Texas real estate

Although most widely known as the Dinosaur Capitol of Texas and for its travel and tourism appeal, Glen Rose, Texas is quickly gaining a reputation as a highly sought after city to live in. As recently as 2004, Glen Rose was voted as America’s Dream Town, an honor bestowed upon the city that best exemplifies small town values, civic pride and embraces its heritage. As a result of the town’s recent exposure and its proximity to the Dallas/ Fort Worth Metroplex, families and retirees are flocking to this picturesque small town located 50 miles southwest of Fort Worth and snatching up real estate at a rapid pace.

A recent story from the Journal of the Real Estate Center of Texas A&M noted that the demand of exurban housing projects, which are housing projects in rural areas that have convenient access to major urban areas as well as attractive terrain, are on the rise. Glen Rose is a city that is reaping the benefits of this growing real estate trend.

Marilyn Phillips of Sunrise Properties states, “Many times as a realtor it is my job to sell someone on the town or community. I am fortunate in that respect. Glen Rose easily sells itself. When you add excellent schools, wonderful people, proximity to the metroplex and quality of life to the great location, you see why people love it here and want to live here.”

The Real Estate Center of Texas A&M (recenter.tamu.edu) also notes that the groups leading this charge to the exurban areas are retirees, second homebuyers and the largest group- nonlocal, suburban working families. Developers of the exurban communities report that this group is generally seeking a lifestyle change. They are disenchanted with the suburbs, which they feel are too dense and “cookie cutter”, with congested roads, dangerous schools and too complex quality of life. They want a peaceful rural life in a country chic setting.

Hank Jones from Quad J Realty adds, “The real estate market in Glen Rose is definitely on the rise, especially among families coming here from the big city. Aside from the fact that Glen Rose is the gateway to the Texas hill country and we have these great rolling hills and clean, clear rivers, families are moving here for the fantastic school system and the incredibly low crime rate.” Mr. Jones goes on to state, “Our retirement population has also been on the increase. We are seeing the retirees coming to Glen Rose because of the Squaw Valley Golf Course, which is rated as one of the top 10 public courses in Texas and because of our new medical facility, which has some of the finest medical technology available.”

Its not only realtors who are enjoying the rise in the areas popularity, but builders are also experiencing heavy workloads trying to keep up with the real estate demands.

Jim Gartrell, owner of Jim Gartrell Builders, says he has seen consistent, steady growth over the past few years in terms of new homes built. One trend he has noticed is that people are buying several acres of land at a time, but are not doing anything with it.

“With the Glen Rose real estate selling so quickly, a lot of people are buying land now for use later in life for things like retirement or to pass along to children” states Mr. Gartrell. One such example is a developing subdivision just outside of town called Cheyenne Hills Estates where tracts of multiple acreage are being bought up quickly.

Another appeal to people moving to Glen Rose is the style of homes that are being built. Mr. Gartrell refers to them as “hill country” style homes. These homes are characterized by rock facades, wrap around limestone porches and metal roofs. An excellent example of this style is on one of the local hotels. The Dinosaur Valley Inn and Suites (www.dinosaurvalleyinn.com), which was featured in Southern Living magazine, was built by Jim Gartrell builders and features all of the classic elements of the “hill country” style home, but on a larger scale, and lends a down home charm to the facility and provides an excellent example of the style of homes in Glen Rose. For visitors interested in seeing this hotel, it is located directly adjacent to the new expo center.

For an area of its size, Glen Rose and the rest of Somervell County stand tall in the great state of Texas. There are really no other towns of similar size that can compare to the amenities, attractions, entertainment and relative location that Glen Rose boasts. For those reasons and many more it is clear why real estate in Glen Rose continues to be a hot commodity.

For more real estate information contact Marilyn Phillips at www.sunriseproperties.net or contact Hank Jones at www.c21quadj.com.

For builder information contact Jim Gartrell Builders at 254-897-4063.

To learn more about Glen Rose, Texas visit http://www.glenrosearea.com.

By: Casey Coke

With all the negative media attention real estate has been getting these days, one might assume there weren’t any appreciating or growth markets left in the country. Nothing could be farther from the truth.

