Irving Las Colinas Real Estate News

Las Colinas update for September 2011

2011-09-08T13:07:00.003-05:00

Kenton here again, thought I would take time to post the activity among homes here in the Irving Las Colinas area. I have found there are just those certain questions that always seem to get asked whether discussing buying or selling of a home. Today's post will address the 3 most common questions asked when discussing real estate or first encounters with local people who find out I am a Realtor.

But first let us look at the statistics on Irving Las Colinas.....

As of the first of September there are currently 226 homes for sale in the Las Colinas area of Irving. Prices of these homes are reflected from a 1,724sq/ft 3bed 2 bath for $57,000 too a lavish 6,478 3bed 4bath for $2,495,000 with everything in between.

As of August the first 68 homes have been sold or are under contract to be purchased. Once again these homes range from $44,000 to $630,000.

Taking the sold homes under consideration we can break down the numbers and get a feel of the past months trends. The following numbers are averages based on entire homes that have sold.
Square footage of homes sold: 2,457 sq ft
build date of homes sold: 1977
Cumulative Days On Market (CDOM) : 113
Average price per sq ft: $77.02
Average price of sell : $210,683

Now with a little better understanding of the make up of for sale and sold properties let us now address those oh so common questions (which I never mind and are always welcome)

Question number one and most frequently asked:
"so, what are homes going for around here these days?"

Looking back up the data you will notice I did not included data from homes one the market for sale to determine prices of an area. This is because ANYONE can ask ANY Price for a home, doesnt mean it will sell for that price or at all. Another way put, say I have my 2001 F-150 with 150,000 miles for sale nothing special (to anyone but me that is). Anyway I want to sell it for say $60,000, as you can imagine no one is going to pay that price for it so it will never sell. Also not only will not sell it will give an inflated price to those others selling at around $8,000. To get true value of an area we must try to determine what actual people are actually paying for a close or similar product. Back to the task at hand, going by the data we can tell the average sells price for a home is $210,683. Does this mean its what every home or even most homes are going for? No, of course not so what I do is give those that ask this question the average price per square foot, which would be the $77.02 /sq ft...

Question number two
"how is the housing market, are homes selling right now"

This is a fairly easy question and always seem to get mixed opinions as what people consider either good or bad. Going by the data again and from August first 68 homes have or are going to be sold until today, giving us a total of almost 2 homes sold per day. (68/40=1.70 homes sold per day) While some say that they figured it would be more or less ect. ect., remember that is only in Irving Las Colinas. Factor in the rest of Irving, other parts of the DFW, rest of Texas ect. ect. we can conclude the market is still alive and doing relatively well.

Question number 3

"How long are homes staying on the market before they sell"

On average I tell people expect 3-6 months or 90-180 days to sell. As we can see by the data homes are only staying on the market around 113 days falling nicely between the 3-6 months time around 4 months.

Hope this has been helpful,
Until next post

KB

New Agent in Irving Las Colinas

2011-08-26T12:22:00.005-05:00

With summer winding down and the heat still over 100, thought I would take a break from outside and pick back up with the blog of Irving Las Colinas. Let me introduce myself as Kenton Byrne, agent with Rohter & Company. I began five months ago interning under independent broker, owner (and blog writer) Reev Rohter. I am very excited to finally make the jump from intern to agent having gained much wisdom and insight on the Irving Las Colinas market. Also I will continue to add as much content to this wonderful blog after a few months of down time on the site. Having grown up in rural west Texas hard work, southern hospitality and caring personal service have been a way of life since I was" knee high to a grasshopper". Selling and buying real estate in "the big city" (as we call anything over 200,000) has been a dream of mine ever since my high school days. Upon graduation I had no question the DFW area is where I wanted to be. I have now be in the DFW area for the past five years and lived in Las Colinas for two of those five. With Reev as my go to broker with his 15+ years specifically in the Irving Las Colinas area I can confidently say if I don't know an answer to your question, "I know someone who does". To me the most valuable asset when stating any new undertaking in life is a mentor or guide to walk you through every and all aspects of that venture, with Reev I have that. I really look forward to serving you and the rest of the Las Colinas area in the near future and to keep this blog updated several times a week so make sure to check in regularly.

Irving Las Colinas Market Snapshot for May/June 2011

2011-06-16T15:37:00.002-05:00

Just another quick snapshot for the Irving Las Colinas area.

598 Currently active homes.
105 Homes currently under contract
77 sold in the last thirty days.
130 Days on market for the active property average.
107 Days on market for the sold average.

Banks repossess 1 million homes in 2010

2011-01-13T11:40:00.002-06:00

I found an interesting article this morning that I would like to share with you.
Click here for article.

It is truly unfortunate for those that whose homes are being foreclosed on and I do recommend calling your lender if you are having problems with you mortgage payments as they will offer some helpful programs such as short sales to sell your home without it getting foreclosed upon.

