Slumping financial markets, a housing industry in disarray, and consumer confidence levels at all time lows are just a few of the factors contributing to falling home prices around the U.S. The Standard & Poor’s Case-Shiller Index, which compares only pre owned home sales, revealed that home prices have fallen 16.3% around 20 U.S. cities. Dallas Real Estate, with a decline of 2.5%, and Charlotte Real Estate at 1.8%, had the smallest decline in prices.
Percentage change in home prices from July 2008 compared with 2007:
After traveling the net and reading many posts on the troubles of larger urbanized cities in the midst of a national foreclosure and mortgage epidemic, I’ve come to the conclusion that Dallas might be immune. Dallas has managed to stay above water while most local economies are reaching for a life raft.
Dallas seems to be in a much better place than other larger urban areas as far as depreciation and loss in home sales, due in most part to the steady appreciation Dallas has experienced over the past several years. Areas such as California have shot up so quickly and significantly, the current foreclosure and mortgage crisis combined with other less than desirable market conditions has placed cities in these states in compromising situations where they are vulerable to a bust in the real estate bubble. Many opinions vary on local and national economic conditions, but one thing seems to be the same across the board, real estate has seen better times.
The only people that seem to be smiling in the face of the much feared recession are savvy investors which are taking advantage of the best investing market conditions seen in decades. Many investors are diving into distressed markets and building their real estate investment portfolios while interest rates are low and foreclosures are high. A great example of optimal investing conditions is the Dallas Real Estate Market. Dallas presents a unique opportunity to capitalize on homes, condos, townhomes, and loft foreclosures while still securing low interest rates and a stable environment that has potential for appreciation and ROI. As a whole, real estate in Dallas has been able to sustain life and value through some of the worst conditions seen in years.
For more insight on the Dallas Fort Worth Real Estate Market, including the current buyer’s trend and new construction home builder incentives and discounts, check out a recent interview and article from the WSJ and Channel 8 News.
Dealers across the board are offering discounts and incentives to move the gas guzzlers off the lot and into the buyer’s garage. Of course if you visit the lot and pass by the wandering salesman, you’ll still get
the ever so clever one liner, “We can’t keep the trucks and suvs on the lot”. One thing for sure, we all know now is not a good time to be selling a truck or SUV, with low consumer confidence, high gas prices, and low gas mileage, you just can’t win.
So when comparing advantages and disadvantages of purchasing a car or suv/truck, be sure and consider the following points:
So, in conclusion, I ask everyone the million dollar question, Car or SUV? Welcoming your comments, feedback, suggestions, and insight into the Automobile
For More Information on this article, please contact our Dallas Fort Worth Real Estate Brokerage.
Through all the market turmoil, Dallas still forges ahead taking steps toward the long anticipated completion of the New Arts District. Plans have been in the works for over 30 years to transform the arts district from a place to visit into an area where urbanites can work, live and play. Local art attractions such as the Winspear Opera House and Wyly Theater are just a few of the projects that are expected to assit in reviving local art enthusiasm. Other major art institutions are being relocated from Fair Park to an area bounded by Ross, Harwood and Woodall Rodgers in an effort to promote change and revitalize interest in the arts district.
For the arts transformation to take place, city planners and Dallas Real Estate Brokerages need synergy to bond commercial and residential development including multi-use structures. A large part of the equation includes urban condominiums mixed into the the art district offering a blend of sophistication, modern architecture, and individualism. Dallas Condo projects such as One Arts Plaza and the Museum Tower are just a few of the developments expected to put some fire into the art district engine. The Museum Tower is expected to be one of the snazziest high rise condo projects in Dallas. The Forty-two story high tower will offer one and two bedroom units ranging from $1.1 million for a 1,600 sq foot unit to $20 million plus for a top of the line penthouse. Construction should begin on the Luxury High-rise Museum Tower in Fall 2008 with completion estimated in the 2nd quarter of 2011. Pre Construction sales are already being offered with over 20 units already sold of the 120 offered.
