Archive for March, 2010

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Uptown Dallas

Tuesday, March 30th, 2010

Park Seventeen, the brainchild of Granite Properties and Gables Residential, has just found its first tenant: Colliers International. Colliers International has been reported to be leasing about 40,000 square feet of office space in Park Seventeen.

The sleek and decidedly modern tower fits in nicely in Dallas’ Uptown Section. Once completed, Park Seventeen will cost $200 million and will consist of 2.2 acres of mixed-use development.

Park Seventeen consists of two towers: the first tower will include 362,000 square feet of office space developed by Granite and the second tower will house 292 luxury Gables apartments.

Lease Negotiations under Way

In addition to Colliers International, this piece of Uptown Dallas real estate is in the midst of signing a handful of other tenants; there are currently three tenants in active negotiations. If the space is leased, these new tenants will occupy about 100,000 square feet of space.

These new tenants are great news for Park Seventeen, to say the least, as building and leasing space in today’s challenging economy can be quite difficult. Park Seventeen was one of the last projects to get off the ground before construction for office buildings came to a stop last year.

The developers of Park Seventeen have noted that the market for Uptown Dallas real estate has improved dramatically compared to the first three quarters of 2009.

Seventeen McKinney

The Granite office tower, called Seventeen McKinney, offers office space for about $34 per square foot, plus electricity.

Gables at Park Seventeen

The Gables apartment tower, called Gables at Park Seventeen, features 20 stories and six levels of parking. Apartments are expected to be ready for occupancy as early as next month. Prices for the apartments will start at about $1,700 per month and about $5,000 to $6,000 per month for the six penthouse units.

The apartment homes of Gables at Park Seventeen will range in size from 1,100 square feet to 3,000 square feet.

Both towers are connected with a one-acre landscaped deck, which is located in the seventh floor of each building. This landscaped deck also allows the offices and residential towers to connect.

Once completed, Park Seventeen will feature 320,000 square feet of residential space; 14,000 square feet of retail space and 375,000 square feet of office space.

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Foreclosures in Dallas Commercial Real Estate Market continue to Rise

Friday, March 26th, 2010

Just a few years ago it seemed like Las Colinas was nearly invincible. Now, fast forward to 2010 and the unthinkable is taking place: a Four Seasons hotel heading toward foreclosure.

The Latest Casualty in the Dallas Commercial Foreclosure Crisis

With a mounting $183 million in debt, the Four Seasons is just the latest casualty in the Dallas commercial real estate market. This pristine property, which is also the site of the annual Byron Nelson golf tournament, is owned by Bently Forbes, who missed a scheduled loan payment in November and is hoping the lender will either decrease the interest rate on the loan or renegotiate lower loan terms.

Bently Forbes owns three other blue chip properties in the Dallas-Fort Worth area, including the Preston Commons Shopping Center, the Sterling Plaza and Park Center. Although the Four Seasons is a separate entity from these other properties, it is estimated that the cost of a Chapter 11 bankruptcy could cost nearly $100,000.

Blue Chip Properties at Risk

Many Dallas commercial real estate experts are not surprised to find that many blue chip properties are heading toward foreclosure, given the fact that property taxes for commercial real estate properties were due in January; this could mean that many property owners simply can’t make these tax payments due to the downshift in the economy in 2009. The struggle to pay property taxes could mean disaster for many Dallas commercial real estate properties.

Another famed property that is experiencing its own set of problems in the Mosaic in downtown Dallas. This property had original mortgages totaling $66.5 million.

The Mounting Commercial Property Debt in Dallas

The foreclosed properties in Dallas currently have more than $900 million in debt, and include properties such as office buildings, shopping centers, hotels and warehouses. There are currently 250 Dallas commercial properties in foreclosure, and that number is expected to continue climbing throughout 2010 before leveling off sometime next year.

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Luxury Defined: Bella Flora

Wednesday, March 24th, 2010

There is no short supply of Fort Worth luxury neighborhoods, and Bella Flora is a great example of the luxury that abounds throughout Fort Worth.

Estate Homes on Large Lots

Bella Flora, a master-planned, gated community located on 1,000 acres, features estate homes that are situated on one to two-and-a-half acres. Phase I of the Bella Flora project is open, and Phase II lots, are now currently available.

