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Best Cities For Singles

Forbes listed Dallas as the third best city where singles can enjoy life.

SHOWTIME! The House That Has Everything, Including A View

To quote Eva Gabor in Green Acres, Cedar Hill Is Where I’d Rather Be… 1225 Sunset Ridge Circle in lovely Lake Ridge, 29 miles west of Dallas, on one of the highest points in Cedar Hill. Erected on almost 2 acres of land, 9202 square feet overlooking a Hill-Countryesque vista, this place is so loaded it might pop — media room, game room with (fully stocked) bar and pool table, exercise room, wrapping and craft room, coffee bars, bev centers, sauna, spa master retreat, pool, putting green, sport court: think of anything, this home has it, and more. Listed by Ebby Halliday’s Hickman + Weber Group for only $3,999,000 — take a look!  

Christopher Wood’s Take On Housing Market

This is a guy who has warned that debt securitization — that stupid loan bundling — would lead to a financial 9-11. I love how we I never hear about these peep before the fall, but what he has to say about U.S. Real Estate is interesting. Like how London, home of the priciest Real Estate in the world, is the next disaster:

“If you told me that I had to choose in the next three minutes whether to buy an apartment in London or New York, I’d be choosing New York every time at the moment. The UK economy is heading for a sharp shock. It just remains to be seen how bad.”

And:

“The US housing market has been like watching a train crash in slow motion. But this is not a housing price bubble, this is a housing finance issue.”

The Joule — Greatest Party This Town Has Seen

(And may see for a while to come. ) Cute Sarah Eveans beat me to posting Friday night’s Joule bash, what can I say, she’s younger, prettier and obvi handles champagne much better. (But I got a photo, from the lady’s bathroom!) Main Street was blocked off, and there was a robed gospel chorus singing to greet us as we stumbled from our autos. Oh wait, that’s just what Sarah wrote. I did see Mr. Scorsese, a short man with enormous eyebrows, and Sarah Ferguson — that diet works — as they left the patio. I also saw and chatted with…

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4512 Isabella: About The Neighbors…

Look at this comment regarding 4512 Isabella, House Porn I posted last week:

“I’ve heard from several well-placed sources that this home is grossly overpriced, even now with its price reduction. Also heard comments about unusual choices, etc. If you zoomed out on that pic, you’d also notice the neighbors homes look like 1970’s ranch houses. Great home if you want to stick out like a sore thumb!”

 I find this a fascinating comment. When we moved into our Hillcrest Estates neighborhood eight years ago, we were surrounded by 1950’s ranches, with the exception of one neighbor’s circa 1980’s home. Today we still have the ’80’s neighbor and the one on the other side, who is hardly ever at home (don’t get me started). We have one tick tacky ranch catty corner that has to go. This home is like Gloria Swanson in Sunset Boulevard  after a plane crash. Once someone’s mid-century modern jewel, she moans for the dumpster. Not only has this home not been loved, it’s been abused — crystal meth, bad tricks. The day that house goes you can all come party chez moi. But I digress: my point is the others are gone. Vamoosh. Two ranches towards Northaven, adios. Ranch across the street, bye bye. More scrapers bit the dust further down the street. My point, which you already know, is that 4512 Isabella is a pioneer. Never mind those 1970’s ranches — unless we are all in bread lines with Warren Buffet and Bill Gates serving up soup, those houses will go eventually.

Glass House Versus The House By Phillipe Starck

Just to be clear, The Glass House is going rental, The House by Starck and Yoo is a Hillwood development in Victory Park that is for SALE and doing quite well, according to David Griffin.

Today, Tomorrow, May Be A Great Time To Get A Mortgage

Because rates are falling. No zero-down loans and if your credit is a mess, wait. But 5, 10, 20 percent down loans are out there at great rates like 6%. The good folks at Keller Williams Turtle Creek told me so this morning, as did the good people from Shelter Mortgage. Now the Mortgage Reports Blog is saying ditto.

Palomar: Repriced, Realistic, Ready to Rock and Roll

This lunch for Realtors only: the Palomar has immediate occupancy and condo prices starting in the $300K’s.

Wall Street Was Hiring Physicists, Creating Financial Exotica: 60 Minutes

Was alerted to this great interview by Scott Pelley with Treasury Secretary Henry Paulson on “60 Minutes” by the good people at Keller William’s Turtle Creek office. You will gasp over this quote from Roger Altman, who was number two at the Treasury in the Clinton administration and now runs an investment firm:

(Quote)     “Altman says one of the biggest problems is uncertainty about how much bad debt Wall Street has hidden away.

“You know I have heard that some of these financial institutions were hiring mathematicians and physicists to write the mathematical formulas that underlied some of these investments, and pretty soon nobody understood what was going on any more,” Pelley said.

“Well yes, a level of financial exotica ensued, which boggled the mind and which almost everyone involved didn’t understand,” Altman replied.

