pcr_stanpac-homes_2

Builders and home buyers have purchased the last of the available tracts in Phillips Creek Ranch.

I can’t say that I’m surprised. Republic Property Group’s Phillips Creek Ranch is officially 100 percent sold to either builders or homebuyers according to this report from Candice Carlisle of the Dallas Business Journal. The community was brought to market in 2011, and RPG’s officials thought it would take 10 years to sell out. Turns out they only needed 4.

“Everything has been sold to home buyers and builders for future lots,” [Jake Wagner] added. “We’ll probably still have another three or four years of development, but 100 percent of the project has been committed to either builders or home buyers. The success of the project and the velocity of home sales have greatly surpassed our expectations.”

With 102 acres of open space and greenbelts, plus amazing schools and amenities, it’s not hard to see why people have flocked to Phillips Creek Ranch in droves. Location has a lot to do with it, too, as Carlisle notes the community’s proximity to the under-construction Toyota headquarters had to help things along.

Besides those factors, another reason the development sold so far ahead of schedule is the strong housing market in Frisco and in Collin County. Builders have been drawn to award-winning communities such as Phillips Creek Ranch and Light Farms like ants to a picnic, bringing a building boom to our northern suburbs.

“Being able to reach this milestone six years ahead of schedule is a testament to the confidence our builders have in the continued success of Phillips Creek Ranch,” Wagner said in a press release.

Congratulations to RPG on a successful development! We can’t wait to see what’s next for the brand.

MainvueThat’s me with MainVue’s Sales Director Crispen Breslin. These home are beautiful. Stay tuned…

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!

Phillips Creek Ranch houseDare I say it — after all I’m a transplant, too, from Illinois, though I got here as quick as I could: tell these immigrants they are welcome, but leave their higher tax and social spending mentalities back in their previous home state!  

Last couple weeks have been a real estate blur. I was up in Frisco at Phillips Creek Ranch, where the dirt is flying as Republic Property group develops 957 acres into 547 home sites, bringing in more than 2,500 homes and 12,000 residents — whew! Across Legacy, Craig Ranch is getting hot. In fact, go north of Legacy and you may need a bandanna — dirt is just blowing in the wind as the ‘dozers prep homesites for thousands of families. I spoke to the marketing director of a large national home builder who knows his website stats forward and backwards: people are moving to Texas in droves, he told me, and the top feeder states are the boo-boo blue states California, Illinois and New York, in that order.

Which correlates totally to what Joanna wrote awhile back: it may not be our lower taxes that are bringing in all these transplants. It may be our great housing prices.

The blue states, writes Joel Kotkin, seem pretty intent on keeping that steady stream of affluent migration to us streaming. Shall we thank them? Pretty soon the only folks left behind in the “boo-booed” blue will be the very rich and the poor:

They appear to have chosen an economic path that essentially penalizes their own middle and upper-middle class residents, believing that keeping up public spending, including on public employee pensions, represents the best way to boost their economy. Yet the gambit of raising state income taxes could not be coming at a worse time. The president’s adopted tax reforms have eliminated write-offs for state taxes for those individuals with incomes over $250,000 and families earning over $300,000. As a result, the affluent residents of these states — California, New York, New Jersey and Illinois alone count for 40% of these deductions nationally — now can expect to get whacked coming and going.

The affluent, notes Kotkin, are not billionaires. Between 2006 and 2009, he writes, California lost a net 45,000 taxpayers earning between $5 million and $300,000 a year, according to the Ca. State Department of Finance. That’s your work-horse population: they are abundant, hard-working, procreate and consume. They also pay taxes but are the ones who seem to get really whacked, as Kotkin calls it, whenever Washington or the state legislature needs money. Why? Well the poor slug earning $30,000 a year isn’t going to pay up, and the billionaires have at their fingertips staffs of CPAs and off-shore trusts — minimum investment $500,000 — where they can minimize taxes and run their estates like corporations. Look at corporations like Facebook, Wells Fargo, and General Electric who apparently pay no taxes.

Another plus for us: those $300K to $5 million a year wage earners moving to Texas also buy houses, often plural. I’m hearing now that US Air execs are starting to house hunt in Dallas, moving here from Phoenix.

