D

The Travis at Katy Trail –Bustier Explained, LeCorbusier To Blame

I am just so dumb! Now it all makes sense — the outfit, the mood, the corridors. Wonderful Kyle Crews and team from Allie Beth Allman called to alert me to the fact that the corridor configuration that so confused me last night at the Travis At Katy Trail — it was NOT the Sake — was inspired by Le Corbusier, who designed many pre-war Parisian apartments that way. The homes inter-lock like bottles in a rack with common corridors every third level, resulting in a building that is less expensive to maintain. The Travis was built this way, originally as a condo hi-rise by GDA Architects, but the original developer, Robert Shaw, opted to lease rather than sell them. So what is on the market now is two-story condos that were built as two-story condos, just leased out. And of course, DUH, that’s why there were these lovely young ladies around last night in scantily clad, um, outfts. Bustiers. I get it!

(I’m just glad my husband stayed home.)

Update: The  furnishings and Chance Handbag Trunk Show started last night goes on today, Friday, Saturday and Sunday, 1-5, at The Travis.

Dallas Real Estate Round Up: Bottomed Out, Getting There or Way to Go?

Residential Strategies’ Ted Wilson tells Steve Brown we are close, all depends on how much inventory gets sucked up… which depends on the credit market, MAYBE extension of the first time home-buyers tax credit, though that sure has not helped the higher end market. But the story outside of Texas continues to rain doom and gloom: in 2005, about 1.25 million homes were destined for foreclosure. Now an analyst has set the number at 7 million, using data from the Mortgage Banker’s Association. Look at this:

“Ms. Goodman uses data from the Mortgage Bankers Association to estimate there are 55.9 million American homes with mortgage debt. She notes that at the end of the second quarter, an MBA survey found that more than 13% of single-family home mortgages were at least 30 days delinquent or in foreclosure.

Then Ms. Goodman looked at “cure” rates, the percentage of delinquent loans that return to current status. Those cure rates lately have been puny. The report assumes that about 99% of loans that are 90 days or more overdue will result in homes lost to foreclosure. The assumption for those 60 days or more delinquent is that 96% are toast, and for 30 days or more, 72%.  All in all, she estimates that 12.4% of the mortgages outstanding as of June 30—representing about 7 million homes—are going to end up changing hands on the courthouse steps.”

Thought: using 1.25 million during the peak of the real estate boom may not be the greatest of benchmarks, however: 7 million homes in foreclosure is almost mind-boggling. That’s like one whole city the size of Chicago of foreclosures!

Dallas Real Estate: Haute Night at the Travis at Katy Trail

Whoa, see what I mean? A great hot crowd Wednesday night for the debut of The Travis at Katy Trail Condominiums, the one-time apartments converted into condominiums by a Canadian developer, acquired by Hall Financial Group earlier this year. The space has been reconfigured somewhat — larger, lighter & brighter lobby, expanded fitness facility, and re-vamped units decked out by Dawn West Interior Design, Baron and J, Minivir, Jesica Sharp Designs, Rachel Dauphinee, Abi Ferrin, and Geoffrey Henning. Really interesting building: I was a little confused by the hallway configuration, but impressed with all the designers work. The price is right for these units, starting at less than $300,000 though the 3600ish penthouse is available for $700,000. I’m told four sold Wednesday night, and real estate management guru Worth Ross is moving into one of the units — stay tuned. Best attribute: location, right off Knox Street, stone’s throw from both Central and Highland Park, and an Uptown resident’s very best friend, Toulouse.

D Sale of the Week: West Highland Park Honey

Just popped on the market, 5337 Edmondson (Joe Kobell, Ebby Halliday) is more than a diamond in the rough. First of all, you get location: smack dab in-between the Dallas North Tollway and Inwood Road on Edmondson in West Highland Park — minutes from anything, well inside the loop. Second, this home has great bones and a great floorplan — look at the walls, the woodwork, the yard and gardens. The hardwoods are in fabulous original shape, and the kitchen… OK I might lose the wallpaper and lighten up those cabinets. Or maybe go dark.  The appliances are new stainless. But here’s the deal: you are getting 2445 square feet, two bedrooms, two baths, sitting area in master, and a study. Now what do we think about the glass blocks in the master? Personally, not a huge fan — too Windex intensive. I suggest saying goodbye glass blocks, hello open shower with huge crema marble slab walls and an overhead rainfall shower. Oh that sounds so good! The two-car garage is in the rear, and the one-quarter acre lot is lushly treed, beautifully landscaped. All for $599,000. Go in, ask for some re-surfacing allowances, and get yourself a West Highland Park honey.

Update: DallasDirt has just learned that the owners have already moved to the Hill Country. They are what you might call MOTIVATED!

Update II: Checking to see if this home is truly in WHP, which is NOT in the HISD school district. Thanks always for catching me on this!