It is in the news all of the time, but the fact of the matter is that the lending rules are changing all of the time. When buying a condominium, in Texas, the contract allows for delivery of the condominium resale certificate and required attachments (annual budget and certificates of insurance) within so many days of the date of contract execution.  On the back end, the underwriter will confirm that the complex is on their approved list and if not, require completion of a lender questionnaire. Too many times, this detail is left until the loan package is delivered to the underwriter for final approval and can cause last minute delays and in some instances, a complete denial of the loan based on the property not meeting lender underwriting guidelines.

A BIG tip for any buyer — if you are considering the purchase of a condominium, and are at the point of considering an offer, have your Realtor contact the listing agent and complete a few preliminary inquiries:

1. What is the percentage owner/occupancy of the building?
2. Are there any pending lawsuits and if so, what is the nature of the lawsuit?
3. What is the percentage of owners delinquent in their HOA dues?
4. What is the amount currently held in reserves for major planned maintenance and repairs?   Is it, at minimum, 10% of the annual operating budget?

Once you have this information, run it by your lender and see if any of the answers raise red flags.  Much, much better to get the red flags resolved on the front end!

North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 193 (up 10% from this time in 2011)
Average Sales Price: $662,921 (down 13% from 2011)
Average Days on Market: 106 ( down 18% from 2011)

Park Cities:
Number of Sales: 266 (up 23% from 2011)
Average Sales Price: $1,053,436 (down 4% )
Average Days on Market: 82 (down 20%)

Northeast Dallas (east of Central):
Number of Sales: 185 (up 25% from 2011)
Average Sales Price: $264,070 (up 8% )
Average Days on Market: 69 (down 9% )

Northwest Dallas (west of Midway):
Number of Sales: 184 (up 43% from 2011)
Average Sales Price: $228,760 (up 4% )
Average Days on Market: 87 (down 8% )

Far North Dallas (north of LBJ to Plano, Central to Marsh):
Number of Sales: 302 (up 36% from 2011)
Average Sales Price: $314,963 (up 2%)
Average Days on Market: 80 (down 15% )

Later today, the venerable PR firm of Rubenstein Public Relations will release this press release with more details, the official details, of Friday’s sale of Champ d’Or. As I told you yesterday, we know Champ was swooped up by a Dallas family with international ties (read: jet setters) and I have just learned thatClay Stapp was the buyer’s rep.  As I may have explained before, just because a home sells at auction does not mean the realtors are left out. This firmly plants Clay on the scene as a leading Dallas broker and agent, and signals, I think, a real changing of the guard.

Everyone’s in their morning meeting, and something tells me champaigne is being poured doen on Cedar Springs. Two of the happiest agents in town today? Clay Stapp and Joan Eleazer!

Here’s the release:

AUCTION OF ONE OF THE NATION’S MOST SPECTACULAR HOMES, A 48,000-SQUARE FOOT FRENCH CHATEAU ON 39 ACRES NEAR DALLAS, TEXAS, A SUCCESS

Concierge Auctions & Briggs Freeman Sotheby’s International Realty produce monumental sale

DALLAS, TX – April 2, 2012 – An exquisite, 48,000-square-foot luxury mansion located on 39 acres, just 45 minutes north of Dallas, was successfully sold at auction, Concierge Auctions has announced. Following 433 auction inquiries, over 500 showings and over 10,000 website visitors, the estate, named Champ d’Or, which translates to “Field of Gold”, was sold in cooperation with listing agent Joan Eleazer of Briggs Freeman Sotheby’s International Realty.

The buyer is based in the Dallas area with international ties and is represented by Clay Stapp of

CLAY STAPP+CO. Their name and the purchase price are confidential.

“It is a remarkable achievement to have sold this estate — and particularly to have done so in a five week time span,” stated Robbie Briggs, Broker and Owner of Briggs Freeman Sotheby’s International Realty. “Champ d’Or is so unique that after years on and off the market with various brokerage firms, we knew that adding Concierge Auctions to the equation was the right move. The Briggs Freeman Sotheby’s International Realty team and Concierge Auctions collaborated to create a comprehensive marketing and public relations platform and ensure we identified every possible buyer. Our efforts attracted interest from around the world and instilled the urgency necessary to produce this successful transaction.”

“From public relations exposure including the Wall Street Journal, Forbes, CNBC, Inside Edition and more; to creative events such as a dinner with Sotheby’s International Realty owners from around the world and exclusive preview tours attracting over 500 attendees; to widespread global advertising, our outreach for this auction was unbelievable,” stated Eleazer. “We left no stone unturned.”