Located just 30 minutes from downtown Fort Worth, Bella Flora is one of the newer Fort Worth luxury neighborhoods available. The estate lots of Bella Flora enjoy a nice proximity to the city, as they are just minutes from Interstate 20.

Popular Destination for Young Families

This upscale, gated community features pedestrian trails that allow homeowners to enjoy a relaxing walk or energizing jog. Bella Flora is situated in the highly regarded and acclaimed Aledo Independent School District, which makes this community a popular destination for young families. In addition, there is also a nice array of private schools within a close proximity to Bella Flora.

Beautiful, Natural Surroundings

The surroundings of Bella Flora are quite striking: from the entrance gate with fountain to the mature trees and beautifully landscaped parks, trails and gathering places, Bella Flora allows residents to experience country living at its finest.

Some of the nature to enjoy at Bella Flora include: 300-year-old trees; nine acres of parks; creek-side paths; and native wildflowers.

Strong Community Society

Bella Flora is organized by a community society that works to uphold Bella Flora’s vision, such as energy-efficient, green standards and deed restrictions.

The estate homes of Bella Flora range from one to nearly three acres, and homes in this community range in size from 3,750 to over 5,000 square feet. Phase I of Bella Flora features 300 estate home sites.

Estate living has never been easier in Bella Flora, as there are a wide range of reputable, custom home builders to deliver the dream of building and owning an superb, executive home.

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Why Denton is a Great Place to Call Home

Tuesday, March 23rd, 2010

Denton, which is the county seat of Denton County, is located just 36 miles north of the large metroplex of Dallas and Fort Worth.

Perhaps a good word to accurately describe Denton is “diverse.” This is because Denton is such a fine mixture of old and new. This progressive city features a 100-year-old courthouse, along with an historic, and picturesque, town square, while at the same time is home to the Texas Motor Speedway, a world-class racing facility.

It may sound a bit odd to have these two worlds collide; but in Denton, it just works, thus making this small-town Texas city a favorite place to call home for many Texans.

Downtown Square

The downtown square of Denton is surrounded by a nice array of restaurants, shops and small businesses, and is considered by many to be cultural epicenter of this city. It is here that the Denton Arts & Jazz Festival is played out each year, drawing as many as 200,000 people. Extending beyond town square is a nice selection of bars, restaurants and cultural venues. In fact, Denton has acquired a nice reputation for being a haven for many music and art venues, thanks, in part, to the presence of the town’s two universities.

The two universities of Denton, Texas Women’s University and the University of North Texas, enjoy an enrollment of about 40,000 students.

Main Street America

Denton is often considered a respite from the hustle and bustle of city life and as such enjoys the slogan “Main Street America.” Denton, in fact, earned the title as one of the “Top 100 best Places to Live in America” in 2006 by Money Magazine.

Although Denton is known for its quaint and bed and breakfasts and small, sidewalk cafes, it is also the site of many international conferences and seminars, thereby affording the residents here with the best of both worlds, in more ways than one.

In addition to enjoying easy access to both Dallas and Fort Worth, as well as the Dallas-Fort Worth International Airport and Love Field, a commuter rail line is expected to run from Denton to Carrollton, and will tie in to a planned Dallas Area Rapid Transit light rail line.

Denton real estate has remained strong, despite the last year’s recession and housing market slump. The many real estate options found here attract many Texans looking for a quiet place to call home. The Denton real estate market is expected to continue to experience an upward trend throughout 2010.

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Buyers Tips: How to Find the Home of your Dreams in a Buyer

Monday, March 22nd, 2010

Purchasing a Highland Park property amidst a buyer’s market is a smart move; however, it is important to not go into the process thinking you are going to low ball every offer you make. Instead, approach each home with a fresh attitude and really consider whether the price of the home is reasonable for this market.

  1. Gauge the local market – Many times, buyers think that they are going to get a steal on a Highland Park home. However, the reality is that most of the time the list price on the home is already as low as the seller can go. You can work with your real estate agent, however, to gauge the local real estate market.

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The Ins and Outs of Choosing a Family Home

Friday, March 19th, 2010

Many home buyers flock to Lovejoy ISD neighborhoods because of the excellent school system.

