BILL CHERRY'S GREATEST DALLAS PARK CITIES REAL ESTATE BLOG: November 2008

No Credit at The Big Box

If you were to go into either the Home Depot or Lowes where I regularly shop, you would probably find no more than one cash wrap desk open, and as we say in Texas, you could shoot a cannon in any direction without the worry of injuring a customer.

These are huge stores in affluent neighborhoods where there are almost always the bustle of customers.

So this must be the  dreaded evidence that business there is way off...when not even many contractors are there picking up supplies for their jobs...probably because there are no jobs.

Wondering if what I suspected were true, I asked several of the employees in each store.  It seems that one of the biggest problems has been unavailability of consumer credit. 

Those 6 months without interest credit offers have dried up.  Hardly anyone qualifies anymore. 

And that's what these merchants endangered themselves with when they farmed out their receivables to banks without taking back recourse, and by depending on factors for replenishing capital.

Lowes and Home Depot and Best Buy and Dillards and on and on can't stay in the black unless consumer credit reappears in a hurry.

So the spicket that was flowing money in gushers is now dispensing a drip every now and then. 

5 commentsBILL CHERRY • November 17 2008 12:49PM

BRENNAN'S OF NEW ORLEANS AND HOUSTON - MEMORIES

I'm sure that the first fine meal I ever had in New Orleans was at Brennan's on Royal Street, and that was before the family bought Commander's Palace in the Garden District.  So to be on the safe side, I'll say that was 1954.

And then when I was a student at Tulane University on St. Charles Avenue (circa 1958), I also hosted a radio program, "American Airlines Music 'til Dawn" from a nearby Royal Street furniture store window. That was when I made friends with one of the restaurant's captains.  A fellow named Bill Porter.

Back then it seems that loads of people would order escargot to show off -- snails baked in garlic butter -- but when the dish was served, they wouldn't do much more than dare their dinner guests to try one.  Few did. 

But I loved escargot then as much as I do today.  So this dare benefited me.  Here's how:

Before 9 PM when my show would air on WWL, I would stop by the kitchen door...it was right there on Royal about 30 feet from the restaurant's guest entrance.  One of the kitchen staff would tell Bill I was waiting.  Within moments, he would grab a still hot but untouched plate of escargot from a guest's table, and serve them to me out of the kitchen door along with a loaf of French bread and the left overs from a bottle of expensive wine.

There I would sit on a car fender at the curb, in my tux, eating my escargot and hot, crusty French bread, and sipping what was left from the bottle of wine, white dinner napkin in my lap.  Life couldn't possibly get any better than that for a broke college student.  Of course times changed.  One can no longer drive or park on Royal Street near Brennan's.

Move the clock forward at least thirty years.  My lifelong friend, Victor Damiani and his wife Judy, and Patty and I came up with what would become one of our foursome's traditions. For birthdays and during the Christmas Season, we would dress in our formal attire, dine at Brennan's of Houston, and then go to a play at the Alley Theater or a performance of the Houston Symphony.  What nice celebrations!

Brennan's of Houston for most of its years was managed by Alex Brennan-Martin, the grandson of matriarch Ella Brennan, and while our friendship was at best described as casual, I had known his wife, Jane, for a number of years.  They really made a handsome couple.

So you can only imagine how hard it hit me when I learned that during Hurricane Ike, Bennan's of Houston caught fire from a gas leak, burned to the ground, and seriously injured three of the staff who had stayed behind to look after the place during the storm.

It appears it was totally destroyed.  Two months later, I have not been able to learn whether or not the restaurant will be rebuilt and reopened.  I can assure the Brennan family that it would be difficult to find a solitary soul who ever ate there who isn't praying for its return.

I'm one of those.

 

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America

214 503-8563

800 314-7110

3 commentsBILL CHERRY • November 16 2008 08:47PM

GOOD BOOKS TO GIVE FOR CHRISTMAS --- AND TO READ YOURSELF

VANITY FAIR: The Portraits.  A Century of Iconic Images.  Graydon Carter.

Vanity Fair has been a rather artsy magazine since it began publication well over 100 years ago.  But credit has to quickly be given to the various publishers who have been at the helm:  They have always made sure the pieces they included in each issue were on the cutting edge.

This coffee table-size book, Vanity Fair:  The Portraits features a couple of hundred of the photographic portraits that were posed by and for some of the most famous photographers.  Many of the historic figures you've heard about all of your life, but have no clue what they looked like are here to see.  Here's your chance to enhance your lifelong opinions of each of them.

