John Garlow, Realtor
A little personal, a lot professional; information about real estate, real estate investing, the Dallas/Fort Worth area and John Garlow. Come browse, ask questions and search for answers. You'll always learn a little something.
Sunday, February 18, 2007
Friday, July 21, 2006
As Home Prices Cool, Rents Are Heating Up
Just when you figured that putting off buying a house was a prudent move, the price of renting is going up.
After years of slack demand and "one month free!" incentives from many landlords, apartment rental markets are tightening in many parts of the country, especially areas like Los Angeles, Miami, and Washington, D.C., where home sales have begun to slow amid increasing mortgage rates and talk of a housing bubble. Rents are expected to increase nationally by 5.3 percent this year, about twice what they did last year, according to the National Association of Realtors. And they're growing even faster in places like Fort Lauderdale, Fla.; San Jose, Calif.; and the Washington suburbs of Maryland, where luxury apartment rents increased by 11 percent last year.
Real-estate experts credit a strong economy, low unemployment, and sky-high home prices that have boxed out many would-be buyers. That's not to mention those who have decided to put off a purchase until the market cools off. "A year ago, people may have expected some upside in house prices, but now they're not so sure," says Sam Chandan, chief economist with REIS Inc., which tracks the national real-estate market. "So people are less willing to pay a premium to be a homeowner and more willing to rent." MORE
Tuesday, July 18, 2006
My First "Fixer-Upper"
Located at 4303 Junius, at the corner of Peak and Junius, this little 1921 Prairie Cottage was screaming for help when I saw it. Having just completed my Historic Home Specialist designation, awarded by Preservation Dallas, I was primed for a historic "fixer-upper." The home is located in Peak's Suburban, founded in 1855. This is a city of Dallas historic district, just a few blocks from Swiss Ave. I expect the project will take longer and cost more than my projections(!), but I'm excited about this opportunity to restore and improve a historic property in east Dallas. I'll keep updating this link as work progresses. See Photos
Sunday, February 05, 2006
Bear Stearns Real Estate Investment Trusts Report
JANUARY 2006
Bear Stearns REIT Analyst:
Ross Smotrich, of Bear Stearns, was asked about REIT expectation for the 2006. We are expecting 6% growth in earnings and 8% in 2007. We will continue to see some consolidation--it's very logical, given the evolution of the industry. But we don't see a tidal wave. Looking at returns by property type for 2005, self-storage came in at 23%, malls--18.7%, multifamily--14.4%, industrial--13.6%, offices--13%, hotels--10% and shopping centers 9.5%. Commercial mortgage REITs were essentially flat. Going into 2006, we're looking for a total return of between 10% and 12%. Valuations are rich, so we don't see much multiple-expansion coming. CLICK HERE TO READ MORE.
Friday, November 18, 2005
10 Steps to Prepare Your Home for Winter
RISMEDIA, Nov. 17 — Pillar To Post, North America’s largest home inspection service, recommends 10 Fall Maintenance Tips to better prepare a home for the winter. Because homes react to seasonal changes in temperature and moisture levels, it’s important that maintenance is done in order to avoid higher energy bills, or worse, damage to the home.
“It’s important for people to know that Fall maintenance will not only make their homes more energy efficient during the winter months, but will safeguard their homes against potential seasonal ‘disasters’ such as leaking roofs or home fires due to neglected chimneys,” says Dan Steward, Pillar To Post president.
These 10 steps can help homeowners be prepared and safe this winter:
TIP #1 -- Check the heating system. Check the filter, pilot light and burners in a system fueled by gas or oil. Fireplaces, boilers, water heaters, space heaters and wood burning stoves should also be serviced every year.
TIP #2 -- Clean ducts in the heating system. Clean and vacuum dust from vents, baseboard heaters and cold air returns. Dust build-up in ducts is a major cause of indoor pollutants. In a home that is shut tight for the winter, dust increases the possibility of illness. Ducts should be professionally cleaned about every three years.
