Friday, July 15, 2011

Another Downside to the One Story Town

One of the things I've noticed at my new place in Dallas is the pain in my leg muscles. I'm finding the difference between living in a one-story home in suburbia and a three level condo in the city is this unwitting exercise.

One-floor living has its appeal, and certainly such real estate is also available in the city, primarily in high-rise buildings. With one floor, everything is pretty accessible. Leave your keys or wallet on the third floor and you'll discover how convenient one-floor living was.

But there's also this notion of exercise. We hear a lot about how living in a dense urban environment with amenities accessible by walking is good for the waist line and for health, but what about living where you're forced to go up and down stairs on a regular basis? I do remember reading somewhere that every flight of stairs climbed adds the time it takes to climb them to your life span.

Okay, so what if you are spending the extra time climbing stairs?

The notion of aging in place has also entered my stream of thought on this. Working in real estate, I've gone into many homes where you can see through the furnishings and objects how the physical range has gotten smaller and smaller as time went on. On one hand, choosing to live on a single level can insure the ability to stay in a home longer as we age, but what if those stairs keep us healthy longer?

Which is better, staying somewhere longer or staying healthy longer?

Wednesday, July 13, 2011

Public Transportation in Dallas: Not There Yet

Until I moved to DFW area, I had always been using public transportation.

There were not many people who could afford owning a car when I grew up in China. True, in the 90’s almost everyone rode a bicycle for commuting. Almost, as I said here because my mom is one of few in China who doesn't know how to ride a bike. But she has been fortunate to always live within walking distance of work. I remember the excitement when waiting for the bus with my mom to go shopping on those Sunday mornings. Occasionally the bus was so crowded that nobody could walk around without pushing others. You handed out a dime to someone next to you and he relayed to the next and so on and on until the money reached the bus assistant and then the fare ticket came back in the same manner. 

When buses are the only means to transport people from point to point, you don’t complain about the service – you deal with it and it is part of your life.

For a short period of time, I lived in a small town in Japan and worked in a neighboring city. The on-time performance of my daily commuter bus was so stunning that the difference between the actual arrival time and the schedule could be counted in seconds. Every regular commuter had their own seat and we greeted each other with a nod and rode the next 30 minutes or so together in silence.

In the next stop of my life journey, Pittsburgh provided a public transportation service that paled in comparison. The wait for the next bus could feel excruciating on dark winter nights. And rivers, bridges and meandering roads made a seemingly close destination much further away. It was on those buses that I finished reading many New Yorker Articles, including “The Climate of Man”, a three-part article that made me aware for the first time that riding a bus helps reduce a carbon footprint.

But it went deeper than my newly converted greenness. Using public transportation gives me the freedom to either retreat into my own world or diligently observe the sights and sound of the city, or glimpsing at other anonymous passengers. The sub-consciousness pulls on me and out between solitude and interaction within a small public space that moves through different neighborhoods and has had a great positive boost to my productivity. By the time that I got off the bus in Pittsburgh, I always felt I had rested enough and was eager for the next task.

New York is the only city I've lived in where schedule brochures for subways systems seem unnecessary. Riding a train was never as quiet as a bus ride in Japan or as mind-soothing as in Pittsburgh. It is a platform where arrays of commuters, with occasionally real entertainers, absorb other fellows into a kaleidoscopic assembly of colors, smells, sounds, languages and motions. I have learned those rats living underground are deaf from train noises, at least that's how conventional wisdom has it, and the tricks of which train car to get on in order to get out quickly.

Moving from New York City, it was natural for me to hop on a commuter train the first day I moved to a new place in Dallas that enabled me to use public transportation for work. Trinity Railway Express, a commuter rail line which connects Dallas with Fort Worth through many of the Mid-Cities, has something even New Yorker may envy: A bi-level cab car with free internet.

On my first morning ride, the train was empty, partially because that particular one only went to DFW airport, which is still 30 minutes away from Fort Worth. A guy in security uniform fell asleep. And a woman was playing with her smart phone all the time. After all, the route is not scenic. Named after the Trinity River, which also links Dallas with Fort Worth, most of the sections between Dallas and DFW airport are in the southern part of Irving, which alternates between isolated shopping plazas, desolate houses and industrial warehouses.

There is a streamlined shuttle connecting TRE Centerport station (DFW airport) with nearby corporate headquarters during rush hour. I felt like having a chauffer service even though the ride was merely one mile long.

