Dallas Bank Owned Properties

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Dallas is ranked ninth in size among all the cities in the country.  It spans five counties, Rockwall, Dallas, Collin, Denton and Kaufman. Its population in 2010 was around 1,200,000 and if you include its metropolitan area – ranked at number four in size in the country – there are 6.5 million residents.

Dallas was founded in 1841. It is an important business center, home to the headquarters of some of the most important companies in the world. It has a diverse economy, with a strong commerce and banking base and important bastions in almost all areas of technology, such as communications, computers and energy. It has no port to the sea; it became important due to being a center for oil and a major part of the cotton industry. It is positioned on several strategically important railroad lines. Dallas has continued this transportation tradition with the Dallas/Fort Worth International airport. This is one of the most important, biggest and busiest airports in the world.

Dallas is under constant development and a clever investor could find great moneymaking opportunities here. Some neighborhoods, like West Texas and Whispering Oaks have shown an amazing increase in price in the past year. In the case of West Texas, this was an increase of more than 100%, while in the case of Whispering Oaks it was of 81.2%.

Apart from these two neighborhoods, there has been a slight downward trend in home prices in Dallas. There are around 1,900 houses in some stage of foreclosure at any given time. The average home in Dallas sells for around $400,000. The most popular neighborhoods, due in no small part to their strong school districts (in particular the many private religious schools in the area) are Preston Hollow and Oak Lawn, averaging at $715,000 and $565,000 respectively.

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Introduction to Dallas

Nicknamed “Big D”, Dallas is the third largest city in Texas and the ninth largest city in the United States. It’s part of the Dallas-Fort Worth metropolitan area which is also the largest metro area in the South and the fourth largest in the United States. With a population of 1.2 million, the city is the biggest economic center in its metro area. In 1841, Dallas was founded and in February of 1856, it was officially incorporated as a Texan city. The Caddo Native Americans originally inhabited the city, but were driven out in the 16th century when the Spanish claimed the land. The Spanish had control of Dallas until 1821 when they lost it to Mexico. In 1845, the United States took control of Texas and initiated it into the Union. Dallas became a legal U.S. city in 1871. During the Industrial Revolution in the late 19th century and early 20th century, Dallas became a major industrial city. With a previous economic system based on farming and ranching, by the start of the 20th century, Dallas was a leader of drug, jewelry, book, and wholesale liquor production. It also became a known trading center for grain, cotton, and agriculture. Thanks to the oil boom, Dallas prospered during the Great Depression. It was also a heavy manufacturing center during WWII. During the later part of the 21st century, Dallas also experienced substantial growth, mostly thanks to the technology industry. As of 2011, it’s one of the most economically prosperous cities.

Living in the City

Since Dallas is so large, it’s split up into many different neighborhoods, districts, and communities. The major districts are: Downtown Dallas, East Dallas, Old East Dallas, Lake Highlands, North Dallas, Far North Dallas, Northwest Dallas, Oak Cliff, Kessler, Redbird, Oak Lawn, Pleasant Grove, South Dallas, and West Dallas. There are many distinct neighborhoods in these districts as well. As a city, Dallas is brimming with culture and it’s a very exciting city to live in. While Dallas is known for many things, it’s famous for its cuisine, notably its barbeque, Mexican food, and Tex-Mex cuisine. Its sports culture is also widely known, with the prominent teams being the Dallas Cowboys, the Dallas Stars, the Texas Rangers, and the Dallas Mavericks. The city also contains 406 parks on around 21,000 acres of land that use 17 different lakes that make up 4,400 acres of water. Fair Park, which is Dallas’s most prominent park, hosts many events throughout the year, the most popular being the State Fair of Texas. Dallas also has a variety of museums and entertainment venues throughout its districts, such as the Dallas Museum of Art, the Morton H. Meyerson Symphony Center, the Dallas Contemporary, the Dallas Children’s Theater, the AT&T Dallas Center for the Performing Arts, the Winspear Opera House, and the Dee and Charles Wyly Theatre. It is also connected to various interstate highways, mainly I-20, I-30, I35E, I-35W, I-45, I-635, and I-820. Its transit system offers bus, rail, and HOV lanes for commuters and residents.

