Banks Start Program Assisting Home Buyers

DFW: Home starts were down 10.6% in the second quarter, at 8,925 homes. According to Residential strategies, high construction and land costs are holding back the market. In the $250,000-$350,000 range, starts are up slightly, but above $350,000, starts are down. New home sales for DFW, at 9,049, were flat from a year ago. Preowned home sales, 10,258, were down 5% in June and total sales for the first six months were down 1%. Condo sales at 515 were down 25%. Median prices were up 2% for homes and 8% for condos and pending sales were up 2% for homes and down 6% for condos.

DFW: Bank of America, the state’s second-biggest bank, has begun assisting qualifying buyers in receiving up to $17,500 toward purchase of a home in Dallas, Collin, Denton, Ellis, Hunt, Kaufman, or Rockwall County. The local program is part of a $5 billion commitment to assist low-to-moderate income homebuyers nationwide. Wells Fargo, the state’s fourth largest bank, will offer a similar program in the fall. The median price for existing homes in North Texas is $277,000.  

Frisco: A new state law in effect September 1 will prohibit governmental entities from regulating building materials and construction methods for residential and commercial buildings. As long as builders follow the national model code, established for the entire U.S., cities can no longer set a standard for a building’s aesthetics. The bill does not apply to buildings in an historic district on the National Register of Historic Places or designated as a Recorded Texas Historic Landmark. There is no longer a requirement of at least 75% masonry on the first floor of a home.  

Roanoke: Roanoke Village will be a 6.25-acre project at the southeast corner of Parish Lane and US 377. Plans call for five buildings including a hotel, medical building, office building, and two buildings with retail and restaurant space.  

DFW: looked in 15 major U.S. cities for streets with the highest home values based on recent sales and listings. According to their survey, the five priciest streets in Dallas, based on average home value are: Meadowood Rd. $7,276,974; Seneca Dr. $5,328,825; N 40 Pl. $5,207,773; Braewood Pl. $5,141,129; Hunters Glen Rd. $5,013,078. The median home price in DFW is $277,000.  

Martha’s Vineyard: Jacqueline Kennedy’s former summer home is for sale by her daughter, Caroline Kennedy. The 340 acres with a 6,456-square foot house and guest house, is listed for $65 million. If it sells for close to asking price, it will be a record for a single family estate on Martha’s Vineyard. Current high was set in January at $32.5 million for the estate of Washington Post publisher Katharine Graham. For the 12 month period ending in March, there were 134 sales over $1 million, according to Current median price is $1.6 million.  

San Francisco: A 40-acre wine country ranch formerly owned by Lamar Hunt is on the market for $19.95 million. About 70 miles north of San Francisco in Sonoma County, the 6,615-square foot home has a producing vineyard. The adjacent 500 acre estate with a 9,700-square foot home and equestrian facility owned by Joe Montana is offered for $28.9 million.

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