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Ask Candy: How About A Preston Towers Condo for our Student Daughter?

Posted on October 29th, 2009 8:02am by Candy Evans
Filed under Changing market trends in Real Estate, Condominiums, Real Estate, architecture, urban living

Dear Candy,

My daughter is starting Baylor Nursing school in January and we are looking at places for her to live. I am trying to decide whether to rent or buy. In order for her to have a safe place to live, we will be paying what seems to me like a lot of rent, plus utilities. So then I started to think about buying some place and I was considering Preston Towers. I know it is full of senior citizens, but it is really safe, really convenient, and I if I wish to sell when she finishes school, it seems that that Preston Hollow always has a built in base of people who simply do not want to leave the area for Turtle Creek or elsewhere and equally do not want to live in an assisted living situation, so they look at Preston Towers and The Athena.

I would jump at the new units on Bandera, but your post last week indicated that $215 might actually end up closer to $350, and I am not up for that kind of investment right now. So if I bought something and re-did it I thought that might be a good plan, especially if we have a unit with a south view. Some friends in real estate do not like condo ownership, esp. older condos, because of the assessment issues with on going maintenance. I do believe P.T. is in that category of probably needing the owners to chip in on some items to update the place. Other Realtors say “oh this is a great time to buy.” To which I say, when you’re a hammer, everything is a nail.

So what to do, what to do?

Gratzie,

Marisa

Dear Marisa: Because I love real estate, I like what you are thinking, and I agree with your choice in the area. First and foremost, it is safe for single young women. We had our single daughter live at home because Dallas is just not that safe for women living alone, especially in the Uptown area. (Then the fiance moved in, oy, don’t get me started.) Preston Center is right north of University Park, blue chip dirt for the money. Realtor Della Lively tells me that the area just to the west of PT, “Behind the Pink Wall”, is one of the best kept secrets in Dallas. Ebby Halliday, of course, named it. You get older units but spacious square footage and safety. Full disclosure: I own one unit “Behind the Pink”, and my daughter and her husband recently moved into their own. Mine is always leased: I’d like to own more units.

I know of at least one family who bought a condo for their student child during the boom, and I think they may have lost some equity. But the unit sold. This really is a great time to buy a condo for the best possible price. Rates not too shabby, either. Financial experts might tell you to lease — and you will find 2/2’s lease here for $1000 to $1750 a month, all bills paid. My thinking is this: if you can swing a mortgage for the same monthly payment (including the PITI), I’d rather build some equity. Our readers may have other opinions which I hope we hear!

As for Preston Tower, I believe it is trying to shed it’s image of being the “last stop before Sparkman Hillcrest”. I have a young, fun friend who lives there and she will pipe in. Older condos do become maintenance nightmares after several years, just like older homes. As Steve Brown said today at lunch, all condos do is give you the right to pay rent. On the other hand, I haven’t checked my Quicken category of home maintenance & repair in awhile. I might be surprised.

I would say look, find a great deal, and go for it. And remember, if you aren’t embarrassed by your offer in this market, then you are offering too much!

Thanks for writing! XO

14 Comments to “Ask Candy: How About A Preston Towers Condo for our Student Daughter?”

Karen @ October 29th, 2009 at 9:04 am

I would choose uptown out of conveniece, nice neighborhood, next to highland park, minutes from Baylor Nursing and right by Katy Trail.

Try streets like Buena Vista and remember location is key.
csyd @ October 29th, 2009 at 9:20 am

While I applaud your efforts at keeping your daughter safe, don’t buy a place for her out-right. It isn’t fair to her that she will continue to be dependent on you at her presumed age. A little independence can’t hurt!
Jane @ October 29th, 2009 at 11:41 am

I love your comment, “if you aren’t embarrassed by your offer in this market, then you are offering too much!” That is encouraging because I am currently considering making an offer on a house and am hesitant because the owners have it listed way over the value listed assessed by DCAD. So thanks for the vote of confidence! However, as a single girl who has lived in uptown for over 8 years, I have to disagree with your “not safe” comment. Consider checking out The Renaissance on Turtle Creek. It’s got great views, an active new management staff, concierge, valet parking and 24 hour concierge / security at each entrance for your guests convenience.
modterm @ October 29th, 2009 at 12:17 pm

Renaissance is a future slum, personally. And reselling will be a major pain since there are so many units – you will always be competing against multiple other units for sale. I do agree that the lifestyle in Uptown is definitely something that a person needs to consider: do they want to be in the mix of things, or do they prefer a more sedate lifestyle. Crime in that area IS an issue, and will continue to be, only because crime goes where people go, and there’s lots of people (and their cars, and their possessions) wandering around in that area.

I also think that the Renaissance will be hit with some major $$$ in the future because of the quality of the build compared to some older developments that maybe were built when standards were higher.

When I consider condo/townhome living, I always want to think about resale in addition to possible rental income. If the development is large, your resale my be tougher.

