cedar crestSometimes you flip through listings and a house just … stands out — like this funky Cedar Crest home with a fun facade and a well-updated interior with a price point that will make some family very, very happy.

Unfamiliar with Cedar Crest? We’ve written about listings in the charming neighborhood before, but for the uninitiated, Cedar Crest is a well-established neighborhood in Dallas that is, we think, a hidden gem. Close to downtown (in fact, you can see the skyline from many points in the neighborhood), the community also boasts a very busy neighborhood association, and is home to the Cedar Crest Golf Course, which hosted the first PGA Tour in 1927.

You can even see a great tour of the golf course here.

“For decades the Cedar Crest neighbors have demonstrated pride in home ownership, which is discernible by many of the uniquely designed custom built homes,” the association’s website said. “The community is well noted for community and political involvement and has produced many business owners, educators and dignitaries.” (more…)

Dallas proper posted moderate rent increases, but it was the area suburbs and exburbs that saw the biggest apartment rents in 2018, RentCafe revealed in a recent report.

Flower Mound posted the highest rent at $1,526 (despite only having a minimal increase of 0.1 percent), higher than Farmers Branch and Frisco with average rents of $1,382 and $1,343, respectively. In Coppell, rents have stagnated, decreasing by 1 percent year over year. (more…)

first-time buyerIf it feels like it’s tough to find a great house for a budget-friendly, first-time buyer price under $250,000, it’s not your imagination — it’s getting harder and harder to find a move-in ready, single family home for less than $250,000 in the Dallas area.

We’ve even written about the phenomenon a few times. And while some price points are beginning to see an increase in inventory, that $200,000 range are still sitting at much less than two months.

So when we saw Katie Apperson with Real Estate Reformation post this adorable blue home in Crest Ridge Estates in Garland for $206,000 on Facebook last week, we had to pump her for some details.

I mean, you couldn’t miss that blue. (more…)

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.

(more…)

By Phil Crone
Executive Officer, Dallas Builders Association

 

 

Unlike prior years, 2019 will not be full steam ahead for our area’s housing market. The predicted return to normalcy after a run of several frenzied years will be hard to characterize with a broad brush (though many will try). While more nuanced and complicated than before, there will be no shortage of opportunities and no reason why we cannot continue to be the envy of the nation.

Looking ahead, here are four things to watch in the year to come and why they matter:

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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).

[Editor’s note: Merry Christmas! This week, we’re taking time off to focus on our loved ones, so we are sharing some of our favorite stories from this year. Keep an eye out for our top features from the archives as we rest and get ready for a brilliant 2019! Cheers, from Candy and the entire staff at CandysDirt.com!]

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…)

affordableEarlier this week, we mentioned the October housing report from the Texas A&M Real Estate Center, which provided this interesting tidbit: While home sales may be slowing down in the higher price points, the most affordable price points are still doing robust business.

“The market for homes priced less than $200,000 remained the exception, where the MOI held at 2.8 months with constant pressure downward,” the report said. A balanced market, economists say, is closer to six months of inventory.

So for this week’s CandysDirt.com Open Houses of the Week, we thought we’d take a look at this price point, and what you can get for that.

This week, our homes range in price from $155,000 to $200,000. Which ones will you visit? (more…)

The US Census Bureau, along with researchers from Harvard and Brown universities, tracked the economic trajectories of 20 million children beginning in the mid-1980s (aged mid-30s today). The result is the Opportunity Atlas, an interactive map that overlays multiple data points onto each of the 70,000 Census tracks in the country (a Census tract contains 4,200 people). Data tracked includes parental income level, race and gender along with incarceration rates.

The most interesting conclusions showed that while average neighborhood income is certainly a key indicator, neighborhoods with similar incomes, in close proximity, produced startlingly different outcomes for children. It’s here where I’ll say that while the data collected can be used by policymakers to influence spending and programs, there is no specific “eureka” that turns around the economic trajectories of a neighborhood’s children. Bethany Erickson already looked at this issue thoroughly, but there is more to be said about the numbers.

The major levers are neighborhood income (what I’ll call “hope”), two-parent households (familial stability), rates of incarceration (despair) and, of course, race and gender. What’s interesting is that easy conclusions can’t really be made. There’s a “secret sauce” at work.

(more…)