On the flip side it also presents an opportunity to purchase these homes that the bank has taken back. Sometimes at very low prices which can make it affordable for those seeking to purchase this year.

I have always offered services on both the selling side and the purchase side of Real Estate. If you would like to talk regarding a sale or potential short sale that I may help you with or if you would let to get the ball rolling on a purchase this year please feel free to give me a call and we can have a no obligation discussion regarding your options.

A Few Tips for Buying the Right Home.

2010-12-30T16:00:00.003-06:00

Whether you’re looking to purchase a home for yourself or as an investment property in Dallas and the surrounding areas, there are many things to consider prior to closing on a deal. Schools, neighborhoods, crime rate, neighbors and access to public transportation are just a few things buyers take into account before settling on a property to purchase.

There are various requirements to weigh more than others, depending in your specific situation, e.g., access to public transportation isn’t as important in Dallas as it would be in New York and the neighbors won’t bother you so much if you’re purchasing the home as an investment property (though they could affect your renters).

Another thing to keep in mind is that purchasing an investment property is quite different from purchasing a property you intend to occupy as your home. Purchasing a Dallas investment property is a business and financial decision, whereas purchasing your own home is based more on an emotional response.

What might make sense in a home for yourself won’t necessarily make sense for your renters. You might not be able to live without that wraparound porch, but that might not appeal as much to a renter as say, extra storage space. You might prefer to purchase a 3 bedroom home to have extra space for guests, but a renter might need that 3 bedroom home for themselves and their children.

If you intend to purchase a Dallas investment property, the size of the home you buy will have a direct impact on your return. Purchasing a 2 bedroom home in a developing community where families are settling might not be as good of an investment as a 3 bedroom or larger.

An investment property is just that – an investment. It’s meant to generate income and be an asset. Purchasing a home to occupy is also meant to be an asset, but a home is meant for private enjoyment, not to generate income.
So when looking for a property to purchase, know what you intend to use it for. Are you buying for yourself or are you buying an investment property to hold or rent out? Knowing the purpose will help you know what to look for and what will give you the best return on your investment.

Guest post by Karissa Valverde
MyHouseDeals.com

Does it Pay to Remodel?

2010-12-27T13:32:00.002-06:00

I just wanted to share some information that came out in this months Realtor Magazine. They do a yearly Cost vs Value report which give the cost and return of remodeling projects that you may want to do around your home.

It is broken down into regional averages. I will take W. South Central region which includes Texas. You can click on this link to view the report but I wanted to share with you the top 5 projects with the best return. (least to most)

Some of these may not apply (basement) but it is interesting nonetheless...

5. Attic Bedroom - Cost $48,421 - Resale Value $34,003 - Cost recouped 78.3%

4. Fiber Cement Siding - Cost $12,954 - Resale Value $10,713 - Cost recouped 82.7%

3. Basement - Cost $55,071 - Resale Value $46,406 - Cost recouped 84.3%

2. Garage door - Cost $1,145 - Resale Value $1,130 - Cost recouped 98.7%

1. Steel Entry Door - Cost $1,079 - Resale Value $1,259 - Cost recouped 116.6%

Just goes to show you that a little investment for that new front door goes a long way. The two biggest factors that affect your sale is "Price and Condition". It always helped to choose the best projects that will help your sale.

December 2010 Market Update

2010-12-21T12:26:00.001-06:00

Dear All,
Just a quick update. Current market conditions are quite slow right now, mostly attributed to the Holidays.
Here are the details....

There are 697 homes for sale in Irving right now.
92 of those are under contract.
60 homes have closed in the last 30 days.
The current days on market for an average home is 130 days.
The approximate sold price to asking price right now is 92% (this is of the asking price at time of offer, not original list price.)

Patience and price is the key right now.

Have a wonderful Holiday Season!

Short Sales in a Foreclosing Market

2010-09-15T10:09:00.006-05:00

With the Irving Las Colinas area currently up to 110 foreclosures, some homeowners are trying to avoid losing the property by short selling their home.

Short sales are a sale where the homeowner asks the bank to cover the "short" between the sales price and the mortgage amount. For Instance if a homeowner purchased a property in Irving for $200,000 and paid 5% down the mortgage amount would be $190,000. If that homeowner is trying to sell the property but the current market does not support the $200,000 price range the property may sell for less than the amount owed.

Let's say the property gets an offer for $175,000, with closing costs and commission the seller would net approx. $162,500, well short of the current payoff. Many seller's do not have the money to come to closing with the difference. In many cases the homeowner working with the Realtor and the bank can negotiate a short sale where the bank agrees to take a loss on the difference between the payoff amount and the net proceeds.

