoning takes a while to go through, so we estimated four to five months, knowing that it could be challenging at any point,” said Adam. “But we didn’t expect to run into so much opposition from a few neighborhood associations.” Jump to read more!

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CaseShiller Oct 2014

Graphic: The Dallas Morning News

So here’s the reason why a lot of Realtors, I do mean a lot, will be drinking Veuve Cliquot tonight: Dallas is one of the top five markets in the country for home price increases, according to the folks at Standard & Poor’s/Case-Shiller.

The numbers from October home sales are in, and Dallas home prices rose 7.6 percent in October from the same month in 2013. Makes me kind of proud we are right up there with Miami, San Francisco and Las Vegas — the only cities with higher price appreciation than us.

The October appreciation was almost identical to the annual increase we saw in September,  7.4 percent.

“We are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” S&P’s David M. Blitzer said in the report. “Two months ago, all 20 cities were experiencing weakening annual price increases.

“This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up,” he said. “Seasonally adjusted, all 20 cities had higher prices than a month ago.”

And you may need a sip or two of bubbly to comprehend this fact : Dallas-area home prices are 13 percent higher NOW than they were before the recession hit. That’s right, we have out-bubbled the bubble.

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