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Dallas home prices rise among few U.S. gains

Thursday, November 1, 2007
by Christie Cannon
Dallas home prices rise among few U.S. gains
Industry experts say foreclosures a concern
11:15 AM CDT on Thursday, August 30, 2007
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Dallas is one of the few cities in the nation where home prices are still rising slightly, according to a national housing survey released Tuesday.
While U.S. home prices fell 3.2 percent in the second quarter, Standard & Poor's quarterly housing index reports that the Dallas metropolitan area was one of only five markets in the country with price gains.
Of the 20 cities it surveys, only Dallas , Seattle , Portland , Ore. , Atlanta and Charlotte , N.C. , had annual gains in home prices in the second quarter.
But it's hard to say whether the 1.6 percent gain in Dallas home prices is sustainable, industry experts say.
Dr. James Gaines of Texas A&M University 's Real Estate Center said "In a lot of places in Dallas , home prices are still going up by double digits.” In other neighborhoods, they are actually falling. But across the board, the gainers outweigh the losers," he said.
As mortgage lenders tighten loan requirements, a significant number of potential homebuyers have been locked out of the market. That could hurt the volume of sales in North Texas in the months ahead.
"It may take awhile to sort out" what's happening in the mortgage market, Dr. William Brueggeman, director of SMU's real estate department said. "There is going to be a little pain and suffering here, but nothing like we are seeing in other markets."
Fewer subprime woes
Dr. Gaines says that even with the soaring foreclosure rates, there have been fewer subprime mortgage problems here.
"The mortgage shakeout is affecting other parts of the country a lot more than it is Texas ," he said. "We didn't have anywhere near the level or magnitude" of subprime loans that other markets did.
But that doesn't mean that Dallas-Fort Worth homeowners aren't going to be hammered with a steady diet of bad news about the U.S. housing market. Those negative reports weigh on consumer psychology.
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ALL FORECLOSURES IN FRISCO, TEXAS

Friday, August 10, 2007
by Christie Cannon

HERE IT IS....ALL OF THE FORECLOSURES CURRENTLY LISTED IN THE CITY OF FRISCO, TEXAS - FOR FREE.  JUST CLICK ON THE LINK BELOW TO VIEW.  ALL LISTINGS ARE UPDATED DAILY.

 

FRISCO FORECLOSURES

NEED ANOTHER CITY - JUST ASK ME AND I'LL POST IT FOR YOU FOR FREE ON MY WEBSITE!   

PLEASE FEEL FREE TO GIVE ME A CALL ANYTIME AND I WOULD BE DELIGHTED TO ASSIST YOU WITH ANY QUESTIONS OR CONCERNS.

 

 

 

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Lakes of Prosper - Highland Homes

Tuesday, January 9, 2007
by Christie Cannon

Tucked away in the small, rural town of Prosper, this 39-acre, master-planned community offers homeowners a chance to get in touch with small town values where residents are justly proud of their "Exemplary" school district. Children will be able to walk to a nearby planned elementary school and an on-site sports park means you can enjoy your children's games and still cook dinner at home.

If acres of parks, hike and bike trails and a large lake do not offer enough natural surroundings for a development, then add a private butterfly garden!

In addition to the hike and bike trails and cultivated butterfly garden, Lakes of Prosper will also offer a large community pool, splash park and playground. An adjoining city park guarantees a peaceful setting where the city isn't breathing down on you. Highland Homes will feature a wide range of designs created exclusively for Lakes of Prosper and because of its affordable unit price range of the $190s to $310s, its perfect for all types of homebuyers - from families to empty nesters. Homes in the community range in size from 1,718 square feet to 3,600 square feet on oversized homesites.

Best of all, the community will enjoy direct access to the Dallas North Tollway extension, giving residents a fast commute to Dallas. Less time on the road means more time at home - at Lakes of Prosper!

If the slower pace of small town living, affordable quality homes, and incredible amenities, paired with an easy commute and convenient shopping is what you've been looking for, come visit Lakes of Prosper today.  Call Chrisitie Cannon today for your personal tour of this subdivision at (469) 951-9588.

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1031 Exchange Remaining Open Into 2007

Tuesday, January 9, 2007
by Christie Cannon

An exchanger opening a 1031 exchange in 2006 and which remains open into 2007 may still receive a limited tax deferral despite the partial or complete failure of the exchange. The tax on the gain from the 2006 sale will not be considered received by the exchanger until 2007 (rather than 2006) with the resulting tax payable in 2007 (rather than 2006).