For a single female, though, I don’t think that hi-rise living can be beat, purely for the safety aspects – both personal safety and knowing that your home will be safe when you aren’t there. There’s no guarantee, of course, but it’s a lot tougher for someone to break into to 2525 Turtle Creek than into some townhome down on Buena Vista.
LakeWWWooder @ October 29th, 2009 at 2:52 pm

Why not try living up the street from Baylor in Junius Heights Historic District? 700 Craftsman and Tudor style homes next to Swiss Avenue and Munger Place. Some property crime but very little if any violent crime. Most of the crime is on the side next to Columbia. It’s in Lipscomb Elementary, which is now going from Pre-K to 3 to Pre-K – 5. Exemplary four or five years in a row and the word is getting out. There’s a fundraiser at the wonderful Lakewood Times Ten Winery 7 pm on November 19th (does that say ‘yuppie’?) http://www.timestencellars.com/

Also the Junius Heights Home Tour is Sunday, November 8th http://www.juniusheights.org/

This is one of the few areas of Lakewood/M-Streets where you might find a bargain under $200K – you will have to do some work but there is tremendous potential for appreciation (the high school and middle school are getting the International Baccalaureate program) and you will be five minutes from work.

You can also walk to Swiss Avenue, Garden Cafe, Skillman/Live Oak (Wine Therapist, York St. Restaurant), The Lakewood Theater, Lakewood Library, Whole Foods and all the many wonderful little shops and restaurants in the shopping center. There’s even a country club across the street.
jonas @ October 30th, 2009 at 9:32 am

LakeWWWooder- I don’t think Marisa intended for her daughter to be at that much security risk.
LakeWWWooder @ October 30th, 2009 at 10:36 am

Thanks Jonas, I’ll be sure to pass your concerns along to the folks in mansions on Swiss Ave.

There are folks out walking in Junius Heights at all times (including single females and students). It’s not unusual for residents to walk home from The Lakewood Theater Balcony Club or Lakewood Landing at 2 am. Is being sheltered and isolated good preparation for a career as a nurse?

Besides, a condo is a money losing proposition. In addition to nursing school, it’s never a bad thing to get an education about Real Estate. JH has Location,Location, Location to start..
Really Really Really @ October 30th, 2009 at 12:47 pm

Candy, Uptown isn’t safe for single women? Since when?! Really?
Young Gun @ October 30th, 2009 at 12:47 pm

I am a sub-30 year old female living in Preston Tower and think it’s great. Sure there are a lot of old people, but it’s safe, well located, and surrounded by great amenities. If I want to go out, I can go out. And then drive back to my underground parking and quiet building. It’s a great place to live, even if you’re not old enough for AARP
Wyman @ October 30th, 2009 at 4:06 pm

In 2001 I put my then 22 year old daughter into a south Arlington 3/2/2 ten year old SF brick home 1,450 sq for $85,500 – with a new roof & air. I gave her a dozen ADT window stickers/yard signs and she has several big dogs. She has never had a crime problem there and loves its affordability and central Metroplex location.
Phyllis Schulman @ October 30th, 2009 at 4:30 pm

My husband and I bought a unit 2b2b unit for our daughter in Preston Towers (she is out of college in her mid 20’s) She loves the location. Might not be as trendy as the West End Village but certainly more space in each unit, plus younger people are moving into the building as units become available. The staff is great and they know you by name, the security is good, no place is 100% secure. We have no complaints
Phyllis Schulman RN
Dallas, TX
Jane @ November 3rd, 2009 at 12:07 am

The Renaissance on TURTLE CREEK is a future slum??? HAHAHAHAHAHAHA What a RIDICULOUS comment.
modterm @ November 4th, 2009 at 6:59 pm

Just watch the pricing over the next 5-10 years and see where Renaissance goes vs. the other Turtle Creek properties. It was built (barely) as a rental, and there’s not enough granite countertops in the world to solve the problems that construction like that can cause.

Fire sale pricing in order to close out a building means people who bought earlier can’t compete on resales, plus it’s just so darn big that you would always be competing with too many other units. It looks as if there are currently 92 listed on MLS. How would you like to try to sell your house on a street with 91 other houses for sale, many of them with a better view?

Plus, there are probably going to be renter vs owner issues as the years go on, if not already.

Is it a good value for the location? Probably. Is it a good investment? I’m not too sure about that.
Miss D @ November 20th, 2009 at 4:40 pm

I bought a unit in the garden building last year for my Mom. My 20 something son lived in the unit until my Mom’s expensive lease at Preston place ran out. Both, my 26 year old son and my 84 year old Mom love it. I am in my late 50’s and would buy a unit tomorrow if I could sell my house in Plano.Preston Tower is amazing; we come from NYC. This is a $1,000,000 lifestyle for a couple of $100,000. The service and people are the best, and after expensive living in a high rise in Manhattan, and a retirement center in Plano, my whole family is thrilled to have found such a wonderful liviving arrangement.