Modeled after the Vaux-le-Vicomte chateau in Paris, Champ d’Or is one of the grandest residences in the entire country. The property features endless unique amenities including a two-story mahogany library; a conservatory; two elevators; multiple staircases; a master suite with a steam room, hair salon, two-story Chanel-style “her” closet, an indoor lap pool and an exercise room. The entertaining prospects are endless, thanks to veranda seating for up to 450 people; a catering kitchen; a grand ballroom; an outdoor pool and pool house; a tennis court; an indoor bowling alley and racquetball court; a movie theatre; a wine room; a tea room modeled after New York’s Tavern on the Green; a commercial laundry room; and a 20-car garage.

“Champ d’Or is an incredible and unique property, and there was no doubt this auction presented a great opportunity,” stated Stapp. “My clients are experienced with buying at auction, and we were all impressed by Concierge’s execution. They are excited to be the next owners and look forward to living in and enjoying the home with their family.”

“We spent over a year researching auction firms before choosing to work with Concierge,” stated the seller, Alan Goldfield. “Ultimately I selected Concierge because they are the most skilled firm in the country in dealing with ultra-luxury homes, and their entire team is impressive. It feels great to have the property sold, and we are happy to be moving on with our lives and to have found a family who will love Champ d’Or as much as we have.”

“This is undoubtedly one of the most monumental property auctions ever completed in the United States,” stated Laura Brady, Vice President of Marketing for Concierge Auctions.

“Champ d’Or is without comparison, so it was similar to selling a one-of-a-kind piece of art. Our auction platform is ideal for remarkable properties such as this — to identify interest and drive the highest price in an expedited period of time. I am thankful for the tireless efforts of our team and for our partners at Briggs Freeman Sotheby’s International Realty, and I wish both our buyer and seller much happiness as they celebrate this transaction in the days ahead.”

I just found this blog on Candy’s Dirt and I have to whole-heartedly agree with her.  Buyers in this market are just looking for a reason to go to the next house.  There are just too many homes to choose from and if yours isn’t in top notch condition for the money, they will walk right out the door.   Her blog is a great one about popcorn ceilings in older homes.  Personally, I hate this stuff – I’m sure most people hate it, but are just too lazy to take it off.  Her post gives great instructions on how to get rid of this eye-sore!

Dear Candy,

I have a home with what they call a popcorn ceiling. My Realtor thinks I should get rid of it, but doing so is going to make a huge mess. And guess what? I am a princess and do not like messes. Do you think I need to follow her advice, sand down that ceiling (ugh, makes me sneeze just thinking about it) or let it go. Don’t buyers have any imagination these days?

Thanks, Lita

Wow, is that really your popcorn ceiling? I’ve only seen one more like it, and that was in San Antonio with sparkles! Someone really liked — pink!

OK in a word, YES, get rid of that damn ceiling. Pretend it’s toxic: it is, to your home sale. Not to be mean, but where have you been these past three years. We are in a RECESSION and it’s hard as hell to move properties. Buyers think of every excuse possible not to buy unless they are IN LOVE with a property. Just think of a buyer who loves your home, but all she can think of is that pink popcorn ceiling and how hard and messy it will be to get rid of, capiche?

I have an argument with my husband daily, he being of the “drop the price and let the buyers do whatever they want” school. I am of the “buyers have zero vision. Period. End of story.” school. Why? Because they don’t, and it’s getting worse: Gen Y just doesn’t tinker in the home much — they  tinker on PED’s! Just go get lots of plastic and cover everything up, get a Miele vacuum (the best, at Capital Distributing).

Remove all of the furniture from the room before you start. Or move it all to the center of the room and cover it with plastic sheeting. Next, tape plastic sheeting to the corner formed where the walls meet the ceilings. Make sure the plastic hangs to the floor, covering all the walls, windows and doors. Tape the plastic to the floor. Completely cover the floor with drop cloths, not plastic. It’s too easy slip on plastic.

Cover you, too. Wear long pants, a long-sleeved shirt and a hat or cloth painter’s hood, and grab a respirator and eye protection.

“Popcorn” is the nickname for sprayed-on textured coating. It was “the look” in the 1960s and ’70s. Some ceilings even had sparkles mixed in, and oh my, I have seen those. Eyes still hurting.

Until around 1978,  the sprayed-on coating likely contained asbestos – ostensibly for its fire-retardant qualities. In 1978, asbestos was banned as a carcinogen. Any post-1978 “popcorn” should be asbestos-free. So it’s quite possible that a 1968 (or older) popcorn ceiling contains asbestos.

If you were planning to remove it, first test for asbestos. If positive, you will have no choice but to hire a licensed, insured and bonded hazardous material contractor. If the test is negative, you could save money and do-it-yourself. Remember, asbestos is dangerous only if it is crumbling. …

Experts laud the wet and scrape method, basically wetting the ceiling until the popcorn crap falls off, or peels off with a scraper. Once it’s all off and the ceiling is dry, re-texture whatever your heart desires, then paint and presto — you are all done! Bye bye popcorn ceiling!