Kotkin says that last year, all ten of the leading states gaining domestic migrants were low-tax states, including five with no income tax: Texas, Florida, Tennessee, Washington and Nevada. The highest rates of outward-bound migration came from New Jersey, New York, Illinois and California. That will leave those states with fewer to support the tax raises and pension benefit increasing they are enacting — which may act as a fiscal band aid at first, the “fiscal crack”, as revenues increase and the economy appears to recover.

But then, slowly, the $300K to $5M a year worker bees say we’ve had enough, see ya’, wouldn’t want to be ya, and they come to Texas.

Dare I say it — after all I’m a transplant, too, from Illinois, though I got here as quick as I could: tell these immigrants they are welcome, but leave their higher tax and social spending mentalities back in their previous home.

 

Phillips Creek Ranch houseDare I say it — after all I’m a transplant, too, from Illinois, though I got here as quick as I could: tell these immigrants they are welcome, but leave their higher tax and social spending mentalities back in their previous home state!  

Last couple weeks have been a real estate blur. I was up in Frisco at Phillips Creek Ranch, where the dirt is flying as Republic Property group develops 957 acres into 547 home sites, bringing in more than 2,500 homes and 12,000 residents — whew! Across Legacy, Craig Ranch is getting hot. In fact, go north of Legacy and you may need a bandanna — dirt is just blowing in the wind as the ‘dozers prep homesites for thousands of families. I spoke to the marketing director of a large national home builder who knows his website stats forward and backwards: people are moving to Texas in droves, he told me, and the top feeder states are the boo-boo blue states California, Illinois and New York, in that order.

Which correlates totally to what Joanna wrote awhile back: it may not be our lower taxes that are bringing in all these transplants. It may be our great housing prices.

The blue states, writes Joel Kotkin, seem pretty intent on keeping that steady stream of affluent migration to us streaming. Shall we thank them? Pretty soon the only folks left behind in the “boo-booed” blue will be the very rich and the poor:

They appear to have chosen an economic path that essentially penalizes their own middle and upper-middle class residents, believing that keeping up public spending, including on public employee pensions, represents the best way to boost their economy. Yet the gambit of raising state income taxes could not be coming at a worse time. The president’s adopted tax reforms have eliminated write-offs for state taxes for those individuals with incomes over $250,000 and families earning over $300,000. As a result, the affluent residents of these states — California, New York, New Jersey and Illinois alone count for 40% of these deductions nationally — now can expect to get whacked coming and going.

The affluent, notes Kotkin, are not billionaires. Between 2006 and 2009, he writes, California lost a net 45,000 taxpayers earning between $5 million and $300,000 a year, according to the Ca. State Department of Finance. That’s your work-horse population: they are abundant, hard-working, procreate and consume. They also pay taxes but are the ones who seem to get really whacked, as Kotkin calls it, whenever Washington or the state legislature needs money. Why? Well the poor slug earning $30,000 a year isn’t going to pay up, and the billionaires have at their fingertips staffs of CPAs and off-shore trusts — minimum investment $500,000 — where they can minimize taxes and run their estates like corporations. Look at corporations like Facebook, Wells Fargo, and General Electric who apparently pay no taxes.

Another plus for us: those $300K to $5 million a year wage earners moving to Texas also buy houses, often plural. I’m hearing now that US Air execs are starting to house hunt in Dallas, moving here from Phoenix.

Kotkin says that last year, all ten of the leading states gaining domestic migrants were low-tax states, including five with no income tax: Texas, Florida, Tennessee, Washington and Nevada. The highest rates of outward-bound migration came from New Jersey, New York, Illinois and California. That will leave those states with fewer to support the tax raises and pension benefit increasing they are enacting — which may act as a fiscal band aid at first, the “fiscal crack”, as revenues increase and the economy appears to recover.

But then, slowly, the $300K to $5M a year worker bees say we’ve had enough, see ya’, wouldn’t want to be ya, and they come to Texas.

Dare I say it — after all I’m a transplant, too, from Illinois, though I got here as quick as I could: tell these immigrants they are welcome, but leave their higher tax and social spending mentalities back in their previous home.