Even as the price of new-builds in Dallas remains largely stagnant, a report last month suggests that housing affordability will remain a primary concern for the foreseeable future. According to Metrostudy, the area’s low housing inventory streak continues unabated, and the median home price inches ever upward, reaching $320,600 last quarter. Resale prices of homes show no signs of slowing and new home starts in the $200,000 or under price range have become relics of the past.

“New homebuyers are stretched to the limit of what they can afford,” said Paige Shipp, Director of Metrostudy’s Dallas-Ft Worth market. Tell us about it.

(more…)

Brokers & agents are invited to a CandysDirt Staff Party event at 5350 South Dentwood July 19, from 3 to 5 pm. Brokers & agents are welcome to bring prospective buyers back to the property from 5 to 7 pm that same day. RSVP’s are being taken at 214-543-9990.

In 1951, when Dallas was still learning to embrace the midcentury modern design movement, oilman Grady Vaughn, Jr. commissioned architect Robert Goodwin of Goodwin & Cavitt to design his waterfront dream home in what we now call the honeypot of Preston Hollow. The home is 9,500 square feet with six bedrooms, seven and a half baths, several living areas on one of the most heavily treed lots in this majestic part of town. The acreage is unbelievable: 1.36 acres that include a serene swimming pool and a large private pond.

5350 South Dentwood was designed to serpentine throughout the lush property, meandering alongside the pond on the Straight Branch tributary, weaving through and around original trees. Buildings developed for their sites have an inherent connection, and you feel it intensely walking around the Vaughn House setting.

The home briefly came to market in the spring when it first became available.  Now, it is back, offered for $5,500,000 from the original list price of $6,900,000, with some very serious sellers behind it.

(more…)

Clean, unfussy, transitional design is hard to come by. It seems that so many new builds miss the mark, with awkward facades and a mish-mash of architectural style. But for those who love clean lines, natural materials, and tons of symmetry, this listing from Dave Perry-Miller Real Estate’s Phillip Murrell is just the ticket. We’re thrilled to feature it as our High Caliber Home of the Week sponsored by Lisa Peters of Caliber Home Loans. Need financing for your own #HighCaliberHome? Your first and last call should be to Lisa Peters at Caliber.

Intrigued by this Caruth Hills transitional? Read on!

(more…)

If you forgot Dallas’ torrential weekend rains, Monday’s return certainly brought those memories … flooding back.

What’s up with that?  It’s not like rain is something new to Dallas.  Sure, depending on whether your beliefs are fact- or fiction-based, climate change may be making rains heavier, but we’ve always had deluge-type rain (when we’re not in drought).

So why does this city flood like it’s never seen a drop of water? Why do we have to repeat, “turn around, don’t drown” and mean it when the water is coming up to the running board of the SUV? There are many reasons, some just mother nature, some brought on by neglect and — shocker — our city’s indifference to infrastructure.

(more…)

31Realty Staff

Sam Shao (center, back row) graduated from The University of Oklaoma in Norman with a degree in computer science. Thanks to his language skills and attention to detail, his property management company has grown over the past year. 

Soaring real estate values in China have contributed to a serious investor’s market for property management in North Dallas and parts of the greater Dallas area.

Local property management executive Sam Shao has leveraged his language skills — proficiency in both Mandarin and Cantonese as well as English — into a niche market for his firm, 31Realty. He markets his property management services to Chinese investors — both individuals and investment companies — who are buying local residential properties to lease.

(more…)

mortgage

On Friday afternoon, just hours after swearing in, President Donald Trump suspended a Federal Housing Authority (FHA) mortgage premium rate cut issued by former President Barack Obama earlier in the month. The quarter-point cut would have taken effect on January 27.

An FHA loan, with its low down payment and less stringent credit score requirements, offers first-time and low-income homebuyers the opportunity to get a foot in the proverbial door. Aimed at countering rising interest rates following the November elections, the Obama administration’s mortgage insurance premium (MIP) cut would have made it possible for a greater number of buyers to be eligible for credit based on their debt-to-income ratios. For even more buyers, it may have made a monthly mortgage payment more affordable.

(more…)

Perry-Miller Streiff Group

Nine agents thus far, and by the time you read this, there may be TEN!

This past summer, in-between saving and remodeling his historic estate, Waverley Hill, in Staunton, Virgina, Dave Perry-Miller and Ryan Streiff were up to something else. Together, they formed the Perry-Miller Streiff Group of eleven power house agents & dedicated support staff now working out of the flagship Dave Perry-Miller Real Estate office on Berkshire.

And the entire city is paying close attention.

This group closed 2016 by selling a whopping $100 million of real estate. The team is led, of course, by Dave and Ryan, and other members of this elite team include: Laura Michelle, Courtney Jubinsky, Karen Fry, Gaynelle Henger, Jason Bates, Charles Gregory, Kathy Finn, Betsie Sears, and Carolyn Vandagriff.

“Our clients appreciate not only the high end marketing and staff support, but also the unmatched agent collaboration that is unlike any other real estate team in town,” says Gaynelle Henger

And they are going to kill it in 2017: just last week The Perry-Miller Streiff Group had a record breaking closing (since 2009, that is) in Lobello Estates. The Perry-Miller Streiff Group also recently brokered the last two highest sales ever in the hot-getting-hotter gated community of Glen Lakes:  7 Kingsgate, listed for $1,995,000, and 7711 Glen Albens, a home that was, like many of the team’s sales, an off market deal when it actually sold, having been previously listed and in MLS both with Ryan Streiff and with Briggs Freeman. The home, designed by Ralph Duesing and built by Tommy Ford, was last listed at $2,795,000 and had been on the market since 2013. Like we said, Glen Lakes is HOT.

7711 Glen Albens copy (more…)

floresrawlings

How badly has our real estate market been harmed by this news? Why did he wait until now, or was Rawlings’ timing impeccable?

The news about Dallas’s Police and Fire Pension System goes from bad to worse. And it continues to be negative national news that could potentially hurt our housing market. In particular, the Wall Street Journal ran a backwash of Dallas Morning News reporting blaming everything on the “bad real estate investments.”

Those “bad real estate investments” are not the whole reason why the fund is in trouble and asking taxpayers for $1.1 billion. It’s mismanagement, and an incredibly thoughtless accounting trick that has enabled retirees and mature pensioners to essentially rob from the young.

In that recent New York Times piece that has the world talking about “Dallas’ bankruptcy”, the blame is put on the state legislature in 1993:

To many in Dallas, the hole in the pension fund seems to have blown open overnight. But in fact, the fuse was lit back in 1993, when state lawmakers sweetened police and firefighter pensions beyond the wildest dreams of the typical Dallas resident. They added individual savings accounts, paying 8.5 percent interest per year, when workers reached the normal retirement age, then 50. The goal was to keep seasoned veterans on the force longer.

Guaranteed 8.5 percent interest, on tap indefinitely for thousands of people, would of course cost a fortune. But state lawmakers made it look “cost neutral,” records show, by fixing Dallas’s annual pension contributions at 36 percent of the police and firefighters’ payroll. It would all work as long as the payroll grew by 5 percent every year — which it did not — and if the pension fund earned 9 percent annually on its investments.

Buck Consultants, the plan’s actuarial firm, warned that those assumptions were shaky, and that the changes did not comply with the rules of the state Pension Review Board.

The DROP accounts were like savings accounts with a guaranteed interest rate. But few news reports critiqued it. . The media only blamed the “shaky real estate investments.(more…)