Note: Homes built prior to 1978 require a Lead Based Paint Disclosure to be completed and signed by the seller. The seller must disclose if they have any knowledge or reports of lead based paint on the property. The key words are knowledge and/or reports.

This does not address asbestos. They must note on the standard seller’s disclosure if there have been any repairs or treatments to remediate environmental hazards such as asbestos. There is also nowhere on the seller’s disclosure where a seller must disclose that their popcorn ceiling may or may not contain asbestos.

Thanks for the great information Candy.  I’m sure my readers will appreciate it.  You can find her great real estate blog at www.candysdirt.com

We’re getting close to the end of the year, which begs the question of whether it’s worthwhile trying to sell your home now. Is it a waste of time? Will it sit on the market and become shopworn? Should I take my house off the market for the holidays? Will the home-sale market be better for sellers in 2012?

The first question you need to ask yourself is: Are you emotionally prepared to sell? Selling is a challenge for most sellers, although some markets are better than others. Unless you bought more than eight to 10 years ago and preserved your equity, you may not be able to sell for enough to pay off the mortgages secured against the property and the other costs of selling.

For sellers who have no additional assets, a short sale or foreclosure may be the only option. If so, first look into government programs that might help you out financially. Also, talk to your attorney and tax adviser.

Sellers who have the resources to make up the difference between the sale price and the amount they owe need to ask themselves if they are willing to pay the additional cash in order to sell and move on.

There are two reasons why you might prefer bringing cash to closing. One is that your credit will not be negatively impacted, as would be the case with a short sale or foreclosure. The second is that many buyers shy away from short sales because of the lengthy and uncertain process involved.

The next thing to consider is the condition of your home. Is it ready for the market? The most salable homes are those that are in move-in condition.

Before racing to the hardware store, ask your REALTOR® about how much competition there would be for your home if you put it on the market before the holidays. Some areas are shy on inventory of good homes on the market. If so, now could be a good time to sell.

HOUSE HUNTING TIP: The supply/demand ratio plays a significant role in the health of a local real estate market. No matter what is said about the housing market nationally, it’s the local picture that tells the tale in terms of the possibility of selling your home at any given time.

Most sellers don’t put their homes on the market during the last or first couple of months of the year. The inventory of homes for sale tends to dwindle during the winter months. Interest rates are low. So, if there are buyers in your local market, you may be at an advantage selling when most sellers are waiting.

Some sellers feel that if they’ve waited this long to sell, they should put the process on hold until spring and get the house ready in the meantime. Certainly, it’s not a good idea to put your house on the market until it looks great. But if you and your house are ready to sell, move ahead.

The market in general tends to slow down over the holidays. But rather than pull your house off the market and miss a likely prospect, change the showing procedure to require advance notice. And enjoy your holidays. A sale before year end could be a great holiday gift.

There is a lot of pent-up demand, on both the buyer and seller sides. Sellers have been waiting for a better time to sell. Buyers have been waiting for more quality inventory and a sense that prices have bottomed or are close to it.

THE CLOSING: Recent projections call for another five or so years of bouncing along close to the bottom of this market cycle. Many experts believe that the big price declines are behind us.

Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”

The 42 story building was created by internationally celebrated architect Scott Johnson, a partner at Johnson Fain Los Angeles.  There are nine floor plans ranging from 1600 sq. ft. to the 9,000 sq. ft. penthouse.  A unique feature of Museum Tower is that each owner will enjoy the convenience of direct access elevators programmed to stop only at their home — there are no common areas on the residential floors.  Resident amenities will include a state of the art Fitness Center, a movement study overlooking a Zen garden, and two separate Owners’ Lounges.  Outdoor amenities include an expansive great lawn, bocce ball court, a lap pool with cabanas and outdoor fire place and fire pit.

Two very important pieces of land along Turtle Creek Boulevard have changed hands or one has changed hands and the other is about to! Ross Perot Jr’s,  Hillwood recently purchased a 6 acre tract of land located between The Katy Trail and Turtle Creek Boulevard. This land was purchased from Classic Residence by Hyatt.  Hillwood has announced they have no current plans for the land.

Surveyors were recently spotted on the land bordered by Turtle Creek, Sale, Dickason and Cedar Springs. Just this week the land on the Sale Street side has “proposed rezoning” signs posted. The proposed rezoning request is for a new PDS to allow multifamily with reduced setbacks.  Rumor has it there will be two buildings on this prime site — a boutique luxury hotel and a mixed use mid-rise.   On the other side of The Katy Trail, the office buildings at 3000 and 3100 Carlisle were recently purchased and the new owners, StreetLights Residential, announced plans to tear down the existing buildings for a new 16 story, 300 unit high-rise residential property.

While all of the proposed construction will no doubt be disruptive in the short term it does attest to the fact that investors see long term value in this area.  It will be interesting to watch these developments in the next year or so.

