Breaking News: LFT To Close In Victory Park

Ort Barona is closing LFT at Victory January 1, starting their liquidation process sale tomorrow with merchandise — just unpacked merchandise — marked down by 25%. Chalk it up to what is quickly becoming worse than the worse four-letter word — the economy.

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The Stoneleigh: Q&A (Sort Of) With Jud Pankey

Jud Pankey was kind enough to answer my questions about the Stoneleigh last week, then our blog was down, etc. etc. So here you have it.  I am truly sorry The Stoneleigh has been caught in this credit mess. I would like to personally march all those Wall Street Rocket Scientists over to that shell and tell them where to stuff their financial algorithms…

DD: What are you going to do with the shell?
Jud Pankey: The shell is going to stay as is. It will be ready to go again once we close a loan. The garage will be ready next week, so we have made some progress. We will then turn our attention to the courtyard.
DD: The parking garage is completed for the hotel, so will you let the shell sit?
Jud Pankey: Not sure what else we would do. Do you have any creative ideas, as I am all ears?
DD: Was the crane really costing $30K a month?
Jud Pankey: Yes—close enough.
DD: Will you build a smaller, scaled back condo perhaps?
Jud Pankey: No—does not make sense.
DD: Do you have any financing promises at this point?
Jud Pankey: We are working with a couple of lenders. They do exist!!
DD: Is this why Paulson (last week) said he is aiming the bail out funds at the banks?
Jud Pankey: Not sure what he said but the banks are trying to figure out risk between banks and customers. I think it is confusing for everyone, hence there is no confidence. The banks are trying to price risk and they have plenty of capital, but they are not being paid to lend money just to lend money just yet. Plus, the regulators need to encourage them to lend versus contract. It is an interesting time.

Stoneleigh Update: Buyers Talk

Spoke with Greg Nieberding, a Dallas businessman who has a deposit on a two-bedroom, two-bath unit on the 11th floor of the Heritage at The Stoneleigh, now on hold.  Greg owns a printing company and is the creator of Baby Bear infant flight vests. He was one of the first buyers who signed on the dotted in the dusty old hotel.

“We were very excited,” says Greg. When construction seemed to take a little longer, he renewed his lease at Republic Bank Tower, but did not stress. Yesterday, says Greg, he received a call from Jud Pankey, Prescott Realty Group CEO, who told him the crane was coming down to save $30,000 a month. The construction financing had fallen through, but Jud said he hoped to have a new line just after the first of the year. Greg says his deposit of about $60,000 is in an FDIC-insured escrow account and it is earning interest. In fact, Greg is more concerned over the building’s marketing direction than his money:

“I got a little concerned when the marketing center started to look like Las Vegas,” said Greg, who hopes the condo will absorb the traditional design flow of the newly-remodelled hotel and Carlton Varney-designed penthouse. He’s got his fingers crossed for that new financing, and says he’s willing to wait 18 to 24 months to move into his condo. 

“I’m fine where I am,” says Greg.�

Terranova: Highland Park Village Style Scoots North

So what makes Houston developer Randall Davis think he can swoop in to Dallas, plop 42 high rise units in Preston Center priced around $400 per square foot and sell them?

His proven track record. Davis, says Allie Beth Allman’s Kyle Crews, has developed two successful condo projects with his partner for Terranova, Hines (as in Dallas Galleria), and is working on a luxury condo tower on South Padre Island. And let’s face it: given the current credit market, if you have any chance at all of obtaining financing, you’d better have a granite-solid track record.

Davis is also quick: the development team purchased the site from Chase Bank (Douglas at Weldon Howell) and will have a bank drive-through on one side of the lobby, which I told you all about in June. My concern: won’t residents have to worry about bank robbers? Davis’ response: no, that means there will be better security!

The building will be nine stories high, but still called a “high rise”. Mediterranean/Tuscan architecture and all this is standard: outdoor kitchens,  private wine room, Viking, Sub Zero, Wolf, roll-out pantries, coffered ceilings, art niches, Origami Air bathtubs, Italian porcelains, marble, granite, 10-foot ceilings, guest pied-a-terre, and private elevator entries. Sizes will range from 1400 to 4400 square feet. And Davis says he already has five deposits!