Short sales take quite awhile to negotiate, sometime close to 8 months in my experience. The process has been getting more streamlined and quicker as banks are doing more and more of these. Short sales may be a possibility for a homeowner in the position where they do not have money to bring to closing but it is a good idea to research the ramifications of a short sale and find out what if any tax issues may come up in the future and if the bank will be asking for a promissory note for the difference.

If you have question regarding the process feel free to call or contact me and I can go over the entire process.

Fox Glen For Sale

2010-08-19T11:15:00.004-05:00

Sought after Fox Glen Subdivision

211 Steeplechase Irving, TX 75062 Gorgeous Fox Glen One Story
Offered at $549,000 Status: Active Type: Residential
Bedrooms: 5
Baths: 4.5
Living Area: 5691 Square Ft.
Lot Size: .62 Acres

PRICE REDUCED!! Unique opportunity to own large, one-story executive home in guarded & gated community! This property is priced for quick sale! Motivated seller! Bright, open and spacious home with great entertaining flow and lots of WOW factor extras: crystal chandeliers, custom iron door, ornate crown moldings, columns, leaded glass transom windows, plantation shutters, marble, granite, stainless steel appliances, fully equipped media room with projector, screen & equipment. Large bedrooms, oversized living areas, sauna. Outdoor living with pool, gazebo, and wood deck. Oversized 3-car garage, tile roof. Newly remodeled master bathroom and kitchen. Convenient to Downtown Dallas and DFW Airport. Excellent charter and private schools nearby.

View this home online at http://www.lascolinasrealestate.com/

Cardinal Village for Sale

2010-08-19T11:05:00.002-05:00

Gorgeous home in North Irving's Cardinal Village. Close to Las Colinas, DFW Airport, Downtown Dallas, Major Freeways and shopping. Home features include 4 bedrooms 2.5 baths 2 car garage 2565 Sq. Ft. Price at $229,000.

2 A/C units, Double Stainless Steel sink, Tile in kitchen, breakfast and utility, Travertine with inlaid marble in formal living and dining, Wood floor in 2nd living and 4th bedroom/office, 5 burner gas stove, Stainless dishwasher, Built in Stainless microwave, waterline to refrigerator, Breakfast bar, Vinyl windows, storm door, Recessed Light fixtures, Gas fireplace with mantle, Picture frame paneling, built in bookshelves, Six Panel doors, Walk in closets, Open patio, A/C 3 years, Roof 5 years.

Kitchen 13x11
Breakfast 11x8
Foyer 5x12
Living 1 16x19
Living 2 19x20
Formal Living 13x11
Formal Dining 13x14
Master bed 16x15
Bed 2 12x12
Bed 3 12x12
Bed 4 10x10

You Can view this home online here at www.HomesOfIrving.com

Market Update July 2010

2010-07-06T14:18:00.002-05:00

Just wanted to send out a quick note to give a market update for Irving.

Currently there are 760 single family homes actively for sale in Irving which is up a bit from the previous few months. The foreclosures have risen which added to the available homes.
There are 90 properties currently under contract which is in addition to the 760. In the last 30 days 89 properties have closed.

The showings on all the homes have dramatically slowed in the last 30-40 days. I have spoken with numerous agents who have felt the same slow down in showings, most have attributed it to two things. First, that the home buyer tax credits have expired and secondly that the availability of the numerous short sales and foreclosures that are at greatly discounted prices have influenced buyers to go after those homes.

The current average for days on the market is approx 180 days. The foreclosures days on market are considerably lower but this does not include the time spent on the market previous to foreclosure.

Hope this helps with your understanding of the current market, if you have any questions do not hesitate to ask.

Thank you

Reev

I've been busy !

2010-03-18T12:02:00.004-05:00

Just a quick market update for the Irving las Colinas Real Estate market. Been VERY busy with the new business. The market has been good so far this year. I have added many new listings and put alot of those in escrow. It remains a buyers market, but it is a terrific time to sell your home and move up if you can get a good price out of your existing home and get a great deal on the new one.

I have added a new website to my business, I think it will help out with some extra material that I needed to get out there. Feel free to go to TexasRealEstateShop.com and let me know what you think.

Also Please do not hesitate to write or call if you have any questions about homes for sale in Irving, Las Colinas or the Dallas area!

What is my home worth in Irving Las Colinas Texas?

2010-01-22T15:24:00.002-06:00

What is your home worth? Irving Las Colinas - A Service from Rohter & Company
Posted by Rohter & Company in IRVING , TX

Description Find out your homes approximate current market value. Answer a few simple questions and we will send you your current market analysis!

The "What is your home worth?" service is ideally suited for Homeowners in the Irving Las Colinas areas.

If you are interested in finding out your current approximate property value for selling or property tax reasons. Our service area includes the Irving Las Colinas area of Texas as well as the Dallas Metroplex. We provide the answer to the oft asked question... What is my home worth?

