Dallas Real Estate News

There is the saying in real estate that there is a buyer for every house... like there's "somebody for everybody" in the game of love.  I experienced that phenomenon last weekend, and quite frankly, I came away feeling like the new Patty Stanger of Real Estate (sadly though there were no millionaires involved). 

A couple found my information on Realtor.com and called me to help them find a house near White Rock Lake.  They had already decided that they wanted to be in Little Forest Hills, and they even had a list of homes to see ready for me to schedule.  They came into town a few days later, and we set out to see the selected homes.  When we exhausted all the possibilities in LFH, I suggested that they take a look at some homes in Old Lake Highlands.  In fact, based on the things that I learned about them as we toured one house after another, I had a feeling that they might just be interested in a particular house that has been anxiously awaiting new owners for a very long time.  It is completely updated, but had thus far been the single most un-sellable property in the neighborhood.  We could say, it's a bit quirky.

By the time we got to the house, they were already fairly set on one of the houses we had seen in Little Forest Hills-- but they weren't quite sold.  We all figured that it wouldn't hurt to see everything that might possibly work for them.  I told them about the extensive renovations and upgrades that were not visible, I talked at length about the neighborhood and also, as any good buyer's representative does, the negative aspects of the property that might later affect resale.  I couldn't really tell what they were thinking.  I was waiting for the "Okay, we can go now".  But that never happened. 

They actually got animated about the big pantry and the laundry room space.  They imagined their big hutch in the kitchen and how they would use the oddly laid out space adjoining the kitchen as a place for them to relax and watch tv.  The longer we were there, the more excited they got about the possibilities for them at that house, and I was starting to see it, too.  Eureka!  I had found them a home!

We're under contract now, and I am thrilled for them.  I'm glad that I didn't let their list of criteria drown out the other things they were telling me as we toured the homes together.  In fact, one of the most important skills any good real estate professional has is that of being a good listener.  Finding the right house for someone isn't always only about the details listed in the MLS.  Sometimes it's the stuff that the buyers never even think to tell you about them that will trigger an emotional connection to a property. In this case, quirky met quirky and it became a match made in real estate heaven.

Yours truly,

Patty

This time last year I was here at Elle wondering if I had gone completely mad by opening this office.  It was a complete and total leap of faith, encouraged by friends and neighbors-- some of whom now tell me that they were as frightened for me as I was, but didn't want me to know.  (I am grateful that they pretended that they too thought this was a great idea at the time.)  Fortunately, several things have happened during the past twelve months, and we are more optimisitic than ever about the year ahead. 

First and foremost, what I brought into this office with me were some terrific Realtors.  They are motivated, experienced, polished and committed.  Clients trust them.  Clients like them.  In this business, that is everything!  Great agents combined with a dedicated office staff, and there isn't anything we can't do. 

Second, we've managed to successfully navigate a very "iffy" year in real estate in general, and we defied the miserable heat of the summer-- thanks to bottles of frozen water and sheer determination NOT to let the 100-plus temperatures deter us from our mission to find our clients' the best of the best in their property search.  We worked when we didn't have to, and we often did way more than most any other agent would do in helping our clients to get their homes sold. More than anything, we kept our noses down and our sights on success.

Third, we have continued to stay on top of the ever-changing trends in technology, so we can provide our seller clients with the absolute most in internet exposure.  Besides syndicating our listings through the local real estate board, we also syndicate to additional sites through our own ElleRealty.com, including full-color ads to Craig's List, Zillow, Trulia and dozens of other sites.  We've continued the enhanced listing capability on Realtor.com, so we can actually track property views on the site and capture leads as they come to us from Realtor.com.  While it's true that all mls listings feed to Realtor.com, very few agents pay for the enhanced service feature that we offer our clients.

All this is to say that a year ago I was hoping that I hadn't made a huge mistake by taking on this lease and all the potential risks of opening a storefront for Elle Realty.  Today, as I look back over the past twelve months, I couldn't be happier for Elle. We have worked hard, toughed out some scary moments, stayed the course and ended 2011 with a BANG and ready for an even better 2012. 

So what's with the bare pantry?  We have sold or leased nearly every single listing that we had!  We need more listings and you can help.  If you, or if anyone you know happens to be considering a move, NOW is the time to begin the process of listing and selling.  We will make it as easy and stress free as possible for you to get your house on the market, priced right and SOLD ASAP!  That's what we do. 

P.S. As I was typing this blog, a call came in to Katie.  We have our first new listing of the new year!  Congratulations, Katie!! 

...but almost never got closed!

My clients came to me with a request to list and sell their home.  The home is beautiful and my sellers were motivated, so why not.  "Sure" I said,  "I'll be happy to do that."

Within three days of the listing being active, we had three offers.  One was disposable, but the others were good offers.  The sellers opted to go with one and we had the deal in title and on it's way to closing right away.  My sellers were in awe of me, and I was thrilled to have so quickly exceeded their expectations.  The appraisal came in at value, the survey, HOA documents and title commitment were in order and in file at title. It was too good to be true. And then the drama began.

First, we were asked to amend the contract to include a second buyer.  This happens from time to time, but it's not really typical.  Hmmmm.  Two weeks later (two days before closing) we learned that the loan was not approved.  We were able to get the earnest money released to the sellers (a rarity), and the house immediately went active again.  Within 24 hours we had competing bids on the house.  The sellers settled on a full-price offer with an assurance from the buyers' agent that these folks are rock-solid and ready to close.  They had just sold their home and were living with their adult son.   The sellers' disappointment was replaced with relief-- especially since there wasn't another inspection and buyers agreed to every term that the seller put out there.  And then...

again we were asked to change the contract.  This time we were asked to remove one of the buyers.  We later learned that, indeed, the buyers had just sold their home, but we weren't told that it was a short sale.  Mister couldn't get loan approval on another house, so Missus was going to buy the house.  Then we were asked to move the closing out another week.  By this time I was starting to feel a bit queasy about the whole thing.  It was becoming waaay too complicated.  Sure enough, after another week passed, we learned that the buyer would not be able to close for another two months, in order to meet the employment condition of her loan.  This was not good.

