MalibuRenter's summer in Dallas

NEW -> Contingent Buyer Assistance Program
[quote author="graphrix" date=1255708969][quote author="bkshopr" date=1255665170][quote author="Nude" date=1255659594][quote author="bkshopr" date=1255657114]

<img src="http://www.designlens.com/projects/2004/10/2/39.jpg" alt="" />

</blockquote>


This is the one that doesn't fit.



I love this game!</blockquote>


Oops! How did Woodbury get in there?</blockquote>


Damn that Nude! Reason #133 why I hate him... he beat me to the punch. Had I checked this thread earlier we might have been tied in this match. But... alas, IHB is not on the forefront in my life. How anyone else didn't catch this garbage is truly a sin in housing, and everyone who "thinks" they took the BK class failed. Nude passed, now I need a second, er third, er fourth chance to pass. Nude is top of BK's class, and the rest of you who did not see this move to the bottom of his class. Seriously, you all let some jack a$$ from Seattle best you on this... you should be ashamed! I saw it (the nasty Irvine home) as I quickly hit the down arrow key... sad... truly sad.</blockquote>


Graph don,t feel bad. There will be other unannounced BK quizzes for you to kick Nude's butt. This is the nicest photo I found of that is wide and no garage dominating the front facade. If you think this is awful then you would absolutely dislike the rest of the photos with narrow houses and garage 90% dominant.



I was looking at the member list of top ten IHB posters and 7 of of 10 are either living or looking for a home outside of Stucco Viejo.
 
Do you think that stucco box would of looked better if it was on a bigger lot? All the other homes at set back from the street with wonderful front yard, but the stucco box is right on the sidewalk. The fence also make it look like a model home.
 
[quote author="autox" date=1255738564]Do you think that stucco box would of looked better if it was on a bigger lot? All the other homes at set back from the street with wonderful front yard, but the stucco box is right on the sidewalk. The fence also make it look like a model home.</blockquote>


It almost certainly <strong>is</strong> a model home; the sidewalk is on the inside of the fence.
 
Imagine what it would look like if it is not a model home. Model homes is like the bride on her wedding day. A jar of shrimp paste stinks and it does not matter where you put it or how big the refrigerator is.
 
[quote author="SoCal78" date=1255650769]MalibuRenter - how's fall in Dallas? Are you guys any closer to reaching a decision of returning to the southland or not?</blockquote>


My wife wants to go back to CA. She is looking for a new job there. I can move to a different office with my company to go to CA.



There are a lot of very good things about Dallas, but my wife misses all of the outdoor things to do. Between the lack of topography and the weather, it is more limited in most of Texas.
 
[quote author="SoCal78" date=1255664152]:-S It is painful looking at those beautiful homes. I'm finding the idea of committing my life to an ugly Irvine stucco box more & more difficult to accept. The Dallas area definitely has some beautiful homes, even homes that may not be considered a historic area - like Plano? - has some beautiful houses (or should I say "estates" - they are mansions compared to this area.)</blockquote>


You can get some stunning things in Dallas for pretty reasonable prices. At the high end, the exact same number of bedrooms, square footage, and a larger lot will cost less than half as much here. It's pretty easy to find a nice 3br house on 1/4 acre in a good neighborhood for $400,000. Astonishing homes on 1/2 acre can be gotten for about a million.



A good example of what you can get for about $750k ishttp://www.sawbuck.com/property/Dallas_Metro/Dallas/Preston_Hollow/1517749-4227-Northaven-Road

<img src="http://img2.sbck.us/listings/1/517/749-10720537-listing.jpg" alt="" />





If you go just north of Dallas to Plano, you get slightly lower prices and a very good school system.
 
I drive through Highland Park on my way to work. Nice homes, though many of them are pre WWII. They are in a different school district from Dallas, and tons of people with money move there so they don't "have to pay $20k a year" per child for private school.
 
[quote author="SoCal78" date=1255664152]:-S It is painful looking at those beautiful homes. I'm finding the idea of committing my life to an ugly Irvine stucco box more & more difficult to accept. The Dallas area definitely has some beautiful homes, even homes that may not be considered a historic area - like Plano? - has some beautiful houses (or should I say "estates" - they are mansions compared to this area.)</blockquote>


Dallas, and many surrounding cities, have some great older homes. We looked in Plano, but didn't care for the "keep up with the Joneses" mentality. Plus, at the time we were looking, it was out of our price range.



