Many people have mentioned that we may have a double dip economic decline. Most top economist say this is false and that we are not at the bottom yet.
Read:
http://agentgenius.com/real-estate-mortgage-economy/top-real-estate-economist-says-no-double-dip-we-havent-even-hit-bottom/?sms_ss=linkedin&at_xt=4de2772800caab34%2C0
Sunday, May 29, 2011
Sunday, May 22, 2011
Foreclosure Activity is down!
Good new for Real Estate and the Economy!
http://www.trulia.com/blog/manu_1/2011/05/foreclosure_activity_at_40-month_low_8
http://www.trulia.com/blog/manu_1/2011/05/foreclosure_activity_at_40-month_low_8
Sunday, May 15, 2011
Tuesday, May 10, 2011
1405 Preston Rd. in Keller Texas
1405 Preston Rd. in Keller TX
This is a wonderful estate home which is also the builders personal home. Built in 2009 on nearly an acre this home features over 5000 sq ft of living space and a pool. This home is offered at: $1,175,000.
Keller Texas Luxury Real Estate & Homes For Sale
This is a wonderful estate home which is also the builders personal home. Built in 2009 on nearly an acre this home features over 5000 sq ft of living space and a pool. This home is offered at: $1,175,000.
Luxury Estate at 6108 L D Lockett in Colleyville Texas
One of my property picks:
6108 LD Lockett in Colleyville, TX.
Notice the bridge that goes over the pond to the house, this house has just about it all. Fantastic curb appeal and a pool. Built in 2007 this home has over 12000 sq ft of living and over 4 acres of land. It is offered for $7,400,000.
Colleyville Texas Real Estate & Homes For Sale | Colleyville TX Realtor
6108 LD Lockett in Colleyville, TX.
Notice the bridge that goes over the pond to the house, this house has just about it all. Fantastic curb appeal and a pool. Built in 2007 this home has over 12000 sq ft of living and over 4 acres of land. It is offered for $7,400,000.
Luxury Estate at 5102 Montclair Dr. in Colleyville Texas
One of my property picks:
5102 Montclair Dr. in Colleyville TX
This is one grand home, built in 2002 it provides over 20,000 sq ft of living, several outside living spaces and gorgeous pool and has a lot of attention to details. This home is offer at: $8,950,000
Colleyville Texas Luxury Real Estate & Custom Homes For Sale
5102 Montclair Dr. in Colleyville TX
This is one grand home, built in 2002 it provides over 20,000 sq ft of living, several outside living spaces and gorgeous pool and has a lot of attention to details. This home is offer at: $8,950,000
Luxury Estate at 670 S Peytonville in Southlake Texas
One of my property picks:
670 S Peytonville, Southlake TX
This home features over 12000 sq ft of living space, a pool and a creek with bridge. The open land behind this home is gorgeous. Home was built in 2003 and is offer for: $6,500,000.
670 S Peytonville, Southlake TX
This home features over 12000 sq ft of living space, a pool and a creek with bridge. The open land behind this home is gorgeous. Home was built in 2003 and is offer for: $6,500,000.
2208 Vaquero Estates Boulevard in Vaquero, Westlake Texas
One of my property picks:
2208 Vaquero Estates Blvd. is located in gated guarded Vaquero. This home features over 7900 sq ft of living space and a pool. The home is located on over 1.5 acres, one of the large lots in Vaquero. Home was built in 2005 and is offer for: $3,900,000
Westlake Texas Real Estate & Homes For Sale | Westlake TX Realtor
2208 Vaquero Estates Blvd. is located in gated guarded Vaquero. This home features over 7900 sq ft of living space and a pool. The home is located on over 1.5 acres, one of the large lots in Vaquero. Home was built in 2005 and is offer for: $3,900,000
1406 Post Oak Place - Vaquero, Westlake
One of my property picks:
1406 Post Oak Place is located in gated guarded Vaquero in Westlake. It is currently listed at $3,500,000. This home provides over 8500 sq ft of living space and a pool. Home was built in 2002.
Westlake Texas Real Estate & Homes For Sale | Vaquero & Glenwyck Farms Realtor
1406 Post Oak Place is located in gated guarded Vaquero in Westlake. It is currently listed at $3,500,000. This home provides over 8500 sq ft of living space and a pool. Home was built in 2002.
Monday, May 9, 2011
Texas Real Estate Market, Why there is stability in the Texas housing market.
This is a great article: It helps explain why Real Estate in Texas is not in nearly as bad shape and the market outperforms the Nation as a whole. Texas has higher job growth and lower cost of living than most states. Texas is probably the best mix of the two above rates... So if a buyer is on the sidelines in Texas, it seems they shouldn't be.