Please fill out this simple form and I will have a response for you which includes homes similar to yours that are actively for sale, pending, sold and failed to sell.

Absolutely no obligation! It's simple.

Rohter & Co. is proud to offer this FREE service!

We will do a market analysis on your homes value and get the information back to you.This service can also be used to assist you with your Dallas County taxes. It is information that you can bring down to the tax office. It will give you an objective view that can be used to fairly get to a mutually agreeable value for your home.You can also use the website to look up homes for sale as well as searching specific areas in the Dallas Metroplex including Irving and Las Colinas.

What is your home worth? Irving Las Colinas is available from Rohter & Company. Please visit their website at http://www.reevrohter.com/home_worth.php for more information about the product, or contact Reev Rohter at Info@ReevRohter.com. Rohter & Company is located in IRVING , TX.

Townhome in Las Colinas - 574 Via Amalfi

2010-01-22T14:42:00.007-06:00

Rohter & Company is proud to announce the availability of

574 Via Amalfi Irving, TX 75039

Inside the Positano subdisvision of Las Colinas.

Absolutely gorgeous townhome in Irving Las Colinas, Texas. Upgrades galore. Gated Tuscan themed community in the center of Irving Las Colinas. Convenient to Dallas airports, downtown Dallas TX, parks, several restaurants and services. Maintenance-free community with fitness center, cabana, pool and sand volleyball. Positano is well located off Macarthur Blvd, south of Hwy 114 and south of Hwy 161.

For any further information on Las Colinas or Irving Texas Real Estate do not hesitate to visit http://www.homesofirving.com/

Very very well priced at $409,000. Click here for more Info. This is well below the builders prices for the same upgrades plus many more the homeowner added at their own expense.
3 BR and 3.5 baths - Pompeii Floorplan Huge bedrooms all with private baths and walk-in closets Tankless hot water heaters Sprayfoam insulation throughout Brick, stone, and stucco exterior with clay tile roof Hand scraped hardwood floors on main Double-sided fireplace separating living and dining Granite countertops in kitchen and laundry Maple cabinets throughout Vaulted wood-beam ceilings in living, dining, foyer and kitchen Stainless Steel Appliances Gas 5-burner cook top Ceiling fans throughout Covered patio with ceiling fans and audio wiring. View of future 6-acre lake Large 2 car garage with private drive

Custom Features Added:
Expanded custom kitchen island with pillars and granite countertop Whole-house audio/visual wiring, In wall speakers in several locations Ceiling fans throughout Custom tumbled marble backsplash in kitchen Large upstairs loft with wet bar, refrigerator and wine racks Custom dry bar with audio visual storage Covered patio with ceiling fans and audio wiring. View of future 6-acre lake Stained wood blinds throughout

Townhomes in Irving Las Colinas TX-574 Via Amalfi is available from Rohter & Company . Please visit their website for more information or contact Reev Rohter at Info@ReevRohter.com. Rohter & Company is located in IRVING , TX.

The New Independent Irving las Colinas Real Estate Broker!!

2009-11-09T15:00:00.002-06:00

There is a new Broker in town...Me. I have gone independent! I still provide the same service and more. Please check out my new one, have your property valued on my website with no obligation. It's simple just leave me some basic home information and I will send you information on homes that are currently for sale, under contracct, failed to sell and sold.

The market conditions are great for home buyers right now. Please give me a call and I will be happy to help whether it be in Irving Las Colinas or any part of the Dallas metroplex.

July Market Update

2009-07-23T12:18:00.001-05:00

The property shown is located at 3001 Gentry in Irving and can been seen on my website.It is a 4 bedroom gorgeous home for $235,000

As of July 23th 2009

There are 708 Total Properties on the Market

144 of these are under contract.

In the last 30 days 92 properties have closed

Remember...My criteria for these properties are

1. Located in area 26 (Irving)

2. Must be 3 bedrooms

3. Must be 1,000 sq. ft at least

4. Single Family Homes

We really have seen some stability in the last few months, and the new housing news that came out today should boost confidence.Alot of investors are out there writing offers like crazy, most are getting some great deals on investment property !

June Market Update.

2009-06-26T11:14:00.003-05:00

As of June 26th 2009

There are 723 Total Properties on the Market
161 of these are under contract.

In the last 30 days 93 properties have closed

Remember...My criteria for these properties are
1. Located in area 26 (Irving)
2. Must be 3 bedrooms
3. Must be 1,000 sq. ft at least
4. Single Family Homes

May Market Update

2009-05-29T17:08:00.001-05:00

As of May 29th 2009

There are 615 Properties on the Market
116 of these are under contract.

In the last 30 days 77 properties have closed

April Market Update

2009-04-21T15:26:00.001-05:00

As of April 21st 2009

There are 713 Properties on the Market
168 of these are under contract.