The problem with the news media is they tend to lump the subject of real estate into one big bucket, possibly because it makes things easier for them. This generalization glosses over one of the most important concepts we teach other investors. That is real estate is driven and affected by local market factors far more than it is by national or global factors.

Having said that, here are the 20 top real estate markets for 2008:

Appreciation Forecast*
Yakima, WA — 7.1% Honolulu, HI — 6.8% Salem, OR — 6.5% Maui, HI — 5.6% Bismarck, ND — 5.6% Manhattan, NY — 5.2% Sun Valley, ID — 5.1% Biloxi, MS — 5.1% Kauai, HI — 4.9% Austin, TX — 4.8% Grand Junction, CO — 4.5% Fargo, ND — 4.5% Mobile, AL — 4.4% McAllen, TX — 4.3% Idaho Falls, ID — 4.2% Spokane, WA — 4.2% Glen Falls, NY — 4.0% Salt Lake City, UT — 3.9% Grand Forks, ND — 3.9% San Antonio, TX — 3.9%

When local economic factors are strong, such as job growth and positive net migration, real estate tends to be resilient to broader economic factors, such as increasing interest rates and inflation. Consider these examples:

Salt Lake City, Utah experienced a median price increase of 10.5% by November 2007 over the previous 12 months. This was largely due to its population growth.

Austin-Round Rock, Texas saw home appreciation of 10% by the third quarter of 2007, and a 29% increase over 5 years. Their job market picked back up over the previous three years.

Idaho Falls located in eastern Idaho, close to Jackson (Jackson Hole), WY saw an increase of 12% by the third quarter of 2007, and a 50% increase over 5 years.

Grand Junction, located in western Colorado near the Utah border had an appreciation rate of 14% by the third quarter of 2007, and a 66% increase over 5 years.

The point to remember is that there are always good investment opportunities regardless of what you hear in the media or the state our nation’s economy.

By: Marco Santarelli

It is commonly believed that one the safest investments is a real estate investment. Stocks can fall and currency can depreciate – we have seen both in the last few months. The real property does fall not as compared to the other liquid assets. This is one of the prime reasons of continuous investment in the real estate sector. This sector also suffers in the recession periods but not too much.

Prudent agents are making huge incomes annually. This article reveals the prerequisites of becoming a real estate agent in the state of Texas.

Age and Legality

To become a real estate agent in Texas, the individual must be at least 18 years of age or older and a legal resident of Texas. An individual whose name is in the default list of Texas Guaranteed Student Loan (TGSLC) is not entitled to get the license or renew the license. This clause is ineffective if the individual is in the agreement of repayment.

Fingerprint Requirements

According to a new law, it is mandatory to provide fingerprints to the commission in a specified format to run an FBI criminal history check. This requirement is only for those individuals who want to become a broker and salesperson – it does not apply to other Texas Real Estate Commission (TREC) licensees.

Education Requirement

An individual who is interested in obtaining the license must have completed 210 classroom hours the following courses: Principal of Real Estate core real estate course (60 hrs); Law of Agency core real estate course (30 hrs); Law of Contracts core real estate course (30 hrs); an additional core real estate course (30 hrs); and another 60 hrs (4 semester hours) core or related course approved by the commission.

Scrutiny of Educational Document

Scrutiny of the educational documents is also a vital step. Individual must provide the proof of successful completion of the courses. Credit transcripts or Certificates is the acceptable form of evidence. There is no need to send the original certificates, photocopies are sufficient.

The commission charges $30 (for the whole year) for verifying the documents. The commission normally takes 10 days to verify the documents and informs the individuals itself about their verified credentials.

Filling Application
Once your credentials are endorsed, the next step is filling the application. It is important to remember that you must complete the verification process prior to filling the application. Never send the application along with the request of evaluation and fee.

Applications can be submitted online and via snail mail. Applications send by snail mail take much longer time; thus, we advise that go for the online method, fast and easy.

The commission does not accept the incomplete applications and applications without the fees. If an individual is sending fees via mail then he/she must make sure that he/she has made only one check (don’t pay separately) or money order payable to the Texas RE Commission. The original application fee is $94.50 and Recovery Trust Account fee is $10.00.