Depending on where you want to/need to live, there are plenty of areas in SoCal that do not adhere to the OC "stucco box" norm, thankfully.



For example, <a href="http://www.redfin.com/CA/Ventura/1772-Poli-St-93001/home/4390881">this place</a> really caught our eye, but it's out of our price range by ~$200k or so (common problem, we're finding ;)).



<img src="http://media.cdn-redfin.com/photo/53/bigphoto/181/90010181_0.jpg" alt="" />



<img src="http://media.cdn-redfin.com/photo/53/bigphoto/181/90010181_4_0.jpg" alt="" />



<img src="http://media.cdn-redfin.com/photo/53/bigphoto/181/90010181_5_0.jpg" alt="" />



Hardly a stucco box, lots of charm and character, excellent location, good schools, great views. We've driven through various parts of LA over the past ~9mos, and found similar homes.



I'll second the point that kids grow up fast.....our youngest started HS this year. Wow, time flies.
 
Here is an interesting example of how Texas and California are moving in different directions. Today Texas voters passed a proposition (Prop 4) to take seven universities to tier 1 research status. That will give Texas 10 tier 1 universities, one more than CA. http://ballotpedia.org/wiki/index.php/Texas_Proposition_4_(2009)



I spoke with someone who works with these universities. They were already heavily recruiting from CA universities. Now they will be able to get more professors and teaching assistants who want higher pay, lower taxes, lower living costs, and a growing department and budget.



And what about CA? Well, it just so happens that the Chairman of CSU gave a speech on this today.



California's higher-education debacle,http://www.latimes.com/news/opinion/commentary/la-oe-bleich4-2009nov04,0,1193621.story

Watching the decline of the California State University system from within its boardroom mirrors the erosion of the California dream.



For nearly six years, I have served on the Board of Trustees of the California State University system -- the last two as its chairman. This experience has been more than just professional; it has been a deeply personal one. With my term ending soon, I need to share my concern -- and personal pain -- that California is on the verge of destroying the very system that once made this state great.



I came to California because of the education system. I grew up in Connecticut and attended college back East on partial scholarships and financial aid. I also worked part time, but by my first year of grad school, I'd maxed out my financial aid and was relying on loans that charged 14% interest. Being a lawyer had been my dream, but my wife and I could not afford for me to go to any law schools back East.



I applied to UC Berkeley Law School because it was the only top law school in the U.S. that we could afford. It turned out to be the greatest education I have ever received. And I got it because the people of California -- its leaders and its taxpayers -- were willing to invest in me.



For the last 20 years, since I graduated, I have felt a duty to pay back the people of this state. When I had to figure out where to build a practice, buy a home, raise my family and volunteer my time and energy, I chose California. I joined a small California firm -- Munger, Tolles & Olson -- and eventually became a partner. This year, American Lawyer magazine named us the No. 1 firm in the nation.



That success is also California's success. It has meant millions of dollars in taxes paid to California, hundreds of thousands of hours of volunteer time donated to California, houses built and investments made in California, and hundreds of talented people attracted to work in and help California.



My story is not unique. It is the story of California's rise from the 1960s to the 1990s. Millions of people stayed here and succeeded because of their California education. We benefited from the foresight of an earlier generation that recognized it had a duty to pay it forward.



That was the bargain California made with us when it established the California Master Plan for Higher Education in 1960. By making California the state where every qualified and committed person can receive a low-cost and high-quality education, all of us benefit. Attracting and retaining the leaders of the future helps the state grow bigger and stronger. Economists found that for every dollar the state invests in a CSU student, it receives $4.41 in return.



So as someone who has lived the California dream, there is nothing more painful to me than to see this dream dying. It is being starved to death by a public that thinks any government service -- even public education -- is not worth paying for. And by political leaders who do not lead but instead give in to our worst, shortsighted instincts.