If I buy a house today, will it be cheaper tomorrow? In other words, if I buy now, what is the likelihood my property’s value will decline, and I won’t be able to sell it for what I paid for it? Put yet another way, have we hit bottom on home prices?
Regardless of how it’s worded, the question is the same. Real estate agents hear it all the time. So do researchers here at the Real Estate Center. This may be the biggest single question facing the U.S. real estate industry. It certainly is one reason many homebuyers are waiting on the sideline.
There is no single answer. Answers vary from city to city, state to state, property to property and household to household.
Mark Dotzour, Ph.D., the Center’s chief economist and director of research, provides some useful commentary on the big question.
“First, we have always said that as long as the inventory of unsold homes hovers around 6.5 months, that's a balanced market, and prices increase. We have subsequently observed that as inventory levels increase toward eight or nine months, prices still hold firm. Only when inventory levels get to 10 or 12 months do prices start to fall.
“Second, the reported median sales prices are not truly reflecting the actual value trends in the local market. As the percentage of ‘distressed sales’ increases, the reported median sales price falls.
“This doesn't mean that home prices are falling; it just means the quality of homes in the sample is falling.
“For example, if three homes sell in one month, and all three are ‘typical’ sellers at $170,000, then the median price is $170,000. If foreclosures increase in the next month and three homes sell (but two are foreclosed sales at $140,000 and $145,000 and one is typical at $170,000), then the median price falls to $145,000. The reported median price has fallen $25,000, but the ‘typical’ house is still selling for $170,000.
“Hence the reported median price decline reflects a change in the quality of two bad apples in the basket, not a true reflection on the price of the good apples.
“Third, the quality of distressed properties sold in the market is often very poor – worn or stained carpet, stripped copper wiring, and other defects. Hence, when a lot of distressed properties sell, it means that the overall quality of the basket of apples has deteriorated. It doesn't mean the good apples in the basket have declined, it just means that the basket still has some good apples, but also includes a growing proportion of lesser quality apples.”
Whether real estate is improving or still deteriorating often depends on those same three factors that dictate which property to buy in the first place: location, location, location. In general, if you are buying in Texas, your home’s value is less likely to decline.
In 2010, Center economists explained why the Texas housing market fared far better than other states during the recent downturn. They also suggested why the state’s economy is expected to continue to do better than the rest of the nation.
“The risk of a home price decline in Texas is low,” says Ali Anari, Ph.D., a Center research economist. “Texas’ lower-than-national-average housing cost is one reason for the state’s higher-than-national-average growth rate,” says Anari. “When Texans are able to spend more on non-housing goods and services, the state’s economy is strengthened and more people are attracted.”
“These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year,” says Dotzour. “The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life. Texas offers a lower cost of living than many places in the United States.
“This allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy.”
“The larger the share of housing expenditures in the consumer’s budget, the more home prices in their region have fallen since 2007,” Anari says.
Anari points out that home-price changes affect expenditures and wealth. Lower housing costs allow consumers to spend more on other goods and services, leading to higher regional economic growth, increased growth rates, a larger labor force, and more demand for goods and services.
Home prices are used in the formula by Research Economist Jim Gaines, Ph.D., to calculate the Texas Housing Affordability Index (THAI) for Texas.
“Housing affordability may be one of the most significant growth stimulants for Texas during the first half of this century,” says Gaines.
The THAI is the ratio of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-year loan covering 80% of the cost of the home. A THAI of 1.00 indicates the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house.
Economists are fond of saying, “The trend is your friend.” If you want to know what current housing trends are, visit the Real Estate Center Web site. There you will find data from Texas MLSs, including median and average prices of existing homes, month’s inventory, and housing affordability. Depending on the area, the numbers vary greatly.
Would-be homebuyers have reason to be cautious. The Dallas Federal Reserve’s December 2010 EconomicLetter says there is no pain-free path to a healthy housing market. National home prices peaked in 2006 and have fallen 33% since. The authors say, “… home prices still must fall 23% if they are to revert to their long-term mean.”
But they are speaking about the nation in general. Luckily, when you see that “Welcome to Texas” highway sign, you should feel more confident in any home purchase you make down the road.
