Dallas Real Estate: How Much $$$ To Live at the Ritz Towers?
How much will it will set you back to live in one of those new Ritz-Carlton Towers? And yes, the model we stayed in had a round central hallway. Catering trays fit around the central table like a charm:
“Candy, You stayed in #1601K and it is priced at $2,360,000. Your reader asked about #1301K which is the same floor plan and finish package. It is priced at $2,165,000. We have this exact plan priced from $1,625,000 on the 6th floor. The HOA fees are $.77 per interior square foot. This plan has 2,490 interior sf, so the HOA fees would be about $1,917 per month. HOA fees include all common area maintenance for the building and grounds, the parking garage maintenance, and hazard and liability insurance for the building. In addition to HOA fees the owner of the residence is responsible for utility fees, property taxes (2.6% of assessed value), and contents insurance.”
So $2000 ish per month in HOA fees. Homeowner is responsible for his utilities, cable, etc. and maintenance/repairs on their unit. Regarding those taxes — 2.6% of assessed value. I don’t understand how Dallas County can be losing tax revenues when all these downtown dwellers are doling out the big bucks in property taxes: property taxes on “my” unit’s DCAD appraised value would be $16,774.
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How is DCAD off so much w/ the appraised value? (about $650,000 if your tax info is correct)
At 2.36 million, taxes would be closer to $61,360.
Include HOA and you are looking at a cool 80 grand a year. Yikes!
So let’s say you spend $2 mil on the condo and you need another $2 mil to generate the income to pay the taxes, HOA and maybe the ‘utility fees’. Maybe $2 mil more for incidentals? I am thinking you would have to start out with a $8-$10 million net worth just to consider this ‘lifestyle’. That is, if you don’t work and pull in some nice change. Then again, even with that ‘lock and leave’ might not work, you couldn’t really afford many nice trips abroad.
OTOH I recently got a $159 rate for a basic “deluxe” Ritz Hotel room. If I stayed the whole year that would be roughly the same price as the aforementioned taxes. $1.5 mil would generate that. Fearing’s and Live Oak/Rattlesnake Bar not included. But the trolley rides would be free…
$2,000/month in Homeowner’s Association fees and they can’t throw in cable!?!?!? (I would have used all caps just then, but I think my mixed use of triple question marks and exclamation points did the trick.) Most of the other highrises in the immediate area offer free cable as part of their amenities. The really good ones offer complimentary T1 lines as part of their HOA fee.
The hotel already has some sort of extended cable or satellite for their visitors (not sure what they have exactly). Why can’t their owners benefit from something already in place and paid for???
Hmm…I guess one could make up for the extra cost of cable by stealing the complimentary bottles of shampoo, conditioner, and booze (the booze is complimentary, right?).
I have a one bedroom plus study on the fourth floor with two full baths I’ll rent to anyone for $4200 cheapest rental at the ritz!