The ineffective response to the current financial crisis reflects trends that have been hurting California public education for years. To win votes, political leaders mandated long prison sentences that forced us to stop building schools and start building prisons. This has made us dumber but no safer. Leaders pandered by promising tax cuts no matter what and did not worry about how to provide basic services without that money. Those tax cuts did not make us richer; they've made us poorer. To remain in office, they carved out legislative districts that ensured we would have few competitive races and leaders with no ability or incentive to compromise. Rather than strengthening the parties, it pushed both parties to the fringes and weakened them.



When the economy was good, our leaders failed to make hard choices and then faced disasters like the energy crisis. When the economy turned bad, they made no choices until the economy was worse.



In response to failures of leadership, voters came up with one cure after another that was worse than the disease -- whether it has been over-reliance on initiatives driven by special interests, or term limits that remove qualified people from office, or any of the other ways we have come up with to avoid representative democracy.



As a result, for the last two decades we have been starving higher education. California's public universities and community colleges have half as much to spend today as they did in 1990 in real dollars. In the 1980s, 17% of the state budget went to higher education and 3% went to prisons. Today, only 9% goes to universities and 10% goes to prisons.



The promise of low-cost education that brought so many here, and kept so many here, has been abandoned. Our K-12 system has fallen from the top ranks 30 years ago to 47th in the nation in per-pupil spending. And higher education is now taking on water.



At every trustees meeting over the last six years, I have seen the signs of decline. I have listened to the painful stories of faculty who could not afford to raise a family on their salaries; of students who are on the financial edge because they are working two jobs, taking care of a child and barely making it with our current tuitions. I have seen the outdated buildings and the many people on our campuses who feel that they have been forgotten by the public and Sacramento.



What made California great was the belief that we could solve any problem as long as we did two things: acknowledged the problem and worked together. Today that belief is missing. California has not acknowledged that it has fundamentally abandoned the promise of the Master Plan for Higher Education. And Californians have lost the commitment to invest in one another. That is why we have lost our way in decision after decision.



Today, everyone in our system is making terrible sacrifices. Employee furloughs, student fee increases and campus-based cuts in service and programs are repulsive to all of us. Most important, it is unfair. The cost of education should be shared by all of us because the education of our students benefits every Californian.



We've gone from investing in the future to borrowing from it. Every time programs and services are cut for short-term gain, it is a long-term loss.



The solution is simple, but hard. It is what I'm doing now. Tell what is happening to every person who can hear it. Beat this drum until it can't be ignored. Shame your neighbors who think the government needs to be starved and who are happy to see Sacramento paralyzed. We have to wake up this state and get it to rediscover its greatness. Because if we don't, we will be the generation that let the promise for a great California die.



Jeff Bleich is the chairman of the Cal State University Board of Trustees and most recently served as special counsel to President Obama. This is adapted from his speech to the board."
 
Well, top rate universities don't come for free. Californians don't want higher taxes to pay for them. Texas has the advantage of lots of oil, so they can keep their taxes on other things low. California can't do that.
 
[quote author="Geotpf" date=1257464545]Well, top rate universities don't come for free. Californians don't want higher taxes to pay for them. Texas has the advantage of lots of oil, so they can keep their taxes on other things low. California can't do that.</blockquote>




huh? texas *taxes* oil extraction to pay for higher education. In california, just this summer, the republicans killed a bill to start taxing oil extraction.
 
[quote author="freedomCM" date=1257474765][quote author="Geotpf" date=1257464545]Well, top rate universities don't come for free. Californians don't want higher taxes to pay for them. Texas has the advantage of lots of oil, so they can keep their taxes on other things low. California can't do that.</blockquote>




huh? texas *taxes* oil extraction to pay for higher education. In california, just this summer, the republicans killed a bill to start taxing oil extraction.</blockquote>


Exactly my point. Texas has lots of oil to tax, so they can tax other things less for the same amount of revenue. California doesn't have (much) oil to tax, so they have to tax other things more, or get less stuff (like fewer universities).
 
[quote author="freedomCM" date=1257474765][quote author="Geotpf" date=1257464545]Well, top rate universities don't come for free. Californians don't want higher taxes to pay for them. Texas has the advantage of lots of oil, so they can keep their taxes on other things low. California can't do that.</blockquote>




huh? texas *taxes* oil extraction to pay for higher education. In california, just this summer, the republicans killed a bill to start taxing oil extraction.</blockquote>
There is a lot of oil around California.



