BILL CHERRY'S GREATEST DALLAS PARK CITIES REAL ESTATE BLOG: January 2011

HIGHLAND PARK INDEPENDENT SCHOOL DISTRICT SNAP SHOT

These are the public schools that are in the Highland Park Independent School District.  While the information was collected by the U.S. Department of Education and published in 2005, it still gives a valid look as to what the schools look like that service the Park Cities.  The zip codes used for this report are 75205 and 75225.

*Comments and questions are welcome by email only, and should not be sent anonymously.  Comments are restricted from being able to be posted to this blog.

*I have disabled the ability for readers to comment on this blog.  If you have questions of comments, you're welcome to email me.  I will not respond to anonymous communications or those that do not respectfully address the subject matter.

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

One could spend a great deal of time gathering and analyzing the statistical information that can be acquired by members of the Multiple Listing Service that serves Dallas. 

I'm especially interested in what goes on in the Dallas Park Cities, more specifically within two zip codes - 75205 which primarily serves Highland Park, and 75225 which primarily serves University Park. 

And they are interesting to compare and contrast.

Today, Saturday, January 29, 2011, here's what I learned as I called up those properties that are on the market now, and those that have sold within the past 6 months for $1,000,000 or more:

Highland Park

In Highland Park, there are 96 homes listed for sale.  The most expensive is $16,000,000.  There have been 49 homes sold since July 2010 with the most expensive being $8,000,000 and that one was discounted $2,000,000 from its last listed price. 

So if not one more home were to be listed for sale before all now listed were sold, today there is a 12 month supply.

The median price per square foot for those being offered for sale is $399.00

The median price per square foot that those that sold was $377.96. That is approximately 10% lower than the last prices the properties were being offered for sale at the time the purchase transpired.

University Park

In University Park, there are 78 homes listed for sale. The most expensive is $4,295,000.   There have been 68 sold since July 2010 with the most expensive being $2,600,000.  So again, if not one more home were to be listed for sale before all now listed were sold, there is a 7 month supply.

The median price per square foot for those being offered for sale is $314.00.  The median price per square foot for those that sold was $273.33.  That is approximately 9% lower than the prices the properties were being offered for sale at the time the purchase transpired.

Some Thoughts

There are a couple of thousand Realtors who focus a great deal of their attention to listing and selling homes in the Park Cities.  So it is easy to conclude that if a home doesn't sell quickly, it's the fault of the market, not how the home is being marketed.

Preparing a home for the market requires the homeowners and the listing agent working together in concert.  That is especially true in what is, no doubt, an over-saturated market.  It is the job of the listing agent to enter the property into the competition so that it can do its best to stand out among all of the others.

In addition to proper pricing, staging and marketing, more often than not it requires the inclusion of the experience of the listing agent -- an experience that comes to their mind, for the most part, intuitively.  That properly done, in the Park Cities, the listing will have the attention of those 2,000 or so agent.

Where Do I Fit Into This Picture?

Throughout my entire career, I have primarily and successfully represented the members of the luxury home markets in Texas, as well as oft times in major cities throughout the United States.  And I begun this adventure in 1964.  Several thousand transactions, all told.  In fact, less than 1% of America's Realtors have been in business for as long as I have.

If you are planning to sell your home in the Park Cities, you may be interested in comparing my listing presentation to some of the other fine Park Cities Realtors.  And you'll want to scan through some of my references.

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

Bill's Wikipedia Biography

DECEMBER 2010 TEXAS HOME SALES DOWN, PRICES UP
(Information courtesy of Texas Real Eatate Center at A&M University)

COLLEGE STATION (Real Estate Center) - Just over 15,740 existing homes were sold in Texas last month, according to newly released data from Texas Multiple Listing Services (MLS). That's a 3 percent drop from December 2009.

Meanwhile, the median price for an existing home increased by 4 percent last month to $150,500, and there was a 7.2-month inventory.

DECEMBER 2010 TEXAS HOME SALES DOWN, PRICES UP

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB

The primary postal zip code for Highland Park, Texas is 75205.  This is the income data from the 2010 US Census.   

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB

All licensed real estate professionals in Texas receive a monthly magazine from the Real Estate Center at Texas A&M University.  Apparently the cost of the subscription is a part of our license fees.

I would like to suggest that those of you who receive the magazine, read the article titled "Commercialspeak TAR Panel Insights" by Harold D. Hunt.  Focus on Mr. McCroklin's comments in the section on page 28 under the subheading, "Any final thoughts?"

He talks about the changes of our accounting system to match one called International Finance Reporting System by the end of 2014. 

In there, he explains that if banks and other financial institutions would change to "mark to the market" accounting now rather than wait until 2014, we could systematically resolve and work ourselves out of the real estate crisis, dramatically reducing foreclosures.

If what I learned in school more than 40 years ago is correct, and the passage of time has shown that it is, Mr. McCroklin's advice is worthy of implementation now.

Thos of you who do not receive the paper edition of Terre Grande can read the article at www.recenter.tamu.edu.