In the last 30 days 79 properties have closed.

May Market Update

2008-05-27T10:35:00.003-05:00

As of May 27th 2008...

678 Active single family properties for sale
207 single family homes currently under contract
111 Have sold in the last 30 days.

Market Update for April

2008-04-23T13:55:00.002-05:00

Irving Las Colinas Real Estate Update...

As of today there are 702 homes active on the MLS.
There are 161 currently under contract.
95 homes have sold in the last 30 days.

State Representative Has Bright Outlook on Irving Las Colinas

2008-04-03T14:05:00.004-05:00

Today I was sent an article in The Irving Journal March 18th issue on page 2, written by Hon. Linda Harper Brown State Representative District 105.

It effectively states what I have been saying for quite some time…Irving Las Colinas Real Estate and its economy is a bright spot in a gloomy picture.

Everyday we hear doom and gloom about the national economy and the declining Real Estate markets. Yet as Rep. Harper-Brown explains, the outlook for Irving Las Colinas is quite bright.

Thank you Rep. Harper-Brown for showing us Irving’s bright future!

What Can You Really Afford?

2008-04-02T21:23:00.002-05:00

Many people looking for homes in the Irving Las Colinas area have mistakenly taken the number they were given by their lender for the amount they were pre-approved for and used it as the number for the price of home they believe they can afford.

There usually is a difference between what you can afford and what would be a comfortable payment. You need to find the balance between what the maximum you qualify for and what you are truly comfortable in paying.

The most conservative way to figure out what you can afford is to figure out what payment would be most comfortable for you and then see what you qualify for. If the number you qualify for is above what you feel comfortable with, I suggest go with the latter. Better safe then sorry.

Market Update

2008-03-27T17:18:00.002-05:00

Irving Las Colinas Real Estate Update...

As of today there are 687 homes active on the MLS.
There are 142 currently under contract.
115 homes have sold in the last 30 days.

The Best Time to Sell a Home.

2008-03-21T17:57:00.003-05:00

Spring? Summer? Fall? People often try to time the market as to when they should put their home up for sale. I can say, that after many years in the business, the Irving Las Colinas Real Estate market does not have much of a lull at any time during the year.

Springtime is great because people want out before summer.

Summer?... Well, people want to get set in their new home before school starts.

Fall?...Many have told me they want to be in their new home for the holidays.

Winter?...If it is the first of the year people are ready to move because of expectations of the new year and the holidays are over so time has been freed up for other projects.

This cycle seems to repeat itself year after year with rare exceptions;
During the middle of summer when the mercury rises high in Irving some people have the bunker mentality and close the blinds not to return until the heats lets up.

The other brief lull is from Thanksgiving to Christmas, many of us are extremely busy with the holidays. Yet I can say that I have had some of my best months as far as production is concerned in November and December.

So if the concern or question is "When should we put our home for sale?" the answer, at least in Irving Las Colinas is... pretty much anytime.

Where To Eat in Irving Las Colinas

2008-03-17T19:55:00.004-05:00

Not that I should be going out to eat a lot, but on the occasions that I do,
I have compiled a list of my favorite haunts. This list is by no means definitive and if you have a suggestion please let me know. For the most part I like to stay away from chain restaurants or a least go to the ones who have small chains located within certain regions.

Irving Las Colinas has great deals on Real Estate, but it also has a lot of great food and I am proud to present my favorites. So without further ado here is the official 2008 guide of my current favorite restaurants in Irving.

In no particular order…

Bangkok Orchid – Thai (Hard to find but worth it)

Via Real – Mexican (Quiet romantic evening)

Soila’s - Mexican (Bring the kids)

Café Cipriani – Italian (Quiet romantic evening)

Ifratelli’s – Italian (Bring the kids)

Hunan Dynasty – Chinese (I love Chinese)

Ali Baba Mediterranean Café - Mediterranean (Who doesn’t like gyros?)

Tommy’s Bar-B-Que -(972) 986-0559 2840 W Irving Blvd (hey, you don’t need a website when you are this good)

Piman Asian Bistro – Thai/Chinese/Japanese (Best you have never heard of)

Saltgrass Steakhouse – Steaks and more (Try the seafood fondu)

Secrets of the MLS Revealed

2008-03-14T10:40:00.003-05:00

Many people including my clients call me up and say that they have seen a home on the Multiple Listing Service or “MLS” for short, and that they want to look at it. After looking up the property for myself, I find out that the property is under contract or even sold…so what gives?

The truth is that if you are not a Realtor who is also a member of MLS, then you do not have the instant streaming access to the data.

You see when I enter a listing or change a price, all agents who have access to the MLS can see that change immediately. All others, such as Homes.com, Realtor.com, or even the actual agents website that says “Search the MLS”, is really not the MLS.

