New, New Chat Thread

[392cobra]

We are in for a wild afternoon and evening here.

Calling for severe T-Storms with 70 mph winds and large hail.They have also said few Tornadoes will be possible.

Acting like Spring weather.

[Joe Wicked]

Originally Posted by trularin

Steve, what are houses going for on the east side of Dallas?

East of 20...out 5 to 10 miles?



He!! no Ron, I sent it all to Warren.

I have to give you hell.

If you want to go east of the 20, you will end up in the Atlantic. Even numbered roads go east-west.

[trularin]

It's a freekin typo. It is suppose to be 'on' not 'of'.

I wanted to say east OF 635 on 20, but that is on the freeway.

Thanks Joe for giving me hell.

[Joe Wicked]

LOL, couldn't help it. That is about 20 miles south of me, so I am sure that will bring down the values a bit. In my neighborhood new houses are starting in the 130s still and go up to the low 200s.

[4RE KLR]

Property values are dropping everywhere. Sure, in some areas they are starting to slow form the free fall but it isn't over yet. The breaks are on, but they are smoking very bad.

There is a lot of momentum that needs to be covered before the market will stop the free fall and actually start to recover. Sure some areas are less hard hit. NONE are immune to the catastrophic losses.

Usually when a neighborhood finishes out the prices do increase a little, then the last few houses the value actually falls. That is because the builders want to get out of the community because there are not enough lots to justify the continued stay in the community. So, they discount the last lots to move them. This will negatively affect the existing homes just as foreclosures would.

House values anywhere...
Whatever the seller can get! There really is no rhyme or reason right now on house values other than to say it isn't pretty for the sellers. Most are in negative equity as they have either bought since 2002 or refinanced since the same time period and "cashed out". That is coming back to haunt many people right now.

It is a buyers market, BUT...
Yup, it is a buyers market, However I have seen mortgage companies turn down what would have been a grade A loan request just six months ago. The customers have 25% down, been on the job twenty years, lived in the same house for the last twenty years. The loan request was denied. Reason they house they were living in was not sold. Here is the deal, the (existing) house will pay off in two years. The people do not have the income to cover both house payments in the normal mortgage guidelines FOR ONE HOUSE! However they could pay off the first house if they chose to and still have the 25% down. Meaning the mortgage is taking into consideration both houses. They are told that once the existing house settles they can re-apply.

Some would say that is not a bad plan. The buyers walked! Forward progress averted!

[4RE KLR]

I cannot build a starter home today for what you can buy a new 'existing' one for.

When people realize the market is at that level that is a historical marker that the 'buyers market' lifespan is limited.

That will give negotiating power back to the sellers.
"Don't like this one, hit the road! You cannot build one for this asking price"

I would say the last quarter of this year to the first quarter of next year we will see the market start to turn. Housing and employment MUST turn first. NOT in that order.

[wtm442]

Rain, snow, price of houses ... who cares?

Are the streets dry enough that I can floor the loud pedal?
Not yesterday, but 48F start and 38F finish. Boy was I cold when I put the Cobra away in the garage.



Chicken pot pie cooking in the oven ... boy does it smell good.

[hey,littlecobra]

Tru- are you thinking east of my house- out 80 towards Forney, or.... way further down south to 20 heading east? 20 and 80 make a triange with 635, and eventually meet up just south of Terrell, as you know.
Pockets of neighborhoods would go for $100's- 200's, some of the nicer pockets more in the 300's. As you pass 'windmill farms' east of Forney, almost to Terrell on 80, those homes are smallish and are 100-150k. 'east side' of Dallas isn't as affluent as north. but... more affluent than west or south, i guess.
Pockets of middle class and affluency that seem to be overshadowed with low-middle class to near poverty throughout Mesquite, etc. There are 'nice areas' to all the east dallas communities. Forney is generally deemed a nice suburb, but certainly not real affluent. Where Joe lives, is a lot of new development, and mushrooming of the suburbs. Where i live, it's already 'all full' and not a lot of room for development..... except.... Sunnyvale is one of those rare burgs that had a ton of farm land, that is 'JUST NOW' begiinning to get developed. It took a large ranch to finally be broken up, sold by heirs out of YEARS of litigation, criminal activity (murders??) etc. to just the last 5 years or less to start getting major development. I am sure things are at a major standstill, though. The town just put in a new high school, actually, it isn't due to open til next August, and all on the speculation that the town is growing. Not much development land left in Dallas county, proper.
I am glad i don't have to sell this uh uh uh unusual property for about 10 years or so! Hopefully, things will have bounced back by then and we won't take too big a hit.
I don't care though; when we're done with it we're done with it. hmmm sorta likethe cobra i guess.
Ultimately, i suspect we'll end up in Terrell. Home-farm, etc. Not 100% on that, though.

alrighty... i'll check right back out.....
hey, Joe. nice to see you the other day!
Kristen

[Ron61]

Rained here most of the night and is still at it this morning. This is the most rain we have had all Winter. And it is badly needed.