The exchanger could receive the cash from the Qualified Intermediary as the result of the failure to identify replacement property within the 45-day identification period. The cash could also be received at the end of the 180-day exchange period because of the inability or failure to use all exchange funds to acquire replacement property.

The interaction of IRC sections 453 and 1031 provides this benefit to the exchanger. Section 453 concerns the tax treatment of installment sales. It provides that a seller receiving a note as part of the purchase price is not taxed upon the note when it is received. Rather, the seller owes tax as the principal payments are received. If, for example, the note is payable over three years, the taxpayer owes tax on one-third of the payments on the note at the end of each of the three years. This installment sale treatment is applicable to an exchanger who receives funds from a partial or failed exchange allowing deferral of tax for one year.

The installment sale treatment is available to the exchanger only if the exchanger "has a bona fide intent to enter into a deferred exchange at the beginning of the exchange period. A taxpayer will be treated as having a bona fide intent only if it is reasonable to believe, based on all the facts and circumstances as of the beginning of the exchange period that like-kind replacement property will be acquired before the end of the exchange period." Reg 1.1031(j) (2) (iv) IRS regulations provide the following example. In November, 2003, a corporation decides to expand by exchanging unsuitable property for property suitable for the expansion. On November 28, 2003 the unsuitable property is sold and the proceeds placed with a Qualified Intermediary. In early January 2004 the corporation's directors meet and decide that it is not feasible to proceed with the expansion due to a downturn in business reflected in the corporation's financial statements for the last quarter 2003.

The QI delivers the cash proceeds from the 2003 sale to the corporation on January 12, 2004 at the end of the identification period. All corporate actions are properly recorded in the minutes of the directors' meetings. The corporation had a bona fide intent to exchange and the gain on the property sold in 2003 may be recognized in 2004 [meaning tax on the gain is payable in 2005].

Another example from the IRS regulations involves an exchanger, who opens an exchange with $100,000 in September, 2003. On March 11, 2004 the exchanger acquires replacement property having a fair market value of $80,000. The $20,000 balance is released to the exchanger by the Qualified Intermediary at the same time. The exchanger may report the $20,000 gain in 2004 and pay the tax due in 2005. Again, the exchanger had a bona fide intent to complete the exchange. It is important to note that IRS regulations do not specifically address the issue of debt relief in this context. Debt relief is taxable boot.

Source: Property Line 1/9/07

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Active Adult Community-Fairview

Saturday, December 16, 2006
by Christie Cannon

Heritage Ranch offers an active adult livestyle for ages 55 and up.  This stunning community features a 24-hour guarded gate entrance, lakes, creeks lined with mature trees and plenty of amenities to keep you busy.  

There is the Heritage Ranch Golf Club, designed by Arthur Hills, which is an 18-hole championship golf course that offers a full-service golf shop, club rentals, locker rooms with showers, driving range and putting green. 

You will also find resturants, shopping and a 24,000 square foot Country Club with an outdoor swimming pool, indoor pool and heated spa, 4 tennis courts, restaurant and lounge, business center, library, billiards, fitness center, arts and crafts room, performing arts theater and banquet facilities.

The housing in Heritage Ranch consists of single family detached homes and duplexes.  Sizes range from 1,500 - 3,400 square feet and from $175,000 - $500,000+.

As a buyer, it does not cost you anything to be represented by a real estate agent, and it will be in your best interest to have someone looking out for you - EVEN IF YOU ARE BUYING NEW.  As a reader of my blog, feel free to ask me about my homebuyers rebate offer, and reduced fee if you plan to buy and sell through me!  For more information on this community or any other, please give me at call at 469-951-9588. 

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La Cima in Stonebridge Ranch McKinney

Saturday, December 16, 2006
by Christie Cannon

Highland Homes builders in La Cima / Stonebridge Ranch is offering HUGE buyer incentives right now.  Homes range from $400,000-$500,000.  When buying a Highland Home be sure to call me - I would love to rebate you some money back to help you out with closing costs or even some new furniture for your new home!  Give me a call direcely at (469) 951-9588 or email me anytime at christie@christiecannon.com. 

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Photo of Christie Cannon Real Estate
Christie Cannon
Keller Williams Realty
5933 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 972-215-7748
Send an Email
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com

 

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