TIP #3 -- Test fire and smoke alarms as well as carbon monoxide detectors. Often alarms and detectors go unattended. Batteries should be checked every six months to ensure that they’re working.
TIP #4 -- Remove excess leaves and damaged branches surrounding the house. Now that leaves have fallen off of trees, it’s a good time to remove any dead branches. Dead branches have the potential to break and fall, ruining roofs or decks.
TIP #5 -- Maintain gutters. Remove all debris that can slow or impede the ability of the water to drain effectively from the roof. Trapped water can freeze then thaw, an action which could be destructive not only to the gutters themselves but to the adjoining roof as well.
TIP #6 -- Inspect the roof. Look for damaged or loose shingles, gaps in the flashing at joints with siding, vents and flues, as well as damaged mortar around the chimney. Proactive maintenance can prevent emergencies and expensive repairs.
TIP #7 -- Inspect exterior walls and window sills. Check walls and window sills for damage such as cracks, gaps, loose or crumbling mortar, along with splitting and decaying wood. Wood trim and siding can suffer from deterioration or loose paint. Caulk exterior joints around windows and doors, which helps keep the home weather tight and helps to lower heating bills.
TIP #8 -- Maintain steps and handrails. Repair broken steps and secure loose banisters. Broken steps are easily hidden beneath snow, which could cause a dangerous fall. Similarly, a person slipping on ice will grab a handrail for support.
TIP #9 -- Prepare storm windows for installation. Check all weather stripping and all fasteners. Well-maintained and properly fitted storm windows will help to save on energy costs during the winter months.
TIP #10 -- Pools, sprinkler systems and outside faucets should be shut down. Homeowners can shut down outside faucets, while the other tasks are best performed by industry professionals to prevent cracked pipes and pool bottoms.
One extra bonus tip for those people who are planning to do some winter projects inside the house, such as painting or carpet renewing: Paint interior walls before it gets too cold to leave the windows open for ventilation from the smell or the fumes. The same goes for carpet cleaning or floor refinishing.
Planning ahead in order to complete these Ten Maintenance Tips is important for many reasons. If these maintenance tips are done over the next few weeks, people can then sit back and enjoy the winter, the holidays, lower energy bills and their own peace of mind.
RISMedia welcomes your questions and comments. Send your e-mail to: editorial@rismedia.com.
Monday, November 14, 2005
Don't Sweat The Small Stuff...
Paraphrased from Dr. Richard Carlson's book, "Don't Sweat The Small Stuff..."
A Secret of Life
The solution here, to catch yourself
When insisting that things should be perfect
Is the absence of judgment and to remind yourself
To learn self-perfection’s affect
It’s futile to insist that things should be
Anything other than they are right now.
Red Alert
Red alert, it’s an emergency
Remain vigilant, hurried and a bit frightened
Don’t be lazy and apathetic, for there are goals to achieve
Which peaceful and loving behavior will only interfere
If you have the good fortune to realize that that’s not true
And gentle, relaxed people can be super-achievers
It all boils down to simple equations of thought
When you have what you really want you are less distracted by your wants
Frustrating Expectations
You’re late, they’re late
Stuck in traffic, missing the turn
Paying bills, waiting on hold
In line again, with no patience to spare
Add them to the list of failed expectations,
An unwillingness to release life’s obstacles
The hopes, the fears, the never ending list of wants
Our reactions are far too serious
So, Lighten up! Release your expectations
Don’t be surprised or bothered by change
Resist fighting and struggling against the uncontrollable
Just enjoy the dance of life
The Journey
As soon as we reach the goal
We move immediately to the next
Getting more is good
But longing for more is not
There’s a void found in the difference
Between what you have and what you want
Yet the destination is never daunting
Because happiness is now
Wednesday, October 12, 2005
Mileage Deductions Increased for Last Third of 2005
Mileage Deductions Increased for Last Third of 2005
You can deduct for business transportation using your car, at a flat rate per mile. Recognizing the big hike in gas prices, IRS has increased the rate. The 2005 rate of 40½¢ per mile is now the ceiling only for January 1 through August 31, 2005. It's 8¢ per mile more--to 48½¢--for September 1 through December 31, 2005.