Plop Me At The Ritz-Carlton Residences, III

Lovely living room…and you never have to worry about squirrels.

Plop Me At The Ritz-Carlton Residences, II

The bedroom. Who would want to leave? Wait, it’s San Francisco.

Note To Kids: My Time To Go, Plop Me At The Ritz-Carlton Club and Residences, San Francisco

This article about how Marie-Dennett McDill, an east coast socialite, spent her last days on earth at the Carlyle Hotel, nearly made me cry. So much I called our attorney and re-drafted our will. When it’s my time to go, I want my kids to plop me at The Ritz, preferably in my San Francisco fractional ownership. Cannot get closer to heaven on earth. (more…)

Jonas Woods W Condo Sales Price

As you know, Texas is an undisclosed sales price state. But a little birdie in the know tells me the 9285 square foot unit sold for $5.8 million. Impressive reduction, but still a great net. Carolyn Shamis brought the buyer (name not yet know, stay tuned) and here’s how she did it: Carolyn heard that another agent was looking for a home for a client in Preston Hollow with land, tennis court and pool. In other words, a spread. She got on a program “where you can look at people’s backyards,” she told me, and narrowed the search down to 12 properties with the necessary criteria. Then she wrote nice letters to all twelve of those estate owners: “Dear Trophy Property Owner, I have a bazillionaire client seeking a multi-acre estate in your beautiful area up to $15 million who wishes to pay cash. Don’t be an idiot, Wall Street melted, call me.” She sent the letter out Monday, got some downright nasty responses by Friday. (”How dare you contact me! My estate is NOT for sale.”) But on Saturday — and these stories are literally why I wake up in the morning — she gets an email from one of the twelve letters who ended up being the buyer of Woods’ penthouse. And by the way, that W pad is now this buyer’s weekend home.

$9 Million Penthouse Sale at The W: Adios, Jonas Woods

His 11,000 square foot penthouse (listing link no longer works) closed September 24, was on market 232 days, last list price $9,950,000, sales price undisclosed, listing agent Allie Beth Allman, Carolyn Shamis brought the buyer. 

AIG Exec Pays $3.5 Million Cash For Manhattan Apartment

This a recently retired executive VP, sale coming eight days after $85 billion bailout. 

Lehman Boys Not Too Shabby In Real Estate

Question: will their capital gains profits on these sales go directly to federal tax revenue or… will they just re-invest in another mansion beach home ski villa penthouse house?

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.

Downtown Condo Gossip/Update

I was treated last night to the opening of the Dallas Center for Architecture at 1909 Woodall Rogers, a new central HQ to support architects, allied organizations and disciplines, and engage the public in learning more about the plethora of talent this city holds when it comes to architectural design. The center is beautiful. I also had the chance to speak with two architects working on two major downtown condo developments that many say are lagging. Given the nature of our economic climate the last two weeks, I had to ask them about progress or lack thereof. Good news: Museum Tower just made another residential unit sale, buyer met with the architect recently: MT is plowing ahead. As for the Stoneleigh, word is that the hotel was so successful and overfloweth so much they need the parking garage to be done STAT — so all hands on deck are finishing the parking garage, then going back to complete the Stoneleigh Heritage.

Feel Like A Get Away To Santa Fe?

Cocktails by firelight, brisk temps and a 5 minute walk to the delights of Canyon Road: Casas De Santa Fe will handle your weekend escape.

Highland Gates: Master Bath Rivals The Ritz

Separate shower, marble-ensconced tub, very similar to the Ritz Residence in San Francisco: stay tuned!

Highland Gates: No Need For Reservations

Cook up a storm in a Preston Hollow-sized kitchen.

Highland Gates: Come On Inside

Downsized king master bedroom: Highland Gates.

Dallas Real Estate Feeling The Pain? Or Gain?

