STEVE BROWN WAKES UP, SMELLS COFFEE

I had lunch with the lovely Lynda Adleta today–Adleta Fine Properties–and the fabulous Jane Peterson, also of AFP. Wish I could tell you what real estate tidbits we discussed, but my lips are sealed–for a while, at least. We did drink a toast to Steve Brown, real estate editor of the Dallas Morning News. Brown finally has recognized that there is no “bubble” in the Dallas real estate market–as every agent has been telling me for months. Bottom line: Dallas is listed as one of five UNDERVALUED cities in the nation when it comes to real estate.

That’s right: Homes in Dallas were undervalued by 18.8 percent in 2005 with a median price tag of $129,000. Folks in Preston Hollow and Park Cities sure don’t feel undervalued, Peterson says, where dirt is flying off the shelves.

But what I, and every other homeowner in the city, want to know is: What does this mean for appreciation? If my home is undervalued by 18 percent, when is that figure going to be movin’ on up in the neighborhood? Check it out at
http://money.cnn.com/2006/06/12/real_estate/overvaluation_even_worse/index.htm