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB

GAIDO'S FAMOUS 1000 ISLAND DRESSING RECIPE

The other day I was telling facebook friends that when my former wife and I were first married, we lived in a lovely upscale garden apartment within the historical part of Galveston's famous Broadway.

All to frequently when we'd get home from work, we'd start longing for the salad that would accompany our evening meal to be topped with Gaido's 1,000 Island Dressing.  Sandy would call ahead, and I go pick up a pint of it at their front desk.  It was fairly expensive,  but worth it.

It still remains the best 1000 Island Dressing I've ever had. 

Recently Gaido's published a cookbook of their great seafood restaurant's recipes.  The 1000 Island Dressing was one of them.  I was very surprised at how simple it is to make, and how few ingredients it has. 

I was asked by a number of the facebook friends to copy it and email it to them.  Since recipes are not copyrightable, I thought you might like it, too.

Gaido's Famous Thousand Island Dressing  

6        tablespoons  sweet pickle relish

1        celery stalk

2        cups mayonnaise (Suggest Hellmann's)

1/2     cup chili sauce (this is important as is its ratio to the ketchup)

1 1/2 tablespoons ketchup

Drain the relish in a strainer.  Remove the strings from the celery, then chop it very fine. Squeeze the chopped celery dry in paper towels. Combine all ingredients in a bowl and mix well.  Refrigerate until ready to use.

===========================================================

You can purchase Gaido's great cookbook at www.gaidos.com or at amazon.com.  At Gaido's web site, click on "store."  It's also available at www.amazon.com.

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB

Preface

In Dallas there are two interior cities -- Highland Park and University Park -- that by most are thought to be the pedigree addresses.  It's where the most mansions are, the finest boutiques, like Chanel, are, and it's where the public schools are consistently top rated.

The cities share a no-nonsense police department that, by keeping its officers on the road -- most in very visible SUV patrol wagons -- it can't be anything less than obvious that those passing through had better not misbehave.  That's a great benefit, both for residents and those who are visiting.

But over and above the prestige address, the biggest drawing card is the school system.  Since few under achievers live in the Park Cities, the academic records of the Highland Park ISD are excellent.  The cost of those schools is paid by tax dollars.

What parents are thinking about

Many Dallas parents would prefer for their children to not be enrolled in the Dallas ISD schools.  There are an assortment of reasons. Many of those who can afford them, send their children to private schools.  One friend told me that adds more than $30,000 a year to his family's cost of living.

What many are considering

So the economic trick becomes quite simple.  If a family can live in a home in the Park Cities, they'll get great schools that are paid for with tax dollars, and they can then use the $30,000 for other things, like reducing their mortgage on their home, or to save for their children's college educations.

So in this latest poor economy, many homeowners in the Park Cities have, for one reason or another, wanted to sell their homes and move elsewhere, perhaps another city, perhaps because they are now empty nesters who no longer need their big, spacious homes.

The supply has far outweighed the demand.  Consequently, we've seen a new wrinkle.  People who are not able to purchase homes in the Park Cities are, instead, renting many of those homes that have not garnered buyers. 

That way, the tenant and his family get to live in the Park Cities as well as send their children to schools in the Highland Park ISD, but without the cost of home ownership there.

The casual observer can easily miss the truth

So what appears to the naked eye as well as what shows in the Multiple Listing Service do not begin to quantify the number of Park Cities homeowners who would like to sell their homes.

What potential Park Cities buyers should do now

This trend is temporary, and because it's temporary, those who want to make Highland Park and University Park their permanent addresses should be negotiating their purchases now, now while there is a good assortment of homes available, when prices are more negotiable, and mortgage rates remain low.

Here is an analysis of those economics that I recently posted.  Blended Arbitrage  Here are some interesting sales data. Park Cities Sales.

How we can assist

We know this market well.  It's our specialty.  You're invited to explore how you and your family can become homeowners in these exclusive cities. *See comment below.

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB

 *I have disabled comments on this post after four very vile and unsigned ones were posted.  I accept disagreement.  I do not accept disagreement from unidentified people, and under no circumstances do I accept ones with profane language.  In this case, I removed those comments.

MORTGAGE BANKING DICTIONARY*

Borrower : Otherwise intelligent consumer who believes lender should
kiss him on both cheeks and give him the money - without all this
credit report nonsense. 

Closer: This person's only job is to salvage forty or fifty emergencies
at the last moment of every end of month. This person is rarely sane. 

Closing Date : Put into purchase contracts to give the closer fits of
hysterical laughter.

Credit Report: Basis for advanced creative writing by Processor and
buyer since white-out doesn't work anymore.

Escrow Officer : A humorless individual who is only truly happy when
they can blame the late closing on the lender. 

Fannie Mae : Government agency run by ex-stripper.

Freddie Mac : Type of hamburger consumed in cars by loan officers. 

Ginny Mae : Type of alcoholic beverage consumed in large quantities by
mortgage employees. 

Good Faith Estimate: Standard document which a loan officer presents 
to the buyer to confuse them further.

