01/15/19 9:40am

The Bow Tie Realtor will successfully predict tasty 2019 happenings in Tarrant County … buckle up

Before we look into the crystal ball for 2019, let’s take a quick look at the Bow Tie Realtor 2018 Tarrant County Predictions.

Prediction No. 1: Median Sales Price Will Rise

Correct Prediction — According to The Real Estate Center at Texas A&M University, the median sales price in 2017 for Tarrant County was approximately $217,000.  The median sales price for Tarrant County in 2018 thus far shows to be $229,500.  (Note: Stats for December 2018 have not yet been published.)

Sales in the Tarrant County luxury home market were fewer and further between…but they still happened

Prediction No. 2: The Luxury Market Will Be Slower

Sort of Correct Prediction — Statistics show that the average days on market for luxury homes priced $750,000 and above were about the same from 2017 to 2018.  Ask any real estate agent in the with knowledge of that market and they’ll tell you sales definitely took longer.  It felt that homes took an eternity to sell and went through a number of price reductions.

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01/15/19 9:30am

By Lydia Blair
Special Contributor

When you buy a home, don’t you get a guarantee of clear title? Well … no.

Isn’t that why you buy a property through a title company and get title insurance? To get clear title? Not exactly.

That’s not the phrase we like to use in the title business. Those two words “clear” and “title” together. They can cause anyone within the walls of a title agency to cringe, squirm and scowl. It’s like nails on a chalkboard.

I had the audacity to use the expression “clear title” in a recent Title Tip. Just pin my tail and call me a donkey. Must have been too much holiday eggnog.

So how do you get clear title to a property? You don’t.

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01/15/19 9:15am

Turtle Creek Terrace doesn’t look as dilapidated as Lincoln claimed

After a long and winding road, Lincoln Property’s proposed Lincoln Katy Trail project was denied by city council (I assume they will re-apply). That project would have replaced the Turtle Creek Terrace condo complex. Today, Turtle Creek Terrace unit #168, located at 3203 Carlisle – the intersection of Oak Lawn and Uptown – was listed.

It’s a perfect illustration of my point that replacing 115 existing market-rate affordable housing units with 45 was a bad deal. This one-bedroom, two-bathroom unit has 824 square feet and is listed for $149,000 with Tyler Hagood from Small World Realty. Using basic mortgage tools, that breaks down into a monthly payment of approximately $925 assuming a 30-year mortgage or ~$1,250 for a 15 year payoff. These monthly costs include mortgage, taxes, insurance, and HOA fees.

According to Zillow calculators, using Dallas’ average household income of $54,727, a couple could afford a monthly payment of $1,629/month. Using the 80 percent average median income required for listed affordable housing ($43,781), this home is purchasable by someone earning just $42,000 – less than a qualified affordable unit.

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01/15/19 9:00am

VisitDallas

A very good question: why does someone promoting Dallas, receiving almost a $700,000 salary funded by taxpayers to in fact promote Dallas, live and raise his family in Southlake?

Well, Mr. Jones actually does live in Dallas at The House, by Philippe Starck, where he and his wife, Patricia, own a 1,487 square foot condo on the ninth floor.

We should also clarify something else that has been a source of confusion, by the way: Funding for VisitDallas comes from a tax paid by visitors when they stay at Dallas hotels, not taxes from local residents.

Years ago, in 2004, Phillip Jones and his wife, Patricia bought a new house at 930 Deer Hollow Blvd. in Southlake. The house is now valued by the Tarrant County Appraisal District at $652,000. The home, in an area called Southlake Woods, is 3886 square feet on almost .60 of an acre. And this is where they raised their two children, who are now young adults.

About four years ago, Dallas Mayor Mike Rawlings apparently told Phillip that he really should live in Dallas, not Southlake,. So in 2014, the couple bought a unit on the ninth floor at The House by Philippe Starck. I’m told that Phillip actually rented the condo for seven years, then bought it. (more…)

01/14/19 9:56am
 
We regret to inform our community of the passing of Tom Greico, a Dallas Builders Association Honored Life Director, a CandysDirt preferred builder and founding partner of this website, an eclectic Dallas figure, and a brilliant home builder who pioneered modern vision in many Dallas neighborhoods when most of us were just learning what transitional meant.
 