Another round of releases to the title company and the house went active again... only this time, there was a buyer who had literally been stalking the property.  She pounced immediately, and we had the house under contract again.  The sellers were so perturbed that they made some pretty unreasonable demands of her, but she agreed to every one of them.  The house was back in title and we were all holding on for what we expected to be a bumpy ride to closing.  It was that and more. 

Of all things, this buyer received her income from a gas lease that dated back three generations and the lender wanted "original" documents.  We were continually being told that everything was approved and then there would be yet another request to extend the closing.  The sellers were displeased, I was exhausted and while this drama was playing out, the 2nd buyer kept going back to the house and taking down the for sale sign!  If we weren't all so tired, it might have been comical.  Quite honestly, I was concerned that if ever the second buyer and the third buyer ever met up over there, there would be a fist fight on the front lawn... and I was still getting calls from agents and buyers wanting to send us an offer!    

Finally, five months, three contracts and 8 offers, approximately 600 emails and a few hundred texts, telephone calls and a couple of meetings after the house was originally listed, it closed.  When it was all said and done, I probably lost money based on the amount of time I spent on the transaction, but I have never been happier to get a deal closed.  The entire week after the closing, I wasn't really sure what to do with my time.  Suddenly, it was over. 

All that said, I still don't understand what the attraction was to the house.  Yes, it is a beauty, but there is a house right next door that has also been on the market now for months-- same age, same builder, many of the same attributes, same neighborhood and no interest.  I have never had a listing that generated as much buyer interest, and I've never had a listing that was so difficult to close! 

The latest edition of The Advocate Magazine was delivered to my house this morning.  I happened to notice the fellow trying to navigate through the water spewing from the sprinkler system and met him half-way thinking, "Yay, something besides the Morning News to go with my coffee today." 

The cover shows a child-like map rendering of Dallas (totally out of scale and distorted), it's primary purpose not accuracy, but to give definition to the area of Dallas known as Lake Highlands.  As the current president of the Old Lake Highlands Neighborhood Association, one of the founding association members having served as a board member at one time or another for nearly ten years, and homeowner in the "original" Lake Highlands Estates since the mid-70's-- it is no secret or surprise to anyone that I have a great deal of pride and love for this little oasis known as Old Lake Highlands.  When I saw that the map rendering did not include any portion of Old Lake Highlands, and the panel of readers that was convened to discuss "What is Lake Highlands?" all live north of Northwest Hwy, and we were barely mentioned in the lead in to the article at all... as in, ".... what about Old Lake Highlands?", as if we were some kind of ugly step-cousin or something, I was fairly annoyed to say the least.   

I sat down and read the article, taking in the perceived slight and becoming more and more annoyed until at last, there it was-- the BIG question.  "Do you consider Old Lake Highlands as part of Lake Highlands?"  Hahahaha!  Kudos to the panel!  I am paraphrasing, but the response was "It's more like they don't consider themselves to be part of Lake Highlands."  (followed by laughter).  BINGO!!! That is so true!

Don't misunderstand me.  "Lake Highlands" is a nice place, and we are not competing.  Often we share valuable information or work together when concerns and issues arise that could ultimately affect both of our neighborhoods.  It's just a matter of lifestyle choices that differentiate us. 

First of all, Old Lake Highlands is an area of Dallas (inclusive of several small subdivisions with Lake Highlands Estates being the largest) that is blissfully and uniquely surrounded by greenbelt, parks and conservation areas.  Only one small section of the neighborhood actually touches on a "concrete" boundary at Northwest Highway.  This neighborhood has (if it's possible) an emotional connection to the lake, the prairie that adjoins Van Dyke Road, Norbuck Park, Boy Scout Hill and the creek along Dixon Branch at Lake Highlands Drive.  If we're not out using those spaces for recreation, meditation or hard core exercise, at the very least, we are enjoying the view! 

We share in the joy that every single time we leave our homes and head west along Mockingbird, or walk along Van Dyke to Peavy toward the lake, we are witness to one of the most beautiful daytime vistas this city offers:  White Rock Lake surrounded by trees and the city skyline beyond.  We  also share feelings of comfort and serenity that we experience as we cross the lake and head up the hill into the "highlands". 

While we are extremely fortunate to have the exemplary Hexter Elementary School in the neighborhood, our homes are not typically "family-size".  Most of the growing families either live in one particular area of the neighborhood where the houses are larger, or they move (often to Lake Highlands) in order to have the space they need. Those who are here enjoy a Halloween Parade down Lakedale and up Woodridge followed by a block party each year.

We enjoy things like Pink Flamingo Fridays (when Spike the Flamingo) offers up a locale for a neighborhood happy hour, and we come together just to stay in touch and keep abreast of what's going on in the neighborhood. We've recently implemented a program specifically to reach out to the many seniors living in the neighborhood, and plans are underway for a variety of annual events that keep us connected as a community.  Our crime is low and our property values continue to rise.

Even more relevant to this article, plans for our second entrance into the neighborhood are underway (the first is located at Northwest Hwy. and Classen in Norbuck Park), and when it is constructed, there will be no doubt to anyone passing by it or through it, that they are in a very special, very beautiful and unique part of this great city, Old Lake Highlands:  The "original" Lake Highlands.  We don't necessarily want everyone to know about us, but it's a risk we're willing to take-- just to set the record straight!