It has the data that is downloaded from the MLS, but since these sites only download certain amounts of information at certain times. It may take a week or so to get all the updates. By that time there are many more changes that are missing from the information.

The best advice I can give you is have your agent set you up as a prospect and enter your criteria that you are looking for. The prospect program will email you the listings as soon as they come out or there is a price change.

My Most Frequently Asked Real Estate Questions

2008-03-12T08:57:00.002-05:00

I looked over my previous articles and I noticed that I keep saying “I always get asked that question” or “the most common question I get asked is…”

Even when I go out with friend the conversation quickly turns into questions about Real Estate. Why is that? Why not, “hey how’s the vending business”, or “has your cubicle gotten any more spacious?”

I think people want to know about the largest single investment they probably have. It just happens that I help people buy and sell that investment. So even for someone living outside the Irving Las Colinas area, the conversation quickly turns to the Real Estate market.

Just to clarify my previous articles, I will try to truly represent, in order of reverse frequency, the questions I get asked most often...

10. Did that house on (such and such) street ever sell?
9. How much is that house on (such and such) street?
8. How much money down do I need for an investment?
7. Why hasn’t that home on (such and such) ever sold? / What’s wrong with it?
6. Do you like home warranties?
5. What did my neighbor’s house sell for?
4. Do you have any good deals on foreclosures?
3. How’s the Real Estate market?
2. What do you think my home is worth? (Tax time)
1. What do you think my home is worth? (Sale time)

What’s My Home Worth?

2008-03-10T12:27:00.004-05:00

What’s it worth? Well, you need a Comparative Market Analysis or “CMA” This is not a certified appraisal, but it does give great general information on the Real Estate market around your home. Oh, and as opposed to an appraisal it’s FREE.

This really is the most asked question I ever get, even more so than the ones about foreclosures. You see foreclosures come and go with the Real Estate cycles. However, everyone at some time or another wants to know what their home is worth.

Sometimes it is for the obvious reasons; they are preparing to sell it. Other times they are refinancing it, doing remodeling, or trying to lower their taxes. Whichever is the reason you want to know, I can help.

In the Irving Las Colinas area this is generally how it is done…

First I ask the client what is the reason they want to know.
(Let’s assume it is for a sale in this little demonstration)
Next I go to the Dallas Central Appraisal District to look up the property.
I then go to the MLS and see what homes in similar size and features have sold in the area of the subject property. I also look up what homes have expired, which tells me the ones that are usually overpriced. I then look up all the homes that are currently on the market in the same area as the subject property.

With this information I can tell you the average sales price and average price per sq. ft. of properties that have sold, as well as the ones languishing on the market.

I then like to go to the subject property to see if it falls in line with average conditions. If it is in great shape and has been completely remodeled I would give it an above average price per sq. ft. If it needs a lot of work, then it will get below average price. If it is average, well then it’s average.

Last I gather up all of my information and plug in the numbers I feel it will sell for (generally it is a small range) and present it to the seller. It is a little more complicated, and it takes more than these few paragraphs allude to, but I am glad to do it for my clients, as would most Realtors.
Even if you really haven’t got a good reason to know what your home is worth, it still is fun to find out. So call me, and let’s see “What’s it Worth”

Forclosure Facts

2008-03-07T09:48:00.003-06:00

Once again the question was brought up to me regarding buying foreclosed property in the Irving Las Colinas area. I wrote about purchasing these foreclosures and what to look for in an article titled, To Buy, Or Not To Buy (a Foreclosure).

I also wrote Hidden Deals That Will “Motivate You, and explained an alternative to buying foreclosures. However, since the question keeps coming up, here are a few facts about foreclosures that are currently on the Multiple Listing Service in the Irving Las Colinas area.

Of the 668 properties that are on the market as of today…
68 are foreclosures
48 of those foreclosures are priced under $100,000
14 of those foreclosures range from $100,000 - $150,000
3 of those foreclosures range from $150,000 - $200,000
2 of those foreclosures are priced in the low $300,000’s
1 of these foreclosures is priced in the low $700,000’s

There you go; any price range you are looking for is available. Although, it’s a little slim when you get over the $100,000 price range.

Working With the Neighborhood Specialist

2008-03-06T10:44:00.002-06:00

Over the years I have received a lot of advice from my Dad. He is pretty good at giving it whether you want it or not. But I must admit, whether it is about my family, my life, or my career he was right on about 99% of the time.

I remember when I moved to Irving Las Colinas and was looking to buy my first house. My Dad, who has been involved in Real Estate for over 45 years, told me how to find a good buy.

He told me to drive around the area I wanted to live in and find the Realtor who had the most listings. I assumed that any Realtor would be able to help me find a home. However he explained to me something that I have applied to my own Real Estate career. The Real Estate agent who has the most listings are, “the neighborhood specialists”.