Three Friends:

Three friends from the local congregation were asked by their Priest, "When
you're in your casket, and friends and congregation members are mourning over you, what would you like them to say?"

Ross said: "I would like them to say I was a wonderful husband, a fine
spiritual leader, and a great family man."

Bruce said: "I would like them to say I was a wonderful teacher and servant of God who made a huge difference in people's lives."

And Gary said: "I'd like them to say, 'Look! He's moving!'

Ron

[trularin]

Yes HLC, I was wondering.

I figured between 20 and 80 there were some oppertunities. That is why I asked Steve to speculate. Still waiting on that.

If we are going to retire, I am thinking Dallas as one of the areas I wouldn't mind living. You can blame that on Peter.

This is all speculation, nothing definite.

[trularin]

Okay Ron...I saved the laughs for your joke in this post.

[4RE KLR]

Originally Posted by trularin

Yes HLC, I was wondering.

I figured between 20 and 80 there were some oppertunities. That is why I asked Steve to speculate. Still waiting on that.

Tru,
Like I said in a previous post there is no rhyme or reason to housing prices right now. It is a buyers market... make an offer. I have personally seen homes sold for 60% less than hey sold for two years ago.

As for that particular area. There is really no such thing as a pocket area right now. ALL areas have been affected in a negative manner. Yes, some individual homes have fared better than others but NONE are appreciating right now.

What would individual homes sell for? Who knows, That depends greatly on how stressed the home owner is at the time you make the offer.

If you mean "price range" as opposed to individual homes. That would depend on the specific community you choose to live in. There are communities in that area that range from the low $100's to million dollar homes.

Not a good answer I know but you are asking a many fold question. It is like me asking you what it cost for a dash. You need more information on the product to make that determination, right?

[4RE KLR]

Tru,
BTW Congrats on the 8K post count.

[Ron61]

Tru,

Don't hold back. Go for one of the million dollar plus homes now while you can get it for $850K. Offer cash and you can probably get it for $800K.

Ron

[4RE KLR]

More like $500K

[Joe Wicked]

I'll cut him a deal and sell him mine for 300K cash. no strings attached.

[Ron61]

Just so Wayne doesn't feel left out:

Due to the climate of political correctness now pervading Canada ,

Albertans will no longer be referred to as 'Rednecks.'

You must now refer to them as

Rocky Mountain/Prairie Canadians.

And furthermore

HOW TO SPEAK ABOUT WOMEN AND BE POLITICALLY CORRECT:

1. She is not a 'BABE' or a 'CHICK' - She is a

' BREASTED Canadian.'

2. She is not 'EASY' - She is

'HORIZONTALLY ACCESSIBLE.'

3. She is not a 'DUMB BLONDE' - She is a

'LIGHT-HAIRED DETOUR OFF THE INFORMATION SUPERHIGHWAY.'

4. She has not 'BEEN AROUND' - She is a

'PREVIOUSLY-ENJOYED COMPANION.'

5. She does not 'NAG' you - She becomes

' VERBALLY REPETITIVE.'

6. She is not a 'TWO-BIT HOOKER' - She is a

' LOW COST PROVIDER.'

HOW TO SPEAK ABOUT MEN AND BE POLITICALLY CORRECT:

1. He does not have a 'BEER GUT' - He has developed a

'LIQUID GRAIN STORAGE FACILITY.'

2. He is not a 'BAD DANCER' - He is

' OVERLY CAUCASIAN..'

3. He does not 'GET LOST ALL THE TIME' - He

' INVESTIGATES ALTERNATIVE DESTINATIONS.'

4. He is not 'BALDING' - He is in

'FOLLICLE REGRESSION.'

5. He does not act like a 'TOTAL ASS' - He develops a case of

RECTAL-CRANIAL INVERSION.'

6. It's not his 'CRACK' you see hanging out of his pants - It's

'REAR CLEAVAGE.'

Ron

[Ron61]

And for Warren,

"LIQUIDITY"
definition: - Liquidity is when you look at your retirement funds and wet
your pants!

Ron

[Joe Wicked]

Man it is a beautiful day here. Sucks being stuck at work until 7 tonight. I won't get the opportunity to get outside and enjoy it. Would be a perfect day for an afternoon BBQ.

[392cobra]

Hit a high of 73 today and sunny.

I've noticed some trees blooming here in the last week. A Pear Tree across the street is really getting serious about it.

No doubt there will be some more freezes but everything is as it has happened in the past Winter to Spring switches.