2015 days on market

From what I’m hearing, it’s the moderate to mid-priced homes (up to $1.2 million) that are selling the fastest — anything within the 636 Loop, Park Cities, Preston Hollow, Midway Hollow, Lakewood, Hollywood Heights, M Streets, Bluffview, North dallas south of LBJ. Preston Trails taking a little longer. Plano and Frisco on fire (you know what I mean).

What areas are you hearing that are hot, what areas are not?

The newest edition of Grand Vie will feature a column by Candy and tons of great Fort Worth homes from Williams Trew!

The newest edition of Grand Vie will feature a column by Candy and tons of great Fort Worth homes from Williams Trew!

To say that we are thrilled about the pending arrival of the new Grand Vie: Luxury in Living magazine is a gross understatement. Of course, we’re always excited to see Candy’s column, which talks about all the reasons North Texas lake houses are a great choice for a getaway. This time, though, we’re even more excited because this is the very first issue that shows off fabulous Fort Worth properties from Williams Trew!

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Toyota logo

Happy New Year! Steve Brown posted his year end wrap of Dallas real estate, residential and commercial, calling it one for the history books. Tis true: Dallas Real estate values are at their highest EVER, exceeding where we were even before the bubble. And he is right — this boom is fueled by the right stuff: jobs and population. We did not overbuild in Dallas during the boom. We did not over extend, thanks mostly to state laws that limit how much you can borrow against your homestead. So when the economy turned on — it was just about two years ago January when agents told me that  “a lightbulb had turned on”  — there was no stopping us except for one little bugaboo: inventory.

Steve says : “Construction cranes stretch from Uptown to Frisco.”

I would say even further north — Prosper is the new hot spot you will be hearing more of here on CandysDirt because we are in love and cannot wait to see what they do with Deion’s place. (If that house ever sells…) And then there’s Celina, just north, and it’s rocking. Spent a day at Light Farms which you will soon be hearing about as we are blown away: 3200 homes on the site of an old family farm that has become a veritable condo farm: tractors, gardens, mini farm plots, Saturday morning Farmer’s Market, a holistic food consultant and even a beekeeper! Here’s the way they describe it: ten minutes from downtown FRISCO.  Whoa, now that’s interesting. Oh the public schools — amazing! Here we go with Steve’s biggies and mine:  (more…)

New House under Construction

Recent reports show that new home sales are at their highest since 2008, while prices of existing homes are up year-over-year.

New home sales are up 17 percent from the same time last year, according to Residential Strategies, and new home starts are up 11.4 percent, too, at 6,511. Builders are trying to keep up with demand while also trying to keep new homes affordable for buyers, according to a story from Steve Brown:

“Start activity remains strong as builders maintain healthy sales backlogs and are working to reestablish depleted speculative inventory,” Residential Strategies’ Ted Wilson said in the report. “Robust job formation, in combination with tight housing inventories, has kept builders optimistic about sustained new housing demand.”

Rising new home prices have caused a slowdown in sales for some buyers.

Since 2007 the median price of a new home in North Texas has increased $69,000 – 33 percent – to $275,000.

“Affordability continues to be a primary concern for new home builders,” Wilson said.

“Many are anticipating that at some point down the road, interest rates will increase, and they want to ensure that their housing prices are still within reach of the consumer.”

Additionally, a new report from CoreLogic shows that the Dallas-Plano-Irving area is posting an 8.5 percent increase in home price appreciation according to the firm’s most recent HPI.

“Home prices continue to rise, albeit more slowly, across most of the U.S., ” said CoreLogic CEO Anand Nallathambi. “Major Metropolitan Areas such as Riverside and Los Angeles, California, and Houston continue to lead the way with strong price gains buoyed by tight supplies and a gradual rebound in economic activity.”

In Texas, that means we’re holding steady at our return-to-peak price levels, with no major increases. With new home construction up, a positive outlook for investors in several niche markets, and with prices still on the rise, are you optimistic about the Dallas/Fort Worth real estate market going into Q4 2014?

 

Denton made Kiplinger's list of the top 10 towns you'll want to live in.

Denton made Kiplinger’s list of the top 10 towns you’ll want to live in.

I’m sure Augusta, Ga., is really nice and all, but do you really want to live there? Isn’t it a better place to visit?

That’s why Kiplinger’s broke down it’s well-known list of “cheapest cities to live in” and spawned it’s list of “cheapest cities you want to live in.”

That’s a pretty significant distinction, although several cities on the former list made it on the latter.

The cheapest places to live aren’t necessarily the best places to live. Cities with super-low living costs can suffer from high unemployment, poverty and a lack of services. So while cost of living is an important consideration in choosing where you settle down, it’s equally important to gauge the strength of the local economy and the job market.

With this in mind, we set out to identify the most inexpensive cities where you would actually want to live, based on economic health and affordability. We started with the 100 cheapest cities in the U.S., based on cost of living, and then whittled the list down to the top 10. To do so, we required that each city have below-average living costs, high household incomes relative to the cost of living, and an unemployment rate that’s below the national average. It’s not all work and no play, however. We also looked for places that offer residents access to fun, low-cost things to do. Cities with populations below 50,000 didn’t make the cut.

While the cities are diverse in make-up and location, we’re happy to report that several Texas towns made the list, including Round Rock, Temple, Denton, and Corpus Christi.

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Distribution of starts by priceThis is very good news for home builders, not such great news for consumers. New home ownership is getting more expensive, even in North Texas. Hence all those apartments going up:

“New homes priced under $150,000 are rapidly disappearing from the market because of shrinking lot inventory, rising land and construction costs. There are just over 5,000 developed lots available for home in this price range and they are not being replaced. Only 2% of the new lot deliveries in Dallas-Fort Worth last year were for homes priced under $200,000. Buyers searching for a new home in this price range are being pushed to the existing home market in most submarkets. They may soon be forced to stay in the rental market,” said David Brown, Regional Director of Metrostudy’s Dallas Ft. Worth Market.

Steve Brown says that North Texas home starts were up 2 percent in the second quarter of 2014 from 2013, and that new home prices are soaring thanks to rising construction costs and ever-rising land prices.

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