Rich Patterson, Realtor, RE/MAX Urban, Downtown Dallas, Uptown Dallas, Oak Lawn, Oak Cliff

Property for sale near the Katy Trail in Dallas - Homes, Highrise Condos, Townhomes

Friday, 09/03/2010


Real Estate News
Dallas & National


Market Update

Week of July 26 - August 01:

48 New Listings
49 Active Foreclosures
55 Price Reductions *
15 Sold **

* Price Change Facts: Average list prices on "Active Only Listings" are running at 91% of original price after 162 days on the market.

** Sold Property Facts: Average sales price is 96% of list price. Average days on the market were 124.

Stats shown include Downtown Dallas, Uptown, Victory Park and Oak Lawn.

Read more about current Dallas Real Estate Market Activity.


2010
Annual School Report

This Annual School Report is provided by my friends at Republic Title


WR Starkey Mortgage News

This week the BUZZ is all about ‘deflation.’ Will it come? What will happen? While the directors at the Fed agree that the economy will remain weak for a while, they are split on the deflation issue. This week, the core CPI came in positive but just barely, underscoring why there’s disagreement. So, what does this mean for rates?

View rates like a set of stairs: In lending money, the more risk you take (horizontally), the higher rate of return you want (vertically). Risk equates to how soon you’ll be paid back and who you lend to. The longer you wait to get your money back, the more risk you take – therefore, you want a higher interest rate. For example, a 10 note pays a higher rate than a 1 year note. Also, the risker the creditor, the higher rate of return you demand. So a mortgage to you and me requires a higher rate than Uncle Sam’s T-bills. Following so far?

Back to the stairs: Each step represents a different level of risk, either time lent or borrower lent to. The1 yr. T-bills are at the bottom, 10 year notes are in the middle, and 30 year mortgages are at the top. Well, the 1 year T-Bills are basically at 0….so they can’t go any lower. And if THEY can’t go any lower, can any of the other steps on the interest-rate-stair-case (i.e. mortgages) go any lower? Not really. The only way for mortgages (the top steps) to drift lower would be for the size of the steps to shrink – i.e. investors would have to be willing to take less return for their added risk. This might happen to some degree, but not much.

But what IF, investors WERE willing to take less for their added risk and those steps DID shrink, thereby lowering rates further? Well, a funny thing happens to a monthly payment when rates are this low. The difference between a 4.0% payment and a 4.25% payment is less than the difference between a 5% and 5.25%. My point? IF rates DID drift lower, which in my opinion is not likely, it wouldn’t impact your borrower as much as it did when rates were in the 5’s.

So, when your clients ask, “Shouldn’t I wait for rates to go lower?” Now you can explain and tell them adamantly “NO!”.

This week 30 yr. fixed rates remained between 4.25% and 4.5% depending on program, credit and points (notice how we’ve been here for about 4 weeks?). Have a great weekend and have your buyers call us so we can get them approved to buy.

This update is provided by my friends at WR Starkey Mortgage. Contact Susan Moore with WR Starkey for your loan approval and call or email me to help you find and close the sale on your new home.

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RE/MAX Urban
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Properties For Sale Near the Katy Trail in Dallas

The Katy Trail is a three and a half mile stretch of paved and soft-coated pathways for biking, jogging, walking, strolling, rollerblading, etc. The path stretches from Airline Road on the north end (just south of the SMU campus) to The American Airlines Center at Victory Park.



Click image above to search properties for sale
between the American Airlines Center and Bowen Street.


You can access the Katy Trail at any of the seven access points along the route but you can also access the trail by riding DART rail to Mockingbird Station and walking or biking via the on-street connection to Airline Road. Starting in September, DART will start daily service to Victory Station which will allow DART riders access to both the north and south entrances of the trail.


Click image above to search properties for sale
between Bowen Street and Blackburn Street.


In November of 2008, Friends of the Katy Trail unveiled a plan to connect the Katy Trail to Downtown via existing and planned streets. This comprehensive plan incorporates constructing a pathway into the existing city streets. Similar cities like New York, Austin, Portland and San Francisco have all implemented similar plans with much success. Complete Streets, as it’s called, turns existing “speeding traffic only” streets into corridors everyone can use whether young or old, motorist or bicyclist, walker or wheelchair user, bus rider or shopkeeper!



Click image above to search properties for sale
between Blackburn Street and Fitzhugh Avenue.


Eric Van Steenburg of Lakewood, executive director of the Friends of the Katy Trail, had this to say about the Complete Streets concept and Dallas to the Dallas Morning News in December 2008.

To view more details of this plan, check out the PDF File: Katy Trail Uptown-Arts District Feasibility Study – Recommended Alignment. CAUTION: This PDF file is 7.88MB and will take some time to download.

Dallas Morning News Editorial: Dallas ready for Katy Trail expansion



Click image above to search properties for sale
between Fitzhugh Avenue and Knox Street.


I am very excited to see the city of Dallas get on the city trails bandwagon. When I lived near Denver for seven years, I used the trail system nearly every day. The success of the Katy Trail is proof that Dallasites are more than ready to use such a system of trails. We just need to remind our city leaders to help us build them!


Click image above to search properties for sale
between Knox Street and Airline Road.


Interested in becoming a Friend of the Katy Trail?



History of the Katy Trail

In 1993 the Union Pacific Railroad donated a stretch of track to the city of Dallas as part of a nationwide rails to trails program. Later on, in 1997, The Friends of the Katy Trail was established.

The trail is named after the railway company that used to operate a line where the path now lies - the Missouri-Kansas-Texas Railroad. The railroad was commonly referred to as the K – T and was affectionately referred to as the Katy. The railway was created in 1865 and later joined the Union Pacific Railroad in 1988. The MKT was a very important north-south link between the Midwest and Texas and was the first to enter the state from the north.

The MKT served six Midwestern states with more than 3,300 miles of track, had a primary office center in Denison, Texas and was headquartered in Dallas. Did you know that there’s a place called the Red River Railroad Museum located in a restored historic Katy Depot in downtown Denison just an hour and a half north of Dallas?

On September 15, 1896 one of the most famous, or rather infamous, publicity stunts involved two MKT locomotives near Waco. Know as the Crash at Crush, it was an elaborately planned and heavily promoted train wreck event which attracted over 40,000 spectators. Luckily the company never repeated such an event.

After a hundred years of providing passenger and freight services to and from the city of Dallas, the MKT rails were abandoned. It is on that abandoned rail bed the rails were removed and the Katy Trail was built. The city of Dallas has similar plans to connect White Rock Lake to the Trinity River in a county-wide network of trails. I’m glad to see the city realize the value of hiking and biking trails. Why not come out and enjoy the trail with us? I can be found there nearly every afternoon and I’d be delighted to help you find a home near there.


Interested in learning what happened on this day in Texas’ history?


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1001 Ross Avenue, Suite 114
Dallas, Texas 75202
(214) 563-1667 mobile
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