The Renaissance Collection Official Shot

The Renaissance Collection (Photo: Bret Redman)

With its trademark shape and fantastic location, the Renaissance Dallas Hotel has been a landmark venue since 1983, however, it was showing its age a bit. Thanks to a fantastic multi-million dollar facelift, the hotel is now LEED Silver certified and boasts 30,000 square feet of meeting and event space, with a 16,000-square-foot grand ballroom, a 10,000-square-foot rooftop terrace, and breathtaking views of downtown.

(more…)

Graphic: Realtor.com

Graphic: Realtor.com

Riding on the tail of Leah Shafer’s post yesterday on the past year in Texas real estate, today Realtor.com released its predictions detailing predictions for 2015. In their top 10 list of real estate markets to watch for next year Dallas-Fort Worth is expected to make big gains.

So, why is Dallas-Fort Worth slated to have a breakout year in 2015, with sales volume forecasted to increase by 7 percent? According to Realtor.com, it’s because the first-time homebuyer is back in a big way.

“The growth expected in 2015 is widespread, but as we put together our forecast, ten local markets stood out as especially primed and ready for significant acceleration across housing metrics in 2015,” said Jonathan Smoke, Realtor.com’s chief economist. “The markets on this list range from big cities with older housing stock, big and mid-size cities with substantial levels of new construction, and up and coming markets appealing to young professionals for their job growth and high affordability.”

(more…)

Troy Aikman's home on Normandy in Highland Park went up in price within the first week on MLS, showing strong demand in the luxury market. (Photos: Shoot2Sell

Troy Aikman’s home on Normandy in Highland Park went up in price within the first week on MLS, showing strong demand in the luxury market. (Photos: Shoot2Sell)

I find it so interesting that just after our boy Troy Aikman upped the price on his Highland Park abode by 12 percent, CoreLogic released its HPI saying home prices are up 6.1 percent year-over-year from October 2013 and 0.5 percent from September to October 2014 nationwide.

In Texas, though, our market is seeing record gains that, while slower than last year, still show moderate growth. The Lone Star State is among four other states to post year-over-year gains with an HPI 8.7 percent higher in Oct. 2014 from a year ago including distressed sales, and 8.1 percent higher without distressed sales.

“Home price growth is moderating as we head into the late fall and is currently running at half the pace it was in the spring of 2014,” said CoreLogic deputy chief economist Sam Khater. “However, there are still pockets of strength, especially in several Texas markets, as well as Seattle, Denver, and other markets with strong economic fundamentals.”

(more…)

The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

First-time homebuyers are being squeezed out, and you gotta move fast to buy! And people are hanging on to their houses for the longest time on record, according to a new study by the National Association of Realtors.

Buyers are living in their homes for ten years, up from six years in 2008, and actually expect to live in their home for 12 years. Some of it is by choice, like hanging on to a fantastic rate after remortgaging, and some by necessity, like too much debt to move, as reported by the Dallas Morning News.

The study looked at the demographics of thousands of home purchases around the United States from July 2013 to June 2014, and its findings speak to many trends we’ve noticed in the market here at CandysDirt.

Take multigenerational homes, for example. We’ve seen more builders offering them, like almost every builder on our approved homebuilder list, from Park Cities to Preston Hollow and north. (I swear Mickey Munir at Sharif&Munir invented the jazzed-up mother-in-law suite.) Texas-based builder Darling Homes is selling multigenerational homes in Frisco’s Lawler Park and Houston area’s Lakes of Cypress Forest like hotcakes.

The survey says they’re right on trend: Since 1980, the number of multigenerational households around the country has doubled, with 13 percent of buyers purchasing one of these homes to accommodate aging parents and boomerang kids in a cost-saving way.

(more…)

Ebby CEO Mary Frances Burleson was named one of the top real estate executives in the country.

Ebby CEO Mary Frances Burleson was named one of the top real estate executives in the country.

Congratulations on another much-deserved recognition for Ebby CEO Mary Frances Burleson, who is at the helm of one of the largest independent real estate brokerages in the nation. Truly, her success is a triumph considering the legacy of the company’s eponymous leader, Ebby Halliday, and how this trend-setting firm has become a household name in North Texas.

(more…)

Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Word comes that for the month of August, Dallas-area home prices posted a fantastic little bump at 7.3 percent year-over-year. Case-Shiller’s Home Price Index report shows enough of an increase in prices to warrant continued optimism among sellers in our burg, where a shortage of inventory and slow-to-catch-up new home builders has made the market for homes in most price ranges very competitive.

That’s one of the highest increases nationwide, and over the national average, too, which is 5.5 percent. According to the report, the median price of a pre-owned, single-family home in North Texas in August is up 7 percent from the same period last year.

But according to a recent report from the Real Estate Center at Texas A&M University, total sales are down 2 percent over a year ago. Of course, as sales volume decreases, it’s only natural for the competition over those homes on the market to heat up.

I guess, though, we’re in a fortuitous spot considering that our price increase puts us at 12 percent higher than pre-recession levels, and with inventory as short as it is and job growth still on pace for expansion, there’s no bubble in sight.

What’s your outlook on home prices and inventory?

Lawrence Yun

Lawrence Yun is the  Chief Economist and Senior Vice President of Research at the National Association of Realtors, and he is a honey. He was in Dallas Friday for Realtor University, which offers a master’s level degree to qualified Real Estate agents, kind of like an industry PhD program. Realtor University is committed to giving agent members life-long learning opportunities in their field. It’s the only institution of higher education focused exclusively on real estate, and it was founded in 2002. Speaking at lunch, Dr. Yun was as bright as the weekend weather forecast on his prognosis for Dallas and Texas.

Rest of the country, not so much. Rest of the world, ugh. (more…)