4300 Rheims Place

I have been playing with new tools that enable me to post multiple photos while trying to confirm the owner of this property. (Click on the photos to make them larger — cool, eh?) According to DCAD records, it belongs to 4300 Land Venture LLC and the deed transfer date was May 7, 2008. I snapped these pics of the tear-down on May 16. And of course everyone was up in arms about it. Everyone. But you know, I’m kind of a new house gal myself and I would really love to talk to the new owner, who sources tell me is Mack Pogue, founder of Lincoln Property Company and patriarch of one of the most charitable and giving families in town. I called his office to ask if I can get some details on what he’s planning on building and tell him I am dying to know who the lucky architect is. (No call backs, can you blame?) Dare I suggest we quit crucifying these people for the tear down and wait and see what they plan to create? I may be chairing an event soon and would really love a great house for a party…

FBI Arrests For Mortgage Fraud

Thanks to Eric Celeste, here’s the DBJ article naming those nabbed by the G Men for mortgage hanky-panky. I think they deserve some credit for creative names and invigorating websites: Eric Rulack Farrington Jr., of Irving, president of Prestige Capital Corp., DBA Farrington Mortgage Group, Farco Construction Inc., and EFC Investments LLC, and DBA EFC Management Co. gives (gave) what looks like some zesty motivational speeches on how to be a millionaire despite keeping up with all those forms he had to fill out to the Secretary of State’s Office. Edwin Terrence Bell’s “The Togetherness Group” sounds very touchy-feely — and Second Chance Mortgage????

Coming To Preston Center: First High-Rise With A (Bank) Drive-Through

TerraNova. Nine stories to be exact, 42 homes, and the drive-through will be subtly integrated into the design because Gerald Hines bought the property from Chase Bank (did that little sale help fund the Bear Sterns purchase?) at the corner of Douglas and Weldon Howell, across from 8181 Douglas. Signs went up yesterday in the rain. Kyle Crews ,Vice President with Allie Beth Allman, is marketing this boutique property for the developer, Randall Davis of Houston. Chase insisted their drive-through presence be maintained, smart move– it may net them more high-end clients who can drive through the bank on their way home! Expect, gorgeous high-end condo homes that “will turn a lot of heads in Dallas,” says Kyle Crews. In fact, since the sign went up yesterday, he’s received more than a dozen phone calls. (Hint: high profile physicians who beautify Park Cities residents and have offices in the area are very interested.) New construction, high ceilings, high end everything, underground parking, valet, concierge, 1800 to 3000 square feet (floor plans and square footage still being determined) prices from $700,000 to $3 million-ish for the penthouse. Design will be old world Italian, Mediterranean, sales center to open this fall. A $5000 deposit secures placement in the First Choice Club which entitles you to a $50,000 discount off the price of a Terra Nova home. Wow — wonder if that’s anything like the First Wives Club...

Could Fuel Crisis Spur More Downtown Residential Growth?

Alan P. McDonald, Senior Managing Director over at INCAP Fund, says yes. And I’m sure many other downtown developers feel the same way. Museum Tower had a “salon” event Wednesday evening with artist Dan Rizzi, and now the folks at REAL Trends, Inc. say high fuel prices just may be a giant nail in the suburban growth coffin.

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Mortgage Fraud In Dallas?

Wonder if any of this is local? I know a Realtor told me she had to testify in an FBI probe of one home buying scheme where the buyers got a loan, took out a ton of money over and above the sales price to fix the home up, then skipped town with the money never to be heard from again. It is, of course, idiots like that (my opinion) who ruin it for the rest of us when we want to buy a house and grab an extra $15,000 in the mortgage to replace hot water heaters and paint. Opinions? Knowledge? PS: Bear Stearns? Wouldn’t touch that with a 22 ft. pole…

Are You Taking Too Many Meds?

The headline for this story made me laugh because the answer is, of course, yes, if you are in the Real Estate biz! Me, take away my cell phone and I almost need Thorazine.