Archive for August, 2009

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The Dallas Office Market: What we can Expect for the Second Half of the Year

Monday, August 31st, 2009

In terms of growth, the Dallas office market has seen better days. So, what does this mean for those seeking to lease office space? A golden opportunity.

Let’s start off by saying that many industry analysts predict that the Dallas-Fort Worth Metroplex will be the hardest hit metro area in the country. The recession’s done a number on the office market, to say the least.

Downtown Fort Worth office buildings saw many tenants moving to smaller spaces in an attempt to save money, and virtually no new leases for space, in the fist half of the year. Now, the downtown office vacancy rate sits at about 19 percent, including leased space that’s not being utilized. Many companies that aren’t using their leased space attempt to find sub-leasers, but that’s usually easier said than done.

Office building construction has come to a grinding halt, office building sales are following closely behind, and leased space continues to free fall.

What Happened?

Perhaps the catalyst that drove the Dallas-Fort Worth Metroplex downturn was due to the

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The House: Why These Luxury Residences aren

Friday, August 28th, 2009

A lousy economy, a tough housing market, and the Victory Park problems are all wreaking havoc on the luxury condominium residences of the House.

Let’s start off by saying that the House is simply outstanding. In terms of luxury surroundings and upscale services and amenities, it is unsurpassed.

The Magnificence of the House

Rising 28 stories into the Dallas skyline, The House features one, two and three-bedroom condominium residences priced from $399,900.

The architecture and exterior designs, which were designed Elkus Manfredi, are a lesson in perfection, while the stunning interiors, designed by Philippe Starck and Yoo, speak of exquisite taste and design sense.

Just some of the residence finishes found throughout the House include limestone bathrooms, gleaming, hardwood floors, high-end appliance packages, soaring ceilings and breathtaking views of the Dallas skyline.

Perhaps the only thing that surpasses the outstanding residences of the House are the outstanding services and amenities.

Just some of the services and amenities afforded to the residents of the House include: a 130-foot lap pool; a dog park; a fitness center, complete with Italian-designed fitness equipment; a conference room; and a guest suite.

The location of the House seems to be nearly perfect, as well, as it is comfortably situated smack dab in the middle of Victory Park, near the American Airlines Center, the W Hotel and Condominiums and the House of Blues.

Victory Park and its Flaws

But perhaps it is the Victory Park location that has hurt the sale of the House.

Victory Park, hailed by some as Dallas’ best achievement, is a sprawling, 75-acre community that was originally the brainchild of Ross Perot. He envisioned upscale dining and shopping, and equally upscale residences.

Victory Park’s location was also masterfully designed, as it is ideally located near all, major areas of Dallas, including the Arts District, Turtle Creek, Uptown and, of course, downtown Dallas.

However, it seems that Victory Park in all its splendor has turned many potential residents and visitors away with its almost too high-end offerings.

The result is that many of the marvelous residences of Victory Park, including the House, are not filling up quite as quickly as expected.

The developers of Victory Park seem to have taken note of this flaw in its design, and have subsequently begun bringing more economical venues here.

As the developers begin to realize the importance of more popular retailers and restaurants, Victory Park will soon become the premier destination for Dallas residents, thereby helping the overall success of the House.

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Why we Love Fort Worth Urban Living

Thursday, August 27th, 2009

If the outstanding business opportunities and the low cost of living doesn’t lure you to Fort Worth, then the brilliant urban atmosphere certainly will.

Living in urban Fort Worth offers such extraordinary cultural and recreational experiences that they are perhaps only trumped by the upscale real estate found here.

The historic preservation found throughout urban Fort Worth has earned this city the nickname of the “City of Cowboys and Culture.” A revitalized downtown area, an unsurpassed cultural arts district and, of course, its famous heritage and history, have all made urban Fort Worth an incredibly popular place to call home.

This southwest urban center has several, unique sites that make Fort Worth urban living truly special:

  • Fort Worth Stockyards – Admitted to the National Register of Historic Places in 1976, this 15-block section of Fort Worth speaks of the city’s Southwest roots. Just some of the fun and exciting sites found within the Fort Worth Stockyards include the Fort Worth Herd, the Grapevine Vintage Railroad, the Stockyards Station and the Cowtown Coliseum.
  • Fort Worth Cultural District – The cultural institutions of Fort Worth are the essence of the city. From western heritage museums to cutting-edge, modern art museums, cultural activity is alive and well within the Fort Worth Cultural District. Just some of the museums found here include the Kimbell Art Museum, the Museum of Modern Art, the National Cowgirl Museum and the Will Rogers Memorial Center.
  • Sundance Square – Within Fort Worth’s dynamic downtown area is Sundance Square, an outstanding entertainment district that features such charming details as brick-paved streets, quaint shops and galleries and upscale restaurants. The historic, turn-of-the-century buildings further add to the Western ambience found here.

There’s one thing for certain: urban Fort Worth living is anything but dull. From the outstanding real estate choices to the superb surroundings, city living is the name of the game in Fort Worth.

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The Top Five Things you Should NOT do at your Next Open House

Monday, August 24th, 2009

Your open house is the prime opportunity to make your house shine. It is the perfect time to showcase your home to potential buyers and to wow them with your property.