Texas RE Salesperson Examination

Once an individual receives a notification towards TREC that all of his/her documents are certified, he/she can proceed to the take the Texas Real Estate Salesperson Exam. After approving the application, the TREC will send the (Candidate Information Brochure) CIB that contains all the necessary information regarding the examination.

The examination is based on multiple choice questions and administered by PSI (an authorized testing center). The duration of the test is 150 minutes (45 minutes and 105 minutes for state and national parts respectively).

Sponsorship is Important

It is vital to remember that inactive salespersons and applicants are not eligible to work as an agent until they arrange for a Texas real estate broker holding (active license) to sponsor them as salespersons.

To save the time, an individual can file the sponsorship request along with the salesperson’s license application.

In a nutshell, like every state, the Texas Real Estate Commission has set certain rules and procedures that must be followed to get a salesperson or agent license. It is highly recommended that interested individual must send their complete applications electronically as documents send by snail mail takes ages to complete the process.

Moreover, it is extremely important that an active licensed individual must not act as a real estate agent unless he/she is sponsored by a broker holding that possesses an active license.

Have a nice Career!

By: Syed Rehan

Now that Hurricane Ike has came and left its impact on the city of Houston Texas, many real estate speculators and potential home owners have their eyes glued on the area trying to determine its total impact. One of the most obvious and visible impacts has been on the total number of distressed properties that have appeared on the market in the greater Houston area.

A New Boom

For investors and independent entrepreneurs, this means that the Houston real estate market now holds more opportunities then ever as redevelopment monies are now literally pouring into the area. However; for someone looking to get in on this new real estate boom there are a few items that have to be taken into account.

Loans on Distressed Properties

Getting a loan on a distressed property is much more difficult then getting a loan on a property that is intact. Even though you stand to make a sizable profit on the finished home, the bank is going to want to be sure that they aren’t left repossessing a home that is not intact should the loan fall into default.

Good Credit Required

This means that you will need to have good credit and some collateral in the form of real property before you approach a lending institution for a home loan on a distressed property. The fact is, that many lending institutions won’t count the home when considering the actual value of the total property.

A Tight Labor Market

Also, be prepared for labor costs that can spike up on a monthly basis. Many investors who bought distressed properties in New Orleans after Katrina were caught off guard when they found that labor costs almost doubled in the year after the storm and contractors who were booked solid with work wouldn’t even return their calls. This means that you may have to do the work yourself and or get your own work crew together.

By: Daniel Mummski

With a little over a million residents, Dallas ranks as the second-most populated city in the state of Texas, which is the second-largest state, by area, in the United States. Dallas has a lot of interesting real estate options to offer, ranging from ranches to gated communities. Though ranches that go with the usual Texas image are still available in the Dallas county area, the city has a lot of impressive houses, apartments, and commercial property for any prospective resident.

Six districts make up the city of Dallas, which comes under the Dallas-Plano-Irving metropolitan division of the Dallas-Forth Worth-Arlington greater metropolitan area. The prominent suburbs of Dallas are Allen, Flower Mound, Colleyville, Frisco, Keller, McKinney, Plano, Southlake, and Irving, to name a few. These areas offer gated communities, golf course communities, lakefront homes, homes with acreage, horse properties, retirement communities, and commercial property. Within Dallas, the popular areas are Oak Hill, North Dallas, Casa Linda, Knox/Henderson, and downtown Dallas.

As per the U.S. Census Bureau data for 2005, the average home price in the city of Dallas is $179,920, which is only marginally higher than the national average of $173,585. However, the Dallas county area, which includes the suburbs, has a much lower average, at $125,922. The median rental price in Dallas is $328, which is considerably lower than the national median of $471. There is almost an equal share of owner-occupied and rental units in Dallas, with the former accounting for 42%, the latter 52%, and approximately 6% remaining vacant. This looks quite different from the national picture, where owner occupied, at 60%, is twice that of rental units.

Dallas area real estate comes with easy access to the Dallas-Fort Worth International Airport, which is the world’s second-busiest airport. There are many schools and universities, like the University of Texas at Dallas, University of Dallas, and Southern Methodist University. These important aspects of this area have helped create a very vibrant real estate market in Dallas.