As I write this, Congress has hammered out the record-setting $700 billion bailout so unreal I always have to check to see if it’s really a “b” for billion. Steve Brown reports today that million dollar plus home purchases in Dallas are off by about 12 percent — this a market that has been invincible until just this year. As I reported earlier this week, Texas A&M’s Real Estate Center reported an overall 3.3 % drop in Dallas home prices compared to last year. Ellen Terry dropped the price of 3415 Beverly by a full million dollars, while Andrew-Merrick raised the price of 3500 Beverly to $17.9 million (check that m) because of cost increases in the final elegant finish-out. But what I don’t see anywhere in his column is that in 2007, the Dallas market was pretty much on steroids. So don’t go getting all gloom and doom-y on us. As for those higher jumbo rates, here’s a question: higher interest rate, higher tax deduction, lower home price — will it balance? I am starting to see more builder homes — those potential tear-downs — with “for sale or lease” signs out front and what Steve says about builders is true: most now won’t start a spec home without a solid buyer in hand or even better, embrace! As for the condo market, let’s not go there although… although Ritz says their sales have been Superman strong (see jump). Most properties in all price ranges have dropped prices or priced reasonably. When I spoke to the agents at Keller William’s Turtle Creek office no one minced words — it’s a tough market. Price the homes right, and if you want your home to sell sooner rather than later, it had better be darn special, have a “wow” factor. (I think I said as much in the October D Home, our Real Estate report.) But some Realtors tell me they are busier than ever — perhaps because there are fewer agents, and because interest rates were down for conventional loans. Terry Cook at Briggs Freeman has 6515 Northaven under contract. If any market is going to be hot to trot, it’s home leasing: Rogers Healy will soon launch Big D Renting.com because, in his opinion, it’s going to be tougher for some people to buy homes, so more folks will be leasing. He has the facts to prove it: area 11, 2005 — 139 total leases ranging from $475 to $7000 a month. Area 1, since January 1, 2008: 212 leases already up to $7500. Looking at Highland Park, there were a total of 123 leases ($525 to $12,000 per month) in 2005. This year, we are at 143 leases already, $595 to $9000 a month. Could that translate to higher rents?

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Townhome Living, Pomme Frites On Speed Dial

Ok, if you could pick the perfect place to downsize, and don’t want people living on top of you, what might you want? Yeah yeah yeah, smaller square footage but all the amenities of your primary home –large kitchen, master, closets. Solid construction with high energy efficients, check. Zero maintenance but some landscaping so you can breathe in plants and conifers, not concrete; low home association dues in a place where you can ditch the cars in the two-car garage and walk to some of the best dining and shopping in town not to mention hike, bike or jog the Katy Trail.

Try Highland Gates on Katy Trail. Buyers are flocking to the open town homes at 4608 Abbott Avenue at Knox Street, 2400 to 3200 perfect square feet priced from $850,000 to $995,000. And they are selling. I know they are selling. Each unit is a three-story town home with soundproof firewall in-between, 26 units planned for the corner property that backs right up to the Katy Trail and Toulouse, which will undoubtedly be happy to deliver a few orders of those famous fries toute suite! Run up the stairs, run on the Katy, and eat as many pomme frites as your heart desires: life at Highland Gates is healthy. Marketed by Kyle Crews & The Urban Team for Allie Beth Allman.

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.

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.

Carleton Varney Coming to The Stoneleigh

Sources tell me he’s in town for a charitable event with Laura Hunt, but then I just remembered that Architectural Digest is shooting the Stoneleigh Hotel later this week, and Carleton, of course, has designed the Dorothy Draper floors. (Check out our fun video.) He is reportedly glad for an excuse to get out of Gotham: the mood from a sinking Wall Street is very glum, and Carleton is happy to be visiting a happier place.

Attention Shoppers: Blue Light Special, Corner Mockingbird and Central Expressway

An agent tells me that the folks selling the Palomar have lowered their prices to a point where the units may be moving or at the very least, getting a lot of attention:

“Major price slashing in the last week at the Palomar Residences.  They were grossly overpriced from the start and haven’t been selling, so maybe this will start the ball rolling.  Some of the more expensive condos have been cut by 30% or more, like a $1,315,000 unit that is now $880,000.  The hotel seems to be doing well and is getting very good reviews, but the developer seriously overestimated the condo prices that this location could achieve.  The current $250/sq.ft. is much more appropriate than $400.”

My question: who’s financing them?

Vendome?????

What’s Going On At The Vendome?

What’s up with the scaffolding and where are the balconies?