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

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

Dallas Urban Real Estate: Playroom at The House

Major trend in urban living. You don’t have rolling meadows, so the residents have to have a romper room. Like playroom at the The House, furnished with plenty of toys for big boys.

Dallas Real Estate Urban Living: Pool Side Vanity at The House

Spectacular pool area so great I have an idea for the Germans: sell three-month pool memberships to non-residents. But make them submit vanity photos with the application.

The House: Decked Out for a King and Queen

“King and Queen” chairs on the fifth floor resident’s room at The House. Right off this room is the pool deck. I presume one players checks or backgammon only while sitting on these thrones.

Dallas Real Estate: Postman Always Rings Twice at The House

These are the post and Yoo boxes for residents at The House, kind of a signature Starck silly-ism, almost a take-off of high school lockers with those feet. That’s David Griffin checking the mail box.

The House: In Case You Decide To Cook At Home

Very sleek kitchens with high-end appliances, Jenn-Aire if memory serves, Wolf ranges. I wonder if the folks who live in these units —The House, The W, One Arts Plaza –  actually ever cook because they are within walking distance of so many great restaurants. The Hard Rock Cafe is now open across from The House, and when I was there last week, it was hopping. The best part besides the great food: $15 on lunch doesn’t exactly break the wallet.

When I lived in NYC, I hated schlepping groceries from the store up to my apartment, so we ate out much more often. Of course, we didn’t have concierge service. But then, when you downsize and it’s just one or two in The House, who needs a Sam’s closet?

Dallas Real Estate: Cool Pool At The House

The pool at The House, on the fifth floor overlooking everything. HOA’s at The House are .47 per square foot of space you own, that includes water and a blanket insurance policy. You will have to pay your own electricity. There is 24 hour valet and security, two concierge on staff in the day, one at night. Premier Communities is the condo manager. David Griffin says financing has been arranged through Wells Fargo at market rates. The units are non-warrant-able like all condos: Fannie Mae guidelines prohibit them from buying mortgages (on the secondary market) from condos that do not have 51% of the units sold but Fannie Mae buys only conforming mortgages — that is, mortgages at or below $417,000. That would make the only units at The House eligible for Fannie Mae the one bedroom units priced at $399,000.

The House By Starck And Yoo, Ctd: Inside Living

Here’s a sample of living inside the House and what your home might look like day and night. The beauty of high-rise living is, of course, having that dramatic backdrop of glittering lights come sundown. Each unit also has generous balconies.

D Sale Of The Week: This House Is Ready To Rock And Roll And Deal

At last, the long-awaited The House by Starck and Yoo at Victory Park is complete and ready for move-in. This is Victory’s final and most dramatic chapter, at least for a while. Yes, it’s another high-rise condo—with 28 stories of units to sell—but this one boasts the whimsical influence of Philippe Starck, including a white-draped lobby with a huge, gleaming, silver mailbox cluster that is reminiscent of school lockers, but the whole unit is on legs. Plus, the pool deck is one of the most glorious I’ve seen. This is going to be what we called a “meat market” when I was single. You won’t dare appear up here without plenty of lipo, though the broad lounge cushions may camo the cellulite. But here’s the best part: broker David Griffin says the Germans mean business. (The German real estate fund US Treuhand has taken the reins of Victory and hence is selling these units.) They are ready to cut a deal, which means you can own a house at The House for less than $400,000—one bedroom, one-and-a-half bath, about 1,000 square feet—with an impressive finish-out with a European feel and generous closets. The building amentities will spoil, from the work-out room to the apartment for overnight guests. As for financing, well, just how deep are those pockets? Let’s make a deal.

Wick Allison Gave Me A Present

He blogged this, which I was going to blog today. And he even lifted out the best graph from Joel Kotkin’s piece from The New Geography:

“It seems to me what makes for great cities in history are not measurements of safety, sanitation or homogeneity but economic growth, cultural diversity and social dynamism. A great city, as Rene Descartes wrote of 17th century Amsterdam, should be “an inventory of the possible,” a place of imagination that attracts ambitious migrants, families and entrepreneurs. Such places are aspirational - they draw people not for a restful visit or elegant repast but to achieve some sort of upward mobility.”

Dallas is ALL ABOUT upward mobility. I write for Joel Kotkin and know he is very bullish on the Texas economy, but for some reason thinks Houston is the cat’s meow. (Oh, the diversity, creativity, the business climate, urban living… but it takes you three hours to drive two miles.) My goal post-wedding: get Joel Kotkin to Big D.

And thank you, Mr. Allison: now I have time for a manicure!

Dallas Real Estate Ups And Downs: Considering A Condo Move To “21″

I want to do an experiment. I want to try living in a condo for about six months and see if I, a confirmed home-owner, can stand it. I kind of like my privacy and lots of space. I like to let the dogs out at all hours without having to comb hair and don dark glasses to cover eyes without makeup. Once in a blue moon I like to garden. Some friends who have moved to condos from homes LOVE them — no more maintenance, valet at your fingertips. Others say it was the worst mistake of their lives: lack of decent closet space, weird smells, high maintenance fees, everyone minding your business. But condos have lower utility rates and multi-fam living is more green. That’s why I think developers should let potential buyers “try on” condos to see if they really like them.