By: Damian Sofsian

Houston Texas, the fourth largest city in the country, is considered one of the best places to live in the United States and for those pursuing the American dream of owning a home, that dream is possible in Houston. If you’re looking for some long term capital appreciation through real estate investment, then real property in Houston could certainly prove to be a good investment. The most stable property prices range from $250,000 to $650,000 and should bring the best long term appreciation.

If you tend to be more of a cautious investor, but still want to grab some of the best real estate for sale in Houston then you might want consider one of the new developments that are under construction. $200,000 or less can get you a pre-selling unit that can be turned into a very attractive property to rent out as a vacation home, or on a more permanent lease basis. These developments often provide relaxed and secluded living, surrounded by a natural outdoor setting, and at a much lower price than you might pay outside of such developments.

Whether you’re looking for a new home of your own or a financial investment, these developments are some proving to be some of best real estate in Texas. They provide the advantage of living in a secure estate-like community, but with a spacious outdoor feel, since most of these properties have expansive back yard spaces allowing for privacy from nearby neighbors. Purchasing one of these development properties could prove to be a very wise property investment.

There are also some property investments available that can provide a slightly lower risk for some of the more cautious real estate investors. Most of these lower risk, but high potential homes come in under the $140,000 price range, making them easily affordable and represent a risk that even smaller private investors find acceptable. In some of the lower priced areas the average return on real estate can be as high as 20% yearly.

While the majority the better homes for sale in Houston are new construction, a lot of the older homes might be considered a fixer upper or need some significant renovations. This is probably one of the main contributing factors in the large price variations in the area, and while not all the lower priced homes are in need of repairs, it definitely pays to be cautious and thoroughly investigate each potential property. If you take the time to do some research and use the services of an informed real estate agent familiar with the area, you should find a safe investment that will bring some good returns down the road.

Whether you’re a first time buyer in search of the perfect condo or a small two bedroom home, an established family looking for the big back yard and a good school district, or a property investor looking for long term capital growth, Houston Texas could end up being one of the safest and smartest real estate investments for the money.

By: Cherri Fox

I have found that landlords generally face the same set of issues and have the same set of questions pertaining to their rights, duties and obligations as landlords under Texas law. The answers to these questions depend on whether residential tenants or commercial tenants are involved. Although commercial and residential property ownership and operation have some similarities, the differences are numerous and diverse enough to justify separate treatment for each area. This article is intended to discuss issues related to commercial property with commercial tenants only. This article is my attempt to create a quick and very general reference guide on the rights, duties and obligations of commercial landlords and operators under the Texas Property Code. It is by no means complete, but hopefully is informative enough to assist the reader in asking informed questions of legal counsel and thus be more efficient and economical while consulting legal counsel.

You should not take this article as legal advice, and I strongly urge you to seek competent legal advice for your specific situation. The Texas legislature updates and passes new laws relating to landlord/tenant issues on a regular basis. In addition, Texas courts regularly interpret these laws. Thus, the laws discussed in this article are in effect as of December 2005. I have not assumed any duty or obligation to update this article beyond this date.

I. Duty to Mitigate

If a tenant abandons the leased premises in breach of the lease, the landlord has the duty to mitigate (lessen) the damages that the landlord would experience as a result of the abandonment. Thus, the landlord should not let the premises lie vacant in hopes of being able to recover lost rents from the tenant. This duty to mitigate damages may not be waived by the tenant, so any provision in the lease that tries to waive this duty or exempt the landlord from liability is void.

II. Security Deposit

A security deposit is any advance of money, other than a rental application deposit or an advance payment of rent, that is intended primarily to secure performance under a lease.

III. Retention of Security Deposit

Before returning the security deposit, the landlord may deduct from the deposit damages or charges for which the tenant is obligated under the lease or resulting from a breach of the lease. However, normal wear and tear (does not include deterioration that results from negligence, carelessness, accident or abuse) may not be withheld from the security deposit.

If the landlord retains any portion of the security deposit, the landlord must refund the balance of the security deposit and give the tenant a written description and itemized list of all deductions. However, this description and itemized list is not required if the tenant owes rent and no controversy exists concerning the amount of rent owed. The refund and written description and itemized list of all deductions is not required until the tenant gives the landlord a written statement of the tenant’s forwarding address for the purpose of refunding the security deposit. However, failure to provide a forwarding address does not cause the tenant to forfeit its right to receive a refund or a description of deductions.

