Distressed homes inventory in US falls in July

The overhang of distressed properties in the housing market is down in a new survey.

CoreLogic said that the nationwide “shadow inventory” of foreclosed or about to be foreclosed homes across the country fell to about 2.3 million units in July – or a 6-month supply.

That’s down 10 percent from a year ago and is at the lowest level in more than two years. The shadow inventory has fallen from almost 10 months in 2010.

“This is yet another hopeful sign that the housing market is slowly healing,” said Anand Nallathambi, president and CEO of CoreLogic.

The survey counts houses that have seriously delinquent mortgages and are on the verge of foreclosure, homes in foreclosure and properties that have been foreclosed on but are not yet up for sale.

CoreLogic found that Florida, California, Illinois, New York and New Jersey make up 45 percent of all distressed homes around the country.

Texas had good marks in the report, with a seriously delinquent mortgage rate of between 4 percent and 5 percent.

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

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Parents at Stonewall Jackson Elementary fear for rising Dallas school’s enrollment

Some of the parents fear the razing and expansion of a large apartment complex a mile away will mean an influx of students in an already packed campus. And they’re gearing up for a fight Oct. 24, when the Dallas City Council is expected to vote on the project’s zoning application.

The developers say, however, that the new Amesbury Drive apartments would appeal to young professionals, not families, and would not increase enrollment.

Still, Johnson and others worry that if the apartments do attract families, class sizes at Stonewall Jackson would balloon and the school district would respond by redrawing the attendance zone.

If enrollment were to spike, the district would respond by doing exactly that, said Jon Dahlander, Dallas ISD spokesman. He stressed that it’s a distant possibility, one that may never occur.

Stonewall Jackson Elementary has 610 students, though the facility was built for 400, according to Dallas ISD. There are 13 portable classrooms and a “quad,” the equivalent of an additional four.

The two-story Amesbury Parc apartments at the heart of the controversy cover 19 acres a mile north of the school. The rezoning for a larger new complex would make way for three- to five-story buildings with about 1,250 units. Currently, there are 472.

The City Plan Commission unanimously approved the rezoning request in August; now it’s in the council’s hands.

If Dallas ISD needs to roll up another portable classroom or redraw attendance boundaries, Paul Johnston, chief operating officer for JLD Partners, does not expect it will be because of his company’s development plans. JLD Partners’ purchase of the property is contingent on the rezoning approval.

While the current complex has units with one to three bedrooms, the planned redevelopment would be about 75 percent one-bedroom units and the rest two-bedroom, marketed toward young professionals and empty-nesters.

“Families need a lot of bedrooms and we don’t offer a lot of bedrooms,” Johnston said.

The development will not have playgrounds or amenities for children, he said. Rents will range from $1,250 to more than $2,500, nearly double the current rates of $700 to $1,250. The project will be completed gradually over the next 10 to 15 years.

Stonewall Jackson is on a busy stretch of East Mockingbird Lane, which acts as a dividing line between the quaint neighborhoods to the south and a sprawling neighborhood of apartment complexes a few blocks north, most of which are aging gracefully with trimmed shrubbery, brick facades and neat paint.

Johnston said The Standard, which was comparable to Amesbury Parc in age and unit size before it was redeveloped, has fewer school-age children now than it did previously, even though there are more tenants.

“All of our research shows that the impacts to the schools of all levels will be reduced even with the increase in density,” Johnston said, emphasizing that the newer complexes with smaller units do not appeal to families.

Johnston first heard of enrollment concerns this week when the Parent Teacher Association at Stonewall Jackson circulated an e-mail written by Johnson. It warned of the potential effect on enrollment and provided parents a template letter of concern to send to City Council member Angela Hunt.

Hunt received several e-mails and is “examining the issue,” though she added that similar projects like the nearby BLVD apartments are not home to many school-age children.

 

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

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Dealey Plaza disrepair is under way as City approved 1 million dollar repair budget

In 2013, Dallas will mark 50 years since the assassination of President John F. Kennedy.

The anniversary is expected to attract a lot more world interest than in recent years. So instead of letting much of Dealey Plaza continue to decline, the Dallas City Council approved some changes aimed at making the historic area more attractive.

Dealey Plaza is more than 70 years old. And the more than one million visitors who come here each year are noticing that this National Historic Landmark is showing its age.