The book's published price is $65, but I note it is on sale at amazon.com for $39.00.

THE REAGAN I KNEW.  William F. Buckley, Jr.

Bill Buckley and President Reagan were friends for decades.  They saw and spoke with each other often, and the two families vacationed together from time to time.  Interestingly, political conservatism apparently involved the input of both of these men, who formulated it together as they argued and debated the issues themselves.

If not the last book, most certainly the next to last book written and published by Mr. Buckley before he passed away.  For those interested in President Reagan and Mr. Buckley, this is a great insight.  Currently available at amazon.com on sale for $16.50

DON'T MIND IF I DO.  George Hamilton

I'll admit that there isn't much substance here, but it is a fun read about the man who dated Linda Bird while her dad was president, and who seems to have squired almost every good looking movie star at one time or another.  The best looking one of all was the one he married and divorced, Alana Stewart.

Currently available on sale at amazon.com for $17.16.

TWO GREAT COOKBOOKS FROM FAMOUS RESTAURANTS NO LONGER WITH US

IN THE PINK.  Rosalea Murphy.

Honest to goodness, and not just hyperbole, Santa Fe, New Mexico's Pink Adobe Restaurant operated under the watchful eye and with the smashingly good recipes of Rosalea Murphy for over fifty years.  Like many businesses, when the proprietor passed away, the restaurant faded into the past.

We spent many nights warming ourselves by the big kiva in the Pink's bar, surrounded by fragrant pinion wood smoke, waiting for our table to become available in the restaurant.  Great memories.

Copies of In the Pink remain available, although primarily used rather than new.  You'll learn, for an example, how she made baby back ribs with her grill, some tequila and green chili salsa.

BRENNAN'S OF HOUSTON IN YOUR KITCHEN. Chef Carl Walker.

Brennan's of Houston was overseen by Ella Brennan's grandson, Alex Brennan-Martin, and it was for at least the past thirty years.  It was located in a building that was originally built for the Junior League.  There on Smith Street downtown, it had 100% of the charm of the family's famous New Orleans' restaurants.

When Hurricane Ike rolled in in September 2008, Brennan's caught fire and was totally destroyed.  While it will most assuredly be rebuilt, here's your chance to cook some of Alex's restaurant's most famous recipes.

 

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America

214 503-8563

800 392-8747

8 commentsBILL CHERRY • November 16 2008 07:46PM

THE BEACH BOYS HIT GALVESTON -- HURRICANE IKE RECOVERY

The world is aware that Galveston Island suffered extreme damage when Hurricane Ike came through in early September.  This disaster for the Island is only exceeded by the famous 1900 Storm that everyone has heard about, and more recently read about in the book Isaac's Storm. 

What the world doesn't seem to know is that help from the outside -- FEMA, state sources...even the insurance companies who sold policies to property owners --- is in total slow motion.  In fact, so slow that I'm one of those who's wondering if it hasn't just stopped.

It is axiomatic that towns that slip on the banana peel of natural disaster suffer tremendous loss, pain and exasperation.  No matter the size of their savings, the amount of insurance, the number of friends willing to pitch in and help, without dedicated and experienced focus from America, recovery won't happen.

That's where Galveston is today, and that FEMA, the State of Texas and the insurance companies have chosen not to respond responsibility is a total black eye on our society as a nation.

One of Galveston's legendary and wealthy families began its residency just after the Civil War when young Col. William L. Moody brought his family there to enter the cotton exporting business.  His son, W.L. Moody, Jr.  joined him when he grew up, and the family branched out into banking and life insurance.  A chain of hotels came in there as well.

From all of this came a huge foundation -- the Moody Foundation -- that is worth far in excess of $1 Billion, and its directive is that the money be spent for the benefit of "the people of Texas."  The heirs have done just that, with an overwhelming percentage being spent for "the people of GALVESTON, Texas."

Currently the foundation and all of the Moody holdings are overseen by the Colonel's grandson, Robert Moody.  His friends call him "Bobby."  I call him Mr. Moody.  He's about 72 or so and he married the very glamorous Ann McLeod, with whom I grew up.

I'm not sure the reason, but Mr. Moody is constantly being beat on by those who think he is not altruistic, which of course, is an untrue and idiotic assessment of him.  Here's one recent gesture on his part that shores up my side, and makes his critics' side even more questionable than it was before.

Last weekend, the fabulous attraction, Moody Gardens, staged a concert of the legendary "Beach Boys.  About 6,000 attended, and a large portion of the proceeds were donated to the Galveston chapters of the United Way, American Red Cross, and various food banks.  We're talking about tens of thousands of dollars.

