DallasREALTOR: The latest news from the real estate market in the Dallas-Fort Worth area! Contact me at: (405) 740-1493 for all of your real estate needs!!!
Thursday, October 7, 2010
Sunday, October 3, 2010
Friday, October 1, 2010
Tuesday, September 28, 2010
Monday, September 27, 2010
Tuesday, September 21, 2010
Friday, September 17, 2010
Thursday, September 16, 2010
Drug Dealer's Mansion In Dallas Area Goes On The Auction Block!
By LEIGH MUNSIL / The Dallas Morning News
lmunsil@dallasnews.com
ARLINGTON – A mansion with a checkered past is hitting the online auction block next month, drawing as much interest for its proximity to Cowboys Stadium as its role in a North Texas drug case.
You'll need a pre-bid of $50,000 just to take part in an online auction for a drug dealer's mansion in Arlington. The auction will begin Oct. 5, with a starting bid of $1.5 million.
View larger More photos Photo store Appraised at $3.7 million with a yearly tax bill of $50,997, the four-story home is in a gated community in southwest Arlington.
The property was seized after the 2005 arrest of its owner, Rakesh Jyoti Saran, in the U.S. Drug Enforcement Administration's Operation CYBERx, which targeted more than 22 illegal Internet pharmacies.
Realtors say it's beautiful, and affordable, considering its size and location.
"The Super Bowl is coming in February, and it's just a hop, skip and a jump from that location," said Jenny Lynch, spokeswoman for Bid4Assets.com, the company organizing the property's online auction.
According to reports, the drug dealers arrested in the operation took orders for prescription drugs online and then shipped them to people across the country, raking in an average profit of more than $50,000 a day.
Saran pleaded guilty to one count of conspiracy to commit health care fraud, two counts of mail fraud, one count of conspiracy to distribute controlled substances and other federal offenses. In December 2009, Saran was sentenced to serve 12 years in federal prison and ordered to pay $68 million in restitution for his involvement in the scheme.
As part of his plea agreement, Saran forfeited the custom home, which was under construction in Arlington. It was sold by the U.S. Marshals Service in May 2008 to Austin investor HS Panorama, LP for $1.2 million.
After acquiring the house in 2008, the buyer spent about nine months fixing up the property.
"Because it sat vacant for two years, it was pretty beat up," said Jamie Adams, principal and founder of Adams & Company Real Estate.
The seven-bedroom, eight-bathroom and four half-bathroom home at 2324 Panorama Court sits on 2.6 acres overlooking the Rush Creek greenbelt. It has now been restored to a livable condition.
The home was designed by Arlington architect Don Wheaton. Some of the amenities leave traces of its almost-owner, such as a nursery adjacent to the master bedroom built because Saran's wife was expecting a baby. A three-panel landscape mural in the master bedroom entryway was painted by an artist who Saran flew in from Italy to do the job. The house also features an indoor pool, a home theater and heated marble tile throughout.
The residence has been listed for about 440 days. Though Adams said he received some acceptable offers, it turned out they weren't from qualified buyers.
"Unfortunately in today's market with these kinds of homes, you have a lot of people that come out of the woodwork that are more dreamers than doers," Adams said.
The online auction will begin on Oct. 5. A pre-bid of $50,000 is required, with the starting bid set at $1.5 million. But Adams said he hopes it will sell for somewhere in the high $3 millions.
The condition of the real estate market makes that price tag a bargain, because the 22,000-square-foot mansion would cost between $5 million and $6 million to build, he said.
"It's probably, if you look at it, one of the top 10 largest homes in Tarrant County," Adams said. "You're not going to find a better deal."
Saturday, September 11, 2010
Tuesday, September 7, 2010
Wednesday, August 25, 2010
Tuesday, August 24, 2010
Friday, August 20, 2010
Thursday, August 19, 2010
Wednesday, August 18, 2010
Thursday, August 12, 2010
Saturday, August 7, 2010
Scam "Homebuyer"
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| Steven Breed |
By TARYN LUNA / The Dallas Morning News
tluna@dallasnews.com
A former Frisco schoolteacher and minister was arrested by Collin County sheriff's deputies Thursday in the latest in a slew of run-ins with authorities.
Steven Breed, 53, is being held in the Collin County Jail without bail after he was picked up on a probation violation charge, authorities said.
In mid-July, Breed had posted $1,500 bail and was released after he was arrested on allegations that he posed as a potential homebuyer and stole $1,500 in jewelry as a real estate agent gave him a tour of a Frisco home.
In April, he was sentenced to five years' probation for a 2009 felony credit card abuse charge in Collin County.
Most of Breed's charges stem from incidents north of the Dallas-Collin county line, but he's also notorious among real estate agents who show upscale homes in Highland Park and Preston Hollow.
Loryn Lamonte, a Realtor with Dave Perry-Miller and Associates at Preston Center, said she was shocked when she saw Breed's picture in an e-mail warning from a co-worker in her Highland Park office in May.
"I opened it up because I was sending the warning out to all of my associates, too, and I thought, 'Oh my, I just showed him a house,' " she said.
Lamonte and another agent had shown Breed the same North Dallas home three times that month. The e-mail told agents to watch out for Breed because his criminal calling card was to steal from homes when left unattended.
"He kept coming back for that reason, acting like he really wanted the house and saying it was perfect for him," she said.
Lamonte said she never picked up on anything particularly strange or off-putting about Breed, but that she never lets anyone wander in a house alone.
The Fort Worth Star-Telegram reported that Breed was the main suspect in an April case in Highland Park where $20,000 in jewelry was stolen. He was also been suspected of crimes in Fort Worth, Plano, Allen, Frisco and Melissa, according to the Star-Telegram.
Open House in University Park
I'm holding an Open House tomorrow 8/8/2010 at 2824 Dyer St. in University Park. It goes from 1pm to 3pm. Come by and look at a great piece of property in an ideal location! If this isn't the home you're looking for... of course... I bet I can find you a home that will be the perfect fit!
Wednesday, August 4, 2010
Pregnancy can keep you from getting a home
Just read an article in today's Dallas Morning News. Maternity leave can keep couples from landing a mortgage according to an expert. Mortgage lenders are taking a harder look at prospective whose income has temporarily fallen while they are on leave, including new parents at home taking care of a baby. Even if a parent plans on returning to work within weeks, som lenders are balking at approving the loans.
Real Estate rebounding in Dallas Area
The biggest gains were in the Oak Cliff and Westlake areas. The homebuyer tax credit is being attributed to some of the gains. But take a look at the interest rates now. The have been holding around 4.56%... that's the lowest they've been in 50 years. That's great news if you're looking to buy!
For all of your real estate needs, contact me at:
(405) 740-1493
charles.bassett@cbdfw.com
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