Well that was unexpected. WFAA is reporting that Khraish Khraish, the West Dallas landlord threatening to evict hundreds of residents, is now offering to sell to them. Khraish credits what WFAA is calling a “change of heart” to conversations with Dallas City Council run-off candidate Omar Narvaez. Before the plan’s formal announcement, Khraish had already begun inking deals. The terms of the sales are the same for each house.

Khraish will provide 20-year mortgages at a fixed 4.75 percent interest rate. The new homeowners will pay about $425 per month, with an additional $150 in property tax, making their total monthly payment about $572, not too much more than what most are paying in rent alone now, he says. If a new homeowner decides to sell the home in less than 10 years, Khraish will have the right of first refusal to buy it back.

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townhome4

We called it. When we first heard of Sphinx Development‘s plans for a townhome community just west of Corinth and south of Cedar Creek, we had a feeling it would sell out quickly. There’s a dearth of new construction in the $200,000 range, and plenty of opportunities for infill just east of North Oak Cliff. So we’re not surprised in the least to hear that all 49 units of the development’s initial phases have been snatched off the market.

The Fiji Townhomes development, marketed by Virginia Cook Realtor Angela Downes, will soon launch a third phase that will include lofts and retail, as well as office space. According to Sphinx, Phase Three will be ready for occupancy in 2018.

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January has been unseasonably active for homebuyers according to data from realtor.com.

January has been unseasonably active for homebuyers according to data from realtor.com.

Winter isn’t exactly your typical home buying season. Most folks are working on their homes, getting them ready to list in the spring. Buyers are scouting neighborhoods, ready to pounce when the market is saturated in March.

However, recent data from realtor.com shows that demand during the month of January remained strong, while low supply has kept prices high.

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Photo: Daxis via flickr

Photo: Daxis via flickr

Forbes certainly thinks it is.

That’s the results of a study the media company completed with Local Market Monitor. Dallas home prices are expected to increase by 31 percent by 2020, which is a bigger price growth than any other MSA listed.

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Home For Sale Sign Dallas

While the winter months are usually a slow season for the Dallas real estate market, buyers didn’t seem to get the message.

With record-low levels of housing supply and buyers seeking out deals before rates go up in 2017, Realtor.com is reporting that Dallas maintained its second-place rank as one of the hottest markets in the nation. And homes on the market are moving quickly, as national figures for December show homes flying off the market 5 percent faster over last year, even as prices remain at record highs.

“We saw evidence of a stronger-than-normal off-season in September and October due to pent-up demand and surging interest from first-time buyers,” said Jonathan Smoke, chief economist at Realtor.com. “Since the election, demand seems to have intensified, possibly in reaction to a jump in mortgage rates. Now buyers seem to feel a sense of urgency as they face the threat of rates that may approach multi-year highs in the months ahead. The downside to this strong fall is that 2017 will begin with a new low volume of available homes for sale.”

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According to ABODO, Dallas' 75216 Zip code is a hotspot for flippers. (Map: Google Maps)

According to ATTOM Data Solutions, Dallas’ 75216 Zip code is a hotspot for flippers. (Map: Google Maps)

Flipping a home is more of an art than a science. While budgets should be a consideration for any real estate investor, creating a home that someone wants to live in so much that they’ll put in an offer above asking price is paramount. But that’s tough in some areas where lot values are skyrocketing and materials costs are through the roof. But more budget-friendly areas, neighborhoods where you can get a lot of house for a little, are becoming more attractive to flippers.

In Dallas, that area is the 75216 Zip code. For the uninitiated, that’s a vast swath of southern Dallas between Interstate 35 East and Interstate 45 just north of Loop 12. Neighborhoods such as Cedar Crest. Interestingly enough, according to Realtor.com there are just 84 single-family homes on the market in this area, and 152 listings total. Seems like a hot area, but that could change because flipping is actually slowing down. At least that’s what ATTOM Data Solutions says.

The company, which calls itself the “curator of the nation’s largest fused property database,” said that the number of homes flipped in the US has actually decreased from the 6-year high reached in the previous quarter. That’s falling from a 5.6 percent flipping rate to 5.1 percent, or from 53,892 flipped homes to 49,305. Flippers buying with cash accounted 67.9 percent, down from 68.2 percent in the previous quarter and down from 69.0 percent in Q3 2015 to the lowest level since Q3 2008 — an eight-year low.

According to ATTOM, a flip is a home sold for the second time in a 12-month stretch. The company surveys more than 950 counties, which comes out to approximately 80 percent of the American population. Let’s see what that looks like in 75216.

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The Dallas Midtown development from Beck Ventures will surround a large public park where Valley View Mall now sits. (Rendering: OMNIPLAN, Beck Ventures)

We’ve been closely following the progress of the Dallas Midtown District after Scott Beck first announced his dream of transforming the neglected Valley View Mall area into a thriving mixed-use development. That was 2013, y’all.

Of course, we’re thrilled to hear that Dallas Midtown will feature a huge park as the keystone of the development. To that end, Beck, along with Bruce Bradford and Lois Finkelman, founded the nonprofit Dallas Midtown Park Foundation.

“Since its inception we have worked with neighboring property owners, civic leaders and philanthropist to begin shaping a vision for a Dallas Midtown City park,” Beck said. “Earlier this year, the Foundation, in partnership with the Dallas City Parks Department, selected MIG, Inc. as the Foundations lead architectural consultant.”

MIG, Inc. CEO Daniel Iacofano, Ph. D., will present his vision plan to the Dallas Park Board tomorrow, Sept. 15, at 9 a.m. inside Dallas City Hall. A town hall meeting is scheduled later in the day at the Westin Galleria Ballroom, from 7 to 9 p.m. Iacofano will present his vision plan and offer the opportunity for feedback from the community at large. If you have an idea or want to see the plan in detail, this meeting is open to any and everyone.

 

What do you want to see inside the park planned for the Dallas Midtown District?

casechart5.31
We are still cooking when it comes to rising property values, though the heat is no longer set to boil: Dallas’ March home price increase was only 1.4%, the lowest annual increase in nine months, and below February’s. But Dow Jones’ Case-Shiller March report says oil pries be damned, Texas is still killing it as real estate becomes a more scarce commodity:

“The economy is supporting the price increases with improving labor markets, falling unemployment rates and extremely low mortgage rates,” S&P’s David Blitzer said in the report. “Another factor behind rising home prices is the limited supply of homes on the market.

“The number of homes currently on the market is less than 2 percent of the number of households in the U.S., the lowest percentage seen since the mid-1980s.”

Here is what I am loving: while nationwide home prices are still 10% below what they were in 2006, when the market was just nuts, Dallas-area home prices are now more than 25 percent higher than they were before the recession.

We can thank the more than 80,000 people a year moving here for making our homes short in supply, our days on market about 3 months or less (less in Plano-Frisco) except, of course, when you are talking the eight digit properties.

Price movements, said the report, vary across the country. “The Pacific Northwest and the west continue to be the strongest regions. Seattle, Portland, Oregon and Denver had the largest year-over-year price increases. These cities also saw some of the largest declines in unemployment rates among the 20 cities included in the S&P/Case-Shiller Indices. The northeast and upper mid-west regions were at the other end of the ranking. The four cities with the smallest year-over-year prices gains were Washington DC, Chicago, New York, and Cleveland. The unemployment rates in Chicago and Cleveland rose from March 2015 to March 2016.” (more…)

Jon Anderson

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