Lovejoy ISD homes are highly sought after by families who want to provide their children with the highest quality education.

Although it is always a great idea to consider schools when choosing a family home, there are many other factors that you should take into consideration when searching for Lovejoy ISD homes:

  • Think Ahead – If you have a growing family – or an expanding family – you will want to think ahead. In particular, you will need to start thinking long-term. Will you plan on staying in this home? And if so, will it accommodate your growing and changing family?
  • Location – Although you may choose to view Lovejoy ISD homes because of the excellent school system, you may also want to consider where the schools are located and if the location of the home is conveniently located near the school. Keep in mind that property values near a school are generally higher.
  • Needs – If you are searching for a family home, and you have small children, then you may need to think in terms of safety. Is the layout conducive to small children? Are there hazards, such as open staircases? Are the bedrooms located in such a manner as to allow you to keep an eye on your children, even when they are sleeping? Is the backyard safe and enclosed? Is the street busy?
  • Nearby Parks and Recreation – In addition to great schools, consider whether your neighborhood has nearby parks, playgrounds or outdoor recreational activities for your children. A great neighborhood is often much more attractive to families, as well as home values, so consider whether your Lovejoy ISD neighborhood has areas for your children to run and play.
  • Safety – Most parents – especially those of smaller children – want to make sure that their neighborhood is safe. Ask for crime records, talk to neighbors and make sure that your neighborhood is equipped with sidewalks, street lights and other safety considerations for families.

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A First-Time Homebuyer

Thursday, March 18th, 2010

The Uptown Dallas real estate market is healthy and strong, thanks to excellent real estate options amidst highly desirable neighborhoods. If you are new to the market and are looking into the Uptown Dallas real estate market, you can be sure to find a wide array of real estate at nearly any price point.

As a new homebuyer, there are a number of things to consider before heading out to search for Uptown Dallas real estate:

  • Find a qualified and experienced real estate agent – Real estate agents who are skilled in the Uptown Dallas real estate market can be a first-time homebuyer’s best friend. A qualified real estate agent will have a good understanding of the current market conditions and will be able to provide you with a plethora of information on the neighborhoods of Uptown Dallas. In addition, a qualified real estate agent will also be able to guide you through the entire home buying process, which may prove to be quite confusing to those individuals who are new to the market.
  • Understand your needs and wants – Viewing the lovely homes of Uptown Dallas may cause you to waver from your first thoughts about what you need and want. It is important to make a list of your wants and needs and to take that with you every time you view an Uptown Dallas property. Keeping your sights set on what is important to you will prevent you from purchasing a home that may catch your eye, but doesn’t meet your needs.
  • Take a first-time homebuyer course – Many real estate companies offer first-time homebuyer seminars. These helpful seminars, which are usually provided free of charge, can provide you with a great deal of information regarding the current real estate market and your options within the market. Your best chance of securing a great Uptown Dallas property is to educate yourself so you are able to make the most thoughtful decisions.
  • Get pre-approved first – Before you even begin the process of searching for Uptown Dallas real estate, head straight to a lender to discuss your financing options and your budget.

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New Home Buyers: Should you use the Builder

Tuesday, March 16th, 2010

You may be looking at some of the fantastic Allen new home communities and wondering if they are right for you. From outstanding home amenities and features to beautiful communities with plenty of recreational amenities, Allen new home communities are quite attractive to today’s home buyers.

Because of the tight lending standards of many lenders, securing financing may be a bit more of a challenge. You may be tempted to take advantage of the builder’s preferred lender to simplify the process, but is this always the right move?

  • Allen new home communities often come with their own lender. Many times, builders will offer special incentives for buyers if they use the builder’s lender. From upgraded carpeting and cabinetry to landscape packages, many of the incentives offered by the builder are meant to tempt buyers into using their lenders. Often times, the builder’s lender has the best deal, but many times the best deal is with an outside lender. In short, don’t let a few upgrades or incentives sway your decision to secure the best financing.
  • You may be able to secure financing faster through a builder’s lender than through an outside lender, as they lenders are expected to get buyers pre-approved in a timely fashion. Therefore, many builders will likely push their own lender because they can hasten the entire house buying process and save themselves thousands of dollars in holding costs.
  • Do your homework and decide upon the best time to lock in a good interest rate, either through the builder’s lender or an outside lender. Don’t expect the builder or the builder’s lender to advise you on the best time to lock in the lowest interest rate; you must do this yourself.
  • Regardless of whom you choose to help you finance your purchase, make it a point to educate yourself on the home loan process so you can be sure you are getting the best financing terms. Weigh the benefits of interest rates, points and incentives between lenders and make a decision based on money, not on convenience.