IV. Refund of Security Deposit

A landlord must refund the security deposit not later than the 60th day after the date the tenant surrenders the premises and provides notice of the tenant’s forwarding address.

V. Change of Landlord/Owner and the Security Deposit

The new owner or landlord of the leased premises is liable for the return of the security deposit starting from the date title to the leased premises is acquired, except where the new owner acquired the premises by foreclosure through a real estate mortgage. However, the former landlord or owner remains liable for the security deposit received while the person was the owner or landlord until the new owner delivers to the tenant a signed statement acknowledging that the new owner has received and is responsible for the tenant’s security deposit and specifying the exact dollar amount of the deposit.

VI. Liability of Landlord for Security Deposit

A landlord who in bad faith retains a security deposit is liable for an amount equal to the sum of $100, three times the portion of the security deposit wrongfully withheld, and the tenant’s reasonable attorneys fees incurred in a suit to recover the deposit. It is presumed that a landlord who fails to return a security deposit or to provide a written description and itemized list of deductions on or before the 60th day after the date the tenant surrenders possession is acting in bad faith.

VII. Preventing Access to Leased Premises

A landlord may not intentionally prevent a tenant from entering the leased premises except with permission of the court unless such prevention results from (i) bona fide repairs, construction or an emergency, (ii) removing the contents of the leased premises abandoned by a tenant or (iii) changing the door locks of a tenant who is delinquent in paying at least a part of the rent. The lease may alter this provision.

VIII. Changing Lock Due to Delinquent Payments

If a landlord changes the door lock due to delinquent rent payments, the landlord must place a written notice on the tenant’s front door stating the name and address or telephone number of the individual or company from which the new key may be obtained. The new key is only required to be provided during the tenant’s regular business hours and only if the tenant pays the delinquent rent. The lease may alter this provision.

IX. Landlord’s Removal of Property After Abandonment by the Tenant

A landlord may remove and store any property of a tenant that remains after the premises has been abandoned. The landlord may also dispose of the stored property if the tenant does not claim the property within 60 days after the date the property is stored. The landlord must deliver by certified mail to the tenant at the tenant’s last known address a notice stating that the landlord may dispose of the tenant’s property if the tenant does not claim the property within 60 days after the date the property is stored. A lease may alter this provision.

X. Abandonment by the Tenant

A tenant is presumed to have abandoned the premises if goods, equipment or other property, in a substantial enough amount to indicate a probable intent to abandon the premises, is being or has been removed from the premises and the removal is not within the normal course of the tenant’s business. The lease may alter this provision.

XI. Interruption of Utilities

If the tenant pays for utility services directly to the utilities companies, the landlord may not interrupt or cause the interruption of such services unless the interruption results from bona fide repairs, construction or an emergency. A lease may alter this provision.

XII. Removal of Doors, Windows, Locks, Hinges, Etc.

A landlord may not remove a door, window, attic hatchway, lock, hinge, hinge pin, doorknob or other mechanism connected to a door, window or attic hatchway cover from the leased premises. Additionally, a landlord may not remove furniture, fixtures or appliances furnished by the landlord from the leased premises. However, the landlord may remove these items for a bona fide repair or replacement, which must be promptly performed. A lease may alter this provision.

XIII. Landlord May Terminate Lease Due to Public Indecency Conviction of Tenant

A landlord may terminate a lease signed or renewed after June 15, 1981 if the tenant or occupant uses the property for an activity for which the tenant, occupant or any of their agent or employee is convicted of public indecency (prostitution, promotion of prostitution, display or distribution of obscene materials, sexual acts with persons under the age of 18, etc.) and such person has exhausted or abandoned all avenues of direct appeal from the conviction. Notice of termination must be by written notice within six months after the right to terminate arises. The landlord obtains the right to possess the property on the 10th day after the date of notice is given.

XIV. Notice Requirement Prior to Eviction

The landlord must give a tenant who defaults or holds over beyond the end of the term at least three day’s written notice to vacate the premises before the landlord files a forcible detainer suit, unless the parties contracted for a shorter or longer period of time in a written lease or agreement.

