By DeeinAustin™
Some of the local boards haven’t officially released their December 2007 market statistics, but the Dallas board is out in front with their final numbers. Below is the summary for the Dallas-Fort Worth-Arlington real estate market for December including data since 2005.
See the data charts below. They are viewed best in full screen mode.
DECEMBER 2007 DALLAS-FORT WORTH MARKET SUMMARY
Popularity: 7% [?]
By DeeinAustin™
I wonder if anyone uses the term, "sticker shock" anymore. Sticker shock was used backed in the 80s and 90s to describe the raw, gut reaction that consumers had when they saw an extremely high price tag on a item. The term wasn’t used to describe real estate, but I think you should prepare for sticker shock on December market stats.
If I had to describe the face of a sticker shock victim, it would look like what you’d expect from someone who had their hand struck with a hammer or who jumped in the Alaskan waters sans speedo.
A quick peek at December stats show that it was a sour month for Texas real estate. Lack of consumer confidence, high oil prices, less investors, and the holidays caused Austin real estate sales to be down 27% from 2006. Houston, Dallas, and San Antonio didn’t beat last year either.
[Wait for the resounding OUCH…]
Now that the shock is over, let’s break this down.
THE TRUTH ABOUT TEXAS REAL ESTATE
Popularity: 10% [?]
By DeeinAustin™
Dallas City Council just
approved a 45-acre planned development district (mixed-use) at the foot of the
Trinity River Corridor a few weeks ago. Today’s spotlight is on this mixed-use development along the hot Trinity River Corridor in Dallas.
Just about every major city in Texas
has had a surge in downtown revitalization since 2005, including San
Antonio, Fort Worth, Houston, and Austin. Dallas Mayor Tom Leppert (inset)
is relatively new, but has been surprisingly successful in rallying the
city to respond to expected growth.
He’s keen on mixed-use
development along the corridor and in other areas facing
revitalization. You may ask what makes the Trinity River Project different.
WHAT’S ALL THE FUSS ABOUT THE TRINITY RIVER REDEVELOPMENT PROJECT?
Dallas citizens voted to improve the area near downtown Dallas in a $246M bond package in 1998. The goal: transform the Trinity River flood zone, making better use of the land while taking advantage of the best views in town.
Popularity: 6% [?]
By DeeinAustin™
Let’s face it. Non-Texans sometimes perceived our state as being behind on the times. Lately, Texas is being recognized for being forward-thinking when it comes to green practices and sustainability. Texas is not just growing a green thumb, we’re passing laws that put a "green" boot in the backsides of corporations, developers and new construction builders to encourage them to adopt new practices.
Here’s what I mean.
A friend who works for Pepsi-Co International mentioned that large corporations have implemented more strict green requirements from suppliers. In order to supply products or services to Pepsi-co, your company must regularly report measures in areas such as recycling, carbon footprint and sustainable practices. Round Rock-based Dell Computers, Inc. has similar green guidelines for suppliers.
Green requirements are being adopted by Texas State Agencies in the areas of green building, sustainable development of subdivisions, affordable housing, and commercial construction.
COOL GREEN INITIATIVES IN TEXAS
Popularity: 12% [?]
By DeeinAustin™
I was in a Leadership Austin class on all day Wednesday. We discussed some interesting updates on new urbanism, transit-oriented development, commuter rails, and other changes to Austin and Texas that I’ll share in upcoming weeks and months.
A variety of infrastructure and development tools are being used in anticipation of millions of new residents coming to Texas in the next decade.
The theme of the past few Leadership Austin sessions have been economic development and infrastructure needed in Texas to keep up with consumer demand. We are not a shrinking population and are growing at a very fast pace.
For example, Austin the only city in the U.S to consistently double it’s population every 20 years since the 1900s. This creates both challenge as well as opportunity. Accordingly, important decisions need to be made, some of which will be very controversial.
TRANS-TEXAS CORRIDOR, YOU PRO OR CON?
Popularity: 4% [?]
By Maria Scinto and DeeinAustin™
We have more good news to report for Dallas real estate update. The market
continues to dodge the housing doom bullet.
Although home sales are down by 7%
in the Dallas/Fort Worth area as compared to last year, nationwide
that figure is closer to 20%. This isn’t a shabby performance considering the mortgage industry crackdown on
sub-prime lending.
GOOD NEWS FOR THE DALLAS REAL ESTATE MARKET
Although
the National Association of REALTORS® predicts continued hard times for
the housing industry nationwide, the Dallas/Fort Worth area and Texas in general are seen as being somewhat immune to the worst of the fallout.
Popularity: 5% [?]
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