Saturday, May 7, 2011
Freddie Mac turns a Profit in the first Quarter
No need for any more tax payer money here. Unlike Fannie Mae, Freddie Mac turned a profit!
http://www.dsnews.com/articles/index/freddie-mac-turns-676m-profit-in-q1-needs-no-taxpayer-funding-2011-05-04
http://www.dsnews.com/articles/index/freddie-mac-turns-676m-profit-in-q1-needs-no-taxpayer-funding-2011-05-04
Fannie Mae First Quarter Loss
Better than last year but still Fannie Mae is taking some hefty losses.
http://www.dsnews.com/articles/fannie-mae-loses-87b-in-first-quarter-2011-05-06
http://www.dsnews.com/articles/fannie-mae-loses-87b-in-first-quarter-2011-05-06
Friday, May 6, 2011
Unemployment Rate Rises
Consider this a good thing. The article says that the rise in unemployment is cause from a large number of people who gave up on finding a new job are back trying to find one!
http://www.dsnews.com/articles/nations-unemployment-rate-rises-to-90-2011-05-06
http://www.dsnews.com/articles/nations-unemployment-rate-rises-to-90-2011-05-06
Wednesday, May 4, 2011
Southlake Texas Real Estate and Homes For Sale
Visit our brokerage web site: http://www.litakerrealty.com/
Sunday, May 1, 2011
Proposed Garden District in Southlake Town Square
http://www.star-telegram.com/2011/04/12/2994924/town-square-housing-plans-shrink.html
The new section of the brownstones is to consist of 3 story lofts where each floor has its own resident. The third floor units may have roof top access. This could be a great addition to Southlake and add to the downtown appeal of Town Square.
The new section of the brownstones is to consist of 3 story lofts where each floor has its own resident. The third floor units may have roof top access. This could be a great addition to Southlake and add to the downtown appeal of Town Square.
Luxury Custom Home In La Mirada of Southlake
This is newest built home in La Mirada of Southlake. Over 14,000 sq ft with a guest house currently going in that is nearly 3,000 sq ft. The pool will have a waterfall with swim in guest house.
Luxury Custom Estate Home on Dove in Southlake Texas
This is currently the largest home in Southlake Texas. It features a bowling alley, billard room, wine room, prayer room, media room, game room, study, 2 story master closet, panic room, 10 car garage, gym, indoor and outdoor bastetball court. There are 2 pools and a private spa off the master. Large pond and 7 acres of land. Built by Broadstone Custom Homes.
Shady Oaks Luxury Estate Home in Southlake Texas
This newly built home was awesome. Went to the move in party and it really was impressive.
Timarron Country Club & Golf Course | Real Estate & Homes For Sale
If you are searching for a great family neighborhood in Southlake TX that offers it all, you found it in Timarron. Timarron is located in a great area of Southlake Texas only minutes to Southlake Town Square and is home to 1,550 residences. Access to restaurants and shopping is just the beginning of the story. Timarron is home to the Timarron Country Club golf course. The community offers community pools, walking trails, tennis courts, volleyball courts, gym facilities and much more. Award winning Southlake Carroll Schools and a wide price range of homes from the $400K’s-$2M+ make this a very desirable location to relocate in North Texas.
Vaquero Country Club & Golf Course | Luxury Real Estate & Homes For Sale
When you pull up to the gates and hand stacked stone walls of Vaquero you instantly know there is something grand offered on the other side. Vaquero is an exclusive master planned gated and guarded community in Westlake Texas. Vaquero offers a total of 333 home building sites many of which offer panoramic golf course views. The neighborhood is home to the Vaquero Country Club golf course designed Tom Fazio, complete with shimmering ponds and large mature oaks. Residents of Vaquero can opt for their kids to attend the Westlake Academy charter school. The gated community offers the highest quality in home design and construction, provided by some of the most reputable builders in DFW. This luxurious enclave features state-of-the-art facilities and a concierge service placing it in a category on neighborhoods that many can’t parallel. With strict architectural and landscape design guidelines Vaquero maintains a position as one of the most exclusive neighborhoods in North Texas. Homes are priced from $1M-$5M+.
Some of the areas most successful residence reside in Vaquero
Broadstone Custom Homes | Southlake Texas Luxury Custom Home Builder
Broadstone Custom Homes is a 4th generation company that was started as a division of Chaffins Companies. Our objective is to build in niche markets where quality and value are most appreciated. It’s our intention to provide well designed homes that are aesthetically pleasing and practical alike. We employ many efficient construction techniques suited to each structure independently. All of our contractors are required to sign quality control and accountability contracts. These help improve worksite conditions as well as the homes themselves. Our use of independent engineers who design and inspect our foundations insures that our slabs are constructed to higher standards than municipal codes. Our hope is to provide value in our homes that is difficult to compete with.
