Don’t forget the exciting educational experience on tap for you this evening down in State Thomas, one of the most desired neighborhoods in Dallas because it is truly historic. You will also hear — and we will report on — how Uptown got its start from the mouths of the very founders. Next week we will look inside the exquisite home of Patricia Meadows, one of the very first ST settlers who relocated out of the Park Cities and had the vision to build a beautiful home in State-Thomas. And Patricia will be speaking tonight.

Do stop by. It’s truly seldom that these homes are open. 

(But if you cannot, never fear: CandysDirt has you covered!)

Event Details

Thursday September 21, 5:30 – 7:30 p.m.

2707 State Street

Wine and hors d’oeuvres

6:15 pm—Welcome Remarks, Patricia Meadows

“The Birth of Uptown”

2707 Hibernia Street, 2309 Boll Street, and 2315 Routh Street will also be held open for tours, with door prize drawings. Please RSVP by September 19 to 972-407-2591 or via email to Mary Alice Garrison at Maryalice.garrison@alliebeth.com.

Scrolling through my Google alerts, I saw this piece from Forbes about the top markets for real estate investment for 2017. Of course, I was ambivalent about Dallas being ranked No. 1 by Local Market Monitor, as high prices could be allayed by more construction of affordable single-family homes, but while clicking through the slideshow (my least favorite data presentation for websites), my eyebrows shot up at the sight of what Forbes purports to be Fort Worth. 

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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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