The notice to vacate must be given in person or by mail at the premises in question. If notice is delivered in person, it may be by personal delivery to the tenant or any person residing at the premises who is 16 years of age or older or personal delivery to the premises and affixing the notice to the inside of the main entry door. Notice by mail may be by regular mail, by registered mail or by certified mail, return receipt requested, to the premises in question. The notice period starts from the day on which the notice is delivered.

Copyright 2005, Tri Nguyen

By: Tri Nguyen

Immediately east of the 620 intersection, off 2222 in Texas, River Place is a planned community that offers an exceptional value. Building in the area began in the mid 1990s and development in general began in the early part of the decade. Homes for sale from that era feature large lots, well-maintained buildings and mature lots. However, River Place still has some lots for sale, so that it is possible to buy new construction homes in the community. Whether you want a home with plenty of character or whether you want to infuse character into your own home by customizing the building to meet your requirements, River Place can offer you what you have been seeking.

The River Place real estate market features mostly single family homes with some high-end condominiums. Homes range in size, amenities, and style, so that you can find the exact home that suits you needs. Once you buy that ideal home in this superb community, you will also be able to access the many amenities and facilities that River Place has to offer. River Place offers the all the fine dining, special social events, gyms and fitness facilities – not to mention luxurious tennis and golf opportunities – that anyone could want. When you live here, having fun and enjoying an active lifestyle are second nature.
Thanks to an exceptionally planned location, you can enjoy maximum comfort and convenience right in your own backyard.

River Place also offers an excellent location. Downtown Austin and the Arboretum are both only a 15 minute commute away. This places key recreation options and career opportunities just minutes away from River Place residents. Lake Travis and Lake Austin are also only a short drive away, so that you can enjoy both hill country and lake views whenever you desire them.

With innovative planning, great facilities and amenities and a location that is hard to beat, River Place offers everything that a home buyer could want. The River Place real estate market is strong and there are many homes to choose from, so why not start looking for your River Place dream property today? Before you know it, you could be moving into a home that enhances every aspect of your life.

By: Eric Bramlett

Many people who are going to buy or sell a home often times hear their realtor refer to a thing called comps. Comps, also known as comparative market analysis (CMA), are an important tool when going into a real estate transaction. They basically allow you to estimate the fair market value of a home based on a number of different criteria. It is imperative that your real estate agent provide you this information in order for you to properly negotiate a contract.

As a buyer, a CMA can give you a general view of the market conditions for the particular neighborhood in which you want to purchase a home. It allows you to know how big of a house you can afford as well as what upgrades you may be able to attain in that area. Knowing the fair market value will allow you to fine tune your decision when going to make your offer. This is especially useful if time is of a concern. If you need to get into a home sooner rather than later, an accurate CMA will allow you to make a bid on a home that will beat out other offers. If you are in no particular rush to get into a house, you can set your offers at 5-10% below fair market value and try to get yourself a good deal.

When going to sell your home, an accurate CMA is a must. Often times a realtor is hesitant to provide and accurate CMA because it may be below what the seller expects the home to sell for. In this case, you can run into a problem because the house will be overpriced and will attract few, if any, buyers. The market decides fair market value and you can use an accurate comp to adjust the selling price based on your time constraints. If you need to sell your home quickly, you can set your selling price right at market value and if you don’t, you can set it at a suitable price above market value and wait to see what happens.

There are several factors that go into a CMA, and the more detailed you get, the more precise you can be on the home’s fair market value. The most general way of figuring a CMA is to compare similar homes of equal square footage, in the same neighborhood, that have sold in the last six months. To get a more detailed picture you would look at things like upgrades, lot size, and whether the home backs up to a busy street. If you are a seller, don’t be afraid to look at the competition. Have your realtor take you to see other similar homes in your neighborhood because it can sometimes be a good dose of reality.

There are many important things to know when going to buy or sell a home and a CMA is one of them. An accurate comp will help a buyer come up with a suitable offer when the right time comes to buy a home. It will also help a seller decide how much time they are willing to have their house on the market and set the sales price accordingly. When choosing a good real estate agent, make sure that they mention CMA’s because you will know what they are talking about and how accurate comps are important to you.

By: Michael Stazko