Broadstone Custom Home’s intent through collaborative efforts is to create truly well designed livable spaces that embrace the lifestyles of the client. Working in conjunction with architects and designers we feel that our homes at end reflect those who occupy them. Using cross fertilization of ideas and styles, uniqueness becomes apparent in our product. We believe in quality spaces, with proper scale and order that embrace the technology that is available to us today or in the future. The importance of axial views, appropriate sizing and spacing, and the introduction of light are all considered in each of our projects. It is our goal to stay versatile, with no two projects ever alike. Each of our unique and focused perspectives should keep our properties diverse. We aim to rise above mediocrity and standards that most others fall into in the construction industry, design and spacial planning play as much of a part in construction as quality of materials and workmanship.
Broadstone Custom Homes Builds in Southlake, Colleyville, Keller and Westlake Texas. Their current projects include a 7 acre 26,000 sq ft luxury estate home on Dove Road in Southlake. Home amenities include an indoor basketball court, bowling alley, billard room, game room, media room, wine room, wine celler, study, 2 story master closet, 2 pools, a private courtyard spa off the master with fireplace, a lake with waterfalls, gardens, and a 10 car garage just to name a few.
Grapevine Texas Overview | Real Estate & Homes For Sale
Grapevine Texas has a rich history and today offers a mix of the Old West and today. Most of Grapevine is part of the highly rated Grapevine-Colleyville school district and Grapevine has low crime. Homes range from $100K-nearly $1M in some locations. There many activities of all sorts in Grapevine TX, making it a highly desirable location for families to move. There are many restaurants and shopping offered including Grapevine Mills Mall, many Hotels such as the Gaylord Texan and much more. Grapevine’s is conveniently located within 5 minutes of DFW international airport and has an easy commute to Dallas or Fort Worth
Colleyville Texas Overview | Real Estate & Homes For Sale
Colleyville Texas is considered one of the best places to live in North Texas. Colleyville has a small town feel, but has all the amenities of a large city. Most of Colleyville TX is serviced by the high ranking Grapevine-Colleyville school district and crime is low. Many luxury communities and luxury estate homes are found today in Colleyville and well planned gathering areas such the Village at Colleyville. Colleyville neighborhoods range from the affordable mid $300’s all the way up to exclusive Luxury Communities priced at $2M+. Colleyville is also conveniently located between Dallas and Fort Worth and only minute to DFW international airport.
Westlake Texas Overview | Real Estate & Homes For Sale
Westlake Texas is a small town just west of Southlake. Westlake has experienced a recent development boom with new developments such as Glenwyck Farms and golf course community, Vaquero. Westlake TX is known for its beautiful Luxury Homes and Estates which are typically priced over $1M and quickly go up from there to over $4M. Since Westlake is a town there is no city tax, which is appealing, and it also home to the prestigious Westlake Academy private school. There are new companies opening locations in Westlake, such as Fidelity. Westlake has gorgeous tracts of land with large Oak trees and rolling hill and is only a short commute to Dallas or Fort Worth and is also located within minutes of DFW international airport. Westlake was just picked as the most affluent town in America by Forbes.
Keller Texas Overview | Real Estate & Homes For Sale
Keller Texas was voted one of the “Top 50 Places to Live”. Keller offers a wide range of homes from as low as $100k’s up to exclusive Luxury Subdivisions with $1M+ luxury homes. The golf community of Hidden Lakes is also located in Keller offering walking trails, parks, schools, golf, a community pool, and much more. Keller has low crime and many large city parks and a walking trail system. The Keller school district is ranked high and Keller has all the amenities most families are looking for. Keller TX is located right in the heart of Dallas-Fort Worth, with easy access to DFW international airport and Alliance Airport. Many living in this community choose to live here because of the cities amenities and easy access to the Alliance Corridor.
Southlake Texas Overview | Real Estate & Luxury Homes For Sale
Southlake Texas is recognized by D Magazine as one of the best places to live in North Texas and has also been ranked as one of the most affluent cities in America. Southlake has many beautiful neighborhoods including the Timarron golf course community. Gorgeous Luxury Custom Homes are found all across Southlake TX and the city is also known for its numerous luxury estate homes. In recent years Southlake has had a boost in development that only adds to the cities appeal. Families relocate to Southlake for many reasons from great shopping and dining to the low crime rate and excellent top rated Carroll School District. Southlake has a quite suburban feel yet has large gathering centers such as Southlake Town Square that attracts visitors from all over, this well planned combination is what makes Southlake so desirable and unique. Southlake is conveniently located in the center of Dallas/Fort Worth and is only minutes to the DFW international airport.
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