Archive for October, 2009

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The Top Five Tips for Selling in a Buyer

Monday, October 12th, 2009

It certainly comes as no surprise that Dallas, along with the rest of the country for that matter, is still in the midst of a buyer’s market. Although we have seen improvements over the last, couple months regarding the residential real estate market, there still remains a large inventory of homes on the market and way too many foreclosures to contend with.

Is it possible to sell quickly in today’s buyer’s market? Absolutely; but you must have a game plan and a set of rules to live by:

  • Price right from the start – You must attract buyers as soon as your Park Cities property hits the market. Otherwise, your new listing can suddenly become old news. This is not the time to “test the waters” to see if buyers will jump at a higher price; in fact, you must seriously research your listing price, along with your sales agent, so that you can offer the most competitive price on your home.
  • Wow your buyers with a move-in ready home – To compete in today’s market you must simply have a home that stands out from the rest. You can accomplish this and attract buyers by making your Park Cities property as move-in ready as possible. If your home surpasses others on the market then you are well on your way to an easy sale.
  • Remain flexible at all times – It may be quite irritating or inconvenient to accept a showing on a Sunday morning, but in today’s market you must be willing to remain flexible throughout the entire process. From offering incentives to negotiating closing costs, your flexibility may make the difference between a quick sale and months on the market.
  • Hire a qualified, seasoned real estate agent – There is simply no better way to quickly sell your Park Cities home than to use the services of a qualified real estate agent. Your real estate agent will likely have a great deal of experience selling homes in your neighborhood, which will therefore give him/her an advantage when pricing your home, marketing your home and negotiating a sale on your home.

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Hip, Loft Living at the Canton Street Lofts

Friday, October 9th, 2009

The location doesn’t get any better than this.

Comfortably situated in the downtown business district, near the Dallas Farmer’s Market, the Canton Street Lofts affords its residents the opportunity to park the car and walk nearly anywhere. In other words, downtown Dallas is at your disposal.

Formerly the Olive & Meyers Building, the Canton Streets Lofts once served as a manufacturing plant. However, it was transformed into the hip Canton Street Lofts, where the surroundings are so cool that it has been used to shoot several movies, commercials and documentaries. It holds the distinction of being a Dallas historic landmark.

Canton Street Lofts Amenities

The Canton Street Lofts, in addition to offering super-chic surroundings, is also well known for its four-star amenities, including a front-desk concierge, underground parking, secure building access, a state-of-the-art fitness center and a rooftop swimming pool and Jacuzzi. In addition, a jogging trail loops around the rooftop to provide residents with the coolest morning workout around.

Outstanding Residence Amenities

The spacious, open floor plans of the Canton Street Lofts provide easy living options, while the expansive windows throughout the main living areas flood the homes with plenty of natural light. Each loft residence can be configured to suit the owner’s needs, thereby allowing for the ultimate in design freedom and flexibility.

Homes in the Canton Street Lofts include one-bedroom, one-bathroom homes, and two-bedroom, two-bathroom homes, all of which range from 1,446 to 2,552 square feet and cost between $149,000 and $422,900.

The luxury, the prime location and the superb amenities all make the Canton Street Lofts a popular choice for residents of downtown Dallas. This downtown Dallas condo building easily reflects the upscale living often found throughout many of the condominium residences of downtown Dallas.

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Fort Worth

Thursday, October 8th, 2009

The $200 million West 7th project has delayed its grand opening amidst development changes.

The grand opening for the West 7th Development project has been pushed back to March 2010 as development changes take place. The development team of Cypress Equities has made plans to cancel the hotel development and instead replace it with more multi-family homes.

Given the slowdown of the hotel industry in Fort Worth, the developers of the West 7th project, including Kirk Williams, vice president of development for Cypress Equities, have decided to instead set their sights on multifamily housing that will produce rental income for the development.

Other changes to the West 7th project include: putting a hold on the construction of the second office building until a new tenant can be secured; and eliminating Fort Worth City Market from the project.

Positive signs of the West 7th project include: the completion of several retail spaces and the extension of the Lofts at West 7th, following the termination of the boutique hotel project. The expansion of the Lofts at West 7th, if approved, will add 100 more units to the development.

Cypress Equities is considering the expansion of the Lofts at West 7th primarily because it will be the only new construction of rental apartments along the West 7th Corridor. The Lofts at West 7th opened to its first residents on September 12. Currently, 77 of the 345 apartments have been leased.

The property is being managed by Lincoln Property Company, a Dallas-based company.

About the West 7th Project

Located along West 7th Street in Fort Worth, the West 7th Project will include 106,000 square feet of office space; 345 apartment homes; and 240,000 square feet of retail and restaurant space.

Four retail tenants are expected to open in October and two tenants are sited to move into the office portion of the development in late November.

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Architecturally Significant Homes Continue to Dominate Highland Park

Tuesday, October 6th, 2009

Highland Park, like many suburbs of Dallas, is well known for its upscale surroundings and estate homes. However, what separates Highland Park from many of the surrounding communities is the presence of some of the most architecturally significant homes in Dallas.

From estate homes to historic homes, there is a great array of architecturally significant homes which feature an unsurpassed level of architectural quality and significance. Therefore, it certainly comes as no surprise that homes in Highland Park are highly regarded as some of the finest homes not only in Dallas, but the entire state of Texas.

There have been many new home construction projects over the last, few years, but there are just as many historic homes which have been completely renovated, as well. Many of the smaller homes of Highland Park have also been leveled to make way for larger estates.

Perhaps it’s the convenient location to Dallas that has made Highland Park so desirable, or perhaps it’s because of the surrounding beauty that has prompted so many architects, home builders and buyers to build architecturally significant homes amidst the tree-lined streets and lush lots.

From the inception of Highland Park to the current time, many of Dallas’ most renowned architects have chosen Highland Park to complete their vision. As a result, this Dallas suburb features eclectic architectural styles such as English, French and neoclassical styles.

From restored historic homes to newer homes with an historic feel, the multi-million dollar properties of Highland Park are nothing short of spectacular.

Neighborhoods in Highland Park

  • Old Highland Park – Bounded by Mockingbird Lane, Katy Trail, Armstrong and Preston Road
  • Highland Park West of Preston – Bounded by Preston Road, Fairview, the Tollway and Mockingbird Lane
  • Highland Park North of Mockingbird – Located on the University Park side of Mockingbird Lane
  • West Highland Park – One-hundred-acre neighborhood with homes from the 1940s and 1950s. Located west of the Tollway.

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The Dallas Office Space Market: Holding out for Better News

Monday, October 5th, 2009

There’s word that commercial property sales in Dallas are due to hit a 20-year low this year, and that’s not good news for anyone.

Where do we Stand?

To better gauge where this market is headed, consider that office sales in the second quarter of 2009 were an astounding 97 percent lower than during the peak of the market in 2007. In terms of money, just $16 billion of office building sales are expected by year’s end.

In addition, many of the commercial property mortgages secured over the last few years are quickly headed for disaster, with a record number of mortgage defaults expected to hit the Dallas market by year’s end.

Many experts estimate that any mortgage secured since 2005 is in danger of going into default.

With all this bad news circulating throughout the industry, is it any wonder that commercial property leases are stagnant and sales are virtually nonexistent?

Because businesses started cutting back as the recession took its hold, the demand for office space plummeted by early 2009 and has gone nowhere fast.

Even those buying and selling office space in Dallas are having a hard time, as comparables are extremely hard to come by these days.

A Bright Spot on the Horizon?

Amazingly, however, there are some analysts who see the office market leveling out and the economy beginning to turn around in Dallas, much to the relief of many anxious commercial space owners and investors.

Another bright spot in all of this mess is the fact that Dallas will not see the loss of the high-tech jobs like they did during the last recession. In addition, unlike other areas of the country, Dallas stepped back and didn’t fall into the building-boom trap. The economy in Dallas is therefore stronger than other large metro areas throughout the country.