These are the Realtors who know the area, know the prices of homes just by driving by a house, and can tell you pertinent information about each home that is listed. By finding these agents you are getting to work with the most informed Realtor in the area.

Finally, the greatest benefit of using the “neighborhood specialist” is that these Realtors usually have knowledge of properties that have not been put on the market yet. You are getting the first shot at a property, without having to compete with other buyers. If you are working with the “neighborhood specialist” chances are, you are privy to deals before others have chance to see them.

There are a lot of Realtors who claim to be the “neighborhood specialist” but it is pretty easy to find out for yourself. A little research, and a little time driving the area will prove who the true specialist is. Find this person and it will be worth your while.

Remodeling 101 – Return on Investment

2008-03-05T09:23:00.003-06:00

Every homeowner has probably thought to themselves, “Geez, I need a new kitchen” or maybe said, “Hey honey, let’s redo our bathrooms” The thought then creeps in, “How much is this little project going to cost me?”

Well a better question might be, “How much of my investment will I be able to recoup?” Generally, there is always an amount that can be added as value put into your home. The trick is to make sure that the project does not exceed the value of the comparables in the area.

For instance if an Irving Las Colinas homeowner decides to remodel their kitchen and finds out they will be spending $25,000, then the formula needs to be calculated as follows.

In the neighborhood they live in, properties of similar size and features that have been remodeled, generally sell for $250,000. The homeowner bought the home one year ago for $225,000. If they spend the $25,000 on the kitchen, there is a pretty good chance that the money they spend will be recouped upon the time when they sell the property,

It is important to get an idea of what homes are selling for in your area before you start a large project and put in a lot of money. That being said, if you are going to live in the home for the next 30 years you will likely have the appreciation over the years that will make up for the costs.

There is one more reference that homeowners in the Irving area can use. Although the stats are for the Dallas area in general, Remodeling Magazine Online puts out a Cost vs. Value Report. This tells homeowners what percentage of certain projects they can expect to recoup.

Happy Hammering.

Taking Advantage of Property Tax Exemptions

2008-03-03T10:08:00.008-06:00

Remember to file for your homeowner property tax exemptions this year!
There are many exemptions Irving Las Colinas residents might qualify for depending on your situation. The most common is the General Homestead Exemption.

Requirements and information regarding each exemption can be found online at the Dallas Central Appraisal District website. You can also easily file your exemption by going once again to the DCAD website and searching for your property. You can then print out an exemption form for that specific property.

Depending on the exemption your tax savings can be quite significant. It is important that you take advantage of these savings. If you have filed in the past and your status has not changed it may not be necessary to re-file. Although I have found it is always a good idea to check your property on DCAD yearly and view which exemptions you currently have, as your status might have changed and you would be able to take advantage of other exemptions.

Below is a list of homeowner property tax exemptions.

General Residential Homestead Exemption
Over-65 Exemption
Surviving Spouse of Person Who Received Over-65 Exemption
Disability Homestead Exemption
Surviving Spouse of Person Who Received the Disability Exemption

Hit The Links In Las Colinas

2008-02-29T08:53:00.005-06:00

Not that I am much of a golfer, but I do appreciate the fact that the Irving Las Colinas area boasts a plethora of golf courses. You can come to play or come to stay, as many of these courses are home to residential subdivisions. These have lots with homes on the course or not, depending on your tolerance of my tee shot smashing through your living room window.

There are 28 golf courses located within 10 miles of Irving, you can view these on Golflink.com. They range from private country clubs to municipal courses to independently owned ones. Most are able to be played just by calling them up and reserving a tee time, others you might need some friends in high places.

Some of the more notable ones are the 4 championship courses located in Las Colinas. One of which is the TPC course where the Byron Nelson Golf Tournament is played every year by the PGA players.

TPC Las Colinas Course

Cottonwood Valley Course

Hackberry Creek Country Club

Las Colinas Country Club

Rising Prices in Irving Always Good News

2008-02-28T12:19:00.005-06:00

A great article appeared in MSN Money yesterday ranking 291 metro areas in price appreciation as of Dec 31, 2007.

The stats were lumped together as Dallas-Plano-Irving, TX but it showed...
1 quarter appreciation to be 0.16%
1 year appreciation to be 2.95%
5 year appreciation to be 15.82%

The article also stated

"Prices are still rising in many areas. Utah, Texas and Washington
put multiple cities on the 20 best-performers list."

As I have said before, I am always an optimist when it comes to Real Estate in the Irving las Colinas Area. This article just affirmed for me that others seeem to feel that way as well.

Las Colinas New Construction

2008-02-26T15:22:00.004-06:00

Looking for new construction?

Here are some of the projects in and around Las Colinas.
These include some wonderful areas and gorgeous subdivisions.
Easy access to Highway 114 and the 635 Loop.