Interestingly, the event was hosted by former "Trading Spaces" hostess, Alex McLeod, who is Mr. Moody's niece.

This coming week, Moody Gardens, even though it, too, sustained millions in hurricane damage, will install its famous "Festival of Lights," celebrating the Christmas Season.

Here's what Mr. Moody said.  "I feel it is critical at this time in the island's history for the show to go on. The Moody family is here to stay. Just as we did during the Great Depression residents can be assured that Moody Gardens, American National Insurance Co. and Moody National Bank will remain beacons of light and hope for the residents of Galveston."

Following his great-grandfather, grandfather and father's tradition of business, not one soul has been laid off, not one pay check missed by the thousands that are employed on the Island by the various Moody businesses.  As Mr. Moody inferred, that tradition began with the Great Depression and has continued throughout the years. 

What's my point?  The Moody Family is there for Galvestonians when others who should be simply aren't.

 

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America

214 503-8563

800 314-7110

 

17 commentsBILL CHERRY • November 14 2008 08:09AM

Kathryn Taubert -- Best Female Jazz Vocalist Winner 2008

UPDATE:  Two songs from Kathryn's new CD, SOMEWHERE IN TIME, broke the magic 100 mark on the IAC (Independent Artist Charts), with "When October Goes" up to Number 17 and "The Boy From Ipanema" has risen to the 70's  so far!

Dick Robinson's "American Standards by the Sea" syndicated radio/tv program has also been featuring a tune from "Somewhere in Time" in his broadcasts.

******

When she was just beginning in college in the mid-60s, she found herself wanting to perform as a vocal soloist.  I had just gotten off of the road as a pianist playing hotel restaurants across America, so I gave her some pointers and helped her negotiate her first full-time gig.

Time past, we both did other things.  Kathryn ended up in the east, married and with a real executive position.  And then her husband, an airline pilot passed away, and she returned to singing. 

When I wrote to tell you about her, it was to suggest that you consider buying her first CD because she is truly a fine jazz singer.

Well since then she has won the International Jazz Award for Best Female Jazz Vocalist!  (I told you that her stuff was good.)

Her latest album is titled Somewhere in Time.  And I'm honored to be one of those to whom the album is dedicated.

For light jazz and cocktail music lovers, this is a perfect addition.  You can both hear samples as well as buy the CDs at Kathryn's web site.  www.kathryntaubert.com

I'm giving them as presents this year to my jazz friends.

 

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America

214 503-8563

800 314-7110

 

1 commentBILL CHERRY • November 13 2008 11:31PM

I'M ON AN ETHICS TEAR THIS WEEK -- SHAME ON LEHMAN BROS. & DALLAS DRY CLEANERS

I'm on a tear this week.  I really am.  I am so sick of the deception and dishonesty that has grown exponentially throughout business in our country that I wonder why Americans have come to accept it rather than show it acute disdain.

Banks get bail-out money from the government to save their companies and the economy from their recent active greed and irresponsible use of public trust.  Within moments, they are using that money to buy other banks, to give themselves raises, and to take trips.  The very things that caused their cash insolvency.  And a total slap in the face of public sympathy.

Lehman Brothers opines about the economy, calling it dire and suggesting that it can't be resolved for years.  Who cares what they think?  This is one of the very companies that was the backbones of the problem.  I want to say to them, "Shut up, for God's sakes!  We've had enough of you."

The auto makers have driven their businesses into the ground, not taking the steps to resolve the problems as they began to appear on the horizon, but taking the Pollyannaapproach that they would correct themselves.  What do the executive officers of those companies earn, by the way?  Do unions and their employees see any reason to relook at their own compensation packages?  Could all of this be a substantial part of the cause?

It's all so dishonest.

Here in Dallas we have the microcosmic example that is also lacking of business ethics and moral character. 

Dry cleaners

The posted signs claiming specific discounts, but the prices that are charged are no less, overall, than anyone else's.

But in reality, the price they are claiming they have taken the discount from has never once been the price they've charged a customer.

They charge one price for laundering men's shirts, and as much as twice as much for laundering a woman's shirt, the only difference being on what side of the placket the buttons are sewn.  That's outrageous, but interestingly, most of the people I see dropping off cleaning and laundry are women.

It's the old Oriental Rug sham.  Everything on sale all of the time followed by ten straight years of Going Out of Business Sales.

Yet, rather than protest by not bringing their cleaning in the doors, customers apparently overlook that the business they are supporting are operating within a lie.  And the lie is directed to them, the customers.

