Archive for December, 2009

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The Fort Worth Real Estate Outlook for 2010: A Mixed Bag

Thursday, December 31st, 2009

The Fort Worth real estate outlook is one of hope and concern for the upcoming year. It appears as if the Dallas-Fort Worth real estate market has finally bottomed out, thereby leaving room for improvement in the upcoming months. However, it is the rising foreclosure rates that still have some economists wondering about Fort Worth and its economy for 2010.

Foreclosures still a Concern

According to the Foreclosure Listing Services of Fort Worth, there were small increases in the number of home auctions for Collin County, making it the county with the largest increase in the Dallas-Fort Worth area.

However, to dispute the bad news is the fact that Collin County still has the second lowest number of foreclosures with 763 properties.

Dallas County, in contrast, reported 2,377 homes in foreclosure. Tarrant County has 1,814 homes in foreclosure and Denton County has 600 homes in foreclosure. Both counties therefore showed an increase of 35 percent in the number of foreclosures.

Overall, the number of foreclosures in the Dallas-Fort Worth area has climbed above 5,000, representing a new high for this area. To put the numbers into perspective, it is expected that nearly 25,000 homes in the Dallas-Fort Worth area will have been seized by the end of the year due to mortgage delinquencies.

Home Sales Creep up

Homes sales throughout the Dallas-Fort Worth area continue to see increases, thereby showing economists signs that the new home buyer tax credit is working on this economy. Although year-to-date sales figures are down overall for the North Texas region, a recovery seems to be taking place.

This area has not seen a significant population surge, so it is likely that the home buyer tax credit, in conjunction with low interest rates, has helped the market begin to rebound. Median sales prices also continue to hold their own. The year-to-date median sales price is $145,000, which has gone unchanged since the same period in 2008.

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New Homes Abound in Coppell

Wednesday, December 30th, 2009

Coppell still remains a force to be reckoned with when it comes to an exceptional quality of life, superb location and low unemployment.

Coppell enjoys a close proximity to the Dallas-Fort Worth International Airport and is surrounded by several roadways. In fact, Coppell is conveniently located in the center of the Dallas-Fort Worth Metroplex. From safe streets and family friendly neighborhoods to a low unemployment rate (one of the lowest in the Dallas-Fort Worth area) and excellent educational opportunities, Coppell is a dynamic city that enjoys a strong, active community.

It is no wonder, then, that Coppell is home to many new home developments. As more and more Texans discover the family friendly atmosphere of this progressive city, an influx of new home communities begin to take shape:

  • Arbor Manors – David Weekly Homes introduces Arbor Manors, a community that is surrounded by natural beauty. The wooded home sites, winding streets and plenty of natural beauty via the extensive greenbelt and walking trails make Arbors Manor a highly sought-after community for family living. Some of the home sites of this community feature cul-de-sac settings and oversized lots.
  • Alexander Court Custom Classics – The prestigious homes of Alexander Court Custom Classics are priced from $763,900. Some of the outstanding features of this new Coppell community include: creek-side and cul-de-sac lots; an active homeowners’ association; a stately brick and stone entrance; and custom-designed homes that feature Old-World architecture.
  • Chateaus of Coppell – Homes in the Chateaus of Coppell range in price from $536,995 to $674,995 and range in size from 3,200 to 5,400 square feet. Luxury living is afforded to the residents of the Chateaus of Coppell; some of the features of this community include: easy access to many of the major employers; easy access to a wide array of cultural and recreational destinations; and an enviable location within the highly acclaimed Coppell school district.

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Jump Start your Real Estate Career with VIP Realty

Monday, December 28th, 2009

VIP Realty has enjoyed an enviable position as one of the top leaders in the Texas real estate market; but it isn’t by chance that VIP Realty has earned this reputation.

Simply put: we are not like other brokers!

How a Typical Real Estate Broker Operates

To understand what sets VIP Realty apart from other real estate companies, it is important to first understand how a typical broker operates.

The broker takes the commission and instead of using it to market you and your business, it uses it to recruit more brokers. It is no wonder, then, why some of the larger real estate brokerage firms have hundreds – yes hundreds – of agents.

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Buyer Tips: What you Need to Know about Home Inspections

Wednesday, December 23rd, 2009

Are home inspections really necessary? This is often a question posed by many new homebuyers as they make their way through the home buying process. The answer to this question is almost always the same: a resounding yes!

As a buyer, you should assume that a home inspection will play an integral home in the purchase of a new Preston Hollow home. In addition, many lenders now require that the buyer perform a home inspection before their loan is approved.

The Federal Housing Administration also recommends that anyone receiving federal assistance get a home inspection.

For those homebuyers who found problems during a home inspection, they all will likely tell you that it is worth the few hundred dollars that it costs for a home inspection.

Q: How do I hire a home inspector?

