The State of Real Estate

Here’s what you need to know about the current Dallas real estate market:

Locals are buying like crazy.

Anything more than 5 years old is so passé.

The appeal of the suburbs might wane as the price at the pump remains high.

And out-of-towners covet our affordable housing.

The numbers don’t really tell the story, but here they are anyway: sales in the city of Dallas are up 1 percent, while volume of what’s available on the MLS is up 4 percent. In North Texas, sales are up 2 percent. Sales in Collin and Denton counties are up 4 percent, while Northeast Tarrant County is down 5 percent. This compares to a statewide increase in sales of 6 percent.

The median price of a single-family home in North Texas is $130,800 (up 4 percent from last year). Compare that to the median price of a home nationally, $195,000 (up 11.4 percent), and you’ll see why people are flocking to buy homes here. While homes in California and on the East Coast can sell for thousands of dollars per square foot, high-end homes in Dallas go for about $600 per square foot.

“It’s a good deal,” says Eleanor Mowery Sheets, of Coldwell Banker Residential Brokerage, who specializes in the Park Cities, Preston Hollow, and Turtle Creek. “But Dallas is finally spiraling up in terms of value. In the last couple of months, land value has increased 24 to 30 percent, sometimes as much as 50 percent. There is not a lot of land to buy, and demand is high. It reminds me of the ’80s, when we just had to make a phone call to sell a lot. We’re doing a lot of that same thing now. People are lined up to buy land. They’re begging.”

Most agents are so busy they can barely fit in a five-minute phone call to discuss how busy they are, but they were a bit blindsided by the slowdown in sales last fall, around the time of the presidential election. However, sales picked up with stronger numbers than ever in January, most Realtors report. But then gas prices started to soar. Whether that will affect home sales in the suburbs is yet to be seen. But as early as a few weeks into the $2-plus-per-gallon situation, real estate agents were hearing complaints from long-distance commuters.

“I just got a new listing from a client who called and said her gas has doubled,” says Lisa Henry-Weaver, with Coldwell Banker Jane Henry Realtors in Wylie. “She works downtown, and although the house she’s in probably cost $160,000 and she’ll be spending more than $200,000 to move closer, she’s doing it.”

“The inner city is really becoming trendy, and I only see it getting more so with these gas prices,” says Carrol Smith, with CENTURY 21 Judge Fite, who specializes in the suburbs. “If gas is $2.50 a gallon, people don’t want to commute 30 to 40 miles each day.”

The suburbs are also suffering from a glut of new construction. Allen, McKinney, Flower Mound, Colleyville, Keller—basically anything north—have more than their fair share of new homes. Sometimes too many. Henry-Weaver pulls up 518 listings from the MLS in Wylie. And there are probably 200 additional homes for sale that aren’t on the MLS.

Jordan Hashem, of Boulevard Real Estate, who sells primarily north of Dallas and up to McKinney, agrees that there is too much inventory up north. The way he sees it, if you have property to sell for $160,000 or less, it’s a seller’s market. But it’s a buyer’s market for anything above $210,000.

The story inside Loop 12 is a different one. There are a good number of homes for sale but not enough to bring prices down.

As usual, anything in the Park Cities and Preston Hollow is popular, but a new area of interest lies between Inwood and Midway roads. This previously sleepy area is now buzzing with families tearing down existing homes and building new ones on large lots with big trees—for a much lower price than the properties between Hillcrest and Preston roads.

“In the Preston Hollow area, we don’t have a lot of product,” says Dave Perry-Miller, of Prudential Texas Properties. “So when well-priced properties come on the market, they sell quite readily. The Park Cities market is also quite brisk, especially anything connected to a land sale. Now, if interest rates were to go way up, that could be a thing of the past.”

Homes in need of renovation—say, 25 years old or more—are not selling as briskly, real estate agents agree. For that reason, they are some of the best deals in the market.

Preexisting homes in the Park Cities are still moving if priced correctly. Those listed for under $2 million are especially hot. But when buyers decide between new construction and a preexisting home, new construction wins in just about every neighborhood.

“People sacrifice location to get new construction,” Mowery Sheets says. “Families are much more likely to buy new construction that has 5,500 square feet, media rooms, and game rooms and forego the location.”

Realtors in the more historic areas of Dallas now have a new market to watch: new construction. The trend really started in these areas in 1997 and has gone up exponentially each year since. Still, well-done historic homes are holding their own.

Although Ken Lampton, of RE/MAX Associates of Dallas, sees a record number of homes in the M Streets for sale, sellers are still getting good prices. “We have record levels of inventory on the market, which should have led to deflation by all rules of supply and demand,” Lampton says. “But it hasn’t.”

David Bush, of Coldwell Banker, is seeing the same in East Dallas. While new homes are selling well to those who want an old-world style but open floor plan, completely updated vintage homes are selling for $260 to $300 a square foot.

“We’re setting records on price per square foot in Lakewood,” Bush says. “We’ve got a lot of new construction really moving up toward those higher prices, $900,000 and more, but the price per square foot is still higher on the older, renovated homes.”

