Photo: Daxis via flickr

Photo: Daxis via flickr

Three Texas MSAs are ripe for investors, according to a report from the Home Buying Institute. Markets in Austin, Dallas, and San Antonio are attracting investment at a breakneck pace, putting them in the top 10 best markets to invest in a home out of 100 MSAs. After an analysis by Forbes and Local Market Monitor, these three cities were named “Best Buy” housing markets. San Antonio beat the Dallas real estate market, with Austin following. the cities ranked third, sixth, and seventh, respectively.

Additionally, the Home Buying Institute named Dallas one of the hottest markets in 2016, and considering the pace at which sales are clipping along — especially cash sales from investors — we have to agree. The market is huge for builders and teardowns, which seem to happen every day in the Park Cities and East Dallas neighborhoods such as Lakewood and Forest Hills.

Jump to see what other cities landed on the Top 10 Best Buy Markets for Investors:

(more…)

alamo manhattan-Davis

Rendering: Good Fulton & Farrell Architects

The proposed Bishop Arts Gateway project on one of the hottest corners in North Oak Cliff fueled quite the quibble between Dallas City Council members Lee Kleinman and Scott Griggs today, as the city of Dallas economic development committee voted to approve Alamo Manhattan’s request for more than $11 million in Oak Cliff Gateway tax increment finance (TIF) district funds for the site on Davis and Zang.

According to Rachel Stone at the Oak Cliff Advocate, the TIF district money is contingent on Alamo Manhattan making at least 20 percent of the project’s 209 apartments “affordable.” The 42 or so apartments would be available only to those making no more than 80 percent of the area’s median income, which is $45,000 for a family of four.

Alamo Manhattan Bishop Arts Gateway

The $57 million project will also include a streetcar plaza for the Oak Cliff streetcar line, 25,200 square feet for retail and restaurant space, and underground parking. So what will we get for the $11.25 million in TIF funds? Here’s what Wilonsky says:

City staff says about half that money will go toward, among other things, clearing and remediating the existing buildings along Zang and Davis, widening the sidewalks, planting trees, creating that open plaza and dealing with utility issues. The other half — approximately $5,846,400 — will act as an affordable housing grant, unless the city hears otherwise from the U.S. Department of Housing and Urban Development in coming weeks.

You’ll recall, after initial drawings for the Bishop Arts Gateway project were made public last year, there was quite the foofaraw from nearby residents over the building design. It was too out of character for the neighborhood and wasn’t particularly pedestrian friendly, some argued. But after a trip back to the drawing board, the revised development plans were widely lauded.

Of course, that didn’t stop Kleinman, who called Oak Cliff “the North Dallas of South Dallas,” from squabbling with colleagues over TIF money.

(more…)

Dave Perry-Miller and Ebby CFO Ron Burgert (Photo: Aggie Brooks)

Dave Perry-Miller and Ebby CFO Ron Burgert (Photo: Aggie Brooks)

Congratulations to the hardworking team at Dave Perry-Miller Real Estate, as the luxury boutique brokerage has passed the $1 billion in sales mark just halfway into 2015.

“I’m so proud of the work our agents have done on behalf of our clients this year,” said Dave Perry-Miller, the firm’s founder and director of its Luxury Properties Division, in a press release. “The exceptional level of service our agents provide is the main reason we remain the leading brand for marketing homes in Dallas’ most established neighborhoods.”

But don’t expect the firm to sit on its laurels at just $1 billion. Maybe this is the year they run roughshod over $2 billion in sales:

This is the fifth consecutive year that the firm’s sales have surpassed the $1 billion milestone, and its agents show no signs of slowing down. As of noon today, Dave Perry-Miller Real Estate agents were marketing 136 properties listed for at least $1 million, including 13 homes priced at more than $5 million.

Graphic: Realtor.com

Graphic: Realtor.com

Riding on the tail of Leah Shafer’s post yesterday on the past year in Texas real estate, today Realtor.com released its predictions detailing predictions for 2015. In their top 10 list of real estate markets to watch for next year Dallas-Fort Worth is expected to make big gains.

So, why is Dallas-Fort Worth slated to have a breakout year in 2015, with sales volume forecasted to increase by 7 percent? According to Realtor.com, it’s because the first-time homebuyer is back in a big way.

“The growth expected in 2015 is widespread, but as we put together our forecast, ten local markets stood out as especially primed and ready for significant acceleration across housing metrics in 2015,” said Jonathan Smoke, Realtor.com’s chief economist. “The markets on this list range from big cities with older housing stock, big and mid-size cities with substantial levels of new construction, and up and coming markets appealing to young professionals for their job growth and high affordability.”

(more…)

2142 Kessler Parkway Front

So, what can you get for a cool million in Dallas? The Motley Fool asked that question last week, and came up with 2142 Kessler Parkway, a luxurious North Oak Cliff house we previously featured as our Inwood Mortgage Home of the Week. When we featured this three-bedroom, two-and-a-half-bath home last July, it was on the market for $967,000. Today it’s listed, as the Motley Fool column writes, at $998,000. The more recent listing with Briggs Freeman Sotheby’s Kate Mote, is 3 percent higher than the July 2013 listing price.

The house is spacious, comes with a pool, and is genuinely very, very nice. But with an asking price of $998,000, you don’t get quite the same bang for your buck as you would in other cities, like Miami or Phoenix.

(more…)

Inventory Chart TAR q1 2014

Slow growing inventory is choking sales growth and driving prices up in the Dallas real estate market, with only 2.4 months of inventory in the Dallas market — an increase of 0.2 months from last quarter — according to the latest quarterly report from the Texas Association of Realtors and the Real Estate Center at Texas A&M University.

As a result the median home price in Dallas is up 9.81 percent from the first quarter of 2014, an increase of 6.81 percent from the same time a year ago and the second consecutive quarter our city has seen an increase in home prices. Statewide, inventory grew for the first time in three years, up to 3.6 in the second quarter of 2014 from an all-time low of 3.4 months in the first quarter of this year. Still, inventory is tighter than a pair of skinny jeans after Thanksgiving and continues to pose problems for our market.

(more…)

Home For Sale Sign Dallas

To put a cap on our National Association of Real Estate Editors spring conference report, let’s talk about the future of the real estate market.

Just yesterday, reports from the U.S. Commerce Department came in showing a much weaker economy in the first quarter than initial reports claimed. And on Tuesday we saw reports of cooling home price growth in North Texas’ key metro areas. So, what does it all mean for our economy, both long term and short term, and how can real estate professionals prepare?

(more…)

(Graphic: Courtesy of CoreLogic)

(Graphic: Courtesy of CoreLogic)

Lots of conflicting reports are circulating lately, some of them say our region’s real estate market, along with the U.S. at large, is poised for unprecedented growth in prices. Others claim that relying on the real estate market to support our nation’s financial comeback is a huge mistake.

CoreLogic’s most recent HPI shows a 10.4 percent year-over-year increase in Dallas-area home prices, with national figures coming in at 10.5 percent year-over-year. The April 2014 HPI report shows Dallas among eight other U.S. metros that posted double-digit growth over the previous year ending in April, with Riverside, Calif., posting a gargantuan 19.7 percent increase in first, Houston coming in third at 14.7 percent YOY, and Dallas coming in seventh.

“Home prices are continuing to rise as we head into the summer months,” said Anand Nallathambi, president and CEO of CoreLogic, in a June 3 press release. “The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year.”

But is that necessarily a good thing? Is our new normal a shortage of available housing in key sectors? And how do we stave off another recession?

(more…)