Yet it was a totally different story on the way back. After getting off at Medical/Market Center station, I was instructed by Google Map to either walk or wait for a free shuttle bus in order get to another bus for transfer near Parkland Hospital. The walk was not long, in fact merely 0.7 mile; yet it was more than 100 degrees at 5:20 p.m.

I decided to walk. Luckily I was wearing a polo shirt. However, right after I turned around at the Children’s Hospital, I realized that I made a mistake. The walk involved crossing Harry Hines Boulevard, a major six-lane alternative highway (to I35) in rush hours. According to Wikipedia, the boulevard is regarded as the very first “highway” in Texas. Normally it takes some courage to cross such a monstrous road, yet I was lucky that road construction slowed traffic dramatically at the intersection.

Fifteen minutes later, I was outside the Parkland Memorial Hospital’s new site (under construction) where 11 different bus lines plus two different DART light rail lines merge (sort of).

All bus stops are scattered around a wasteland with overgrown grass big enough to fit in a basketball stadium. It was very hard to tell what bus stops are where from distance and there is no map for guidance. Worst of all, there was no shade at all. Just as I was wondering where was the bus stop for my bus to Oak Lawn, a 409 bus circled around and stopped on the other side of the grass dune. I decided not to run to save my dress shoes and myself from a heat stroke. So it left without waiting for me. The next 20 minutes was long. I didn’t melt, but I expected to. The only relief that I got was from the shade of the small bus sign. The bus ride was merely 12 minutes yet the waiting (plus walking) part cost me 35 minutes, all directly under the sun.

By the time that I got home, it was one hour twenty minutes later from when I stepped out of the office.

Neither the TRE ride nor bus ride was bad at all, yet Dallas public transportation system fails to connect people point to point. It is, instead, designed for interconnecting regions; yet without point to point coverage, public transportation cannot be a feasible solution for most of residents.

For example, TRE Medical/Market Center station is NOT anywhere nearby DART Southwest Medical District/Parkland station. If one prefers light rail and trains for connection, they have to take TRE to the next stop (Victory Station) and then ride a DART train back to one kilometer.

It is probably too late to change the route of either rail system to make them connect, then an alternative solution is to have most of the buses which stop at Southwest Medical District/Parkland station take a three minutes detour to the TRE station so that anyone who needs a transfer does not have to relay on a particular free shuttle.

Lastly, it is understandable that buses may have some delay and a maximum twenty-minute wait can occasionally occur, yet it is important to at least make such a wait tolerable. A shelter with a full partial roof helps. For a big transport hub with many bus stops clustered, a center passenger wait room with detailed bus route/connection and schedule information is more attractive.

Recently, the Dallas Morning News published an article about the DART ridership. It puzzles many that less people are using DART now even though gas prices are at historical high. Yet without being able to connect people to where they want to go and without consideration of daily commuter’s basic needs such as route, time, frequency and a simple shelter, it won’t win their hearts, easily.  

Morning in Dallas

Sunrise in Lee Park
If you've followed this blog, you will note the first post was about moving to the Dallas Fort-Worth area, settling into Grapevine and then discovering we'd rather be in Dallas. That move is for the most part complete now and today was the first day I could take some time in the morning to walk around Lee Park and onto the Katy Trail! 

To be fair, Grapevine has some nice trails too- with soft surface and lake views even. It makes some what of a difference, however to be able to walk out of the door and onto the trail without the short drive in between. For me that usually would have also meant lifting the bike into and out of the car (and now it will mean carrying it up the steps leading to the trail).

None of this in itself is reason enough to move here or there. Rather, it's a cumulative effect that culminates in a lifestyle. Enjoy the photos, I look forward to providing additional updates. 

Historic Dallas Parks (Postcards of America) (Postcards of America (Looseleaf))

Thursday, July 7, 2011

Seven Out of 10 Renters Say Owning a Home is a Top Priority

Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of Realtors, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than three quarters of renters (77 percent) said they would be less likely to buy a home if they were required to put down a 20 percent down payment on the home, and a strong majority (71 percent) believe a 20 percent down payment requirement could have a negative impact on the housing market.

“Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors are strongly urging regulators to go back to the drawing board on the proposed rule.”

Defining the QRM rule is important because it will determine the types of mortgages that will generally be available to borrowers in the future. As currently proposed, borrowers with less than 20 percent down will have to choose between higher fees and rates today – up to 3 percentage points more – or a 9-14 year delay while they save up the necessary down payment.

