6406 Northwood

Even this FSBO has a contract on it!

You know I am not a huge fan Standard & Poors/Case-Shiller Home Price Index. Why? you ask? I’m sure they are very nice people, but their data is old and does not take into account new construction. By old data, I mean that what they are reporting today, this news that has us all giddy, is coming from transactions that were conceived in 2012, like November and December. It takes time to buy a home. A transaction begun last November may be closed in January or February. And Case-Shiller does not take into account new home sales. So like the 6,000 units that Mehrdad Moaydi has vertical, the vast developments booming like Phillips Creek Ranch and Craig Ranch up north of us, all those new home sales are not counted. No condos, either. Case-Shiller only counts residential re-sales.

What I’m saying is that when Case-Shiller is positive, it’s not just good news, it’s UBER great news! And today, Case-Shiller was as positive as I have seen in eons.

Dallas area home prices rose by 6.5 percent in December of 2012, says CS. That gain was the largest local increase in twelve years of CS survey-taking.

Our market is hotter than blazes and it’s not even spring. Allie Beth Allman’s Debbie Ingram sold my daughter’s condo in seven days to a cash buyer. This was a small deal, relatively speaking, under $500K. But we know that 6601 Hunter’s Glen is under contract, as is Tim Headington’s fabulous Ritz penthouse condo. Tom Hicks has his home available (not on MLS) for an earth-shattering $135 million, but maybe that’s not so earth-shattering: the rich with all those advisers at their fingertips seem to REALLY be eyeing real estate.

Every time I look at my bank account, I want more real estate: savings accounts are earning nada.

I spoke to a Preston Hollow homeowner selling his home himself, in other words, a FSBO: the house is under contract.

“We waited it out for over a year,” he told me. “Then right after Christmas, it just exploded.”

Mike Davis of Capital Distributing is the best barometer I know because he sells beautiful, high end appliances to home builders. And he is busy, very very busy. Yesterday, in an informal conversation, he told me why he thinks our market is so hot right now: low interest rates, pent-up demand, and a bit of anxiety as we hear that inventory is so very, very low.

There’s also the concept of “herd mentality”, when people see their friends jumping in the water, they are usually next.

Today’s CS report is the 10th month in a row of higher Dallas-area home prices. Nationwide prices were up an average of 7.3 percent in the Case-Shiller survey.

Here’s what S&P’s David M. Blitzer said: “Dallas, Denver, and Minneapolis recorded their largest annual increases since 2001. Housing and residential construction led the economy in the 2012 fourth quarter.”

Once again, housing seems to be our economy’s main driver. Steve Brown says Dallas home prices at the end of 2012 “were about 5 percent below levels at the top of the local market in mid 2007.”

Only five percent!

“Home prices in all the 20 major cities Case-Shiller tracks are about 30 percent below where they were before the recession in mid 2006,” says Steve.

Us, we are down now by only five percent! And that’s pretty darn amazing!

6406 Northwood

Even this FSBO has a contract on it!

You know I am not a huge fan Standard & Poors/Case-Shiller Home Price Index. Why? you ask? I’m sure they are very nice people, but their data is old and does not take into account new construction. By old data, I mean that what they are reporting today, this news that has us all giddy, is coming from transactions that were conceived in 2012, like November and December. It takes time to buy a home. A transaction begun last November may be closed in January or February. And Case-Shiller does not take into account new home sales. So like the 6,000 units that Mehrdad Moaydi has vertical, the vast developments booming like Phillips Creek Ranch and Craig Ranch up north of us, all those new home sales are not counted. No condos, either. Case-Shiller only counts residential re-sales.

What I’m saying is that when Case-Shiller is positive, it’s not just good news, it’s UBER great news! And today, Case-Shiller was as positive as I have seen in eons.

Dallas area home prices rose by 6.5 percent in December of 2012, says CS. That gain was the largest local increase in twelve years of CS survey-taking.

Our market is hotter than blazes and it’s not even spring. Allie Beth Allman’s Debbie Ingram sold my daughter’s condo in seven days to a cash buyer. This was a small deal, relatively speaking, under $500K. But we know that 6601 Hunter’s Glen is under contract, as is Tim Headington’s fabulous Ritz penthouse condo. Tom Hicks has his home available (not on MLS) for an earth-shattering $135 million, but maybe that’s not so earth-shattering: the rich with all those advisers at their fingertips seem to REALLY be eyeing real estate.

Every time I look at my bank account, I want more real estate: savings accounts are earning nada.

I spoke to a Preston Hollow homeowner selling his home himself, in other words, a FSBO: the house is under contract.

“We waited it out for over a year,” he told me. “Then right after Christmas, it just exploded.”

Mike Davis of Capital Distributing is the best barometer I know because he sells beautiful, high end appliances to home builders. And he is busy, very very busy. Yesterday, in an informal conversation, he told me why he thinks our market is so hot right now: low interest rates, pent-up demand, and a bit of anxiety as we hear that inventory is so very, very low.