Employers who reimburse employee business driving expenses can also use these rates. The employer can deduct reimbursement at these rates, and the employee pays no tax on the reimbursement, if the employee substantiates time, place, business purpose and mileage for each trip.
The rates are for miles driven in those periods; you're not supposed to prorate it by taking the total miles of 2005 business travel and allocating one-third of the mileage to 48½¢ and two-thirds to 40½¢.
NOTE: While this mileage increase is welcome, it was announced after September 1 when the 48½¢ rate had begun, so many wont have a record of their exact post-August mileage.
NOTE: The flat rate covers all expenses for maintenance, but you can deduct related tolls and parking fees in addition. Using the flat rate is optional. You can instead deduct specific expenses for gas, oil, insurance, upkeep, repairs, depreciation or lease payments, registration and other cost elements (including tolls and parking), to the extent allocable to business use.
TIP: Deducting specific expenses, though less convenient, could give a larger deduction. And it might be preferable where you cant show what mileage fell before September and what fell after August in 2005.
The mileage rate for medical transportation (to and from doctors, etc.) is 15¢ for January 1--August 31 and 22¢ for September 1--December 31. The rate for charity-related volunteer driving is fixed by statute at 14¢ a mile for all of 2005 and not changed.
IRS hasn't yet decided on mileage rates for 2006.
Friday, September 30, 2005
Department of Justice file suit against National Association of Realtors
Lots of links. Click headline above.
Thursday, September 01, 2005
Story from the Fort Worth Star Telegram
Posted on Sun, Aug. 28, 2005
CACHE DEPOSITS
Self-storage facilities dot the American landscape, and the reasons we store things are as varied as what we store
By John Austin
Star-Telegram Staff Writer
Jim Hartwell's storage problems began when he inherited a treasure-trove of family photos and boxes full of memorabilia.
"This started in 1996," said Hartwell, of Bedford. "There was, unfortunately, stuff that, in my mind, has to be gone through."
Hartwell has whittled it down but still has piles to go.
He's hardly alone: Americans have apparently run out of room, even though the average house now has 2,330 square feet, up 55 percent from 1970.
Fortunately, the self-storage concept came along just in time to offer a haven for heirlooms, monster RVs, Sea-Doos, and other odds and ends that no longer fit in America's overstuffed closets, attics and garages.
The insatiable race for space is fueling a $15 billion self-storage industry that dwarfs Hollywood's annual $9 billion. And what was once a mom and pop business has become an industry with companies whose stock is traded on the New York Stock Exchange.
The miniwarehouse has become as much a part of the landscape as the strip center and the shopping mall.
"A lot of it is driven by life changes," said Ginny Sutton, executive director of the Texas Mini Warehouse Association.
One in 11 Americans, up from one in 17 a decade ago, now rents self-storage space, according to the Virginia-based Self Storage Association.
The reasons folks are seeking more room are as varied as the stuff they're storing.
Divorce can trigger the need for storage. So can marriage.
Commercial clients account for an estimated 40 percent of self-storage rentals. After all, it makes sense for an attorney to park old files in an $80-a-month climate-controlled miniwarehouse instead of filling expensive office space with old briefs.
"Everybody has too much stuff," said Brian Cockshutt, who manages a climate-controlled, two-story self-storage building in south Arlington that was once an eight-screen theater. "It's the American way -- thank goodness."
Treasure boxes
Hartwell has found treasures in the family trash.
They included a jewelry box containing mint-condition coins from the 1893 Columbian Exposition, a telegram from Abraham Lincoln to one of Hartwell's ancestors and a 1796 edition of a book on Capt. Cook's voyages.
"It's those kinds of experiences that make me want to look at those boxes," said Hartwell, who has shrunk the junk from a 10- by 10-foot storage space to a 5-by-5.
Back in Michigan, Rita Hamner could keep the Christmas village she began building at 16 set up in her basement. But there's no display room at her Mansfield home, so she keeps it in a self-storage unit. The last time she assembled it, the village filled an 18-by-18 room.
