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Construction Photos of Uptown and West Plano


Construction in North Texas

Shops_at_Legacy_Construction

This photo is the Shops at Legacy’s new addition – more great townhomes, shops, dining, apartments all in walking distance of each other. Located at Dallas tollway and Legacy on the east side.

uptown_2

Taken directly across from the new Ritz Carlton that opened last month in Uptown at McKinney and Pearl. Buildings are going to be office, apartments and retail shopping which is badly needed in this area. Some views at 1999 McKinney will be blocked from this.

Ritz

Side view of the Ritz, understated elegance, art deco influence, in the back is the Crescent. Ritz Rooms go for $500. a night, a steal compared to the W at $700.

Dallas Housing Sales and Activity – May 2010


DFW Housing Activity

The housing sales for May 2010 increased for the third month in a row. Up 18% from a year ago. Another positive sign for our market. This summary report is compiled by Texas A & M Real Estate Center for NTREIS (Net-tris) our MLS that stands for North Texas Real Estate Information Systems.  It’s deemed reliable but not guaranteed.  I don’t think anything is guaranteed.

Most numbers are positive, median price up 2%, days on market is 73 which is 8% lower than last year. Active listings are down 2% and new listings are flat.  Pending sales are down 23% which means future sales activity will be down.  These numbers are for single family residential sales.

Real Estate is retail so it’s always a moving target, the market has been quieter but that could be because of the ending of the tax credit, holidays, school ending and summer vacations.  Mortgage applications have also been down.  Interests rates are at a 50 year low way under 5%. So despite the ending of the tax credit –  lower interest rates are providing a savings incentive, indeed.

As far as Plano (Area 20)  May results so far are below:

  • Sales: 254 units -5%
  • Average price: $251,403 +2%
  • Price per sq ft: $94.+3%
  • Days on Market: 57 +8%
  • Pending Sales: -33%
  • Months inventory: 5.3 -1%

I predict that due to low, low low rates and exceptional pricing opportunities buyers will be finding and making some great buys in the future market place.

The Contingency Factor


The Contingency Factor

Acive_Contingent

Back a few years ago it was rare to find a contingent listing status.  Usually it meant the buyer had to sell another property first before they could purchase another home.  Today you find them often and they have different meanings.

Let’s start with first things first – What’s a contingency status?  By definition it means the sale is dependent on something else from certain things occurring to certain facts identified.  It is most widely used when a seller of a property has not sold there home first but wants to make sure they have a place to go when they do. Makes Sense? They other seller can accept a contingency, however it does take your home off the market.  But you can accept other offers if one comes along and that is dependent on the original contingency addendum agreed upon.

Now let’s take the market today, there are 16 contingent status home in West Plano.  For buyers these home are good for back up offers because many of them will fall through.  Why? Because some of these are short sales and require lender approval on the price and terms, so the process is long, say 3 to 6 months to close. Most buyers get tired and won’t wait or find something else.  Another factor is financing approval for the buyer.

What we are finding is even though you might be pre-qualified, say a month or so ago, when the loan goes to under writing the programs might no longer exist or sold out, full filled the quota for that particular program.  Also the qualifications might change depending on the lender, for example you might need more of a down payment, credit score is lower so you don’t qualify or a job loss could or has occurred.

So instead of a listing agent marking a property active option, it will be marked contingent first based upon the above scenarios which vary greatly but it’s a tool being used now to let buyers know that a back up offer will and can be taken if a better offer comes around.  Based on the economy and housing market searching for a home should include looking at all status changes on properties, you just never know and more than likely your dream home still might be available. Real Estate is fun, isn’t it?

Remember to ask about those contingency contracts.

It’s more expensive to live in Frisco


Median price for Dallas, Plano and Frisco

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Here’s a birds-eye view of median price for Dallas, Plano and Frisco real estate. Dallas pricing is heading up, Plano has been very steady.  Frisco has come down a little and will probably come down more, (my opinion, of course.)

Lots of new building in Frisco has led to builders specials that got caught in the downturn.  Houses are newer in Frisco with the exception of Stonebriar which was built out the same time as West Plano, late 80’s and 90’s.

You could take advantage of builders inventory and foreclosures in Frisco and with the year coming to an end, I bet the builders and banks want this inventory off the books. Time to wheel and deal!

Market Conditions for Dallas – Plano


Mortgage Mess and Media Madness!