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Posted in Mortgage | 2 Comments »

Tips for Financing a Luxury Home in Tarrant County

Monday, March 15th, 2010

Tarrant County home sales activity has been quite brisk as of late, thereby bringing a collective sigh of relief to many real estate analysts across this region.

In fact, January brought a flurry of activity for luxury homes in Tarrant County, thereby bringing a much-needed boost for Tarrant County home sales activity.

Some of the hot spots for Tarrant County home sales activity were Colleyville and Southlake. Colleyville, for example, saw a 125 percent increase in homes sales last month compared to the same time in 2009. Luxury homes in Southlake saw a nice increase of 88 percent from a year ago. The median price for a home in this region was $592,500, which is an eight percent increase from January 2009.

With the impressive increases in home sales activity in Tarrant County, particularly among luxury homes, it is clear that more homeowners are able to secure luxury home loans, otherwise known as jumbo loans.

Although sales activity for Tarrant County’s luxury homes has been appreciated, it is still important to point out that financing challenges still exist when it comes to luxury homes.

If you have your mind set on a luxury home in Tarrant County, there are a few tips you should consider beforehand:

  • Today’s tight lending restrictions have affected every buyer, from the first-time homebuyer to the luxury home buyer. Although most large lenders still offer jumbo loans, they also require a larger down payment, often between 35 to 50 percent, versus 15 to 20 percent for a more modest home.
  • Be prepared to prove your finances and income, as most luxury sellers will require that only qualified buyers be brought to luxury home showings. A mortgage pre-qualification may involve showing your income, your assets and your ability to provide a hefty down payment.
  • Consider getting a pre-approval letter instead of a pre-qualification letter. In order to pre-qualify you must prove your ability to purchase the home; however, a pre-approval letter shows that you have already obtained your financing approval. A pre-approval letter can often allow you to better negotiate with a seller, as it shows you are both interested and able to purchase the luxury home.

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Our Top Five List of the Best Dallas Neighborhoods

Friday, March 12th, 2010

Dallas has a great variety of excellent neighborhoods. From suburban retreats to urban chic, the homes of Dallas are plentiful, regardless of your needs, your wants and your budget.

Dallas is unique, as historic neighborhoods with architecturally significant homes mix well with new construction and contemporary architecture. Many of the neighborhoods of Dallas provide easy access in and out of the city, and many offer a plethora of dining, shopping and entertainment options.

The high quality of life and the temperate weather of Dallas, as well as the excellent economy and job force, attract thousands of residents each year.

However, there are a handful of neighborhoods in Dallas that provide such a great quality of life that we just have to name them the Best Dallas Neighborhoods:

  1. University Park – University Park is half of the Park Cities area of Dallas, a highly affluent neighborhood of historic homes and upscale condominiums. This neighborhood, which was founded in 1915, is home to many professionals who want a short commute in and out of the city.
  2. Highland Park – Highland Park has long been a highly desirable community of Dallas, and for good reason. It is home to some of Dallas’ best real estate, and homes here reflect the grandeur of the time during which Highland Park was established (1889). There are upscale condos and apartments in Highland Park and great shopping, courtesy of Highland Park Village, a very popular shopping center.
  3. Richardson – Richardson, which enjoys a close proximity to the Galleria Shopping Center, enjoys a nice variety of real estate, thereby attracting buyers of nearly every age and background.
  4. Carrollton – Carrollton features some of the most upscale new home communities in Dallas, including Castle Hills. Historic downtown Carrollton offers a great array of shopping, dining and entertainment.
  5. Irving – As home to the famed master-planned community of Las Colinas, Irving is a popular neighborhood for individuals who commute in and out of the city. There are many cultural and entertainment venues in Irving, as well, thereby attracting a wide variety of visitors each year.

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