La Villita
K. Hovnanian Homes & CityHomes

Positano
North American Properties

Versailles Villas
David Weekly Homes

Emerald Valley
Monterey Homes & Ryland Homes

Hidden Deals That Will "Motivate" You

2008-02-26T11:05:00.003-06:00

My last post was about bank owned properties. After explaining the potential pitfalls of those types of properties I wanted to mention an alternative that can get you a great deal on a home.
Motivated sellers are by far my favorite type of purchase. Those people who have equity in their home but cannot make payments anymore.

Imagine if you will an Irving/Las Colinas homeowner that has been living in his home paying off his mortgage for 10 plus years. His home was purchased for $100,000 and his loan was originally $90,000. (he put down 10%) His current principle balance is $80,000. He has taken care of his home and it has appreciated to a value of $120,000. He has been unable to make payments and the bank is looking to foreclose.

Not many people want to go through a foreclosure, so the opportunity for a great buy is available as well as helping someone avoid foreclosure and losing all of their equity and down payment. If you pay him the balance of the loan plus his original down payment you are still buying a home $30,000 under value. Motivated sellers are everywhere, look for properties that have been on the market for a long time, ask the right questions, find the motivation and you just might get a heck of a deal.

To Buy Or Not To Buy (a Foreclosure)

2008-02-25T10:43:00.000-06:00

Right now there are ALOT of bank owned properties in Irving and Las Colinas. The question I get asked quite often is "Can you find me a great deal on a foreclosure?".The answer is a bit complicated. If the bank is ready to sell the property and is realistic on true value than sure they are out there.

However many banks acquire a property from an owner that is in really rough condition and let's say that the balance on the loan is $80,000. The market analysis shows that homes of similar size and location are selling for $120,000.Without any repairs the bank puts the property on the market "as is" for $120,000. Let's say that the repairs needed will cost you about $15,000. Buying it for anything more than $105,000 would be overpaying.

People generally assume that by buying a foreclosure you are paying what the bank was owed on the property, thus maybe getting a great deal on a home. But the banks are in it to make money. It is doubtful that they will sell a property for less than what was owed, and when they do sell for what they were owed, it usually comes months after it has been sitting on the market.

In today's market of people who have refinanced to many times that loan balance might actually be HIGHER than what the home is worth. There is alot of research that must go into buying a home especially when it is bank owned.

New Developments in Las Colinas

2008-02-24T11:42:00.007-06:00

Irving/Las Colinas is in the midst of numerous development plans. The area in and around Williams Square and the Mustangs looks to soon be the epicenter of retail , residential and commercial projects. check out The Irving Las Colinas Chamber for information on all the developments that are in the works.

I am looking forward to the completion of these projects, as are many others who remember when the developing kind of just stopped years ago. Well, the recently renewed interest in Las Colinas has prompted developers to take another look at the area I have long described as a diamond in the rough.

Welcome back.

Manipulating the Market

2008-02-23T10:12:00.005-06:00

Today I was curious to see how many homes there were "Active" on the market in the Irving Las Colinas area. Meaning these where not under contract yet. I was pleasantly surprised to find only 675.

Everyone talks about a market downturn, or a stagnant market. I agree that if you live in Florida, Nevada, Michigan...I am probably missing a few. But the numbers of homes on the market in those areas is much higher than here.

With a flood of properties on the market it always makes it much harder to sell. Once those properties go away, properties get scarce, obviously a good case of supply and demand.

Now think of this... a rough average of sales per month in Irving is about 100, over the last six months it has actually been 93 homes per month.

If starting from today no one listed their home for sale it would take 7 months to have absolutely no inventory. What would happen to prices then?

Alot of these other cities have a supply that would last them years. Fortunately for us the market looks pretty bright!!

Now if I can get everyone to stay put for awhile :-)

Open Houses...Worth it?

2008-02-22T21:40:00.005-06:00

In the past open houses have brought many tire kickers as well as serious buyers. However the internet age seems to have turned the tide. Why get in the car if you can see it online?

Real Estate agents in Irving used to caravan to go see all of the new listings so getting them inside, (the only true way to get a feel of a home) was easy. Now that they can click a few links and view pictures, or even a virtual tour, most buyers and agents just monitor listings online.

My suggestion is to try one, if the guest list is limited, there are many other ways to market your home. Try them all and figure out what works.

How's The Market?

2008-02-22T14:40:00.002-06:00

If I had a nickel for everytime I have heard that question....
Some quick stats, in Jan of 2008....

In Irving Las Colinas...
14% increase in sales over same period last year
Average sales price $158,699
We have had a 9% reduction in days on market over same period last year.

I am pretty much always an optimist when it comes to Real Estate.
Bottom line, if you buy right, your good.