There’s also the concept of “herd mentality”, when people see their friends jumping in the water, they are usually next.

Today’s CS report is the 10th month in a row of higher Dallas-area home prices. Nationwide prices were up an average of 7.3 percent in the Case-Shiller survey.

Here’s what S&P’s David M. Blitzer said: “Dallas, Denver, and Minneapolis recorded their largest annual increases since 2001. Housing and residential construction led the economy in the 2012 fourth quarter.”

Once again, housing seems to be our economy’s main driver. Steve Brown says Dallas home prices at the end of 2012 “were about 5 percent below levels at the top of the local market in mid 2007.”

Only five percent!

“Home prices in all the 20 major cities Case-Shiller tracks are about 30 percent below where they were before the recession in mid 2006,” says Steve.

Us, we are down now by only five percent! And that’s pretty darn amazing!

I guess John and Teresa Amend are really getting serious about selling H.L. Hunt’s old estate on the banks of White Rock Lake. I have always adored this home, and maybe if I play the Lotto and they lower the price a few more times, I can actually buy it. Because buy it I would in a heartbeat. According to Allie Beth Allman’s website, which I visited to check on Troy Aikman’s home status, the price of 4009 West Lawther Drive had been changed to $24,900,000, that’s five million less than original asking at $29,500,000.

But not to worry: Mt. Vernon is still the most expensive listing in Dallas at this time… with that inside bowling alley and collectible car concourse…

Curiously enough, Troy Aikman’s home is no longer on Allie Beth Allman’s web site. And when I checked MLS, it said CANCELLED. What does this mean?

A. Troy has taken his home off the market and needs a break from the exhausting sales process. It is so hard keeping one’s home perfect for every showing. Honestly, don’t people know we all have to live in a house — no, they don’t. This will also relieve him of the peskiness of people like me wanting to write about his house.

B. Troy will list with another agent — doubt it.

C. There is a buyer. Cancelling the listing will make the sale private, and then the sales price won’t be recorded… and nosy real estate reporters like me will have to dig dig dig for the sales price…

Which is it, A, B or C…

 

This reminds me of those Maidenform Bra commercials I recall from my childhood: but I really DID dream they reduced the price on Paigebrook. (Yes, I actually dream about listings.) Imagine my delight when I was tootling on Allie Beth Allman’s website today, looking at Troy’s house, daydreaming about Mt. Vernon, and I saw that Paigebrook, the former ranch designed by Charles Dilbeck for Ted Dealey, a publisher of the Dallas Morning News and member of a Dallas publishing family dynasty, is now priced at $4,999,000. It has been reduced from a whopping $7,900,000. Now before you say, oh geeze Louise Candy, eight million buckeroos, go prance in your Maidenform, let me explain this is not just a house, it is a piece of art, a piece of North Texas history that was cultivated, preserved and moved like a delicate ornament. Also, the home is  11,500 square feet plus and comes with 14 plus acres in the heart of Westlake with lakes!

Now you see what I mean: at $4,999,000, this house is the bargain of the century.

PaigeBrooke is classic Dilbeck, built with rustic brick, stone, tile and wood. There are those signature Dilbeck features such as rounded chimneys, overhanging balconies, cupolas and turrets — even a bell tower. Dilbeck was an eco-friendly architect before green was vogue. He favored salvaged and recycled materials. Hence, the pinkish stone throughout this house came from an old slaughterhouse in Fort Worth, and the handhewn beams were made from original Union Terminal timbers in Fort Worth. PaigeBrooke is minutes from D/FW Airport and a brief jog from Westlake Academy. The rambling, half-timbered structure was designed by Charles Dilbeck in 1938, and is chock full of artisian handiwork and delightful surprises in almost every room — VERY Dilbeck,  who said each room in a home should have a surprise element. There are surprises, and Dallas history everywhere.

But the story gets better: Paigebrooke, named for the owners’ two daughters, was lovingly restored in 1977 after it was wrapped and moved in six pieces to its present land location – that’s right! This house was wrapped up like a delicate holiday ornament in Tyvek and moved on steel beams where it was put back together, melded, enhanced, and perfected in a beautiful, country like setting on 18 acres. You have no idea you are near civilization. As one writer described the setting: it’s an “ahhh experience”.

Anyhoo, here’s the whole story. I’m probably not supposed to tell you this, but there is a special Realtor event at Paigebrook today with a presentation by Scott Burdette, who is the DW Skelton/Brad Edgar equivalent in Tarrant County, I’m told. It’s worth the drive just to see the Aga stove! We also filmed the sizzle reel for Real Deal Dallas here. Addy is One Paigebrooke, of course, in Westlake. If you cannot make it, tune in to Daybreak with Ron Corning on April 26. He’s sending out a camera crew to get some mighty nice photos and we will tell ALL on Daybreak! *Truth be told, every home is my favorite home but this one… tops the list!