The main reason I believe many potential buyers are hesitant to take the leap is from fear that home prices will fall after they’ve made the purchase. Despite all the banking stimulations, historically low interest rates, high lease prices, and low sale prices, buyers knees are still shaky. Words of fear, doom, and gloom fill our radio waves and cable boxes. “It’s not a good time to buy” people say. “Consumers are hesitant, they’re tightening up their checkbooks, they’re cutting expenses.” News pundits seem to take pleasure in hammering this message into American homes each night… and then the herd runs off a cliff.

Wait a minute though…. I thought this was called a buyer’s market…?? Haven’t the wise always taught us to buy low and sell high? Funny, it doesn’t seem many people follow that principle. Five years ago, when home prices were at historic highs, everyone and their dogs were getting in on the action. Anyone could make a purchase… and they were paying a premium price along with a premium interest rate for it.

Fast forward to today. Home prices are at all time lows as are the interest rates. But where are all the buyers running in to get themselves a great deal? Well, most people deceive themselves, believing they are safer hanging with the crowd. When the consensus says, “Buy!”, they buy, and they pay for it. When it says, “Don’t Buy!”, they don’t… and they actually pay for it then too.

Trust me, while most are “waiting for things to turn around”, the few are swooping in and grabbing as much property as possible, and they happen to be saving some serious $$$ as they do it. These few are the ones who don’t follow the herd, crowd, or consensus. These few are the ones who actually follow the principle of: buy low, sell high. These few don’t allow groupthink, fear, or peer pressure to dictate their actions. And not surprisingly, these few eventually end up being referred to as “investors” and are most peoples’ landlords.

The next thing to consider is the condition of your home. Is it ready for the market? The most salable homes are those that are in move-in condition.

Before racing to the hardware store, ask your REALTOR® about how much competition there would be for your home if you put it on the market before the holidays. Some areas are shy on inventory of good homes on the market. If so, now could be a good time to sell.

HOUSE HUNTING TIP: The supply/demand ratio plays a significant role in the health of a local real estate market. No matter what is said about the housing market nationally, it’s the local picture that tells the tale in terms of the possibility of selling your home at any given time.

Most sellers don’t put their homes on the market during the last or first couple of months of the year. The inventory of homes for sale tends to dwindle during the winter months. Interest rates are low. So, if there are buyers in your local market, you may be at an advantage selling when most sellers are waiting.  Some sellers feel that if they’ve waited this long to sell, they should put the process on hold until spring and get the house ready in the meantime. Certainly, it’s not a good idea to put your house on the market until it looks great. But if you and your house are ready to sell, move ahead.

The market in general tends to slow down over the holidays. But rather than pull your house off the market and miss a likely prospect, change the showing procedure to require advance notice. And enjoy your holidays. A sale before year end could be a great holiday gift.

However, security is a major issue when selling your home without an agent. A “For-Sale-By-Owner” sign is an invitation to strangers to wander through your home.  People will arrive at your home, eager for their own reasons, not all of which are honorable. Opening your door to a criminal is the last thing you need.

The majority of lookers are safe, honest people and quite possibly home buyers. However, security measures are necessary for the possibility that one of the visitors could see your home as an opportunity for crime. It’s an unfortunate fact that there are creeps out there who target FSBO homes as easy marks for theft or worse. Just ask a police officer how often unrepresented sellers are robbed, assaulted, or otherwise endangered by criminals disguised as home buyers.

1.  Make all your showings, by appointment only. Get some information and check out the prospective buyer before you let them in your house. Always get a name and number and call back to verify them. Simply say, “let me check with my husband (wife) for the best time and I will call you back.” Even if you are not married.

2.  Don’t be home alone when a stranger visits. This ‘truth’ hurts. Yet, being robbed, raped, or even worse – hurts a whole lot more.

3.  Have visitors sign a guest book and ask to see identification. You are inviting strangers into your home and you have a right to know something about them.  If possible, jot down a license plate number. Put the information in a safe place so if something happens, the police have a lead on a suspect.

4.   Place all valuables out of sight. Guns, jewelry, keys, credit cards, silverware, and collections. Anything of value needs to be hidden. Hide ALL prescription drugs.

5.  Eliminate displays of personal information, such as which schools children attend.

6.  Never leave a messages informing callers that you are not home. Don’t let strangers know your schedule, such as when you or your spouse are not home, when you pick up kids, when you work, when you will be on vacation, …

7.  Request that visitors enter and exit through one door only, except when you escort them to the backyard, garage, etc. Have quick and easy access to all of your exits.

8.  Never leave a stranger alone and watch everything they do while in your house. Keep a reasonable distance between you and your visitor. Never enter a bedroom, den or other room with a visitor. Stay in the doorway.

9.  Do not put information on flyers which would compromise security.