Dallas Homes Center

This listing popped up last weekend on the MLS as a foreclosure - it’s been on the market for 8 days as such. Before then it was on the market for 721 days to be exact.  Started at $5,500,000 down to $3,895,000 now as a foreclosure the price has gone up again to $4,500,000.  This is some of the manipulation we see by banks to recoup losses in prime real estate areas.  I really don’t blame them but what makes them think they can get more then 2 years ago when the real estate market was better?  Can’t figure that one out, maybe they know a low ball offer is coming and want to buck up for that!  There was a photo on the MLS last week but none today just a blank stare, so I got this off the tax records. Any takers?  Don’t forget to look at open houses this weekend if you can bare the heat - over 80 to preview…check the link to the right and stay cool…
Take a Rheims street view tour below.

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more detail on 2484 Greymoore Drive click here.

Now that we’re almost half way through the year…  Can you believe it?  I’m very happy we’re almost through this market and don’t have it to look forward too.  Amen.  Here’s a few graphs to show you the state of the market.   Alas, not too good but improving as I write this, credit market seems to definitely be thawing some and high end properties are closing you will see that more apparent in June numbers. But until then lets take a look at where we are now…

Year to date Park Cities sales are roughly down 48%. Ratio of sales to original list price is an unheard of 88.7%, meaning seller concessions are being made and I do believe that is because of all the inventory available. It’s up 28% above last year.  The market has started much later this year but see things starting to churn now that school is out.  Park Cities pricing is very competitive and the lowest seen in years. Time to buy? Absolutely yes!

If you’re a first time buyer in this market, especially in the price range under $300K you might wonder why there are multiple offers on homes you like. That goes for foreclosure properties too.  One reason is the inventory levels in Dallas are low and over 32% down from 2 years ago.  Take a look at the chart.  Rational thinking tells you it’s a buyer’s market but in reality you will have fierce competition in putting a home under contract.  You need to get there first plus make a reasonable offer if a home is priced correctly. You might not get a second chance.  My suggestion would be make your first offer the highest and best and you’ll have a better chance of an accepted contract.   If you still miss out, go ahead and put a back up offer in, only 80% of contracts are closing these days so you might get another opportunity.

The May numbers are in and guess what? They are better than April.  This report covers Highland Park and University Park only.  May ended with:

• 488 active listings
• 15 pending ( waiting to close )
• 27 sold ( 22 last month ) it’s better but not great…

For single family homes the least expensive is $385,000 in University Park in the University Heights neighborhood.

The most expensive listing is also in University Park (75205) in the coveted Volk Estates for $18,000,000. (only on market for 2 days).

The time it takes to sell off the current inventory is the absorption rate, which is 18 months, with this current trend and DOM (days on market) hovering around 200 or so - pricing is the most important factor in selling a home.  Always is - no matter what the market bears.  Thawing of credit seems to slow but we are seeing signs of life.  I can’t think of a better time to buy real estate in the Park Cities, inventory is high and most pricing is realistic. What’s the old term?  Buy low and sell high…it’s time to buy in the Park Cities.   Market is still volatile so if you missed out on a property be patience and still watch it, it might fall out and you can have another chance.  Those are Real Estate words of wisdom…