"We have a lot of stuff in storage, but this is the big thing," said Hamner, 70, who's still collecting.
Mark Williams, treasurer of the Arlington Arts League, keeps the nonprofit organization's files at City Storage, along with the piñatas and other props for the league's annual Margarita Ball.
"What I don't understand is people who put stuff in the garage and park the car in the driveway," Williams said. "Have a garage sale!"
That's not an option for everyone.
"I have one customer, who, it's his closet," City Storage manager Heather Cotton said. She said the man arrives at his warehouse around 8 a.m. every day. "He gets a change of clothes, a pair of shoes and leaves.
"It's a little one, about the size of a closet," she said. "He just grabs a hanger and goes."
The Museum of Me
Of course, for some, it takes more than a mere miniwarehouse.
After filling a 20- by 35-foot barn with stuff, Azle retiree Bob Bateman built a 40- by 40-foot barn to hold the rest of his plunder.
"It's even got a mezzanine and it's loaded down, too," said his brother, Rufus Bateman. "We can't hardly get in there and play poker anymore. You can tell him it has come to your attention that he is the epitome of a pack rat."
Bob Bateman, 69, acknowledges that he never met a yard sale he didn't like. In addition to some other stuff, his new barn shelters three tractors; four lawn mowers; a new, still-in-the-box commode; and a singing electronic fish.
He is quick to point out that his brother's back yard is terraced with railroad ties that Bateman scavenged.
"To him it's junk," Bob Bateman said. "To me, it's good junk. I may need it someday."
Sherry Knutson figured she and her husband would have to go the miniwarehouse route after they wed, blending the contents of their houses.
Then her husband decided to buy a bigger house, keep his stuff handy and take a tax deduction.
"We just couldn't see putting the money into a storage unit," Knutson said. "We are our own storage facility."
So instead of a 2,200-square-foot house, the Knutsons and their belongings moved into a 3,500-square-footer.
There are two rooms for his goodies -- a stuffed hawk, a bumper pool table, a button-key cash register from the pharmacy where he used to work. She has a room for her collection of board games, dolls and clown paraphernalia.
"Our material possessions are like an extension of us," Knutson said.
"It reminds you that even though it's just the two of us, we're not alone," she said. "The past keeps me moving forward. It keeps me company."
After the deaths of her parents and brother, Deborah Abraham found herself the sole guardian of her family's memorabilia.
She transported about 40 boxes of World War II love letters, report cards and photos, plus four cats, plantings from her mom's garden, the family piano and her brother's college ring to Texas.
But she couldn't consign the things to storage; they're in her Colleyville home.
"As to the question of why am I keeping this all?" Abraham wrote, "because I have no family left (and no kids myself) to share the great stories and memories and 'remember whens'... with these material possessions being the tangible reminders from a family now gone and a daughter left standing."
Viola Lynn Armendariz managed to stuff her excess belongings in a miniwarehouse after a divorce, when she moved from a 10-acre spread to a city apartment.
But the warehouse is so full of George Foreman toasters, flatware and videos that she couldn't find her car title.
"I thought I was organized; I'm not," Armendariz said. "I have a tub full of pencils.
"I could start two homes," she said. "I need like, 10 trucks to get all that stuff out of there."
"I've got 432 Beanie Babies in there in boxes," she said. "Now why do I have those? I think I have a serious problem right now."
Armendariz recently decided to give her eyes a rest and switch from contacts back to glasses.
She knows she owns a pair, but she can't quite reach her specs. They're on the other side of a pile of boxes, storage tubs and mattresses in her apartment.
"I need a ladder," she said. "I'm really concerned."
Jim Chartier of Hurst pays $125 a month for a 10- by 12-foot self-storage cubicle.
Everything was fine until the day they called to say somebody had crashed a truck into the warehouse and burglarized two dozen units.
"I went to my unit, and the lock was broken off and nothing was stolen," Chartier said. "They didn't touch a single item. Now that's junk.
