New Townhome Development Approved in HV

Out here in Suburbia Central, a major step has been taken to focus on all different types of home dwellers.

In my opinion, townhomes are for a variety of homeowners. Even though there are many complexes that may target "empty nesters" or "young executives", these types of homes can be an attractive choice for anyone from 18-85 and beyond.

Recently, the city of Highland Village, where I happily call home, approved its' first town home and mixed-use development. The development will include 77 luxury town homes featuring six floor plans ranging from 1550-2500 square feet, with first floor master bedrooms and rear entry two car garages. Prices will start from the low to mid $200,000's. The District of Highland Villagewill also include retail shops, professional office space and restaurants. Construction on Phase 1 is expected to begin shortly (spring of 2008).

I imagine that as land becomes more of a premium and low-maintenance living becomes more poplular, townhomes and condos will be more and more desireable. While a small, nicely finished out unit may not be for a young family with two kids, it is ideal for that couple who married off their kids and are looking for something nice and new to enjoy retirement in. No yard to mow? Awesome! Just a concrete patio and some flower beds? I'm in. Master is on the ground floor? Woo Hoo!

As the Baby Boomers start to downsize and leave work behind, it's going to be a necessary adjustment the market will have to continue to make. Active adult communities like Del Webb's and Robson Ranch are resort-style living with activities and amenties that a semi-or retired person can enjoy. The new townhome development in Highland Village provides everything one could want or need. Shopping, doctors (I would imagine in the office space), restaurants and all within walking distance to grocery stores. Who could ask for more!?

New Listing in Highland Village!

If you’re looking for a distinctive and unique home in one of the most sought after cities in the area, you can stop the search today! This stunning custom home is loaded with amenities and upgrades you would find in half million dollar homes. Handscraped hardwoods, solid core doors, heavily textured walls, plantation shutters, granite island kitchen with stainless Jenn Air appliances, a built-in wine cooler and so much more. This home has four bedrooms, two of which are down, formal dining room, a spacious game room, and a huge media room situated over the garage. There’s even radiant barrier sheathing in the attic to reduce the temperature between 20-25 degrees, helping with reduced electric bills. For more information or to see this home within the hour, call Tricia Hoffmann at 972-740-4108.

New Lending Guidelines

Thanks to Lewis Brooks of PrimeLending for the following information regarding new lending guidelines. If you need any further explaination or have questions, please don't hesitate to contact me!

*100% Loan-To-Value conventional loans with mortgage insurance (PMI) will no longer be available after 3/31/2008, on 4/1 the maximum will be 97%.

*Second liens for 80/20 type loans are available as of today, but only by one investor, I anticipate that these loans will be extinct by later this week.

FHA's loan limit in this area has been raised to $271,050. FHA require a 3% contribution, but this contribution can come for "gift Funds."

VA's loan limit is unchanged at $417,000 with up to 100% financing.

Thanks again Lewis!

Sales Tax?

I am writing this edition of my blog from my hotel room in lovely La Crosse, Wisconsin. I am here for a wedding and am enjoying the charm of a small town environment and the chilly temperatures!
I had the opportunity to spend some time last night talking with a mortgage professional in Chicago who's in the wedding. One thing that he mentioned really struck me. The city is quite corrupt, which isn't that surprising. It's commonplace to have racked up hundreds of dollars in parking tickets. The interesting part was that they just approved a 10.25% sales tax amount, up one percent. This applies to retailers, hotels and restaurants. I think I will stay in Dallas!

A Little on the Trashy Side

Back in the day, the rage of the decade was trash compactors. Most people don't know what to do with them, especially if they no longer work. The space is too small for a dishwasher so what do you put in it's place?
Perlick recently launched a new product to fill that need. A 15-inch Wine Reserve fridge holds 24 bottles of wine and slips perfectly into the hard-to-fill gap the old crusher leaves behind. This product is available with a stainless steel, wood overlay or UV-protected insulated glass door. But, save your pennies. This little sweetie will cost you around $2,600. Maybe the old black compactor isn't so bad after all! Thanks to Home Magazine for this feature!

Housing Website Spreads Good News About Market

I recently read a statement that I think is so simple yet true. If you live in Seattle and want the weather forecast, would you look to see what the temperature in Dallas is? Or if you reside in San Diego, would you want report for Chicago? Same goes for the real estate market. What is happening in the Metroplex is certainly not what's happening in Virginia. So, instead of speculating about how terrible things are in our backyard, let's take a look at the facts! A website has launched to educate the public about our great housing market in the Dallas/Fort Worth area. Try visiting http://DFWHousingFacts.org. It's a very interesting website that details what really happened with the "housing bubble" and gives statistics about why our area is a fantastic place to invest in real estate. Enjoy

What Do The Candidates Say About Real Estate?

With an election year on hand, it's hard to say what the year is going to bring us. So, just what are the candidates saying about the real estate industry? Here are some key points:
John McCain: Generally opposed to federal intervention but says the crisis may require measures to limit the fallout and to assist the truly needy. Wants more consumer education and more rigorous regulatory enforcement.
Hillary Rodham Clinton: Would expand government-lending programs to stabilize the mortgage market and set up a $1 billion fund to assist state programs that help at-risk borrowers avoid foreclosure. Wants laws to crack down on unscrupulous mortgage brokers and abuses in mortgage lending.
Barack Obama: Supports comprehensive legislation to combat fraud and abuse in the mortgage industry. Proposes a fund to help people refinance mortgages and offset the cost of selling homes. Would waive certain federal, state and local income taxes that result from the sale of homes to avoid foreclosure.
*Courtesy of SacBee.com