Right now, Dallas-Fort Worth construction is at one-third of its level in 2008, and is expected to take additional hits as the year progresses.

Throughout the office market meltdown, there are still a handful of office construction projects still taking place, like the 17 McKinney Tower in Uptown and the Saint Ann Court, also in Uptown.

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Posted in Commercial Real Estate | No Comments »

Why Luxury Real Estate in Dallas is More Attainable than Ever

Friday, October 2nd, 2009

All those overpriced Dallas estates may not be so overpriced anymore. Take Highland Park, for example. It is now not uncommon to see estates – many of which have been sitting on the market for well over six months now – to be going for much, much less than their original sales price. Luxury real estate owners are now relenting and lowering prices; and not just a little.

There’s one thing for certain when it comes to Dallas luxury real estate: pricing is king. Dramatic price cuts on some of the most highly desired properties in Dallas may just do the trick for many would be buyers.

North Dallas and the Park Cities neighborhoods clearly reflect this dramatic downturn in prices, where shaving $1 million off the price of a house is no longer out of the question.

In fact, more than 25 percent of the homes have seen a reduction of about 8 percent.

This poses quite a problem, given that luxury real estate sales in the Dallas area – specifically, homes priced over $1 million – have fallen by more than 40 percent this year.

Luxury real estate sales in the Park Cities neighborhoods have fallen by 35 percent since the first, eight months of the year while, overall, sales of Dallas homes have fallen about 19 percent. Sales in North Dallas are down nearly 22 percent.

Much, much tougher lending standards have thwarted many buyers from purchasing luxury properties in Dallas, and the weak economy has scared off the rest.

A drop in household wealth, combined with lenders demanding only the most flawless credit scores, has weeded out the majority of buyers in the Dallas area. It only makes sense, as well, that most buyers eligible for luxury real estate have seen their investment portfolio dwindle down over the last year.

In fact, many industry experts have seen the credit market for high-end properties all but disappear, thereby leaving many of these luxury homes sitting on the market.

Bad for sellers; quite the opportunity for buyers. Buyers are calling the shots and are now in the driver’s seat when it comes to their luxury real estate purchase in Dallas.

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Dallas Foreclosures Expected to Increase among Commercial Properties

Thursday, October 1st, 2009

Residential real estate had a target on its back for close to a year as foreclosures rolled through the industry and hurt sales and real estate values. Now it’s the commercial real estate market’s turn.

It’s not hard to see the effect the tough real estate market has had on Dallas. Empty office spaces, unfinished projects, graffiti-defaced retail fronts and a near-complete lack of traffic in certain areas have left developers of the commercial real estate market flailing about, waiting for the tide to turn.

In fact, many multi-million dollar construction and development projects have been all but abandoned in and around the Dallas area, leaving the commercial real estate market in crisis mode.

Even high-end locations, such as Turtle Creek, have seen a decline in new construction projects. In fact, plans for a new, upscale boutique hotel were abandoned in Turtle Creek as the market headed south.

Foreclosures on the Horizon

Combine that with the many developers and builders who have decided to delay or cancel new commercial real estate construction because of the impending foreclosures and it’s easy to see why so many industry experts are holding their collective breaths to see where the market is headed.

The turnaround date is estimated for 2011 for the commercial real estate market in Dallas, based upon the unpredictable credit markets and the fact that lenders are still holding onto their wallets. Even developers with good credit are finding it nearly impossible to secure financing for their developments, thereby leaving the industry in a holding pattern.

That is, until, the foreclosures begin rolling in.

No new loans, no refinancing and plenty of credit problems have left the Dallas commercial real estate market in a precarious position. Loan defaults are incredibly high, and most industry experts anticipate that many commercial real estate loans taken out since 2005 are on the road to default.

In fact, property defaults for commercial property are up 12 percent this year alone, resulting in more than $500 million in foreclosed loans.

Many industry experts estimate that the Dallas commercial real estate market will experience distressed property selling over the next, two years.

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Posted in Commercial Real Estate | 1 Comment »

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