For more information on the Dallas Arts District and Dallas Condos for Sale, please visit DFW Urban Realty, a brokerage specializing in commercial and residential urban developments. DFW Urban Realty specializes in the Fort Worth Real Estate Market and can assist with purchasing or selling Fort Worth Condos. Fort Worth is also rapidly expanding their highrise and urban condo district. New High rise developments such as the Omni, a 33 story luxury hotel across from the Fort Worth Convention Center at Ninth and Houston are attracting celebrity attention. Recently Nolan Ryan, President and Legendary Pitcher for The Rangers, purchased a unit facing the Texas Rangers Ballpark.
Also, check out a recent report on the Dallas Condo Arts District by Dallas News
Recently I came across an article that briefly discussed the importance of reviewing Home Owner Association documents prior to closing on a home. Immediately I remembered a recent horror story that was shared with me by a client that listed their condo in Plano with me. I will try and summarize the highlights and point out the just of it in as few words as possible. During a monthly HOA meeting for a subdivision I won’t mention, the vice president and president got a little too excited over some heated issues on the agenda. Evidently there were some disagreements on allocation of funds for some planned repairs the owners were considering. By the end of the meeting the VP and P of HOA were at duking it out like two cowboys in a saloon. Long story short, the police were called out and one of them was taken away and later fired from HOA management. This is just one example of the types of conflict that can arise over misinterpretation and difference of opinions with cooperative ownership.
If you are considering purchase a condo in Dallas, make sure you review the HOA docs before making a
commitment. Be sure and review these documents before you execute the contract or your option period expires. I underlined this statement to emphasize the importance of timing. I’ve come across some articles that suggested this tip but mentioned prior to closing which could end up being to late to terminate your purchase contract if you’ve found something within the HOA docs you don’t agree with. I’ve included some items of importance that should be reviewed before proceeding with purchasing a property managed by an association. These items apply to most transactions whether you’re purchasing a Home in Highland Park, Townhome in North Dallas, Condo in Dallas Fort Worth, Highrise in Turtle Creek, or a Loft in Downtown Dallas.
Review HOA financials, pay attention to amount of reserves which is the amount of money the home owner assocation has on hand to handle potential repairs and montly maintenance issues.
Study the Rules and Regulations, noting restrictions, rules and guidelines set by the association
Ask for a copy of the forecasted HOA Annual and Monthly budget.
Read over insurance polices covered by your HOA fees. Many properties include insurance such as a blanket policy
Have a member or employee of the Home Owner Association explain the formulas used to calculate percentage of ownership and allocation of HOA fees.
Always ask if there are any special assessments in place for any major repairs in progress. Special Assessment can often be very large and run for a long time costing each individual owner thousands of dollars.
Bottom line, READ THE FINE PRINT
With record foreclosure numbers around the nation, The U.S Senate passed the Foreclosure Rescue program this past Friday with overwhelming approval. The main goal of the plan is to allow homeowners struggling with mortgage payments a chance to secure more affordable loan programs backed by the Federal Housing Administration. The new program will let FHA insure $300 billion in new mortgages, assisting more than 400,000 home owners that are facing foreclosure. The plan also provides 14.5 million in housing tax breaks, including a first time buyer credit up to $8,000 on FHA back loans. Most agree this will assist in rebuilding FHA and creating tighter controls on Fannie Mae and Freddic Mac.
One of the main disputed items is the plan to include 3.9 billion in the plan for buying and rehabilitating foreclosed properties. Some agrue this would increase the deficit unles paired with cuts or tax increases to cover the cost.
The Senate’s plan for bailing on FHA couldn’t have come at a better time, with foreclosure filings up 53% from June 2006. More than 252,000 homes nationwide received at least one foreclosure notice in June of 2008. The states with the most filings and issues are Nevada, California, Arizona, Florida, and Michigan Experts attribute the continued rise in foreclosure rates to a weak housing market, falling home prices, tighter mortgage lending, and a slowing U.S. economy. Economists predict 2.5 million homes will fall victim to foreclosure by 2008 year end up approximately 1.5 million from 2007.
If you are interesting in learning how you can cash in on the foreclosure crisis as a investor or home buyer, visit our Dallas Real Estate site and contact one of our Dallas Realtors which will discuss current housing options available to you. Also, check out our new Fort Worth Real Estate Site. DFW Urban Realty is one of the leading Dallas Fort Worth Real Estate Brokerages in the Metroplex, helping clients with buying, selling, renting real estate throughout the DFW area.