Job Opportunities

Dallas’s original economy was based around farming and ranching. Currently its economy is sustained through telecommunications and technology. Dallas has over 5,700 companies located in Dallas, making it a commercial epicenter. Most of the companies in Dallas are located in the Dallas-Fort Worth Metroplex, which has the largest concentration of publicly traded corporate offices in the country. The Dallas-Fort Worth Metroplex contains 2 Fortune 500 companies and the rest of the Dallas area contains 12 Fortune 500 companies. Texas Instruments is one of the major employers in the city, with 10,400 employees at its corporate headquarters. Other companies include ExxonMobil, Southwest Airlines, RadioShack, Neiman Marcus, American Airlines, 7-Eleven, AMS Pictures, Brinker International, Mary Kay Cosmetics, ENSCO Offshore, Chuck E. Cheese, Fossil, and Zales. About 24.03% of the Dallas population currently work in the sales and telecommunications industries, 17.86% work in professional industries, 15.86% in service positions, 12.83% in the business or finance industries, 15.80% in manufacturing and transportation, 14.11% in construction and maintenance, and 0.17% in farming and agriculture. Currently the unemployment rate in Dallas is 8.60%. However, the city has seen a job growth rate of 1.46% over the past year and there is a 34.32% chance of potential job growth in the coming ten years.

Real Estate Market

The real estate market in Dallas has declined significantly over the past decade. Many of the neighborhoods that had been popular at the beginning of the 20th century have disappeared or become abandoned. The average price per square foot is $59 which is a decrease of 15.7% as compared to 2010. The average sales price for a home is $69,178 which is a decrease of 17.7% and $14,901. In the past year the number of completed home sales decreased by 50.6%. The average listing price for a home is $456,184 which is a decrease of 0.7% and $3,118. The popular neighborhoods are Preston Hollow, Oak Lawn, North Dallas, “M” Streets, and Far North Dallas and the average listing price for homes in those locations is between $313,666 and $717,831. Currently, the median home cost in Dallas is $126,400 with a home appreciation rate of -1.97%. Close to 40.87% of the population owns homes in Dallas, 9.70% of the homes on the market are vacant, and 49.43% rent homes, condos, or apartments. In Dallas, the average price of rent for a studio apartment is $650 - $750, a one bedroom is $750 - $950, a two bedroom is $960 - $1,100, a three bedroom is $1,200 - $1,400, and a four bedroom is $1,300 - $1,500.

Weather

The climate of Dallas is humid subtropical. In the summer, the weather is generally warm and dry with an average temperature of over 100 degrees Fahrenheit and humidity that can reach 115 degrees Fahrenheit. The summer climate in Dallas is one of the hottest in the United States. The winter is noticeably milder, and the season’s average temperature is around 55 to 65 degrees Fahrenheit. The normal winter temperature low is around 36 degrees Fahrenheit. The city receives about 77 days of precipitation a year, with an average of 36 inches of rain and 2 inches of snow. There are close to 234 days of sun with a UV index exposure of 5.7. Since Dallas is situated near Tornado Alley, it does occasionally suffer from tornados. One of the primary concerns of residents with real estate in tornado areas is the construction of a safe room. Most houses in the area will already be situated with a strong and secure building foundation. If you’re building one from scratch, you can choose any room in the basement or on first floor of your house. The main thing you have to worry about is whether or not debris will penetrate the ceiling and whether the walls are reinforced. To reinforce the walls, just make sure that when you’re pouring the concrete, you double the amount.

Cost of Living

The cost of living in Dallas is expensive. While not as expensive as other American cities, it still ranks pretty high in terms of living expenses, the real estate market, utilities and amenities, and average salaries. Currently, the average salary for a household is $40,147 while the average salary for a family is $42,670. Men make an average salary of $32,265 whereas women make an average salary of $32,402. The per capita income for Dallas is $25,904. Around 21.7% of the population is below or at the poverty line and 14.64% of the population earn less than $15,000 per year. Additionally, another 12.44% of the population earns between $15,000 and $25,000 and 13.51% earn between $25,000 and $35,000. Texas has the second lowest credit score average in the country, ranking at 670 compared to the national average of 692. Dallas also institutes an 8.25% sales tax and a real estate tax of 1.78%. There is no income tax.