As Phil Crone, Executive Officer of the Dallas Builder’s Association wrote, “Because Tom Greico brought light to every room he entered, his passing is especially difficult to convey.”
 
It is particularly difficult for us here at CandysDirt.com. I have personally known Tom Greico for years, meeting him early in my career as a real estate reporter. I toured his first homes in Midway Hollow and East Dallas, and heard him describe what he was creating with a passion few home builders possess, probably due to the fact that he was both an architect as well as a homebuilder. There was a methodology to every angle, and nothing was impossible.  Tom had a zest for living and for life, which was translated into his homes. He was also one of the most gracious men you could ever meet. He was naturally happy and brought out the best not just in, but for, everyone he was around.
 
 
The truth is, Tom loved designing and building homes more than anything. He was a 1983 graduate of the school of Architecture at the University of Texas.
 

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01/14/19 9:55am

luxury family compound

Just when you think you can’t be blown away by a Monday Morning Millionaire, we discover not just one, but two homes built next to each other on the best street in town. That’s right — this is a Beverly Drive luxury family compound.

The Kennedy or Bush family compounds probably spring to mind, but when you are talking serious luxury, it pales in comparison to this luxury family compound on 3414 and 3412 Beverly Drive.

What constitutes a luxury family compound? It has been commonplace in New York to expand into floors above, below, or next door to create enough space for grandparents and guests. So, when does a house become a compound? Technically, a compound constitutes multiple houses on a single property. In reality, luxury family compounds can be made up of a single home next door like this one. That is if you can find two lots next to one another.

I wrote about 3414 Beverly a little over a year and a half ago, when builder Robert Elliott finished the home. You can read all the lovely details here. When I went scrolling for today’s Monday Morning Millionaire, I frankly did not recognize the house, until I got to the photo of the courtyard.

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01/14/19 9:40am

Photo: Jeff Turner

To all the talented journalists and Dallas Morning News employees that were handed pink slips recently: I know how overwhelming this feels. When I was suddenly laid off from the same publication in 2009, I felt unmoored and somewhat lost. You will find a way to move on, though, so hang in there.

The advice offered by human resources that morning was very basic: I was instructed to file for unemployment as soon as possible and given information on COBRA benefits. While the information I received was far from comprehensive, one thing that was missing was information on how this sudden loss of income would affect my repayment of student loans, credit accounts, and most important of all, my mortgage. 

What do you do if you’re a federal employee that has been furloughed due to the government shutdown, or you’re a worker who was just laid off, and you have a mortgage? 

“If you see that you’re not going to be able to make your payments, call your lender and see what options are available to you,” said Lisa Peters of Caliber Home Loans. “The bottom line is this: don’t put it off.”

Not every lender is the same, nor is every mortgage or change in employment, so it’s crucial to contact your lender immediately if you think your employment situation might cause you to get behind on your mortgage. Sometimes a lender may be able to offer a loan modification or a forbearance to ensure that you pay as much as you can on your loan until you get back on your feet. 

Important note: When your lender reaches out after a missed mortgage payment, you cannot stop the process of foreclosure by ignoring the mail notices. 

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01/14/19 9:20am

marketWhy does Texas have the largest number of home buyers priced out of the new home market? What are the Fed’s plans for the interest rate? We look at this and more in this week’s roundup of real estate news.

$1,000 INCREASE ELIMINATES MANY FROM NEW HOME OWNERSHIP

Texas has the largest number of homebuyers that would be priced out of the new home market if the cost increased by $1,000, the National Association of Home Builders said last week.

Nationwide, a $1,000 increase would push 127,560 prospective buyers out of that market, while in Texas, it would push out 11,152 households, more than California at 9,897.

That threshold is met when, based on income, those households would not be able to qualify for a mortgage after a $1,000 price increase. (more…)