Plenty of blame to go around. IIRC, the repubs squashed a bill that would tax oil extraction, but not allow additional drilling. On the other hand the Dems squashed a bill that would allow an existing oil platform to be used to increase production, and produce $1.8 Billion in revenue to the state's coffers. Repubs supported that one, but <a href="http://www.ocregister.com/articles/drilling-oil-new-2517307-offshore-devore">Dems squash project. </a>



A pox on both their houses.
 
I noticed another difference while putting up some pictures today. In Texas, people use simple screws and nails to hang things. No complex mountings or quake gum. They assume pictures will stay put.
 
[quote author="MalibuRenter" date=1257755170]I noticed another difference while putting up some pictures today. In Texas, people use simple screws and nails to hand things. No complex mountings or quake gum. They assume pictures will stay put.</blockquote>


Earthquake hazard is very low in Texas. This map shows the highest hazard areas in the U.S., primarily along the west coast, but also a spot in southeast Missouri, where some of the largest earthquakes in North America were recorded in 1812. So you trade California's earthquake hazard for the tornado hazard in Texas.
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The quake hazard near St Louis is horrible. Seldom, but the worst in recorded history in the US. The quakes in the early 1800s rang church bells in Boston.
 
I ran across an interesting report yesterday. http://www.rockinst.org/pdf/government_finance/state_revenue_report/2009-10-15-SRR_77.pdf



The Rockefeller Institute has a regular series on state tax collections. It may come as shock to many Californians that there are many other states whose revenue has declined more, but who were able to actually fix their budgets and maintain their credit ratings.



CA has known about its structural deficit for a long time, and about the volatility of its revenue sources. However, a dozen states have had bigger percent declines in state revenues: Alaska, Florida, Arizona, South Carolina, Georgia, Virginia, Utah, Idaho, North Carolina, Nevada, Delaware. So, how much press have you seen about SC, VA, NC, and DE being unable to make cuts or agree on new taxes?



Yep, that's what I thought.
 
[quote author="MalibuRenter" date=1257881934]I ran across an interesting report yesterday. http://www.rockinst.org/pdf/government_finance/state_revenue_report/2009-10-15-SRR_77.pdf



The Rockefeller Institute has a regular series on state tax collections. It may come as shock to many Californians that there are many other states whose revenue has declined more, but who were able to actually fix their budgets and maintain their credit ratings.



CA has known about its structural deficit for a long time, and about the volatility of its revenue sources. However, a dozen states have had bigger percent declines in state revenues: Alaska, Florida, Arizona, South Carolina, Georgia, Virginia, Utah, Idaho, North Carolina, Nevada, Delaware. So, how much press have you seen about SC, VA, NC, and DE being unable to make cuts or agree on new taxes?



Yep, that's what I thought.</blockquote>


Well, we have prop 13. Without prop 13, or even with a more limited version (primary residence only with an income limit, excluding commercial, industrial, rental properties, and second homes), we'd be fine. Since that's not possible, and there's no big oil or gambling revenues to tax, California is screwed.
 
If you live in Dallas, you will note a large number of police officers. They are out patrolling our neighborhood in the evening. Actual police officers in uniform are in many stores. These aren't minimum wage "security" that you often see in other cities.



I haven't been able to figure out the exact story, but it appears that the local police can work in their off hours in full uniform. In terms of actual security, it's like having a larger police force. I think it also must result in far fewer problem in the stores where they are working. Nothing like having the witness be a police officer who can just haul you off.



I am guessing this is a good arrangement for the officers. They would be able to work more hours if they wanted, or not.
 
Posted this on the main blog, but thought it might be interesting here.



I'm buying a condo in Dallas next week (for investment). 20% off of original list, 5% off of most recent list price, 1/3 off of peak. Distressed seller, mildly below recent sale comps.



Aftertax cap rate around 5%. No problem getting it to cashflow. My guess is a slight drop in resale value over the next two years. Maybe 10-15%. Nothing like the (additional) implosion I'm expecting in CA.



By the way, anyone notice anything changing for you personally due to the State's budget crisis?



I saw a rather scary map about CA unemployment today,http://www.sacbee.com/1232/rich_media/1698037.html
 
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