Modtown Realty Blog

The address is 1119 Sarasota! Keep checking back for more updates and details as this development gets underway!

7903 Lover’s Lane is Under Contract! (in just 9 days!)

Agent Kevin McGovern has 7903 Lover’s Lane (located in HPISD, with 5 bedrooms and 6.1 baths) under contract after just over a week on the market!

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5426 Worth Street Sold! (in just 14 days!!)

5426 Worth Street, our brand new, energy efficient, craftsman style home has been taken off the market after just 14 days!!

March 12

New Listing in HPISD!!

7903 Lover Lane, HPISD, 5 bedrooms/6.1 baths! Contact us for more info!

Opportunity to own a quality constructed home built in 2007 located within the Highland Park ISD with comparable homes selling for over $1M. This home boasts a great floor plan that includes 5 Bedrooms all with their own full baths, Formal Living and Dining, Media Room, Large Family Room open to the Kitchen and a Study with full bath as well as bar, pantry and additional half bath.

March 5

We’ve Moved!

Modtown Realty is excited to announce that we have merged with Keller Williams Elite!

The transition has been great, the Keller Williams Elite team has welcomed us with open arms, and have done everything possible to make this transition as smooth as possible.

We are excited to be working together with such a great team, that is focused on success!

Our new address is:

8201 Preston Rd, Suite 300
Dallas, Texas
75225

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5426 Worth Street - Junius Heights! $334,000

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A Contemporary Interpretation of a CLASSIC! This Modern Craftsman Home has the look and feel of the orginal but updated with today’s amenities. Be amazed on how well the theme carries throughout the home in an orchestrated manor. Huge Kitchen w-Island and Eat-In Dining, Oversized Family Room, Large Master Bath-Closet w-Sep Tub-Shower, Pocket Door Study, and a Dilberate Design. 2-Car Garage, 2 Covered Porches, Energy Eff. Attain the Sustainable Image.

December 26

Framework Goes Up on 5426 Worth St.

The framework has gone up for the second historical green home project brought to the Junius Heights district since 5424 Worth St.

Right next door stands 5426 Worth St, a modern craftsman home co-developed by the Greener City Group and Sustainable Image. The project is a continuation of their “Dallas Green Home Project” that began earlier this year.

5426 Worth St is expected to finish in March of 2012 and is currently available for sale.

December 21

3805 San Jacinto Unit A - 2 Bedroom 2 Bath for Rent

Contemporary, tri-level loft with open floor plan conveniently located in a gate community off Ross and 75! Huge living area with natural pine floors and plenty of natural light. Perfect central location keeps you near it all - Arts District, Uptown & Downtown! 1907 square feet of perfection are available for rent at $1900/ month.

View more property photos here

Contact Jeff Gardner at 469.733.3303 to Schedule your Viewing Appointment

Hurry! A property this immaculate won’t be on the market for long!

December 13

Holiday Charity Bash 2011 - A Huge Success!

The 2011 Holiday Charity Bash at Sambuca was a Huge Success! It was a really fun night full of live music, complimentary cocktails, h’orderves and prizes! More importantly we were able to raise $1,100 for Carson’s Crusaders Foundation through your generous donations!

[caption id=”attachment_1020” align=”aligncenter” width=”380” caption=”( left to right )Ryan Richardson, founder of Carson’s Crusaders; Matt Scobee, Modtown Realtor and Winner of Kindle Fire; Nick Marascia of Guaranteed Rate”][/caption]

[caption id=”attachment_1022” align=”aligncenter” width=”380” caption=”iPod Touch Winner’s”][/caption]

You can find more photos on the Guaranteed Rate Facebook Page. Be sure to share and tag yourself!

Thanks again to our sponsors for helping to make the event a huge success!

November 28

MARKETWATCH: Texas Outperforms Nation in October Home Sales

Sales of existing single-family Texas homes in October were up 8 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 15,600 existing single-family homes were sold, data showed. The median home price was $147,500, up 2 percent from a year ago, and the state’s overall inventory was at 6.9 months.

Meanwhile, the National Association of Realtors (NAR) reported yesterday that, nationally, existing home sales rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.9 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.

The national median price for existing homes was $162,500, which was 4.7 percent below October 2010.

Talking about the national numbers, Center Research Economist Dr. Jim Gaines said homebuyers continue to be frustrated by stiff mortgage underwriting and appraisals despite favorable buying factors such as low interest rates, sluggish but positive job creation and lower home prices.

“NAR reported contract cancellations at 33 percent in October, meaning that one in three sales contracts failed to close,” Gaines said. “Sales agents should be very circumspect when qualifying buyers for mortgages, rather than being frustrated later because the deal does not close.”

October 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of Nov. 21, 2011):

November 18

HARP Changes = Borrowers with Little to No Equity to Have More Options Soon

A Report From Our Lender, Nick at Guaranteed Rate

On Monday, Republicans and Democrats agreed to send a measure to vote that would increase the loan limits in certain high-cost areas for loans insured by the Federal Housing Administration. If passed by Congress, the limits reduced back in September would be increased again to help provide more financing opportunity for areas where housing costs are higher on average.

Today’s big news in the mortgage market was the Federal Housing Finance Agency releasing details around the modification of HARP (Home Affordable Refinance Program), an initiative initially created to allow borrowers to refinance and lower payments despite falling home values. The expansion of this program will affect certain borrowers with Fannie Mae or Freddie Mac insured loans. This announcement will not affect borrowers until December, after lenders, servicers and mortgage insurance companies all digest the language and draft lending policies over the next few weeks. Not only will rates improve for certain borrowers, but other borrowers that weren’t eligible to refinance will have options going forward. It will be important to look for information here in the coming days and weeks.

Retail sales in October came in higher than expected this morning and the New York Manufacturing Index shows shipments growing. But this positive economic news was mostly offset by continued concern from the European sector. Investors continue to be concerned that EU nations will be unable to implement austerity measures and generate the capital needed to weather their debt crisis. French, Italian and Spanish bond yields continue to climb and some fear that Italy may be the next to seek talks around a bailout. Recession talks are common for the EU region, with Europe failing to exceed growth expectations in the third quarter. This has led the dollar to strengthen and US Treasury bonds continue as a source for more stable investment. Mortgage rates have maintained fairly consistent and aggressive levels, despite some relatively positive economic news over the past week. The concensus for economic growth in the coming quarters appears to be a modest 2.0 - 2.5% for the U.S. while Europe struggles to remain in positive territory (~0.5%).

As we continue through the remainder of the week, prices paid to wholesalers in October decreased by the most in four months, indicating slower inflation levels. Although this would normally point to a more negative outlook which would lower rates, some consider this more of a correction from higher prices seen as a result of the Japan Tsunami and higher energy prices earlier in the year. Look for the Consumer Price Index, Manufacturing and Housing Starts reports later in the week. Any modest improvements are somewhat expected. If signs point toward another U.S. economic stall, we can expect rates to fall slightly.