Ingle-family detached residences Essay Example | Topics and Well Written Essays - 1750 words

Ingle-family detached residences - Essay Example Now is a great time to invest in a home in Dallas. This is the position that is going to be argued for. According to Dallas Dirt Magazine, â€Å"Despite the worst about [various neighborhoods in Dallas],folks always clamor to live there† Property values are apparently suffering because of unethical treatment to animals in the area. Additionally, Dallas has difficulties with its housing market due to the fact that sometimes, commercial areas are notorious for not being separated from residential living areas. This poses a serious problem and must be ameliorated, or else the community will suffer. SLP 1 Question 2) Identify an area you believe to a sound area in the Dallas MetroPlex for real estate investment. (Don't just say "Dallas" or "Dallas Area" - try to be more specific - identify a particular area of town.) Explain why you chose this area. http://recenter.tamu.edu/ (100 words) According to Dallas Dirt (2010), some of the more desirable neighborhoods include â€Å"who is doing the best in this market†¦[including neighborhoods such as] Park Cities, Westlake, Southlake, North Dallas/Preston Hollow, despite the Dallas City Council [problems]. Also[, other good areas in which to live include] Coppell, Irving, Oak Lawn† (pp. 1). These cities are preferred by the people who chose to live in them due to their high popularity. Basically, people currently prefer to live in areas where the people in the neighborhood are understanding, compassionate, and feel like genuine neighbors who care about the person moving in next door. SLP 1 Question 3) Discuss your selection in (2) based on price ranges of homes in the general geographic area.   Give specific values on the ranges and tell me where you found the data to support the range you cite.   (131 words) The certified estimated value report for 2010 based on market value of real estate in the University Park neighborhood in Dallas is estimated to be â€Å"$6,863,828,520,† according to the Dallas CAD (Central Appraisal District) Estimated Value Report (2010, pp. 1). The average value of a home in University Park, for example, is $856,797; of course, this is not necessarily representative of the area. Homes in Dallas tend to range between $53,000 and $200,000 in general, although there are some homes ranging up to $200K to over a million dollars (Dallas CAD Average Values for Single-Family Detached Residences, 2010, pp. 1). â€Å"One of the most desirable neighborhoods in all of Texas, University Park (UP) is known for having some of the most beautiful Dallas homes† (Dallas Texas Real Estate, 2010, pp. 1). SLP 1 Question 4) Discuss your selection in (2) based on affordability of homes in the general geographic area.  Ã‚   Affordability refers to the cost of the home relative to the earnings of the local populace.   You may want to reference the Texas Real Estate Research Center Housing Affordability Index. (100 words) The Texas Housing Affordability Index ( THAI) Publication 1926 helped determine the housing costs relational to income. â€Å"With mortgage interest rates at historically low levels and a large supply of available properties for sale, afford- ability for the next several years should be at a favorable level [in Dallas] for households that can qualify for financing†¦ Even down times have an upside. Decreasing home prices, the higher volume of foreclosed homes available, tougher mortgage lending standards and reluctant buyers are combining to make Texas homes more affordable than anywhere in the United States† (THAI Publication 1926, 2010, pp. 3). SLP 1 Question 5) Discuss your selection in (2) based on anticipated future appreciation in value and/or rents.