EVERYBODY LOVES (LEE) RAYMOND

Everyone is up in arms that former Exxon Mobil Corp. chief Lee Raymond gets a $327 million retirement package. And his home on Meadowbrook is valued by Dallas County at $3,708,400. (On today’s market, Realtors say it would be listed at about $5,000,000.) At first blush, we might think gosh, Lee is sure greedy. His salary was $41 million a year at Exxon, enough to pay that Meadowbrook mortgage and more. But then I did a little math:
(more…)

HOME SALES YING AND YANG

Well, maybe. Part of me agrees. How much higher can prices go? Interest rates are up, but they are still at or below 7 percent, which is what they were when I was in high school (many, many moons ago). We’ve got the baby boomers set to inherit trillions of dollars, and people will be moving from states that tax retirees heavily — listen up, Austin — to get a better deal in retirement. Finally, all you younguns are buying homes, working, and having familes, which is glorious for the economy. I think we will see prices dip in some areas of the U.S., and in some products, while other sectors will maintain or increase in value. But then…
(more…)

RE: HOME SALES SOAR II

Alva’s thoughts that the DMN is using only single-family homes makes sense–it certainly seemed like a very low number, which is why I was asking. It’s still odd that prices fell that much, though, isn’t it? But with only 30 properties, I suppose it’s easy to skew the numbers. Thanks to Alva, for getting to the bottom of it for us.

Oaklawn was the secondary issue, though. I still contend that we’ll see a slow down in sales and appreciation in the United States in general, if not in Dallas specifically.

HOME SALES SOAR II

Roger, to answer your question, I refer to an e-mail just received from one of my most trusted, brilliant Realtor sources, Fernando M. Alva of Keller Williams (469.449.9879):

“In this Area (Area 17) - according to MLS there were 294 sales between January 1st and March 31st…and not 30 sales like the Dallas Morning News suggests…unless they were only counting single-family homes, in which case there were 29 sales. But why would they only look at single-family homes, which only accounted for 10 percent of the sales…especially when this area is mainly condos?”

Then I asked Fernando if 294 sales in first quarter 2006 was better than same period last year: He says yes! From January 1 to March 31, 2005, there were 254 sales of homes and condos in this area.

I rest my case.

RE: NEW HOME SALES SOAR

Candy: I read that same report. And while I agree with most pundits that keep telling us that the Dallas market will not feel the brunt of any potential bubble, the report was not nearly as rosy as you make it out to be. Sure, new home sales are up, but prices dropped drastically. Economist Bob Brusca was quoted in the article as saying the rise in sales is due to builders dropping prices to move inventory–he even equated it to a zombie’s body’s final twitching.

Now the question I have for you, Candy, is: What are your thoughts about the Oaklawn area’s 35-percent drop in selling prices for the first quarter of 2006 (find the numbers here)? Why is it happening? Will it keep happening? Enquiring minds want to know.

VILLEROY & BOCH AT POLLY DUPONT

Peggy and I spent a fun morning yesterday at Polly DuPont, a wonderful tabletop store on Beltline and Coit that’s been around since 1946. If you don’t know about it, you need to go immediately, because they have everything from Royal Crown Derby, Baccarat, Mottahedeh, Kate Spade, and Villeroy & Boch. (I’ve pictured Villeroy & Boch’s new lefthanded mug). Everything in the store, pretty much, is 40-50 percent off until May 15, so you can add to and replace broken plates, crystal, and lost silverware. I was astonished to learn that these kinds of deals are commonplace at Polly DuPont, where everything on a regular basis is marked so much lower than than anywhere else you can buy it in town. Don’t believe me? Take a look for yourself and then write me back.

,

NEW HOME SALES SOAR

Reports that new home sales have soared to their highest point in 13 years confirm what local builders and Realtors keep telling me: our Real Estate market is just dandy.

HOLLYWOOD/SANTA MONICA HOME TOUR

Tour the 1920s Tudor Revival houses (with ornamental half-timbering with brick, stone, stucco, steeply pitched roofs) that dot the streets near White Rock Lake this weekend at the Hollywood/Santa Monica Home Tour. The Candlelight tour tonight, 7:30 - 10:30 p.m., includes a silent art auction at the Dallas Arboretum’s Rosine Hall with works by local artists Brad Oldham, Christopher Martin, Marty Ruiz, and Jim Frederick, among others. (Tickets, $40, include tour, art auction, dinner, wine, and beer and are available at Blow Salon.)  The tour continues Saturday and Sunday Home, noon-6 p.m., and tickets are available at Whole Foods on Greenville Avenue or the homes for $10.