A: Your real estate agent will likely have a few home inspectors that he/she works with. You may also ask friends, family members and neighbors for referrals. It is also important to only hire a professional home inspector to provide this service. You can contact the American Society of Home Inspectors or the National Association of Home Inspectors and ask them for a list of qualified home inspectors in your area that subscribe to the standards of practice and code of ethics set forth by these industry organizations.

Q: What will the home inspector look for during a home inspection?

A: The job of a home inspector is to look at nearly every area of the Preston Hollow property, from the roof to the basement, and everything in between. From windows and doors to toilets and the electrical service, the job of a qualified home inspector is to make sure that everything in and around the home that is staying with the home after the sale is in good, working order and that everything is safe and up to current code regulations.

Q: What if the home inspector finds something?

A: If the home inspector finds something that needs repaired or replaced, it is up to you, the buyer, to ask the seller to cover the cost of the repair or replacement. The seller can either agree or not agree to remedy the situation; this all part of the negotiation process. It is important to realize, however, that you do have a legal right to walk away from the deal if you find problems in the home that the seller is unwilling to fix.

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Local Economist Predicts Dallas Commercial Real Estate Market won

Tuesday, December 22nd, 2009

It’s no surprise that the commercial real estate market – both in Texas and nationwide- is not in good condition. Vacancies remain high, new construction remains dormant and lease prices continue to drop.

However, according to a Dallas-Fort Worth area economist, we shouldn’t be too concerned about the Dallas commercial market hitting the lows of the late 1980s.

Demand for Commercial Property Remains Low Amidst Poor Credit Quality

The demand for commercial property still remains low, partly due to the poor credit quality of the commercial real estate loans. Smaller banks and lenders may really feel the hit of the poor commercial sector as commercial loans become simply too hard for most borrowers to secure.

Economist Bernard Weinstein, of Southern Methodist University, understands the concerns of today’s commercial sector, and agrees that the Dallas commercial real estate market will likely continue to flail over the next year.

To help the difficulty being experienced in the commercial real estate market, Weinstein points out that lenders and regulators are going to have to find some kind of forbearance program to help alleviate the mortgage-backed securities in the commercial market.

Dallas-Fort Worth Commercial Sector Expected to Rebound Quickly

However, even given the precarious state of the commercial real estate market in Dallas, Weinstein doesn’t see it threatening the economy or financial institutions that carry much of the residential mortgage-backed securities.

Part of the problem may lie with the fact that many mortgage-backed securities will mature over the next year or two, thereby leaving a void in the market when no one comes in to refinance the loan.

Many banks, realizing this dilemma, have chosen to allow the borrowers to extend the loan instead of give up the property.

The Dallas-Fort Worth sector is expected to fair a bit better than other parts of the country, as there is still life in the commercial sector and still plenty of jobs to be had.

Weinstein hopes to see the economy in the Dallas-Fort Worth area rebounding in 2011, at which time commercial properties will begin to see new leasing agreements.

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Residential Tear-Downs still a Hot Topic in Highland Park

Monday, December 21st, 2009

Highland Park is arguably one of the most upscale residential areas in Dallas, if not the state of Texas. It’s no surprise that Highland Park luxury homes are highly coveted and sought after.

In fact, many Dallas professionals, and much of the Dallas elite, call Highland Park home. It is because of this that the land in Highland Park is just as valuable – or perhaps more valuable – than the homes.

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Homebuyer Tax Credit Extends into 2010

Friday, December 18th, 2009

Millions of first-time homebuyers throughout the country took advantage of the new homebuyer tax credit this year, and the good news continues.

Much to the relief of homebuyers, real estate professionals and lenders, the federal government just recently announced that they will extend the first-time homebuyer tax credit throughout April 2010.

There are other changes to the tax credit that has many people perking up their ears, as well. They include:

  • A 6,500 tax credit for existing homeowners who want to “move up.”
  • As of December 1, income limits for the first-time homebuyer tax credit rise from $75,000 for a single individual to $125,000, and from $150,000 for a married couple to $225,000.
  • A maximum cap of $800,000 for a home purchase.
  • A home buyer must have a sales agreement by April 30, 2010, and close on the property by June 30, 2010.

The new homebuyer tax credit, which is part of the overall federal stimulus package, has pumped more than $22 billion into the economy. In fact, the National Association of Realtors estimates that more than two million people (more than 200,000 transactions) took advantage of the tax credit this year alone.

It is clear that this incentive helped the real estate industry in general, so it only makes sense that the program is extended. For areas of the country that are still drowning in bank-owned homes, this extension could not have been better news.

The tax credit does extend to foreclosed homes, provided that the buyer will use it as his/her primary residence. The tax credit has also helped the housing market stabilize, which therefore helps local economies, such as Dallas County and Tarrant County.