Federal agencies that regulate Wall Street didn’t understand, and neither did the companies that rate the quality of investments.

“You’re telling me that the credit rating agencies didn’t understand these investments?” Pelley asked Altman.

“We had the first instance, at least in my memory, where AAA rated instruments, the highest rating, actually defaulted while rated AAA. Now there’s something wrong with that,” he replied. “

Calling George and Laura: Here’s The Perfect Listing For Your Needs!

We could be neighbors. PS: Great security patrol!

OMG: The Intruder Said He Has Aids?

Good reason, I guess, to get my CHL. What a mess! We’ve got such a huge deductible it probably would not even begin to cover the crime scene cleanup…

Jewelry Theft at Stanley Korshak Valet

You’ve got to wonder if these thieves were trying to find something to wear to the swanky opening of the Joule Hotel Friday night. This is a stone’s throw, of course, from the Ritz residences.

Business Week Says UP Could Be Hit Hard

By the economic crunch… but remember the two most beautiful words in North Texas: Barnett Shale.

This Is Outrageous

Absolutely outrageous. I mean, I’d like to fly first class, too, especially when someone else pays for it! Way to go, Bennett!

Foreclosure in Chi Chi Montclair Parc?

This is a gated community out near Colleyville, 5700 Miramar where a lot of sports stars live – lookie at all the granite you can get for $755,100. ($755,100? That extra $100 is random.) What is the deal with that carpet in the game room?

$700 Billion Bail Out Hammered Out… WaMu Execs Make Out Like Bandits?

They say it all started with housing: low interest rates that were supposed to help more people buy homes. But it wasn’t just low interest rates. It was mortgage brokers and others who saw gaping loopholes in the system and ways to make instant money. Over the weekend I spoke with a Real Estate investor who built condos on the Gulf coast. He told me something I’ve heard whispered at many a cocktail party: mortgage brokers were making upwards of $400K and $500K/year in commissions a year pushing mortgages. (Do you recall, about five years ago, how every other spam email you received was from a mortage broker trying to sell you a new loan or re-fi an existing?) Of course they tried to get everyone “qualified” — that was how they got paid. What a racquet! Stated income loans, no money down loans, 110% equity loans, all around 6% interest rates or lower teaser rates. Everyone with a pulse got a loan regardless of whether they could pay it back or not. Then these shaky, shot-gun loans were “bundled” (whatever that means) and sold as Wall Street “securities” to unsuspecting investors. Us. Now we’ve got to bail out the idiots who conceived this. But wait, they are not idiots: most have MBAs from places like Wharton and Northwestern. And the CEO’s negotiated mega salaries and bonuses and giant severances even if the companies failed! At Washington Mutual,  it appears that the departing execs are going to make out like bandits:

“The WaMu executive with the biggest termination package is Stephen Rotella, president and chief operating officer, who is entitled under his current employment agreement to a cash severance of $12.7 million if he is terminated or quits with “good reason.”

Is anyone else as agitated as I am about this? Bad enough when people get stiffed, worse when the “stiffer” flees with millions in tote. Why don’t the shareholders revolt? Where in the bejesus has Barney Frank been, he is chairman of the House Financial Services Committee? His office sent this press release in July… it should have been out three years ago! (more…)

Burlesque, British Babes, and the Jonas Brothers — The Joule’s Opening Bash

This photo may give you an indication of the way I spent last night — not too clearly. The Joule’s opening party was a fete to end all fetes. More photos downloading after my Advil kicks in. (Let’s just say the Joule staff believes in a bottomless glass.) Unbelieveable food, drink, company. Burlesque in the downstairs bistro every hour on the hour. I parked my hubby with Angie Barrett and ran to the bathroom where I snapped this photo and — entirely missed the three-minute show.

Would You Buy This House?

Let’s say this 10,500 square foot contemporary home (14,000 including porches) was built on a one-acre treed lot on Walnut Hill Lane. Think loaded to the hilt: waterfall in entrance under double stairway, media room, masters, dual laundry, formals, kitchens plural (one for caterers, one for family, one for smelly cooking) bedrooms, baths, closets, elevators, even a room for golf simulation. You have $8 million to blow, would you buy it? Should it be built?