The Better Business Bureau says it has no authority to expose any bad business ethics other than those of its members. 

So what do I do?  I don't support businesses that I suspect are unethical and that lie to me. 

And I run my own business on a policy of truth and ethical practices, the way I was taught by my parents and public school teachers and the ministers at our church.

Have for 44 years.  I'm sure most, if not all, members of Active Rain do, too.

 

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America

214 503-8563

800 314-7110

8 commentsBILL CHERRY • November 12 2008 10:58PM

KAT BUYS A CONDO -- THE KING OF AR WAS BEHIND IT ALL

While it is only whispered among blog posters, the undisputed King of Active Rain members is Virginia-Washington, D.C. Re/Max Realtor, Brian Block.

Earlier this year, he got a call from one of his Re/Max colleagues, Terry Rudman.  "Do you have a contact in Dallas who I can trust to help my daughter buy a condo?" she asked him.

Brian recommended me.  What a compliment. 

Terry did what every mom should do.  She called and talked to me to be sure that from my voice and answers, Brian had given her good advice.  (She used her very authoritative school teacher voice, probably to spook me into spilling the beans if there were any to spill.) Only then did she give me her daughter, Kathryn "Kat"'s phone number.

Yesterday we found Kat's condo. Today we submitted Kat's contract.  Here's a picture of client happiness.

Let me end by parenthetically saying that Kat is one smart cookie, and has a superb personality.  She can be our daughter anytime she wants.

 

 

<<<== Kathryn "Kat" Rudman

                 with her contract

 

 

 

 

 

 

 

 

 

 

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America

Our 4th Month Serving Kat Rudman

214 503-8563

800 314-7110

10 commentsBILL CHERRY • November 12 2008 10:19PM

MRS. COOKIE

I've known Gerry Hunter from almost the moment we arrived in Dallas.  Her birth certificate would reveal that she is deep into the senior citizen category.  Her appearance and spunk would deny both of those entirely.

Gerry has such a talent for making cookies that she was all but forced into doing it full-time a few years back.  She has all of the fancy bakery equipment and ovens at her swanky home in Richardson, and she makes dozens and dozens every day to satisfy her call-in customers.

And buying direct from Gerry is the only way you can get these round and plump morsels.

With the holidays just what seems to be moments away, I thought I'd introduce you to Gerry Hunter.  Great place to get what will be much-appreciated tins of cookies for family, neighbors, clients and those who made you life better in 2008.

By the way, if you're not too far away from her home, Gerry will deliver in her gold Mercedes.

SO TO ORDER GERRY COOKIES, PLEASE PHONE HER AT:

COOKIES BY GERRY

972 234-3645

877 284-5229

13 commentsBILL CHERRY • November 12 2008 06:52AM

7518 COLGATE -- A DALLAS ADDRESS FOR THE GENTRY

My clients have lived throughout Lakewood, University Park and Highland Park for most of their married life, and that spans just shy of forty-five years.  Her dad was the chief financial officer for W.T. Woolworth in New York.  His dad was a rancher.

Both James and Janene graduated from SMU.  Their children have, too.  And for years, he has been one of the most successful commercial real estate brokers to the Dallas tony.

In 2004 they decided that now that the kids were grown, they'd downsize a bit, still keeping large flowing rooms wherever they moved so that they could continue to entertain their large family and their social family, too.

So they hired the well-known husband and wife architectural team, Boerder and Snyder, to design the new and nearly 5,000 square foot home.  And long-time Park Cities builder, William C. Welch made it a reality.

Big on the list was a Texas country-stone design with big sitting galleries on the front and back...lots of places for glider swings and cane rocking chairs...where you can drink lemonade and ask the neighbors who were walking and biking by to join you.  Big shade trees front and back looking for hammocks.

And on the inside, they insisted on large floor-almost-to-ceiling windows, and lots of them.  And they knew they had to have a large kitchen with a real commercial range and two big ovens, the warming drawer and stainless commercial refrigerator and freezer.

And let's not forget the bar -- with lots of room for plenty of "stock."  Again, it's the stuff that you just have to have in Dallas, Texas to be fully hospitable.

The dining room.  That darned dining room is just the right size.  Plenty big enough to seat ten or twelve, probably more, restricted only by the size of the table.  And it's in the WOW position just off of the large front foyer.

James said fireplaces need to be built by brick masons and they need to be wide and deep enough to burn logs that aren't "sissy" in size.  This one definitely fits that bill, and it drafts beautifully.  No coughing from smoke in the room.