"My wife found out," Chartier said, recalling her reaction: ' "I told you it was junk!' "
But Chartier still has hopes of getting it organized in October, when the temperature should drop.
"How many years have I been saying that?" he said, laughing. "It comes around like a holiday."
And if he doesn't get it cleaned out, Chartier has another plan.
"I was going to write a book called Storage Stories," he said. "Each one must have its own little story in there."
IN THE KNOW
Stuff about stuff
• The Dallas/Fort Worth Metropolitan Statistical Area has about 1.2 million square feet of self-storage space.
• Average monthly rental rates, 10- by 10-foot unit: $58 without climate control; $84 climate-controlled.
• 48.5 percent have resident managers.
• About 30 percent are climate-controlled.
SOURCES: Texas Mini Warehouse Association, Self Storage Association
--------------------------------------------------------------------------------
John Austin, (817) 548-5418 jaustin@star-telegram.com
Wednesday, July 20, 2005
Investors: It's a Self-Storage Nation
culturebox
Self-Storage Nation
Americans are storing more stuff than ever.
By Tom Vanderbilt
Consider the four square feet immediately around you. Now consider that are you occupying your average per capita share of the Great American Self Storage Empire. According to the Self Storage Association, a trade group charged with monitoring such things, the country now possesses some 1.875 billion square feet of personal storage. All this space is contained in nearly 40,000 facilities owned and operated by more than 2,000 entrepreneurs, including a handful of publicly traded giants like Public Storage, Storage USA, and Shurgard.
What this translates into, apart from one hell of a lot of stationary bikes kept behind padlocked metal doors, is an industry that now exceeds the revenues of Hollywood (and doesn't have to deal with Tom Cruise). One in 11 American households, according to a recent survey, owns self-storage space—an increase of some 75 percent from 1995. Most operators of self-storage facilities report 90 percent occupancy, with average stints among its renters of 15 months. Last year alone saw a 24 percent spike in the number of self-storage units on the market.
How did self storage, or "mini storage," as it's sometimes called, become such an enormous enterprise? And what on earth are people keeping in there?
READ MORE
Saturday, May 28, 2005
Minimum Broker Services Rule
Commission Postpones Action on Amendments to
"Minimum Broker Services Rule"
The Texas Real Estate Commission decided to postpone taking final action on proposed amendments to 22 TAC section 535.2 at its meeting on Monday April 25, 2005.
After taking public testimony from interested persons and further deliberation, the Commission decided not to take final action to adopt the revisions that would have set a minimum service standard for Texas brokers who represent a client in an agency relationship.
The Commission instead decided to request another opinion from the Texas Office of the Attorney General regarding the possible effect of state and federal anti-trust laws on the proposed rule, and to respond on behalf of the Commission to the opinions expressed in the comment letter from the Federal Trade Commission and the US Department of Justice. The Texas Real Estate Commission received a comment letter signed by representatives of the Department of Justice and the Federal Trade Commission urging TREC not to adopt proposed amendments to 22 TAC section 535.2 regarding Broker's responsibility on April 21, 2005.
The Commission also took action to direct staff to request clarification from the Texas Legislature, in light of new business models that are in operation, of an existing statutory provision that prohibits a real estate licensee from engaging in negotiations with a person who is represented in an exclusive agency relationship.
Finally, the Commission requested staff to draft an interim disclosure statement to discuss and take possible action at the June 13, 2005 meeting.
To view a copy of the comment letter from the Federal Trade Commission and the US Department of Justice go to the "What's New" section of the TREC web site at http://trec.state.tx.us/ .