It is, however, also the time that things can quickly fall apart. Don’t let your open house day become a disaster! The following list of “don’ts” will guide you as you prepare for your open house:

  1. Do not linger during the open house. If you think that your presence during at an open house will benefit you: think again. Buyers are simply not comfortable looking through a house when the seller is present. Make yourself scarce during the open house so that potential buyers can leisurely tour your home. Your real estate agent will be present to answer questions, to discuss the home and to show potential buyers all of the wonderful features of your home.
  2. Do not leave your pets in the home during the open house. It is important to remember that not everyone loves pets. And not everyone wants your dog jumping up to greet them as they walk through the front door. It is also quite distracting to have a barking, whining dog behind a closed during the open house, as well. Take Fido or Fluffy with you when you leave, and don’t forget to hide all evidence of your pets before you leave, as well (think: litter box!).
  3. Do not leave your dishes in the sink. Your spotless kitchen will be forever tarnished in the eyes of buyers when they see your dirty breakfast dishes sitting in the sink. Take a moment and clear the sink so that buyers can imagine themselves in your University Park home.
  4. Do not return to the house until everyone has left. Just like the first “don’t,” buyers just don’t want to see the owner during an open house. It makes them uncomfortable and unlikely to take the time to thoroughly tour your home. And that means that showing up before the open house has concluded is also a no-no. Don’t return until all signs of the open house are gone.
  5. Do not underestimate the power of setting the mood. Preparing your home for your open house also means creating an atmosphere that welcomes potential buyers and makes them feel at home. Don’t forget to light the fireplace, arrange fresh flowers on the dining room table and open the curtains to let the sunshine flood the home.

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Buyer Tips: How to Choose a Real Estate Agent

Friday, August 21st, 2009

If you are considering purchasing a new property, then it may be time to contact a qualified real estate agent. An experienced, qualified real estate agent can help you with your home search, your financing, your negotiating and the closing process.

A qualified real estate agent can also educate you about the home buying process, which may be very useful for many home buyers, particularly first-time buyers.

If you are confused about where and how to begin the process of finding a qualified real estate agent, the following list can help you get started:

  • Ask friends, family members and business associates for referrals. Finding a good real estate agent is often as easy as asking other individuals who have recently bought or sold a home.

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The Top Five Reasons your Home didn

Thursday, August 20th, 2009

You just don’t get it. Your home has been sitting idle on the market for the last six months while the other homes for sale in your neighborhood have long since sold.

There are five, major reasons homes don’t sell. Therefore, rather than spending your time cursing the “sold” sign in your neighbor’s yard, take the time to figure out where you went wrong:

  1. You priced it too high. Even though your real estate agent advised against it, you went ahead and listed your home according to what you want for the home, instead of what it is worth. Listen to your real estate agent and take a close look at the comparables in your area and rethink your pricing strategy. After all, there is no better way to scare buyers off than with a sky-high asking price.
  2. You’re not willing to negotiate. Let’s face it: not every offer is going to be the perfect offer. However, if you are unwilling to negotiate and counter offer, then you may very well lose out on a potential sale. It is important to put your ego aside and simply make a counter offer instead of outright rejecting an offer.
  3. You are not flexible. Selling your Irving home is typically inconvenient and frustrating, but it is important to hang in there and remain flexible. Sellers who are not willing to show their home at a moment’s notice; who are not willing to settle upon a different closing date; or who are not willing to consider buyer incentives are simply shooting themselves in the foot, particularly during a buyer’s market.
  4. Your home is not clean. You can have the best property and the best features and finishes, but if your home is not clean, you will certainly turn off many potential buyers that walk through the door. The bottom line is that buyers must feel comfortable in your home and they must envision themselves living there; and that is hard to do when the sink is full of dirty dishes and there is pet hair stuck to the carpet.
  5. Your home is not updated. In order for your home to compete with other, similar homes in your neighborhood you must make sure it is fresh and updated. Take a quick tour through other homes for sale in your neighborhood and compare the features in those homes with yours. Then, make the necessary changes so that your home can compete with other comparables in your neighborhood.

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Should I Lower the Price of my Home?

Tuesday, August 18th, 2009

In this tough housing market it is not uncommon for frustration to set in rather quickly. If you are desperately trying to sell your property and have little or no luck, you may begin to question many of the decisions you and your real estate agent have made.

One of the issues in particular that many sellers begin to question is the price of their home. Is it attracting buyers or scaring them away? Is it on target with some of the other properties in the area? Does it reflect my desire to sell?

So, when do you know that it’s time to lower the price of your home?

Although there are no steadfast rules regarding pricing your Irving home, let alone lowering the price of your home, you can make a sound judgment by reviewing a set of factors and asking yourself some basic questions:

  • How long has my home been on the market? What is the average number of days on the market for homes in my neighborhood? It may be quite frustrating to have your home on the market for 60 days without an offer, but it may be quite common for homes in your area to sit on the market for 60 days. You real estate agent can help answer this question for you so that you can determine whether your home’s time on the market is common or out of the ordinary.
  • What have potential buyers said about my home? Buyer feedback is very important and can provide you with a wealth of information regarding the price of your home. If buyers are reporting that they feel your home is overpriced, then it may be time to consider a different pricing strategy.
  • Am I pricing my home according to the market, or according to what I want to make? Answering this question honestly can often reveal whether you have chosen the price of your home for the right or wrong reasons. Although we all may have an idea of what we would like to sell our home for, the reality is that we must price our home according to the market conditions, not according to our pocketbook.