The Stats for Dallas – Plano Communities

Overall the market is in a holding pattern because of the mortgage mess and media madness!

Real estate is retail so if the consumer doesn’t feel good, things slow  down.  I preface this by saying it has been a little over a month and we all start to get antsy.  When the Feds lower interest rates on Sept. 18th (being optimistic) – that should start a pre holiday round of activity. Overview of the market in August shakes out like this:

Single family home sales were down 10% from a year ago, dollar volume down 3% and the average price of $212,655 was up 7% from a year ago.

Prices are holding well, the Dallas market is considered value from the rest of the country.  Properties still need to be priced well to sell, in this market –

It is critical!

Year to date sales are also down 6% now, dollar volume down 1% and average price of $204,813 is up 5%.

Across the board there is a 6.4 month supply of homes on the market – this is growing and one of the most important increases year to date.  In the areas covered below with the exception of North Dallas, (-4%)  inventories have increased in double digits from 20 to 31%.

Properties priced over $500,000 are plentiful with a 10.7 to 15.4 month supply.

Townhomes over $500,000 have a 20.4 to 56.5 month supply!

Here are August Results by Area…

Month-to Date Sales Closed by Area for: August 2007 – Single Family

Part I

Far North Dallas- north of LBJ

Sales down 2% from year ago, Dollar volume down 3% from year ago,

Average price flat from year ago.

North Dallas-south of LBJ (Preston hollow)

Sales up 34% from year ago, Dollar volume up 63% from year ago,

Average price up 22% from year ago.

Park Cities Area

Sales up 11% from year ago, Dollar volume down 14% from year ago,

Average price up 3% from year ago.

Plano Area

Sales down 13% from year ago, Dollar volume down 13% from year ago,

Average price flat from year ago.

Lakewood-M Street Area

Sales up 9% from year ago, Dollar volume up 7% from year ago,

Average price down1% year ago.

Uptown-Oak lawn- Condos & Town homes

Sales down 14% from year ago, Dollar volume down 4% year ago,

Average price up 12% year ago.

Year-to Date Sales Closed by Area for: Aug 2007 – Single Family

Part II

Far North Dallas- north of LBJ

Price per sq ft up 2% from year ago, Sold to list price up 1% from year ago,

Days on market down 8% from year ago.

North Dallas-south of LBJ (Preston hollow)

Price per sq ft up 12% from year ago, Sold to list price flat from year ago,

Days on market up 6% from year ago.

Park Cities Area

Price per sq ft up 8% from year ago, Sold to list price flat from year ago,

Days on market up 5% from year ago.

Plano Area

Price per sq ft up 3% from year ago, Sold to list price flat from year ago,

Days on market up 4% from year ago.

Lakewood-M Street Area

Price per sq ft up 4% from year ago, Sold to list price flat from year ago,

Days on market down 2% from year ago.

Uptown-Oak lawn- Condos & Town homes

Price per sq ft up 7% from year ago, Sold to list flat from year ago,

Days on market up 22% from year ago.

Year-to Date Sales Closed by Area for: Aug 2007 – Single Family

Part III

Far North Dallas- north of LBJ

Pending sales up 2% from year ago, New listings down 1% from year ago,

Active listings down 5% from year ago, Months Inventory down 4% year ago.

North Dallas-south of LBJ (Preston hollow)

Pending sales down 9% from year ago, New listings up 4% from year ago,

Active listings up 14% from year ago, Months Inventory up 20% year ago.

Park Cities Area

Pending sales down 3% from year ago, New listings up 5% from year ago,

Active listings up 20% from year ago, Months Inventory up 24% year ago.

Plano Area

Pending sales down 10% from year ago, New listings up 4% from year ago,

Active listings up 15% from year ago, Months Inventory up 31% year ago.

Lakewood-M Street Area

Pending sales down 4% from year ago, New listings up 2% from year ago,

Active listings up 6% from year ago, Months Inventory up 8% year ago.

Uptown-Oak lawn- Condos & Town homes

Pending sales down 11% from year ago, New listings down 12% from year ago,

Active listings down 16% from year ago, Months Inventory up 6% year ago.

A word about average dollar per sq ft as of August 07

Far North Dallas – $120.

North Dallas – $240.

Park Cities – $346.

Plano – $98.

Lakewood – $130.

Oak lawn Condo-Town homes – $198.Source is from North Texas Real Estate Information Systems. (MLS) reliable but not guaranteed.