Over half – 51 percent – of self-described “working class” home owners as well as younger non-college graduates (51 percent), African Americans (57 percent) and Hispanics (50 percent) who currently own their homes reported that a 20 percent down payment would have prevented them from becoming home owners.

Pulse surveys for the past eight years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaffordable for Americans. Eighty-two percent of respondents cited these as the top obstacle, followed by having confidence in one’s job security.

The survey also found respondents were adamantly against eliminating the mortgage interest deduction. Two-thirds of Americans oppose eliminating the tax benefit, while 73 percent believe eliminating the MID will have a negative impact on the housing market as well as the overall economy.

“The MID facilitates home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working American families,” said Phipps. “Home ownership offers not only social benefits, but also long-term value for families, communities and the nation’s economy. We need to make sure that any changes to current programs or incentives don’t jeopardize our collective futures.”

When asked why home ownership matters to them, respondents cited stability and safety as the top reason. Long-term economic reasons such as building equity followed closely behind. On a local level, respondents said neighbors falling behind on their mortgages and the drop in home values were top concerns. Foreclosures also continue to remain a large concern, with almost half of those surveyed citing the issue as a problem in their area.

The 2011 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey polled 1,250 adults nationwide, with an oversample of interviews of those living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.

Walk Away: The Rise and Fall of the Home-Ownership Myth (LvMI)
Buying a Home: The Missing Manual

Tuesday, July 5, 2011

What Can You Get for Less than $100K in Oak Lawn?

Owning property is often very affordable if you're expectations aren't too high. This doesn't mean you have to live with broken faucets, pealing paint and cold water, or take life into your own hands walking to the bus stop (although you need to be alert everywhere).

More and more Americans are learning to live small. How much space do you actually use anyway? Why pay to heat space you never go into? When you figure out costs for things like and extra bedroom for guests or space to entertain, its often much more advantageous cost-wise to get a hotel room a couple times a year or rent a party space than it is to pay a mortgage on space you don't use.

Right now there's a 579 square foot one bedroom condo in Oak Lawn near Wycliff and Dickason for just $38,000. That's just $66 a square foot and about $233 a month plus HOA fee. That's likely to represent a substantial savings over renting.

Another condo at 4340 Cedar Springs Road is offered at $55,000. It's a little bigger at 714 square feet, which is actually on the large side for a one bedroom in Brooklyn or Manhattan. It's near Cedar Springs and Wycliff.

Closer to the top of our range, there's a unit at 3883 Turtle Creek Boulevard advertised for $99,000 with 783 square feet. This building is a high-rise and may have higher HOA fees, but its pretty remarkable that you can get into a Turtle Creek property for less than $100K.

Monday, July 4, 2011

HomeVestors Looking for Ugliest House

Dallas- based HomeVestors of America, Inc., known as the We Buy Ugly Houses company, announced that national public voting is now under way in the 2011 Ugliest House of the Year contest in six regional real estate markets. They include Boston, Chicago, Dallas-Fort Worth, Denver, Northern New Jersey and Richmond.

“The contest is a fun way to bring the community together to celebrate ugly houses and their potential to be transformed,” said David Hicks, co-president of HomeVestors of America, Inc. “We all win when ugly houses are improved to become lovely homes. The sellers win, the buyers or tenants win, the neighborhood and community wins.”

Voters can cast their ballots after viewing photos and property descriptions. Nominees for the 2011 “Ugliest House” contest were selected from a call-for-entries inviting all real estate investors in contest markets to submit the ugliest houses they had bought at any time between March 1, 2010 and May 15, 2011. Most of the houses nominated have since been rehabbed and transformed into lovely homes, with some sold on the retail market and others maintained as rental properties.

Is Glenn Beck Moving to Big D?

By Luke X. Martin, via Wikimedia Commons
Over the weekend I heard a man standing in Costco tell the woman I assumed was his wife not to purchase a book by Glenn Beck because he's gone loopy. I'm not sure how this would fit into the category of loopy, but the radio shock jock with an evangelical flaire is apparently set to rent real estate in the Big D for $20,000 a month. Reports indicate the 7,900-square foot, 7 and a half bathroom mansion Beck will be renting is currently on the market for $3.9 million. Beck has Beck has sold his Connecticut mansion for $3.6 million and is planning a clothing line called 1791 (why not 1776?). Look to see Mr. Beck getting his mail in the latest in knickers and buckle shoes.

Beck has also joked about running for governor of the Lone Star State.

Tears of a Clown: Glenn Beck and the Tea Bagging of America
Common Nonsense: Glenn Beck and the Triumph of Ignorance