The move to extend the homebuyer tax credit was also part of the unemployment benefits extension legislation. In addition, it doesn’t hurt that mortgage rates are still dipping below the five percent range.

The tax credit may extend longer for military personnel. Military personnel who are deployed overseas may have until April 30, 2011 to claim the tax credit, provided they are deployed overseas for a minimum of 90 days throughout 2008 or 2009.

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VIP Realty Charitable Santa to Fort Worth Kids

Friday, December 11th, 2009

This year VIP Realty has chosen to Give Back to Round One Boxing , an innovative after school program for at-risk kids in the Fort Worth area .

Even though most real estate brokerages have had a downfall in sales, VIP Realty has been blessed with the best year ever! Our Realtors are leading the holiday cheer by donating funds to Round One Boxing, and VIP Realty is matching every donation to double the festive funding.

About Round One Boxing:

Founded in 2005, Round One Boxing, an innovative after school gym program for at-risk kids, utilizes its program to instill confidence and respect amongst children who otherwise may spend time in the streets. In addition to encouraging positive behavior, Round One Boxing also strives to promote physical fitness, which is especially important when more than 30% of children are overweight in America.

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Fort Worth Welcomes in the Holidays with Festive Events

Thursday, December 10th, 2009

It wouldn’t be the holiday season in Fort Worth without all of the countless programs, shows and events. From musicals and theater performances to lively family events, there are more than enough holiday events to get you in the spirit this year!

  • Clay Christmas – and more

Where: The Firehouse Gallery, Fort Worth

When: December 4 – December 6, 2009

What: A gift market with handmade arts and crafts from local artisans.

  • The 12th Annual Fort Worth Civic Orchestra Teddy Bear Concert

Where: Southwestern Baptist Theological Seminary, Fort Worth

What: This concert benefits the homeless families in Tarrant County. Admission is free; teddy bears are going to be donated to the Fort Worth Police Department.

  • The 18th Annual Jingle Bell Run/Walk for Arthritis and Holiday Festival

Where: Sundance Square at 4th Street, Fort Worth

When: December 5, 2009, 2PM

What: This timed 5K run/walk includes a one-mile reindeer run and holiday festival to raise money and awareness for the Arthritis Foundation.

  • Christmas in the Stockyards

Where: Fort Worth Historical Stockyards

When: December 5, 2009

  • Fort Worth Symphony Orchestra Presents “Handel’s Messiah”

Where: Bass Performance Hall, Fort Worth

When: December 7, 2009

What: “Handel’s Messiah” as performed by the Fort Worth Symphony Orchestra

  • A Holiday Special/Ballet Concerto

Where: Will Rogers Auditorium, Fort Worth

When: December 10 – December 11, 2009, 7PM

What: Ballet Concerto presents a special ballet for youth; a ballet for all ages.

  • Texas Ballet Theater Presents “The Nutcracker”

Where: Bass Performance Hall, Fort Worth

When: December 11 – December 24, 2009

What: This ballet theater performance is a timeless classic of The Nutcracker.

  • Fort Worth Symphony Orchestra Presents “A Country Christmas with Larry Gatlin and the Gatlin Brothers”

Where: Bass Performance Hall, Fort Worth

When: December 16, 2009

What: One of the most popular bands in country music, the Gatlin Brothers perform for Christmas.

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How to Find the Perfect Office Space for your Needs and Budget

Wednesday, December 9th, 2009

We all know from the news that the Fort Worth office space market is not exactly gleaming. Office space is vacant, new construction has slowed to a crawl and current office space values have dropped alongside the national economy.

Bad news for sellers and landlords; great news for you. Now may be the very best time to snag a great deal on a fabulous office space.

Luckily, it’s not that hard to find great office space; you simply need to consider your wants, needs and, obviously, your budget. Here’s how to start your search in the Fort Worth office space market:

  • You heard it many times before: location, location, location. But what held true years ago still holds true today: the location of your Fort Worth office space must be first and foremost on your radar. The wrong location can seriously affect your business, while a prime location can help it by leaps and bounds. However, along with location comes price, so the key is to find a compromise between cost and location.
  • Use the power of the Internet to facilitate your search. It makes no sense to wander around Fort Worth, hoping to find the office space of your dreams. Instead, concentrate on your wants and needs, and then use them as a guide when scoping out potential properties. The Internet is still the best way to manage your time when looking for Forth Worth office space.
  • Consider your needs – both now and in the near future – when choosing the size of the office space. Don’t outgrow your office space before you even settle in. In other words, plan ahead for your future needs. However, on the opposite side, don’t pay for a ton of space that you simply won’t use or don’t need.
  • Consider the office space’s facilities and amenities. Don’t just consider the space; consider all of the other things that go along with it: parking, security, and transportation; it all matters!

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