D

D Sale of the Week: Major Condo Flash for Less Cash in State Thomas

The Drexel Montane (2848 Woodside St.), in State Thomas, houses some of the best condo buys in town. Unit 205 is a three-bedroom, three-and-a-half-bath corner unit on the second floor with private elevator, three fireplaces (how cozy), four balconies, crown moldings, 10-foot ceilings, concierge, and travertine and wood floors—all just a short drive from the Crescent, where owners can obtain health club memberships. These boutique units have all the flash and amenities of the rich kids down the block—Azure, Ritz-Carlton, W—for a whole lot less. HOAs are currently running .32 per square foot under the management of Worth Ross and Associates. Saucy neighbors: the building is a kind of quiet hideout for many local sports pros and, until recently, Mi Cocina founder Mico Rodriguez. Must be those private elevators—a Drexel signature. Unit 205 has been reduced from $517,900 to $497,500, so the seller is very motivated—which he has to be, because there are plenty of other units available in this class-act building.

Getting To Be A Good Time To Buy A Condo In Dallas:Makes Me Want To Scream

It really is a good time. Might be even better in the fall, though you may be tripping over the bottom feeders. Great piece by Steve, but my favorite part is where he quotes Al Coker, the last marketing guru for the ill-fated Stoneleigh, as saying “In Texas, people that have jobs are fairly confident that they are going to keep them” right before Mike Puls says “it helps that some Dallas condo projects never got off the drawing boards.”  The irony! Love you Steve Brown! I needed Depends when I read that one. I am sure the Stoneleigh management team rues the day they gave Al the keys. He came in and re-designed the whole marketing center, which I never could figure out. (I think it ended up looking more like a funeral home than a classy, tasteful condo.) I would LOVE to know what he spent on the re-vamp, and where are all those drape-y things? Not that Al is not capable, but the dramatic re-design, re-conceptualization lost critical time for the developer — time when they could have been making more pre-sales off the roll started by Kyle Crews, who is now marketing TerraNova in Preston Center. These guys were real estate pros, they knew the party was not going to last for eternity. Why didn’t they stick with the game plan and just hit the streets? Last I heard, those who had put down deposits at The Stoneleigh have been refunded and I heard the shell was being evaluated for a distress sale. The Ritz and The Azure have been plagued with structural issues, the Ritz taking good care of its owners by putting them up at the hotel while water was shut off.  Oh yes, those monthly HOA dues at The Ritz: about $1800. The Azure is also having some issues, none of which surprises me – you can have the Pope as contractor and you are going to have building issues. Two hints for next time: do not buy any building products from China. And figure out that we like closets the size of Manhattan in Dallas. And we may not be as modern as we think. One Arts just switched brokers to attract a more traditional buyer, and the Palomar is now a rental.

Have I missed anyoned? The House? Museum Tower? How everything is way overpriced — thank you, Ted Wilson: “… at least 85% is priced over $417,000 putting it into the jumbo loan category…” which means it cannot be cheaply financed. Is not affordable to the demographics who might want to live downtown. And where did these developers get these demographics telling them that people would pay $700,000 for a condo, dish out $1800 a month in HOAs and still have enough left over to shop and dine at restaurants that charge $100 for a steak? 

It makes me want to scream. Stay tuned.

Stoneleigh Residences Forced Into Bankruptcy

AP-Prescott Stoneleigh Residences LP has been forced into involuntary bankruptcy protection by five of it’s creditors. I’m trying to find out if it’s Chapter 7 or 13 or what the heck chapter… very sad news for what was promising to be a beautiful residence in an existing neighborhood. The nearby Azure is up and going, but I hear sales are slow. The Palomar is leasing. Was talking to a Florida real estate exec last week who tells me Atlanta’s condos are filling. Could it be that Dallas is just not a condo city or did the recession just halt our progress? Now what does this mean for Lake Highlands Town Center?

T.O. To Go, Say It Isn’t So!