Built as the front door to Dallas in the 1930s, Dealey Plaza forever stepped into history with the assassination of President Kennedy in November, 1963.

With the 50th anniversary of Kennedy’s death just over a year from now, the Dallas City Council approved the funds to restore the plaza.

The Council agreed to spend $934,000 in city and private money donated for the restoration. The biggest part of the project entails scraping, patching and painting the two landmark pergolas that oversee the plaza.

A sidewalk leading to the north pergola next to the infamous Grassy Knoll will be replaced with one that’s handicap accessible.

The triple underpass — now blotched with paint covering graffiti — will be cleaned and restored.

And the fountains along Houston Street that were rebuilt in the first phase of restoration two years ago will get more geysers.

Repair work starts in December — another sign of the city’s maturation over its darkest moment.

“I think we have over the years come to accept that it’s an important part of our history, and that we should respect the memory of that,” Greyson said.

The renovations should be complete by next summer, and that’s good news!

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

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Four Corners brewery to host Tastes of Trinity

Four Corners Brewing Co. today began preparing its first commercial batch of nectar at its West Dallas brewery.

George Esquivel, a partner in the venture, says the company’s first official, cash money beer pour will be at the Blues, Bandits and BBQ gathering at 715 W. Davis in north Oak Cliff come Saturday, Oct. 27.

In the meantime, the Four Corners brewery, at 423 Singleton Blvd. just west of the Margaret Hunt Hill Bridge, will host a Tastes of the Trinity beer, wine, food, music and art whoop-de-do from 6 to 8 p.m. Wednesday, Oct. 17.

The Trinity Trust is sponsoring the event there in the budding Trinity Groves food, art and entertainment development. Admission: $15 or free to members of the Trinity Trust support groups the Rat Pack or River Rats. More information right here or call 214-740-1616.

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

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Walmart is coming to Lower Greenville

Walmart at lower greenville Walmart Neighborhood Market store on Lower Greenville will be opening at 7:30 a.m. Wednesday, Oct. 17.

The store brings 100 jobs, and Walmart is making donations to “local heath care providers, schools and neighborhood groups,” according to a media release.

Council member Angela Hunt will be there for a ribbon cutting Wednesday morning, along with students from Robert E. Lee Elementary School, who will recite the Pledge of Allegiance. Walmart’s grand opening festivities also will include a Dallas Cowboys ticket giveaway, freebies from local vendors and costumed characters.

The building, at Greenville and Belmont, formerly housed Whole Foods and Blockbuster Video.

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

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The Dallas Suburban area has already made the home price declines during the recession

The study by Florida-based Lender Processing Service found that Dallas-area home prices in July were only 2.2 percent below where they were at the peak of the market in 2007.

That compares with the nationwide decline of 23.2 percent during the downturn.

 

Austin (-1.5 percent), Denver (-1.7 percent), Houston (-2.2 percent) and Dallas were the four markets that researchers found have the least amount of home price ground to recover.

Cities that still have the deepest housing price hole to climb out of include Las Vegas (-55.6 percent), Sacramento (-44.1 percent) and Orlando (-44 percent).

Preowned home sales prices in North Texas are up about 7 percent this year, based on sales of homes by Realtors through their multiple listing service.

 

The monthly Standard & Poor’s/Case-Shiller Home Price Index shows that Dallas area prices were almost 4 percent higher than a year earlier in the latest July report.

Home prices in the Dallas area were down by more than 11 percent at the bottom of the market in mid-2009, according to Case-Shiller’s estimates.

 

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

 

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Chinese Lantern Festival at Fair Park – an event not to be missed!

Chinese Lantern Festival Downtown Dallas

Chinese Lantern Festival

An old-time Fair Park tradition, the swan paddle boats, will be replaced by an ancient Chinese tradition during this year’s State Fair of Texas, as the Chinese Lantern Festival lights up the lagoon for the first time in a celebration of culture and beauty.

 

By day, the display will showcase Chinese art featuring giant animals, buildings and stories. The displays were tied together by hand by 43 Chinese artists. At night, the pieces will become a glowing display of color.

Chinese Lantern Festival Downtown Dallas

 

 

Of the 22 major lantern sets, some are single pieces, such as a 50-foot-high Chamber of the Fairies, while others contain dozens of pieces, such as numerous ant figurines at play. A few are not lanterns, such as a 330-foot-long undulating dragon made of 15,000 porcelain dishes tied together. Other sets tell stories, such as a mermaid in a garden holding a pearl. In a nod to Texas, there will also be a herd of longhorn cattle and a glowing set of bluebonnets.