But here's the part I like best, and it's sort of hard to properly explain.  Janene didn't go hire a decorator to fuss it all up.  So what you have is a home that's perfectly ready for your personal touches, and you're not paying for someone else's outdated decor.

If you're planning to move and when you do, to a charming home in the Million-Two range, we'd like to send you more information about our Colgate listing.  Or, if you're already working with a Dallas agent, suggest that you'd like to see Bill Cherry's exclusive listing.  We are happy to co-op our listings with agents who have qualified clients, and who are properly trained to demonstrate fine homes.

Priced within the bottom quarter of all comparable Dallas homes now on the market.

MLS #11104735

Note: Long before it was the law of the land, it was our policy to conduct our business without regard to race, creed, color, national origin or any other minority membership.  Never have, never will.

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America!

214 503-8563

800 314-7110

9 commentsBILL CHERRY • November 11 2008 10:19PM

INVESTMENT DECISIONS - WHAT MY DADDY WOULD HAVE ADVISED.

A lot of people are running scared right now.  They see their savings, regardless of the vehicles they used to invest, diminishing in value.

And that has brought out calls and advice from the very ones who, along with their employers, caused the problem!  I got two today; agents with brokerage houses wanting to help me through the bad financial times.  It's definitely a sign of arrogance.

So I want to share with you some thoughts my daddy taught me.  He was a man who came through the Great Depression, worked his way through college, and worked his way up the totem pole in a major company.  Although he always worked for someone else, nevertheless, he ended up a wealthy man.

<<==William W. Cherry

MUTUAL FUNDS:  Contrary to the way most investors handle their mutual fund accounts, you cannot get the full benefit from this form of investment without dedication to Dollar Cost Averaging from the day you open your account until the day you close it.  When you discontinue regular investing, you should pick a time to redeem your account.  I'll remind you what Dollar Cost Averaging is at the bottom of this piece.

REASON FOR INVESTING: The primary reason for investing, i.e., saving, is to provide passive income when you discontinue working, and to provide it for the rest of your life without risk.  There is no other reason.

BUY TERM, INVEST THE DIFFERENCE:  This is a reasonable theory but one that few have the discipline to follow; consequently when the term insurance policy is no long available or affordable, there is no investment.  The insured bought stuff with the money instead.

DOWN MARKETS:  Down markets are not the time to sell, they are the time to adjust.  Look at each individual investment in your portfolio, and trade those that have been under-performing for the stocks of other companies that your due diligence shows will do better.  Remember, done properly, you can book those losses against your income for tax purposes.  And you'll ride the better chosen investments up as the market returns.

LIFE INSURANCE ANNUITIES. These financial assurances have had a bad name for years because equity brokers do not sell them, yet they are the competition.  The usual charge is that the commissions paid the salesmen for signing up policyholders is excessive.  That, quite frankly, depends on the company and the policy. 

But annuities provide a secure foundation of passive income -- the stuff you can depend on, along with your social security, to send you a check once every month for the rest of your life.  Your principal is safe.  Equity investments and savings accounts in banks can't do that.

REAL ESTATE.  Real estate ownership, properly made, is also a reasonably secure means of providing passive income and capital gains over time.  That, however, does not include "flipping" real estate. 

OWN YOUR HOME.  It should be your goal to own your home free of debt, and to never borrow against it to pay for other expenses.  Your home, in most jurisdictions, is an exempt asset.  If you own it, no one other than the IRS and the property taxing entities can take it away from you.  So if you go broke...even if you owe a fortune...the creditors cannot take your home away from you.  You have a place to live.

In Texas, if you're over 65, you can chose to let your home property taxes accrue year after year until you either sell the home, or you pass away.  At that time, the taxes must be paid, but they will have accrued interest at a nominal rate and without any penalty.

REVERSE MORTGAGES.  While there are, from time to time, justifications for reverse mortgages, even the FHA advises they be used only as a last resort.

SHOULD I BUY A HOME NOW?  If you are financially qualified to purchase a home and you plan to live in that home for, say, five years or more, the answer is a resounding yes. History seems to show that to do otherwise will prove to be in error.  Use a Realtor.

*Dollar Cost Averaging: The investor picks a dollar amount and invests that amount every month on the same day of the month for as long as he holds the account.  The logic is that by averaging your share purchase price, you dramatically increase the opportunity for overall account gain.

Copyright 2008 - William S. Cherry

 

 

BILL CHERRY, REALTORS

DALLAS

Oue 44th Year Selling America!

214 503-8563

800 314-7110

8 commentsBILL CHERRY • November 10 2008 11:49PM