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Benefits of a Qualified Real Estate Agent

Friday, August 14th, 2009

If you are thinking of selling your home FSBO, there are many factors to consider. Is it possible to sell your home FSBO? You bet. But is it the best decision for you? Perhaps not.

There are many homeowners who successfully sell their home FSBO, but there are also just as many that are simply unaware of how to properly sell their home, or unable to do it themselves, especially in this tough, economic climate.

Before you decide to sell your home FSBO, ask yourself whether you can handle all of the responsibilities that go along with this process.

The following list details the benefits of hiring a qualified real estate agent:

  1. They know the market conditions. Qualified real estate agents are savvy to the conditions of the market. They also understand how to implement key strategies in a tough housing market to get your Uptown Dallas home sold.
  2. They know the area. Seasoned real estate agents will likely have a great understanding of your neighborhood, which will help immensely when it comes time to price and market your home.
  3. They know how to effectively market your home. Marketing your home is not as cut and dry as you may think. Qualified real estate agents understand what is necessary to get your home in front of as many buyers’ eyes as possible.
  4. They take care of showings and open houses. Are you prepared to be present during all showings and open houses? For example, if you work full-time, you may simply not have the time to show your home, which could cost you a sale.
  5. They can be your best advocate during negotiations. One thing’s for certain: qualified real estate agents come in handy when it comes time for negotiations. Period.
  6. They are there to answer your questions and address your concerns. If you are new to the home selling process, or if you simply have not done it for many years, then the services of a knowledgeable real estate agent will be invaluable as you weave your way through the potentially confusing process of selling your home.

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How to Shop for a New Home like a Pro

Wednesday, August 12th, 2009

If you are new to home buying and the thought of looking at homes makes you start to sweat, then you’re not alone. The process of looking for a home, while exciting, can prove to be quite a stressful experience.

Often times, looking at numerous homes can leave you feeling defeated, tired and confused. Fear not! To become a seasoned home buyer, all you need is a great plan of action:

  • Take the time to clearly convey your wants, needs and desires your real estate agent so you don’t waste your time looking at homes that simply do not meet your requirements. For example, there is nothing quite as frustrating as looking at three-bedroom homes when you absolutely must have four bedrooms.
  • Schedule only a handful of property showings on any given day. Although it may make sense to knock out as many homes as you can in one day, the reality is that this tactic will often just make your head spin. All of the properties may begin to look alike after awhile, and it may be difficult to really take the time to examine any one given Highland Park property.
  • Take a notepad and a digital camera along. Although each agent will likely provide you with a packet regarding information about each home you see, it pays to take your own notes and pictures so that you can better remember both the positive and negative features of the home.
  • Don’t just look at the inside of the home! Pay close attention to the location of the property and take notes. Is it located on a busy street? Are the other homes well maintained? Is the home close to nearby shopping centers, schools, etc?
  • Pay attention to the small details of the home, as this can often give you a better idea of the home’s overall condition.
  • Remain objective. You may walk into a home that looks simply beautiful, but is it the right home for you? Are the cathedral ceilings in the living room and the granite countertops in the kitchen clouding over the fact that the home has only one bathroom and is located on a busy street?

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The Top Five Reasons to Purchase your First Home

Monday, August 10th, 2009

Did you know that this is a great time to become a first-time home buyer? It’s true!

If your friends, family and the media have all convinced you that the poor economy and the tough housing market are not in your favor, then think again! Now may be the time to begin educating yourself on the advantages of becoming a first-time home buyer in today’s economy:

  1. Interest rates are at near-historic lows, which mean that you can get more home for your money. For many homebuyers, low interest rates can lower their mortgage payment by hundreds of dollars each month, or they can afford to purchase a more expensive Coppell property. Low interest rates also mean that a home purchase is feasible, unlike just a few years ago when inflated home prices kept many potential buyers out of the market.
  2. Federal Housing tax credits for new homebuyers could mean that you can receive as much as $8,000 from the federal government just by purchasing your first home. This tax credit is not limited to new buyers, either. If it has been more than three years since you purchased a home, you may also be eligible for this incentive.
  3. The real estate market is flooded with fantastic, Coppell homes. Because we are still in the midst of a buyer’s market, you will likely have a great selection of homes from which to choose. This may be the time for you to find the perfect home!
  4. There are many homeowners who are looking to sell their homes, often below the appraised value. The abundance of homes on the market means that there are many anxious homeowners willing to drop the home price or accept lower offers.
  5. A home is a great investment. Although home values across the nation have seen a sharp decline over the past few years, a home is still considered an excellent investment. The interest paid on your mortgage is also generally tax deductible, thereby providing additional benefits at year’s end.

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