 

The workers from Sichuan province in China — and a few cooks to feed them — have been laboring to build the lanterns and displays every day since mid-August. Previously, the work was exhibited in Toronto, as well as China.

Chinese Lantern Festival Downtown Dallas

The State Fair of Texas and Chinese Lantern Festival run from Sept. 28 to Oct. 21. Admission to the State Fair of Texas is required before entering the Chinese Lantern Festival. Festival admission is payable with State Fair of Texas food/ride coupons. Admission to the festival includes entry to the Museum of Nature & Science between 3 p.m. and 10 p.m. daily. For more information visit www.ChineseLanternFestival.com/

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

 

Chinese Lantern Festival Downtown Dallas

Chinese Lantern Festival Downtown Dallas

 

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Winnetka Heights 26th Annual Holiday Home Tour

Residents of the Winnetka Heights Historic District will open their doors to the community as part of the 26th Winnetka Heights Holiday Home Tour on Saturday, December 8, from noon to 6 p.m.

 

127 N Montclair

127 N Montclair

This year, Winnetka Heights is celebrating its 31st year as a designated historic district and its 26th Holiday Home Tour. In 1981 the City of Dallas recognized Winnetka Heights as the city’s sixth historic district. The neighborhood was the first such area in Oak Cliff to be designated.

This year’s tour which features six homes (Prairie School four-squares and Craftsman bungalows) and begins at the historic Turner House at 401 N. Rosemont.

Tickets for the tour are available in advance for $12 online at http://whhometour.org/ until November 8th, then $15 after. Tickets on the day of the tour will be $15 and may be purchased at Turner House, 401 N. Rosemont Avenue.

422 s winnetka

At Turner House, visitors will also be able to participate in a silent auction, enjoy samples from Oak Cliff Coffee Roasters and Kessler Cookies, hear carollers and meet with representatives of a dog rescue group to perhaps find a new member of the family. The event begins at Noon, December 8th and continues until 6 PM.

Proceeds of the tour help the Winnetka Heights Neighborhood Association (a 501 (C) (3) organization) with their goals of fostering a safer, more attractive and better place to live.

 

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

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Why to sell your home in Dallas now instead of Spring?

Many of us have a set mind that the market went quiet in the fall, with everyone focused on the holidays. That is usually a very true statement that  the market traditionally tapers off and most realtors take their best (and longest) vacations in December.

But conventional wisdom all changes when you have a market like the one we have.

While the rain drought in the greater Dallas area appears to be over, the number of available homes for sale continues to dry up. Buyers who have been sitting on the fence for two years are finally in the market but are finding fewer homes for sale.

Many sellers we’ve talked to want to wait until the spring to list their homes. While conventional wisdom is that the spring is the best time to list, I’m going to argue that now is the time rather than waiting until the spring.

Why? It’s about supply and demand.

Currently we have high demand and low supply. Listings are up 2 percent but sales are up 17.3 percent. Homes are selling almost 9 times faster than they are being listed. Days on market are down to 61 days and the average sales price is up 2.5 percent year-over-year.

In the spring, conventional sellers will be listing their homes driving up supply.

Thinking about selling? This is one of the best times in years. Want to know your home’s value? Click here to get a free market analysis.

If you are in the market to sell your home, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

 

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Dallas home sales up 10 percent in September

Pre-owned home sales in Dallas were up again in September! That is the 15th month in a row that monthly home purchases have been higher than the previous year in the year.

Real estate agents sold 6,103 single-family homes through their multiple listing service last month, a 10 percent gain according to the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

With September’s increase, home sales in the area are 15 percent higher through the first nine months of 2012 compared with the same period last year.

Median home sales prices in September rose 10 percent from a year ago to $162,000.

And the number of homes listed for sale in North Texas dropped 17 percent from September 2011.

The average time it takes to sell a house in the area is 69 days – down 22 percent from this time last year, the new Realtors’ report shows.

If you are in the market to lease or purchase, please contact Dixon Wong with JP and Associate REALTORS specializes in residential home sales, home relocation, and investment portfolios in the Uptown and Central DallasTexas real estate markets. You can reach him at 214-519-9493 or dixondfw@gmail.com. www.findyourtexashome.com

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