Attention Shoppers: Blue Light Special, Corner Mockingbird and Central Expressway
An agent tells me that the folks selling the Palomar have lowered their prices to a point where the units may be moving or at the very least, getting a lot of attention:
“Major price slashing in the last week at the Palomar Residences. They were grossly overpriced from the start and haven’t been selling, so maybe this will start the ball rolling. Some of the more expensive condos have been cut by 30% or more, like a $1,315,000 unit that is now $880,000. The hotel seems to be doing well and is getting very good reviews, but the developer seriously overestimated the condo prices that this location could achieve. The current $250/sq.ft. is much more appropriate than $400.”
My question: who’s financing them?
12 Comments to “Attention Shoppers: Blue Light Special, Corner Mockingbird and Central Expressway”
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my question: how are the agents representing the developer making any money? They’ve been there for what, 2 years now?
Is it pretty safe to say that “phase II” of the deal is dead? that might help sell some of that building…knowing the alleged million-dollar views wouldn’t be blocked by another Palomar “tower.”
What they should do now is build a parking lot or small parking structure for visitors and guests. That will help alleviate current issues, as well as allow for new tenants to bring in their customers without parking being an issue.
Yeah, makes sense.
$400+ SF is Azure money. The Palomar corner is a tough one to live at, especially with the fools that run the right turn red light/yield off the North side of Central.
It’s a beautiful building but you’re risking your life trying to walk across the street w/o getting hit.
If I remember correctly, there is a parking garage underneath the property. It had enough room to house an auto show back in the ’70s. It was accessible from the Northeast corner.
Beautiful building? What building you looking at Michael?
I’ve always wondered how the people living there handled the traffic on the access road and all the restaurant/hotel/valet crazies driving through their parking lot. If there isn’t a secret back entrance, I would never consider buying there. I noticed a “Welcome SMU Parents” banner out there the other day - I’m sure that’s a target market, especially at the lower pricing. The original pricing was insane.
Well first off, #1 Why would you block the most famous Penthouse view of Downtown Dallas aka (Harpers Corner) to build a tower next to it blocking the view. The only way you can see downtown is by walking to the furthest window to the east and leaning really really hard to the left to capture a glimpse of some of the buildings…booh. Try matching the exterior brick from the original building. Former Architech from the Swank group i believe. Should of left it alone…Ghosts and all…We miss you Bob Hope.
My bad the description is an actual physical walk (Which I personally did) in the vacant stripped down old Harpers Corner that was selling for 2mil? I am sure it has been reduced. Should of put a cool bar up there once again…so the elite could play and play and play!
I live here at the Palomar and what is funny is that I do not recognize any of the bloggers names as residents. I for one really enjoy the location. It is central to just about everything and the amenities offered especially being connected with the Palomar Hotel make living here an absolute joy. Parking issues that are often talked about is a myth. There is plenty of underground parking and complimentary 24/7 valet service for condo residents and their guests. One can not get a better deal and value added amenities anywhere and the staff is excellent. I suggest you come out and tour the facility to see what I mean.
Gateway Capital did this deal. Didn’t work very well. They also did the W in Victory Park, where the problems are becoming very evident. Apartment guys trying to do luxury condos - it hasn’t gone very well.
$250 to $300 PSF seems about right for the quality of the product and the location.
Oh, and it’s an “ugly” building.