Loan Application: Document which mysteriously causes amnesia to the
borrower concerning income, credit, bills, and ex-spouses.

Loan Officer : Highly qualified financial analyst who typically
developed these skills while selling used cars or encyclopedias. 

Processor: Overworked, underpaid person who collects the garbage
received from the loan officer and transforms it into a real loan. 
These individuals are known to consume massive amounts of candy, popcorn, and
cookies. 

Rate : This figure is always higher than the buyer's uncle thinks it
should be. 

Realtor : Highly trained professional who nevertheless has trouble
figuring out how to subtract the down payment from the sales price to
get the loan amount, but has no trouble figuring exact commission
without a calculator.

Underwriter : Conscientious employee otherwise known as "God". Their
most difficult task is responding to loan agent's explanations of poor
credit and income history while maintaining a straight face. 

"We need further information" : We lost your file.

Your loan is in committee : The underwriter/Processors are having a
three margarita lunch and we can't find them.

*COURTESY: Tedd Swanson, Mortgage Broker

 BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB

The story is too long to go into now, but surfice it to say that when I was about 10 or so, my daddy thought his Episcopalian son ought to attend Hebrew school at the local schul so he could learn and know about that very interesting and important culture.

<<---Myron Cohen, Balinese Room Headliner

So from that came my rabid interest in and love for Jewish humor.  All of my Jewish friends send me this stuff because they know how much I like it. 

I used to be able to tell stories with a reasonable impersonation of Yiddish comedian, Myron Cohen.  But somewhere along the way, I stopped doing it and it caused me to lose my accent.

This piece was sent to me by U.S. Attorney, Joe Mirsky.

THINGS YOU DIDN'T LEARN IN HEBREW SCHOOL
 

     1. The High Holidays have absolutely nothing to do with marijuana.

     2. Where there's smoke, there may be salmon.

     3. No meal is complete without leftovers.

      4. According to Jewish dietary law, pork and shellfish may be eaten only in Chinese restaurants.

     5. A shmata is a dress that your husband's ex is wearing.

     6. You need ten men for a minion, but only four in polyester pants 
            and white shoes for pinochle.

     7. One mitzvah can change the world; two will just make you tired.

     8. After the destruction of the Second Temple, God created Neiman-Marcus.

     9. Anything worth saying is worth repeating a thousand times.

    10. Never take a front row seat at a Bris.

    11. Next year in Jerusalem. The year after that, how about a nice cruise?

    12. Never leave a restaurant empty handed.

    13. Spring ahead, fall back, winters in Boca.

    14. WASP's leave and never say good bye; Jews say good bye and never leave.

    15. Always whisper the names of diseases.

    16. If it tastes good, it's probably not kosher.

    17. The important Jewish holidays are the ones on which alternate side of the street parking is suspended..

    18. Without Jewish mothers, who would need therapy?

    19. If you have to ask the price, you can't afford it. But, if you can afford it, make sure to tell everybody what you paid.

    20. Laugh now, but one day you'll be driving a Lexus and eating dinner at 4:00 PM in Florida.

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB

Let me submit a bit of logic for your consideration.

When a home is listed with a Dallas area Realtor doesn't sell within, say, 120 days or so, what the seller should get out of that occurrence is that several thousand agents have been unable to sell the home.

While it is human nature, I suppose, for the seller to wonder if he shouldn't change to another listing agent, what would be a better thought process would be to make a list of items that are possibly causing a negative reaction to the home by the market.

In my own case, combined, I've listed and sold thousands of home and hundreds of commercial properties.  Most of those I've represented over the years have, at best, bought and sold maybe two, perhaps even as many as ten homes.  And in most of those cases, there was at least one Realtor involved, in all likelihood, two.

I submit that it is questionable judgment to know you have the need to retain a professional, then to contemporaneously feel it necessary to challenge the accuracy and pertinence of his knowledge.

From experience, it doesn't take most seasoned Realtors more than a short period of time after taking the listing to begin to zero in on what needs to be tweaked to interest the market in the house.

It's why clients should do their very best to default to the recommendations of their Realtor.

I'll admit that I don't have the patience I used to have.  When a client refuses to follow my advice, I prefer to terminate the listing relationship.  And when I do, I can't resist standing on the sidelines, checking every week or so to see how long the house remains on the market under the direction of the new listing agent before it's sold.

Oft times, it takes two or more successive listing agents and an inordinate amount of time before the home finally sells.

And when it finally does, I like to see if my recommendations were ultimately put into place, and that they were what caused the seller to get an acceptable contract.  Rarely have I been incorrect in my assessment. 

So what's my point?  Sellers need to carefully evaluate the recommendations of the agent.  During the time the home's not selling, it means that no member of the local Multiple Listing Service has matched a client with your home.  So in the final analysis, the reasons the home doesn't sell in all likelihood lie at the feet of the product and the owner and not the listing agent or the other members of your local Association of Realtors and Multiple Listing Service.

BILL CHERRY, REALTORS

DALLAS - PARK CITIES

Since 1964

214 503-8563

WEB