Our Splurge: Lauren Meader of Far West Texas Realty has listed 208 E San Antonio Street in Marfa for $1,500,000.

Marfa – to know it, is to love it. And there’s so much more to this tiny West Texas town than its famous Prada installation. This week, we showcase two incredible Marfa properties in our latest Splurge vs. Steal, each with stand-out architecture and cozy interiors, but with price points that are miles apart. Ever consider going off the grid? On the hunt for a place with a hip, artsy, down-home kind of vibe? Perhaps Marfa is for you.

Splurge: Claesson Koivisto Rune Designed Abode For Business Or Pleasure Offered At $1.5M

You may recognize this head-turner from its debut in the August 2015 issue of Interior Design magazine, or from the time it graced the pages of the June 2016 issue of Architectural Digest. It’s a showstopper on a 0.29-acre lot that is just begging to be scooped up! (more…)

Cibolo-Creek-Ranch_135231

The sudden death of U.S. Supreme Court Justice Antonin Scalia this weekend in West Texas throws yet another Texas ranch property into the spotlight: Cibolo Creek Ranch, owned by Houston billionaire and Washington D.C. insider John Poindexter.

Ciobolo Creek vista

Established in 1857 by Milton Faver, known as the first Texas cattle baron west of the Pecos, Cibolo Creek Ranch is a five-star resort, a rugged oasis of a retreat, once a grouping of real life forts where Indian attacks were fended off. One of the more artistic forts remaining is  “El Fortin de Cibolo.” Many millionaires and celebrities have visited the 30,000 acres near the Chinati Mountains including Mick Jagger, Julia Roberts and Tommy Lee Jones. One of the Dixie Chicks, Emily Erwin, was married there. Rooms run $350 to $700 per night. Cibolo Creek Ranch was bought by Poindexter in 1988 when it was not in the best of shape. He meticulously renovated three of the forts into a luxury, 33-room resort with a pool, dining room, horseback riding facilities, hunting and private airstrip. The atmosphere is comfortable luxury — lots of sinkable leather chairs and sofas, luxurious rooms with a ranch theme. Located about 30 miles south of Marfa, most guests fly in by private plane to the airstrip or fly to Midland and drive 3.5 hours to the remote ranch near Shafter and Marfa. Yep, those are mountains! We took a look at the ranch, and the ranch’s interesting founder, over on SecondShelters.com…

Cibolo Creek ranch porch

weekend getaway

Check out this crazy longhorn car in Marfa, Texas, during a weekend getaway from Midland-Odessa. Photo: Lars Plougmann

We love our houses in Midland and Odessa, but there’s nothing like Memorial Day to get us thinking about summer fun and weekend getaways from the Permian Basin.

We’ve put together 4 wonderful weekend getaways that are each under 3.5 hours’ drive from Midland, from spectacular stalagmites and minor-league baseball merriment, to fabulous fishing and family fun. Read on to see our top 5 picks for your travel enjoyment!

Read the full story over on MidlandDirt.com!

 

 

US-POLITICS-ECONOMY-BUDGET-SHUTDOWN

As Joanna told us earlier, the shuttering of Washington, D.C. is taking a toll on the real estate market somewhat. You may recall Paige Phelps, who worked in Dallas for People Newspapers then for The North Texas Food Bank.

“It’s a USDA rural home loan (I’m in Marfa now) and I’ve been approved,” says Paige. “It’s just they can’t close on government loans during the shutdown. Due to the government shutdown, USDA is closed until further notice and we are not able to close/fund until we hear otherwise. I have extended the lock through 10/9/13. This is also the same day that the loan completely expires. If we do not close and fund by the 9th, I will need to have updated bank statements and paystubs. We are researching now to find out if that would involve sending your loan back to USDA again to be updated or not. Since we can’t contact anyone at USDA right now, our underwriters are trying to figure that piece out for us. I wish I had better news for you. #killmenowMarfa, Texas

Bummer. The folks at Inwood Bank here in Dallas tell me they received several calls today from real estate agents who were informed by their lenders that they would not be able to close on their purchase transactions at the end of the month due to the government shut-down.

Well, maybe they need to find different lenders?

“During the mortgage crisis of 2008, it was very difficult for borrowers to find a lender willing to make jumbo loans,” says Robert Poe, senior vice president. “Inwood National Bank was there for borrowers.”

Robert says Inwood Mortgage has set aside a limited amount of funds for a limited time to meet the needs of the local community. Since Inwood National Bank has the ability to fund and retain these loans, the government shut-down will not affect their ability to close these loans on time. As always, they will approve these loans in-house and will use local appraisers to perform the appraisal.

CD: I understand that lenders are not able to verify social security numbers or verify IRS returns because the IRS offices are closed, too? You don’t need these departments to proceed?

RP: That’s right, because we don’t have to sell these loans in the secondary market. They stay right here under our roof, so we don’t have so many hoops to jump through.

CD: How long before you think this might reach critical levels, if at all?

RP: Whenever it affects someone’s ability to close on a house, it is affecting people and their financial lives and could possibly get worse.

For more information, contact Inwood Mortgage Group at (214) 351 – 8730.