Saragosa

Builders of Hope CDC’s affordable condo project in the Bishop Arts District, the Saragosa (seen in the foreground), will make homeowners of Dallasites that might not otherwise be able to afford to enter the market (Photos courtesy 3D Immersion Tours).

As new construction of single-family homes continues to become more expensive, even existing homes in affordable price points can be as fine as hen’s teeth in high-demand areas like the Bishop Arts District of Oak Cliff. But one community development corporation is aiming to change that — starting with one condo development.

It’s been a steady refrain for almost a year among economists and builders — construction nationally isn’t getting any cheaper, with tariffs, skilled labor shortages, increases in land costs, and increased costs in construction materials. In February, it was almost certainly the consensus at an affordable housing conference at the Dallas Federal Reserve that one entire segment of new single-family home construction — homes priced less than $200,000 — had virtually disappeared from the market. A study in May of the area all but confirmed it. (more…)

Silicon Valley corporations like Facebook and Google are reviving the notion of a “company town.” For decades, Silicon Valley has been single-minded in a pursuit of wealth via technology. The minting of tech millionaires has driven real estate out of reach for many not caught in the thrall of stock options and IPOs. Constructing housing in this environment seems a way to add capacity that benefits all. But there’s a likely far darker outcome.

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HUD

Source: Center on Budget and Policy Priorities

Being poor is no picnic in a thousand little ways. People give the poor grief for using food stamps to buy junk food and sugary drinks. And now, a study using data from the New York State Department of Health hints at a partial reason: Food manufacturers know food stamps are issued monthly and typically spent within a week. So poorer shoppers are targeted with soda sales in the first week of the month.

In neighborhoods with few food stamp users, there’s no correlation of soda sales and date, but in poor neighborhoods, it’s 4.35 times more likely there will be a soda sale in the week food stamps are issued.  Interestingly, low-calorie soda ads didn’t increase, just the sugary ones. Pretty sleazy to target the poor (grocery stores and drinks makers all denied it) and then listen to politicians legislate what they buy.

But we’re on CandysDirt.com to talk about housing and real estate where the poor are targeted with similar empathy. (more…)

Bud Oglesby-Designed Condo In Oak Lawn Features Timeless Design | CandysDirt.com

Calling all architecture and design lovers: We’ve found a Bud Oglesby condo that’s the perfect dwelling for the Dallas urbanite. It just hit the market and offers are due by 5 p.m. Tuesday, so you have to act fast to snag this gem.  

Nestled in the Mansion neighborhood of Oak Lawn and only blocks from the Katy Trail, 2711 Hood St., Apt A is true to its original design with stained concrete flooring and open rafter ceilings. The original blue General Electric Wonder Kitchen (which includes stove, oven, sink, and stainless steel counters) has been preserved and offers an authentic and fun focal point for the space. 

“I think there’s an intangible element to this home that’s hard to put into words — it has history and soul,” said listing agent Phillip Murrell with Dave Perry-Miller Real Estate — Park Cities. “Oglesby was ahead of his time and created an efficient, open space without any fuss, just great design.” 

This home has one bedroom, one bathroom, and 705 square feet on one story, built in 1969. Let’s take a look before it’s off the market. 

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Yesterday morning, the Dallas City Council unanimously approved its first housing policy aimed at addressing affordable housing.  It took a while, but we’ve finally put on our big boy pants.  You may recall back in January the city rolled out a Market Value Analysis that measured housing across Dallas to map the varying levels of housing and costs. There wasn’t a lot of shock on the large scale of Northern Dallas being better off than Southern Dallas. But the block-by-block analysis identified specific areas where an affordable housing policy might do some good.

Armed with that information, the city held many community meetings to discuss the findings and gain input on ways to address affordability in Dallas. Nearly 39,000 people participated on those in-person and call-in meetings.

The results of these efforts identified several issues … (download full policy here)

Despite all the building of the past few years, Dallas has a 20,000 housing unit shortfall in both purchase and rental housing. It’s not hard to see why in 2017 the median home price swelled by 9.1 percent, in part because available housing only grew 3.6 percent. Scarcity increases price.

Meanwhile, 60 percent of Dallas families, regardless of income, are cost burdened by their housing costs. This means they spend more than 30 percent of their net income on housing costs. This forces people to leave Dallas for cheaper suburbs that increase commute times and transportation costs, in effect burdening them in another way.

Adding to unaffordability are developers snatching any postage stamp of land in hot neighborhoods at exorbitant prices while leaving poorer neighborhoods begging for more housing. Cheap land and high building costs in areas with less economic power aren’t as profitable as projects in wealthy neighborhoods that generate top dollar. And so far, the glut of luxury apartment building shows little sign of abatement.

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affordable home

Photo courtesy Flickr/Woodleywonderworks

It’s official — the likelihood of finding an affordable home for less than $200,000 in Dallas-Fort Worth is slim to none, economists with Metrostudy said last week.

“While DFW’s strongest price point during the last cycle, below $200,000, is no longer viable, the “new affordable” price bracket, $200,000 to $300,000 grows,” Paige Shipp, regional director of Metrostudy’s Dallas-Fort Worth market said. (more…)

One would think that growing up in a poor and broken home would inform your worldview towards empathy later in life. But no, apparently it’s just like parents’ age-old freak-out on sex education that forgets their own terrible first experiences on the topic. It’s almost like hazing theory: “If I had to go through it, so should you.”

Last week, former poor kid and current Housing and Urban Development director Ben Carson outlined how his office wanted to make poverty even more like a prison sentence. Currently there are 4.7 million families utilizing federal housing assistance (a ghastly number). More than half of those are senior citizens and the disabled. Think about that. If at 65 years old you need federal money for housing, your first 65 years haven’t been peachy. You’ve likely been miserably poor your whole life.

New recommendations from Carson’s HUD would triple the minimum rent they’d have to pay to be in the program that’s currently set at $50 per month. Think about that. Current federal guidelines require 30 percent of adjusted income come from the tenant. If your income is so low that $50 per month is less than 30 percent of your monthly income, “poor” is an aspirational state.

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rents

(Photo courtesy Wikimedia Commons)

There may be a lot of apartments being built in Texas, but that’s not necessarily translating to more affordable rents, one economist said at a recent conference on affordable housing held at the Federal Reserve Bank of Dallas.

Greg Willett, chief economist at RealPage, told the group assembled that the same affordable housing issues that have begun to block families from purchasing homes have begun to crop up in the rental sector as well.

“We are starting to see the same affordability challenges in rental housing,” he said, adding that this issue is occurring despite a boom in apartment completions across the country. (more…)