While home sellers and Realtors are thrilled about the good prices they’re getting, newcomers can’t believe the deals. “We’re really undervalued as a real estate market,” Hashem says. “People moving here are cashing out on their equity for homes they just bought three or four years ago. They’re buying homes here and almost paying in cash.”

Newcomers enjoying good deals. Buyers with a great selection. Sellers getting good prices. Low interest rates. Could it get any better?

“If there’s anything to derail the market right now,” Mowery Sheets says, “I don’t know what it is.”

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The Producers
Meet the big guns who bring in the big bucks.

Carolyn Shamis might be getting the most attention these days as she tools around in her Rolls-Royce on the “reality” show Sheer Dallas. But she isn’t the only local Realtor selling millions of dollars worth of real estate each year. Hardly.

Local Realtor Jim Striegel, for example, is the top agent in the nation for Keller Williams Realty. And while Eleanor Mowery Sheets doesn’t currently hold the title, she has been the top agent in the nation for Coldwell Banker Residential Brokerage—and she recently had her best quarter ever, raking in $75 million in sales. Sometimes real estate heavyweights work alone; quite often they work in teams to cover more ground. But the end result is the same: they bring in the most money for their respective firms.

Some of the people on this list, such as Ellen Terry, Allie Beth Allman, and David Griffin, are brokers, which means they have gone through additional training and have a team of agents who report to them. That said, many brokers do their own selling, too.

The following Realtors—top producers for their companies for 2004—are not bound to specific neighborhoods but do specialize. Mostly, however, they specialize in the best properties our area has to offer. If high-end is what you seek, these are the go-to guys and gals. If a ride in a Rolls is what you’re after, though, you’d better stick with Shamis. —D.M.

Jamie Adams
Prudential Texas Properties
Arlington

Sandy Akright
Prudential Texas Properties
North Dallas/Plano

Allie Beth Allman
Allie Beth Allman & Associates
Preston Hollow/Park Cities

JoAnn Anderson
Coldwell Banker Residential Brokerage
Northeast Tarrant County

Henry Barber
David Griffin & Company Realtors
Turtle Creek/Oak Lawn/Uptown/Park Cities

Teresa Barthlow
David Griffin & Company Realtors
Turtle Creek/East Dallas

Cynthia Beaird
Allie Beth Allman & Associates
Park Cities

Beth Borman
David Griffin & Company Realtors
Downtown/East Dallas

Judy Bradley
Adleta Fine Properties
Park Cities/Preston Hollow/North Dallas

Mike Brodie
Keller Williams Realty
Plano

John Brosius
Prudential Texas Properties
Preston Hollow

Darla Buehler
Keller Williams Realty
Flower Mound and surrounding cities

Kurt Buehler
Keller Williams Realty
Flower Mound and surrounding cities

David Bush
Coldwell Banker Residential Brokerage
Lakewood

Mark Cain
Dave Perry-Miller Team
Prudential Texas Properties Preston Hollow

Stevie Chaddick
Allie Beth Allman & Associates
Park Cities

Rhonda Childress
Ebby Halliday, Realtors

Ann Christensen
Prudential Texas Properties
Colleyville/Southlake/Grapevine

David Collier
David Griffin & Company Realtors
Kessler and Stevens Park/Uptown/East Dallas

Chad Collins
Coldwell Banker Residential Brokerage
Southlake/Keller/North Richland Hills/ Grapevine/Trophy Club

Keith Cox
David Griffin & Company Realtors
Kessler and Stevens Park/Uptown/East Dallas

Claire Dewar
Briggs-Freeman Real Estate Brokerage
Greenway Parks

Nancy Dietrich
Allie Beth Allman & Associates
Park Cities/East Dallas

Pam Dyer
Poston Properties
no boundaries

Bob Edmonson
Allie Beth Allman & Associates
Park Cities/Uptown/Downtown

Joan Eleazer
Briggs-Freeman Real Estate Brokerage
Park Cities/Bluffview/Turtle Creek/Oak Lawn/East Dallas/Preston Hollow/North Dallas

Camille Francis
Adleta Fine Properties
Park Cities/Preston Hollow/North Dallas

Phyllis Glover
Ellen Terry, Realtors
North Dallas

Loty Goldenberg
David Griffin & Company Realtors
Uptown/Oak Lawn

Rusty Graham
Coldwell Banker Residential Brokerage
south of Dallas

Paulette Greene
Ebby Halliday, Realtors

Suzi Greenman and Gayle Johansen
Ellen Terry, Realtors
North Dallas

David Griffin
David Griffin & Company Realtors
Park Cities/Turtle Creek

Steve Habgood
Keller Williams Realty
Dallas Intown

Elaine Haines
Poston Properties
no boundaries

Patricia Haines
Poston Properties
North Dallas

Mary Harker
Keller Williams Realty
Plano

Juli Harrison
Allie Beth Allman & Associates
Park Cities/Preston Hollow/North Dallas/Turtle Creek/East Dallas

