Monday, November 30, 2009

New Marketing Technique Using "Artistic" Photos?

Nope. Just another poor seller who is not getting their money's worth. Or maybe they are? Either way, this is poor form and should never be acceptable to any real estate agent or their clients. At this time, there is only 1 photo. And this is the one they picked? Hopefully the seller speaks up about this.

Monday, November 23, 2009

The Best Dallas Photographer in Dallas. Maybe the Country.

Sublime Red Line
Originally uploaded by
the urban fabric

So I'm being cheeky in the title. But if you haven't heard of Justin Terveen or seen his work then you are seriously missing out. His photos are nothing short of jaw dropping. Check out his Flickr page.

Amazing stuff.

Home Sales Increase by More Than 10%

But don't go popping corks on the Veuve just yet. While it may be true home sales have risen to their highest level in 2.5 years the experts accurately state that this jump in sales was due to many buyers having already been under contract before the first time home buyer tax credit was extended to April of 2010. That being said, we are likely to see stagnant sales over the winter and then they will ramp up as we near the April 2010 tax credit deadline. From the omniscient experts,
Experts forecast that prices will fall again. Most say they will hit a new low next spring, perhaps falling another 5 to 10 percent, as more foreclosures get pushed onto the market.
I've already expressed my concern about the threat of rising and/or continuing foreclosures. And it looks like the experts agree.
A record-high 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September, the Mortgage Bankers Association said last week.
What this means to you, Dear Reader, is that if you are in a neighborhood full of short sales and foreclosures, you may have to wait until 2011 before you see a turn around in prices. If your neighborhood doesn't have that many short sales or foreclosures your home value will still feel the indirect effects of a lousy economy laden with foreclosures. So sit tight. Update that kitchen or the master bath, beef up your landscaping and enjoy your home. And if you get relocated and have to sell then at least your home will be in great selling condition.

Wednesday, November 18, 2009

Is this the Most Expensive Lease Property in Dallas?

I'm talking about Casa Bellamini, of course. I mean, who doesn't have $50K a month to spend these days? To be fair, the monthly rate includes maid service, a private chef, and a full time butler and house manager. Good Lord. To put this into perspective, if you make over $1 million a year you probably still can't afford to lease this place.

This home is also for sale with an asking price of $7.9M, which is a far cry from the original asking price of $13M. That's a whopping $5M price reduction! Check out the home's website here. I've seen this home a few times and I have to say it is breathtaking. My favorite feature is the pedestal sink in the master steam shower. Perfect for a man (or woman) who prefers to shave while in the shower.

Saturday, November 14, 2009

NAR Has Fun With Numbers

Feel free to read this somewhat wordy article released today by NAR. Here are some of the highlights.
Existing-home sales are expected to rise 13.6 percent in 2010.

The 30-year fixed-rate mortgage will average 5.3 percent in the fourth quarter, rising gradually to 5.8 percent by the end of next year.

Home prices should rise between 3 and 5 percent in 2010.

The unemployment rate is close to peaking and is projected to ease to 9.5 percent by the end of next year.
All Realtors should be thrilled with the increase in home sales. However, I wouldn't expect Dallas to live up to the price appreciation forecast. We tend to lag behind whatever the country is trending towards. I expect Dallas to remain stable and possibly depreciate 0% to 1% in 2010 mainly due to flushing out the bulk of the foreclosures and short sales.

And finally, I'm not sure what is meant by the unemployment rate "easing to 9.5%" means. Is it going up, down? This, IMHO, is the major factor in determining the future success of Dallas real estate. Many people are forced to foreclose because of a job loss. They have no savings, mortgaged to the hilt, credit cards are maxed and then BAM! They get laid off. Ninety days later the house is foreclosed on. So until people can be secure in their jobs I wouldn't expect 2010 to be all roses. But it also won't be all doom and gloom. There are many deals to be had out there and smart buyers are taking advantage.

Man with Spinny Driving Wheel Camera Makes Good Sense

I could not agree more with this guy. I came across his video over on It has always amazed me how many agents - and companies - claim they are "numero uno". That's not to say they aren't telling the truth. But statistics can be manipulated to make them prove your own claims. Anyone can be No. 1 if you narrow the field down enough.

So just remember, you too can be the number one agent in Dallas!*

*sales between $451,000 and $452,000 on Northaven Rd. for the month of November 2009