Just caught up with Adam over at FB to learn that T.O. is outa here. So, I wonder, what is he going to do with that penthouse pad at The Azure?

Katye Sloan Joins Briggs Freeman, Home Of Nation’s #3 Best Website

More exciting changes: the wonderful Katye Weiner Sloan has left Ebby Halliday to join the class act that is Briggs-Freeman. Katye Sloan, how she is now known, worked with Joseph Gullotto at Ebby In-Town, primarily handling sales for The Azure. Katye has always had stellar taste — she co-owned a darling boutique in Preston Center and is multi-talented! Katye also has great foresight: she’s joining a firm that recently won accolades for having one of the best real estate websites in the country.

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Terrell Owens Owns $2.5 Million In Dallas Real Estate

I knew he had two units at the Azure, didn’t know about the townhouses near Fair Park. His FA, Jeff Rubin, says it’s all investment property (even, we presume, his Azure units). You go, T.O, but be careful. Ask me today if I’d rather have $35,000 in Dallas Real Estate or 500 shares of AIG, guess what the answer is.

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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Activity At The Mandarin

Folks were working at the Mandarin Oriental last week when I snapped this photo, but got an email today from a reader who says work seems to have ceased over there. (What do I know? I was in Lew Sterrett all day long!) Says my source:

“Do you know what is going on with the Mandarin building in Victory Park?  If you drive by, you will see that they have stopped construction upwards and have actually put up outside lighting posts on the structure.”

Could that be the parking garage we are looking at? Anyone know or hear anything? I was told that IS the parking garage under construction and the hotel/condo itself will be in the space just west of this construction site. But there are a million stories in the Naked City and I’d like to get the real one.

Live At The Azure: $699,000

This is a 2/2 re-sale at The Azure, 1512 square feet, the most popular “D” unit with all the bells and whistles like Subzero, Miele and Bosch, floor to ceiling glass walls, CAT 6 wirting, a huge 310 square foot outdoor balconey, and available only at The Azure: 2-car garage with remote. (Saves you buying a $200K unit at Dream Garage.) Word on the street is that this seller will seriously entertain ANY offer.

Confirmed: T.O. Bought At The Azure

I still do not know who this T.O. person is, except that he plays for the Cowboys, but he bought a unit at the Azure (NOT a penthouse) and he has great earrings and would someone please tell me who he is?

FSBO: Beverly Drive. Or Tara

I’m totally in love with this 4300 square foot home built in 1954 by Hal Anderson. 4201 Beverly, 120 by 158 lot, 3/2.5, formals, office, pool, cabana. Nothing has been updated, which makes it perfect for Christmas! Asking $2,250,000. — sellers say they do not need an agent because the home is on the corner of Beverly and Preston, has great visibility and they’ve received 500 phone calls already.

More Azure Pool

Infinity Edge Pool

The infinity-edge pool is glorious — all one level — that’s my boot toe showing you where the water begins. It drops into a serrated edge and is breathtaking.

Azure Opening — The Samuri

Azure lobby with the beautiful blue stone pool, life-sized horse and Samurai.

Azure Opening: Much Rather Have a Penthouse Than Terrell Owens.

Great party with hundreds there — 400 easy. Most people were late since the tollway was shut down. I’ve got pics for you tomorrow of the best infinity edge pool I’ve ever seen and the lobby Samuri. As for celeb spottings, Carl and Peggy Sewell, Linda Owens who reminded me she is a serious business woman but also a Bon Vivant, and of course Julie Morris and the Azure crew from Gabriel Barbier-Mueller and entire beautiful family to, of course, the charming Ebby Halliday who came early which made Joesph Gullotto very happy. Oh yes, this Cowboys player named T.O. was there as well — I don’t drool over football players, deeds and limestone do it for me — and his “bodyguard” kept telling the pretty women who wanted to say hi to buzz off. Just rude, who the heck ever you are.