Mike Harvey
Coldwell Banker Residential Brokerage
North Dallas

Pam Harvey
Coldwell Banker Residential Brokerage
North Dallas/Plano

George Haynes
David Griffin & Company Realtors
Turtle Creek/East Dallas

Kathy Hewitt
Keller Williams Realty
Kessler and Stevens Park/Uptown/East Dallas

Linda Jordan Hobbs
Ebby Halliday, Realtors
Park Cities

Barry Hoffer
Prudential Texas Properties
Far North Dallas

Carole Hoffman
Ellen Terry, Realtors
Park Cities

Carole Hogg
Allie Beth Allman & Associates
North Dallas

Melanie Hunt
Prudential Texas Properties
Colleyville/Southlake/Grapevine

Scott Jackson
Ellen Terry, Realtors
Lakewood

Doris Jacobs
Allie Beth Allman & Associates
Park Cities/Preston Hollow

Lisa Johnson
Ellen Terry, Realtors
Park Cities/North Dallas

Alan Levy
Prudential Texas Properties
North Dallas/Plano

Lindy Mahoney
Briggs-Freeman Real Estate Brokerage
Park Cities

Molly Malone
Ellen Terry, Realtors
Park Cities

Erin Mathews
Briggs-Freeman Real Estate Brokerage
Park Cities/Preston Hollow/East Dallas

Carole McBride
Adleta Fine Properties
Preston Hollow/Park Cities

Judy McCutchin
RE/MAX
North Dallas/Plano/Frisco

Shirley McLemore
Prudential Texas Properties
Colleyville/Southlake/Grapevine

Robin Merlo
Prudential Texas Properties
North Dallas/Plano

Tony Mervis
Allie Beth Allman & Associates
Downtown/Uptown/Oak Lawn/Turtle Creek/Park Cities/North Dallas

Christopher Miller
David Griffin & Company Realtors
Turtle Creek/East Dallas

Jennifer Miller
Adleta Fine Properties
Park Cities

Martha Morguloff
Ebby Halliday, Realtors

Danna Morguloff-Hayden
Ebby Halliday, Realtors
Dallas

Kathy Myers
Adleta Fine Properties
Park Cities/Bluffview/East Dallas

David Nichols
David Griffin & Company Realtors
Preston Hollow

Cindy O’Gorman
Ebby Halliday, Realtors
Plano

Dave Perry-Miller
Prudential Texas Properties
Preston Hollow

Mary Ellen Peter
Prudential Texas Properties
North Dallas/Plano

Emily Price-Carrigan
Ellen Terry, Realtors
Preston Hollow/East Dallas

Frank Purcell
Allie Beth Allman & Associates
Park Cities/Preston Hollow/North Dallas/Turtle Creek/East Dallas

Sharon Quist
Ellen Terry, Realtors
Preston Hollow/East Dallas

Mike Redden
Prudential Texas Properties
Park Cities

Mayo Redpath
Virginia Cook Realtors
North Dallas

Susie and Pete Ryan
Briggs-Freeman Real Estate Brokerage
Park Cities/Bluffview/Preston Hollow

Judy Sessions
Briggs-Freeman Real Estate Brokerage
Park Cities/East Dallas/Preston Hollow/North Dallas/Oak Lawn

Carolyn Shamis
Carolyn Shamis Realty
high-rise condos

Harriet Shaw
David Griffin & Company Realtors
Turtle Creek/East Dallas

Eleanor Mowery Sheets
Coldwell Banker Residential Brokerage
Preston Hollow/Park Cities/Turtle Creek

Diane Sherman
David Griffin & Company Realtors
Oak Cliff/Kessler Park

Gary Silansky
Prudential Texas Properties
North Dallas/Plano

Brian Smith
Ellen Terry, Realtors
ranch and cattle properties

Margaret Streicher
Prudential Texas Properties
North Dallas/Plano

Jim Striegel
Keller Williams Realty
Flower Mound and surrounding cities

Eve Sullivan and Shelly Tillery
Allie Beth Allman & Associates
Park Cities

Susie Swanson
Poston Properties
Park Cities/Preston Hollow

Roxann Taylor
Realty Executives Worldwide
Southlake

Ellen Terry
Ellen Terry, Realtors
Park Cities/Preston Hollow

Dona Timm
Prudential Texas Properties
North Dallas/Plano

Terry Timm
Prudential Texas Properties
North Dallas/Plano

Missy Vanderbilt
RE/MAX
Lake Highlands/White Rock Lake

Kay Weeks
Ebby Halliday, Realtors
Preston Hollow

Bill Williams
Allie Beth Allman & Associates
East Dallas/Preston Hollow/Park Cities

Marsue Williams
Allie Beth Allman & Associates
East Dallas/Preston Hollow/Park Cities

Tonai Winborn
Ebby Halliday, Realtors

Bev Young
Prudential Texas Properties
Northeast Tarrant County

Lillie Young
Allie Beth Allman & Associates
Park Cities

The Best Realtors in Dallas
Local homebuyers select the top 266 agents in town.