Tag Archives: Wall Street Journal
The Wall Street Journal Has Been Scrutinizing Dallas Real Estate: Dallas Big Shots, They Say, Flock to Highland Park
Highland Park is hot. Don’t you love how the rest of the world is suddenly paying attention to Dallas? Our economy is great, and our real estate market could not be better. We may have some quirky politicos, and some of us OD on the decorating with the three T’s: turrets, trophies and tusks. But we are Texas, the rough-tumbling, independent, do-it-your-way state. I had heard that the Wall Street Journal sent a reporter down to Dallas to check out our real estate a week or so ago. That reporter was Alyssa Abkowitz. We are friends on Twitter. I was told she originally came down to research the Oil baron’s story — how “the shale-oil boom in the Lone Star State has created a different kind of gusher: oil executives flush with cash looking to buy luxury real estate.”
Survey Says … Trulia Economist Asked Homeowners What Their Biggest Regret is as National Housing Market Shows Signs of Rebound
More and more homeowners are seeing the light at the end of the tunnel, and as the downward trajectory of the housing market turns upward, they are also seeing missed opportunities.
All we hear is how print is dying, but the Wall Street Journal plows ahead. The smarty pants at the Wall Street Journal announce a significant beefing up of global (and all) real estate coverage beginning this Friday. Oh and guess what: it’s going to be on mobile and the ipad, too. Robert Thomson, editor-in-chief of Dow Jones & Company and managing editor of The Wall Street Journal, says what I have believed for years: “We all like to think of our home as a mansion, even if it is a humble abode, and we all have the license to aspire, so we have created Mansion to be the home of both aspiration and real estate realization.” Continue reading
The Wall Street Journal and other financial news media are reporting that the U.S. home ownership rate has slipped to it’s lowest in 15 years, and experts predict it will slip even further. Why? Mortgage lending is tighter than a violin string, with no signs of loosening, not even for an election. This echoed what every single Realtor I know says: we have record low, like HISTORICALLY low mortgage-interest rates and falling home prices that have made homes more affordable than at any time in the past decade. But whose lending money? Not the big banks, that’s for sure. Could this have anything to do with the fact that five institutions in this nation control 50% of all the deposits? Talk about an oligopoly. Warren Stephens (a Little Rock, Arkansas wealth manager) argues that we need to dismantle the big banks, and I believe he is correct. A recent re-financing experience put me through the big bank wringer. Mr. Stephens solution, in case you cannot read the actual article, calls for a five-step program I whole heartedly endorse:
We see it even in Texas: price declines, low mortgage rates and rising rents have made owning more affordable now than renting. But despite agents’ most positive view of the Dallas real estate market, housing is still kind of stuck in the mud, even here. Many markets report continued price declines, while Dallas is struck by another problem: lack of inventory. Our funky, fun Austin is now the most expensive place to live in Texas because of rising rents. Hardest of all is qualifying for a mortgage, which brings in cash buyers a.k.a. bottom feeders, and gives them even more power to drive down prices in hard ball negotiations. With this scenario, the market for the average American home is shrinking as fewer Americans than ever own homes. And it doesn’t take a rocket scientist to figure out that rising rents will beat the average American even more.
The Wall Street Journal reports a proposed measure in Congress would offer visas to any foreigner making a cash investment of at least $500,000 on residential real-estate—that’s for a single-family house, condo or townhouse. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, second homes or investment real estate to be rented out.
Oh Will This Man Will Be Churning Up the Dirt in Dallas Real Estate: Meet Hot Property Richard Graziano, Newest Team Member at Mathews Nichols Group
Richard Graziano will literally sell Dallas to Houston! Full disclosure: I have known Richard for years, as a powerhouse sales account manager at D Magazine, then at Paper City. I have long known that he loved homes and real estate as much as I do, and I think a part of me always knew this would happen as we pariahs huddled together at D talking real estate for hours. And it did. Last week, Richard joined the Mathews Nichols Group at Allie Beth Allman, that little boutique within a boutique named by the Wall Street Journal as the number 13 sales team in the country, 2010 prodcution. He is going to do so well selling Dallas dirt, I can hardly wait to write about all his juicy sales! Meet Richard:
What Does This S&P Downgrade and Stuff Mean for the Dallas Real Estate Market? Another Nail in the RE Recovery Coffin?
Another nail in the coffin of the struggling real estate recovery?
That’s Jonathan Miller and me in San Francisco at Real Estate Connect. I am glad we are friends because Jonathan is about the most quoted real estate consultant and expert these days, and one of the most knowledgeable appraisers I know. (I’ve given up on the PhD’d economists. Get me real people who work.) Money Magazine calls JM the “Best Online Real Estate Expert”; The New York Observer says he’s one of the 100 Most Powerful People in Real Estate; Inman News crowns him one of the top 25 most influential real estate bloggers in the U.S. and his blog, Matrix: Interpreting the real estate economy, was voted one of the top five U.S. real estate blogs. While I chatted with him in his New York office in June, Bloomberg, the Wall Street Journal and the New York Times called him within an hour. So when we got the news that Standard and Poors had downgraded the U.S. credit rating from Triple A to AA, the person I most wanted to call was Jonathan to learn. What the hec does this mean to housing?
Guess he’s not feeling real bullish about the market these days. Deion Sanders has snapped his whopping 29,000-square-foot home way north of Dallas off the market. You know the one — drive due north on Preston Road to Prosper, and there it sits on 109 acres. He even has his own football field. Sanders has had the home priced at $21 million since 2009.
Remember when, right after Lehman Brothers tanked and the market crashed in fall of 2008, how plain brown shopping bags were the rage? Conspicuous consumption was out, and the wealthy did not want anyone to know that they were blowing $90,000 a month on revolving credit at luxury stores when so many people were out of work. (My friends who work at Neimans tell me there was a marked increase in deliveries right about this time.) Anyhoo, the brown-shopping bag trend has now spilled over to Real Estate. It is very in, now, according to a story in the Wall Street Journal, to build a home that looks, well, normal, maybe even smallish from the front, but sufficiently gigantic from the back or rear view: