Troy Corman On Texas Real Estate

Sunday, July 8, 2012

How Much are Lots in Highland Park, University Park and Greenway Parks?

Just west of Greenway Parks and Highland Park, this lot at 6506 Robin Rd. is 212' wide

and large enough to accommodate three 10,000'+ lots (zoned R10). $498K. More info

By Troy Corman, www.t2realestate.com

In just the past few weeks, the Dallas Morning News has reported robust home sales and an increased demand for new homes. As a result, both home prices and lot prices are beginning to tick up as lending and mortgage interest rates tick down. While builders can go out to the burbs to find cheap land, it's a different story in highly sought-after urban neighborhoods. Below, we'll take a look at the average asking prices for three upscale neighborhoods just north of downtown Dallas.

First is Greenway Parks, known for it's serene setting, large trees and green belts that dissect the neighborhood. Only one Greenway Parks lot is listed for sale currently and it's priced at $795,000 for .641 acres. When compared to University Park and Highland Park, it's a dirt-cheap at $28.47 a square foot.

Next up is University Park, where we found sixteen University Park lots listed at an average price of $4,478,118 per acre, or $102.80 a square foot. University Park is located just north of Highland Park, and is the home of Southern Methodist University, and the future home of the George W. Bush Library.

And finally, the cream of the crop comes in a hefty $162.26 a square foot, as we found a mere thirteen Highland Park lots listed for sale. There was only one Highland Park lot listed below $1 Million, while two properties are asking north of $15 mil. If you'd like to buy one of these, I'd be more than happy to help!

Troy Corman is the founder of t2 Real Estate LLC, a Dallas real estate firm providing specialized knowledge with a hands-on approach. Specialties include residential real estate brokerage, land and acreage, and commercial real estate services. Contact us today at 214.827.1200 if you need to sell, buy or get your DFW property leased.

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Sunday, June 3, 2012

Dallas Home Sales Statistics for May 2012

This East Dallas home in the m-streets at 6350 Malcolm has 1,589'. See More

By Troy Corman, www.t2realestate.com

The following are Dallas area home sold statistics for May 2012 versus homes sold in May 2011. If you're area isn't included, contact me at 214.690.9682 and I'll be happy to provide you a custom report.

East Dallas Homes May 2012 80 Sold $161 psqft. 125 CDOM

East Dallas Homes May 2011 90 Sold $157 psqft. 84 CDOM

White Rock Lake Area Homes May 2012 44 Sold $164 psqft. 70 CDOM

White Rock Lake Area Homes May 2011 29 Sold $156 psqft. 89 CDOM

Highland / Univ. Park Homes May 2012 69 Sold $309 psqft. 72 CDOM

Highland / Univ. Park Homes May 2011 69 Sold $305 psqft. 107 CDOM

Mesquite Homes May 2012 69 Sold $52 psqft. 65 CDOM

Mesquite Homes May 2011 103 Sold $47 psqft. 76 CDOM

Garland Homes May 2012 175 Sold $58 psqft. 71 CDOM

Garland Homes May 2011 198 Sold $60 psqft. 106 CDOM

Richardson Homes May 2012 109 Sold $92.5 psqft. 45 CDOM

Richardson Homes May 2011 94 Sold $84.5 psqft. 74 CDOM

Plano Homes May 2012 284 Sold $91 psqft. 54 CDOM

Plano Homes May 2011 260 Sold $92 psqft. 96 CDOM

Frisco Homes May 2012 255 Sold $97 psqft. 68 CDOM

Frisco Homes May 2011 203 Sold $93 psqft. 91 CDOM

Lewisville Homes May 2012 92 Sold $86 psqft. 76 CDOM

Lewisville Homes May 2011 98 Sold $84 psqft. 101 CDOM

Flower Mound Homes May 2012 119 Sold $98 psqft. 69 CDOM

Flower Mound Homes May 2011 104 Sold $98 psqft. 90 CDOM

Irving Homes May 2012 108 Sold $90 psqft. 92 CDOM

Irving Homes May 2011 121 Sold $86 psqft. 116 CDOM

Arlington Homes May 2012 244 Sold $64 psqft. 79 CDOM

Arlington Homes May 2011 249 Sold $60 psqft. 103 CDOM

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Friday, June 1, 2012

The Tax Advantages of Using a Vacation Home as a Part-time Rental Home.

By Troy Corman, www.t2realestate.com

If you rent out your vacation home less than 14 days a year, the rental income is tax-free!

With the record low interest rate environment, expected hyper-inflation, and uncertain stock market, the well-heeled are increasingly turning to real estate as an investment that they can use and enjoy. Whether it's a high-rise condo, a resort property, or a modest home in small-town USA, renting your vacation home on a partial basis can help offset acquisition expenses and in some cases, reduce taxes on your ordinary income.

Renting out your home less than 14 days means it's still considered a personal residence and you can put the rental cash in your pocket, tax-free. Hello, resort area property owners!

If you rent out your second home more than 14 days a year, you must report ALL rental income. Your rental expenses are deducted according to the percentage of time the home was used as a rental property. For instance, if you used the home for your personal use for 30 days out of the year, and you rented it out for 100 days, divide the 100 days rented by 130 days (total days home was used). This results in 77% for rental use, so you would be able to deduct 77% of depreciation, mortgage interest, insurance premiums, utilities and repairs as rental expenses. Also, 100% of property management expenses would be deductible.

Another great advantage of real estate is the ability to deduct up to $25,000 in real estate losses against your rental income and ordinary income. If you're a Real Estate Professional, or Realtor, this cap is unlimited. However, to qualify for the passive activity loss, your AGI, or adjusted gross income would have to be below $100,000. In addition, the passive activity loss phases out progressively for those with incomes between $100,000 and $150,000 a year. Also, if you use the home for more than 14 days a year, or more than 10% of the total number of days it's rented - whichever is more, the $25,000 passive activity loss doesn't apply, as the home is then considered a personal residence.

If you know anyone looking to buy or sell a vacation home in Dallas - Fort Worth, I'd love to help. You can reach me at 214-690-9682.

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Thursday, May 31, 2012

Multifamily, Rising Apartment Rental Rates Attracting More Real Estate Investors.

21,600' of Multifamily 2 Land Minutes from Downtown Dallas Available for Sale. More Info

Low vacancy rates along with rising rental rates have real estate investors salivating over multifamily, apartment properties nationwide. Low lending rates, access to capital and an increasing supply of rental demand is fueling a surge in new apartment development. The Houston and Dallas - Fort Worth metros are among the top multifamily development targets as job-seekers fleeing high-tax, low-growth states flock to the Lone Star state.

According to an article by Costar, more than 250 private equity funds are looking to invest in multifamily deals. Steve Pogarsky, vice president of multifamily acquistions for BPG Properties/Madison Apartment Group says, "Our investors can't get enough of multifamily. We have to contain their enthusiasm."

Also, Life insurance companies are investing in multifamily projects at an increasing rate. Some of the big players are now investing up to 25% of their portfolio in apartments versus 15%, historically.

Tax advantages and future inflation also make rental real estate more attractive than ever. Positive cash-flow income can often be offset by depreciation, mortgage interest deductions and taxes, making apartment rental income low-tax or tax-free. Savvy investors that increase the rents and value of the property, may often refinance much of their capital out of the investment tax-free, do a 1031 exchange into another property tax-free, or pay a long-term capital gain rate of 15% when they sell.

With the higher taxes chant coming out of Washington, and their penchant for running the printing presses, sooner or later, many experts agree that the value of the dollar will be destroyed, making everything, including real estate more expensive. In fact, in his May diatribe, Bill Gross of Pimco recently recommended the following, "In addition, inflation should creep higher. Do not be mellowed by the affirmation of a 2% target rate of inflation here in the U.S. or as targeted in six of the G-7 nations. Not suddenly, but over time, gradually higher rates of inflation should be the result of QE policies and zero bound yields that were initiated in late 2008 and which will likely continue for years to come. We are hooked on cheap credit just as Wimpy was hooked on Friday’s burgers. As I highlighted last month in “The Great Escape,” bond and equity investors should focus on securities with shorter durations – bonds with maturities in the five-year range and stocks paying dividends that offer 3%–4% yields. In addition, real assets/commodities should occupy an increasing percentage of portfolios.

If you'd like any advice on buying or selling an investment property, I'd be happy to help you.

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Tuesday, May 29, 2012

A Few Beautiful Dallas Lakewood Homes Adorned in the Red, White & Blue for Memorial Day 2012.
Photos by Troy Corman, www.t2realestate.com

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Tuesday, April 24, 2012

Year to Date Dallas Home Sales Statistics for March 2012.

Pictured above is an updated M-street home at 6350 Malcolm with 1,589'.
Open house this Sunday, April 29th from 2pm to 5pm.

Despite the gloom and doom reported by the national media, local Dallas area home sales are up big-time, while the number of homes for sale have decreased substantially versus 2011. If you're thinking of selling your Dallas area home, now may be the ideal time.

Of course, it would be great to see home prices and activity continue to expand, but there are no guarantees based on the U.S. and European debt challenges, the Israel-Iran saber rattling, and higher tax rates that are scheduled for implementation January 2013.

Check out the March statistics year-to-date derived from the North Texas Real Estate Information System (NTREIS). Contact me at 214.690.9682 for an over-the-net price evaluation of your home or neighborhood. Or, email info@t2realestate.com.

Area Sales 2012   Versus 2011 DOM For Sale Inventory
East Dallas 442 +36% 95 Days -33%
Mesquite 240 +4% 86 Days -34%
Rowlett / Sachse 158 +2% 82 Days -36%
Addison 204 +25% 87 Days -30%
North Dallas 138 +27% 109 Days -14%
Oak Cliff 204 +1% 67 Days -11%
NW Dallas                  126 +59% 86 Days -45%
Oak Lawn                   17 +21% 75 Days           -16%
NE Dallas                    126 +25% 71 Days           -40%
Plano / Murphy 555 +11% 80 Days           -31%
Coppell                        93 +6% 78 Days           -26%
Carrollton / FB 308 +31% 82 Days           -45%
Richardson 179 +31% 82 Days           -40%
University Park 180 +30% 92 Days           -28%
Irving 246 +14% 88 Days           -38%
Rockwall                     256 +14% 101 Days -28%
Lewisville /
Flower Mound /
Highland Village 662 +26% 77 Days           -30%
Wylie                          160 +1% 83 Days           -32%
Allen                           239 +5% 82 Days           -21%
Lucas                          50 +11% 88 Days           -19%
McKinney 446 +39% 74 Days           -35%
Frisco                         584 +6% 75 Days           -32%
Prosper                       93 +9% 108 Days -18%
Celina                         33 +50% 80 Days           -34%
NW Arlington 66 +22% 111 Days -20%
NE Arlington 38 -3% 54 Days           -35%
SW Arlington 88 +22% 73 Days           -35%
SE Arlington 38 +23% 62 Days -59%
Colleyville 90 +64% 117 Days -23%
Grapevine 104 +22% 78 Days -37%
Southlake 77 +20% 82 Days -20%
Trophy Club /
Westlake 56 +33% 70 Days +8%

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Wednesday, April 18, 2012

The Historic Homes of Lakewood and Lower Greenville Pt. 1. Photos from Block 6000 of Prospect Avenue in Dallas, Tx.

This is another one-of-a-kind home designed by Clifford Hutsell, who built about 50 homes in the Dallas Lakewood area between and the mid 1920s and early 1940s. Self-taught, his Spanish-eclectic style homes were known for multicolored glazed tiles, ornate metal work, stylish chimneys, wide arches, large stained glass windows and exterior stairs to second floor balconies. The next time you cruise down Lakewood Boulevard to White Rock Lake, keep your eyes peeled for a number of his distinctive creations.

By Troy Corman, www.t2realestate.com

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