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Best Buys in Dallas Real Estate: Million Dollar Homes


Buy low and sell high is what you want to happen when you buy real estate.  Although you might think everything will work out sometimes the timing is just plain bad, like pre 2005.  When every builder, speculator, mortgage entities, bad banks and yes, agents, brokers went crazy and bid everything up.  Notice I didn’t use the word investor because a true investor would crunched the numbers to see things might not be too good!  I call this phase when “everyone could buy a million dollar home” and then they didn’t.  And the market started going south, 1 year, then 2 years, then 3 years and now 4…so that’s the clue, now we’re at the buy low and sell high time….

As of right now there are plenty of good if not great buys in Dallas Real Estate.  And most are not foreclosures.  The market has come around and down in the million dollar home category, yes, you heard me right. Some properties have come down 200K- to 500K, no – I’m not kidding….If you are looking for a new home and willing to pay a million dollars or more in prime areas, it’s your lucky day.  Sellers and builders are pulling the plug and many of these gorgeous homes are staring to move, I’ve seen a few favorites close as of late.  And that is good news!  Monkey off the back of some builders….they paid too much for the lots…

Once these properties were as high as 1.5M to 1.8M – that was LA-LA land in Dallas and when the market started going south.  The inventory is extremely high, years I might add in this category and the best ones will go first, there are even unfinished new homes that you can design yourself.  This is the one of the best opportunities in Dallas right now, south of the loop.

The other opportunity is Uptown condos – some excellent buys in prime condo-hotels scenario, but you need to way the risk on when that will come back – my take is it will be a while – long term investment….

And of course there are foreclosures and short sales that bring other opportunities – each bank has their own rules so be prepared for a lot of drama! Whatever doesn’t sell at auction will be on the MLS or somewhere online.  More of these will be coming for a long time so if your not ready to buy now – that market will continue to increase, wait and see.  My only comment on these types of sales is many homes have been sitting vacant a long time, so please do an inspection and know there will be work to figure into your budget. Some are pure wrecks and if you can see the hidden potential of a property by all means – Buy it!

Now is the time to buy low and sell high in tons of situations.  Also the first time home buyer tax credit expires Dec. 1st, 2009 which means you need to be under contract in the next 30 days.  I also think they will extend this but it’s to early to tell.  Wouldn’t it be nice if they opened it up to everyone with no restrictions? Stay tuned from the government on that one….you might get a bail out just yet!

About Terry W. Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite & know stuff, ask me...

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