Thursday, May 12, 2005
Tuesday, May 10, 2005
Thursday, May 05, 2005
REAL ESTATE NEWS STORIES
TOP COMMERCIAL REAL ESTATE NEWS STORIES
April 29, 2005 - May 05, 2005
Provided by Commercial Real Estate Direct
Apartment Rates on the Rise
The apartment sector is starting to see rental rates rise, spurred by higher interest rates and soaring home prices, which combine to make buying more expensive than renting, plus renewed job growth. Equity Residential, the nation's biggest apartment REIT by market cap, reported rental rates rose
Condo Conversions Continue Torrid Pace
Last year, 249 major condo conversion transactions closed in select markets across the nation, up from 80 in 2003, according to Marcus & Millichap. All apartment and condo conversion figures are based on sales of properties priced at $5 million or more. Activity continues to heat up, with an estimated 70 large conversion properties in these markets trading during the first quarter this year, more than double the number from a year ago. Nearly two-thirds of the transactions were concentrated in Southern California and Florida. Miami and San Diego had the lion's share of dollar volume, with 24 percent and 22 percent, respectively.
Monday, April 11, 2005
The Chef
Monday, April 11, 2005, 10:10pm
Sunny, windy, warm…perfect spring day
The Chef
Not for the uncommitted
It takes planning
Inspired by Julia, Jacques and Michael
What could be an exceptional meal?
Where will all the ingredients be secured?
Will the guests enjoy the effort?
Create the list
Do the shopping
Plan the timeline
Dice the vegetables
Clean as you go
Timing is everything
Rushing to prepare
Prepare for arrivals
Arrivals have cocktails and the wait begins
The smells grow
The time nears
The call goes out to gather at the table
The ohhhhh’s start
The ahhhhh’s continue
Bravo, bravo to the Chef of the evening!
Dessert is history
The last guest leaves
The clean-up is finished
Exhausted, the Chef retires
Drifting off to sleep
But just before departure, asks one more time:
“Was it okay?”
Yes, it was wonderful.
Dreaming sweeps in, the master Chef joins
The perfect kitchen, with the perfect ingredients
And the perfect meal
Friday, April 08, 2005
First Stab
Friday, April 8, 2005, 11:11pm
Hazy & clear, warm sunny day, cool evening
Mysterious
An ancient mystery
Stuck in my head
A brilliant tactician
In his own mind
Never to experience
The leaves, the bushes, the grass, the wind
Yet he understands most things
And how important is his role
More loving than most people
And sincere, which is surprising
Eye to eye he knows
I adore this cat
Money
Love it
Hate it
Need it
Or so I’ve grown to know
Careers’ trick
Passions mislead
Education’s farce
Cash flow is king
A consumption society
It’s tough
To avoid misunderstanding money
"Einstein's Dream"
Went to a concert of the Dallas Symphony Orchestra last Friday. Featuring the world premier of "Einstein's Dream" by my friend Dr. Cindy McTee, it was a wonderful evening. Loved the piece. It mixed electronic music with string orchestra & percussion. The computer music included analog sounds & speaking, but all broken down to sound parts, re-mixed and re-arranged. The interplay was great and many times I could not tell if the sound was the orchestra, the electronic music, or both. I was amazed too by how well the speaker system was set-up to give an ensemble sound with the performers.
Other pieces on the program: Elgar's Cello Concerto with soloist Alisa Weilerstein. WOW! She was incredible. First time I've heard her perform. Last time I heard the piece I played with Lynn Harrell. Final piece was "Also sprach Zarathustra" the Strauss tone poem.
Evening concluded with a reception hosted by Sue & Christopher Bancroft for the composer. So good to see them again! Albeit briefly. They looked happy and healthy and their youngest daughter is such a lovely young lady now.
More on Cindy McTee and "Einstein's Dream," including reviews:
http://www.cindymctee.com/program_notes_folder/program
_einstein_dream.html
Monday, April 04, 2005
Welcome
I've recently added the following to my web site, and I'm real excited about it:
- Ability to do FULL search on homes, land, commercial and multi-family properties.
- New "JUST LISTED" will set-up a search, and daily postings, of any new listings per your specifications.
- New "What is your property worth?" will trigger a report of recently sold properties to help create valuations of the subject property you enter.
- New construction search that shows communities, a video of their model homes, and full information on a huge variety of builders in the Dallas/Fort Worth area.
Visit http://www.GarlowGroup.com and tell me what you think!
Many thanks to my good friend KAZ for encouraging me to pursue a little mix of self-expression, self-promotion and networking with this BLOG.