What We Need Right About Now: Great House Porn

And I found it for you: 4512 Isabella Lane, just a short hike west off Lennox Lane which is, as you know, one street west of Strait Lane where you-know-who lives….and you-know-who will probably soon live. This home is a refreshing change from the boring McMansion hum drums: there are, don’t faint, no turrets, no rock, no Country-French pickled cabs. The huge windows view the 1.07 acre lot without dust-catching mutton bars. (Usually I’m a traditional girl, but getting daring, way more contemporary in my old age.) The builder, South-African-born Simmie Cooper, calls it “transitional”; this house just rocks and is sexy to boot. (Can I please have a few hours alone with my husband in that master tub? Dim the lights…) Porcelain floors and shoe molding/wall trim, even both stairways are porcelain. There’s the usual humidor/wine room all visible, show-offable, a knock out theatre and ballet/exercise room upstairs, upper and lower laundry rooms, venetian plaster walls, lacquered mahogany, and the coolest kitchen I’ve seen east of the Rockies: lacquered striped mahogany, stainless steel, double everything — microwaves, ovens, fridge, dishwashers. Miele coffeebar — doesn’t everyone have one? We will forget the fact the kitchen is German-designed now that the nation who produced Hitler says we are no longer number one economically. Outside, glass-mosaic pool, huge travertine entertainment area with fireplace and grill, your 12,220 square foot urban utopia for $5,988,000. Agents: Francesca Allegra, Alex Perry, Kari Schlegel for Allie Beth Allman & Associates.

NoTaxpayer Hotel Petition

Ah ha, I found it! Seems we are a house divided — my husband wants to sign the petition, I am leaning towards the hotel. I do have several concerns:

-The hotel budget is $400,000,000 and I have never known a builder to fall within budget. What’s the real budget? Funds tucked away for change orders and cost over-runs? What do we do if the price of copper triples before we even break ground?

-Why is our budget so short of money when we have more people moving into Dallas than ever and moving into some pricey cribs. For example, Terrell Owens owns 2 units at The Azure. We have more people living downtown than ever  — but we need to cut-back services?

-Why has the Appraisal District raised property taxes during an erstwhile flat appreciation year and what bull story will we hear from them next year after the Wall Street Drama of late? Your home is worth $30,000 more this year. Of course, no one can obtain a mortgage to buy it, you may have to lower the sales price to move it but still, we are taxing you on what it would have been had the bubble never burst.

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Dallas Convention Center Hotel: We Need It Like Last Week

I did not receive a mailer about the proposed Convention Center last week — or if I did, I missed it. However, I do think we need this hotel and the resultant business. Property taxes, let’s face it, are never going to spiral downward I don’t care how much our property values plummet. Now we have people buying renting downtown, get my drift? Thus I’m sharing this from a reader and neighbor:

“You may have been surprised like I was this past week to receive a mailer regarding the building of a Dallas Convention Center hotel which included a request to sign a petition to demand a taxpayer vote. If this is not an issue with which you are familiar, then the mailer may well have caused you to have grave concern about the leadership of our city council and the direction they are headed with this hotel.

 A press conference was held today at City Hall which set the record straight regarding the “myths” (that’s being kind) that were stated in the mailer. Presuming that you did not hear that press conference, I ask that, before signing any petition proposed by the opponents sending the mailer, you please visit http://www.buildthehotel.com/ to learn more about this critical issue.

 Obviously this is an issue with which I am very familiar and adamantly support. Dallas desperately needs this convention center hotel. It is long overdue.

 Again, I encourage you to visit the website to learn the facts. I would also welcome your phone calls if you have questions or would like to discuss what is at stake.

 Best regards and thank you for your consideration,

 Laurie Sprouse”

Conversation With A Home Builder

The cover story in this month’s Conde Nast Portfolio is a must-read: Bob Toll, mega builder and founder of Toll Brothers, a Pennsylvania-based luxury home builder that reported nearly $16 billion (yes, billion) in revenue during the boom. The article says that between December 2004 and September, 2005, Toll made $323 million by selling company stock shares, those sales now part of a federal shareholder lawsuit. Anyhow, I talked to a Dallas home builder yesterday who is mulling the construction of a 10,000 plus square foot contemporary home on a one-acre lot in Preston Hollow. In other words, a serious spec home done up right — no corners cut. He is concerned that the current economic climate may not be conducive to selling such a home. What do you think, is the party over? Is it time to go home to our 1500 square foot apartments?

The $15 Million Dollar House Is Now, Um, $17,500.

And listed apparently with Allie Beth Allman. Yes, I wrote about this house for a past issue of D Magazine and y’all stay tuned — we are going over to video Thursday.

Why is it higher? Now there’s a Realtor involved and… price of fuel? I’ll ask them!

Addendum: It is $17,500 million. Sorry folks, I am a one-woman show here and was running to meet a builder in East Dallas. Yes, I fell for the old trick many of you do, too — glanced at the graphic pulled through Allie Beth and assumed she had the listing! (Allie Beth has all the great listings in Highland Park!) I even called Doris Jacobs en route to East Dallas but her voicemail was full!

Addendum II: Geeze, it’s been a rough day: $17.5 million. What. Ever.

We Told You Artificial Flowers Are Out Of Style

And maybe that had something to do with the demise of Home Interiors?

Home Sales & Prices Drop Nationally

According to today’s NAR report, but I don’t think a ten percent drop from August 2006 is all that bad, actually. Our local market continues to weather the storm, agents tell me. What do you think?