This is a comment from a reader that was going to get buried. He/she already lives in a condo and is considering a move to “21″ — what can we tell them:

 ”I am a long time condo owner in another HOA but an considering moving to 21 Turtle Creek. Is it really bad? I am president of our Board and we try to treat owners courteously. We are very hands-on in our property management so we don’t go into debt but still maintain our property. Does 21 have frequent dues increases and assessments? We have had only 1 assessment and 5 dues increases in 26 years. Also, propably because we are not a high rise but are built around a courtyard, owners are friendly but not in your business. And, if you don’t want to valet park, can’t you just go in the garage and park yourself. Does everyone have to know all your comings and goings and who visits you and when? Thanks for any input.”

 

D Sale/Lease Of The Week, Ctd: Beautiful Boudoir

This lease offers a great opportunity for those who are not sure they are ready to give up a yard the chance to find out if high-rise living is their cup of tee. Try living above the trees for a year — like it, you stay; don’t like it, hand back the keys and march back to the ‘burbs.

P.S. Ron, what is that clock?

D Lease At The Vendome, Ctd.

The Foyer and one of three brand-new flat screen TV’s that are your’s to view as you hide out for a year.

D Sale — I Mean Lease — Of The Week

The study — check out the fabulous Murano glass light fixture, and the view.

D Sale Of The Week: A Lease, Actually, With 50-Yard-Line Bonus

D Sale this week is a lease deal so good I just had to spill the beans. The home is a trumped and tricked unit at The Vendome on Turtle Creek Blvd., just under 2,000 square feet, on the 15th floor with glorious views of the city overlooking Lee Park. The two bedroom, three and a half bath sky home is currently being leased by uber radio personality Ron Chapman and beautiful wife, Nance. (No, you don’t get to move in with the Chapmans.) The Chapmans have purchased a home in Dallas, have one year left on their lease and want to sublease this unit. And here’s the great deal: they are willing to take a major hit on their lease, offering this baby up for $4500 per month for a year. That includes all HOA dues and tips — the Vendome has a no-tipping policy for it’s beyond superb valet and delivery services. You cannot get a better address on Turtle Creek. You get quite simply everything — even, for those who need them, “mistress elevators” or so urban legend claims.

Now about that 50-yard bonus. The Chapmans own seats at the new Cowboys Stadium on the 50 yard line. They are offering two tickets to one Cowboys game to the realtor or agent who brings them a qualified tenant who fulfills the terms of the lease. Other stipulations also apply. Like the exclusion of the Cowboys season opener with the New York Giants — the Chapman already have plans to attend that game.

There you have it — would have been criminal to hold this in. Someone out there must need a chi chi home for a year and for $4,500 a month — well, the deal itself is so good it’s almost criminal. Your contact is Mike Kelly in Judy Pittman’s office at: 214.871.1110.

One Arts Plaza Broker Changeroo: How Modern Is Dallas?

Last Monday, July 13, the Mathews-Nichols team of real estate agents at Allie Beth Allman took over exclusive representation of One Arts Plaza from Briggs Freeman (who paid big bucks to advertise it on Good Morning Texas), to sell the remaining 16 of 61 units available ranging in price from the mid $600’s to $2.85 million. Team member Faisal Halum, who had the listing originally when he worked for David Griffin, is the lead team agent. But here’s what’s really interesting to me: Faisal, David and Erin have brought in Ann Schooler to stage the very contemporary One Arts in very traditional interior design. (Ann is well known in the design world for her high end, rich and gorgeous traditional look. Think carved chests, Louis IV chairs and to-die-for oriental rugs. ) Which makes me think, how really modern is Dallas? Designers tell me that while uber modern decor flourishes when the economy is humming, in a recession folks tend to cling to the traditional — warm, woody, almost Ethan Allen looks. (Almost.) It’s like we want to see the comfort of  yesteryear around us. So I find it very interesting that Mathews-Nichols went this route.

What do you think about Dallas and contemporary design? How modern is Dallas?

More on iBidCondo and The Beat Condo Auction In Dallas July 27

Found this on TechCrunch, and it does explain the complicated auction process. I was told the charity/iBidCondo fee (the price of the condo sale) would be an 80/20 split; I will be interviewing the creator of iBidCondo next week and get the answers. Austin was the company’s launch auction, Dallas will be its second. TechCrunch only got $25 off the ticket price, DallasDirt got six months of home association dues. So there.

First Time Dallas Home Buyers Diary: Behind The Pink Wall

My daughter and fiance have bought a condo “Behind The Pink Wall” and we have been fixing it up for weeks. First time home-buyer’s both, here is what the master bedroom looked like: ugh. But the room is huge and has great bones, super potential. First order: paint the walls and get rid of all that neutral beige. Second order: toss the beige carpets and install engineered hardwood floors.

Note: If you know of a first time homebuyer who would like to share photos and their story, have them email Candye@dmagazine.com

Museum Tower Has A Sales Director

And it is Bobby Dhillon, who you may recall seeing not too long ago selling off The Residences at The Ritz Carlton. Dhillon returns to Dallas from Atlanta where he helped launch The Residences at The Mandarin Oriental in Atlanta. Jump for the press release and expected ground-breaking date of Museum Tower.

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3525 Turtle Creek Update, Inquiry

Inquiring minds are asking me:

Did 3525 Turtle Creek ever obtain Landmark Status?

What about that multi million dollar assessment to improve the interiors and exteriors?

What is the total number of units in the building?

What physical changes are proposed for the exterior elevation?

Has anyone agreed on anything?

One Arts Plaza Interview With Lucilo Pena

D Magazine editors are broadcasting with those WRR classics people the first week of every month. Helps us become more media diverse. Stay tuned for my One Arts Tour with this fascinating man coming up.

Stoneleigh Heritage Gets Help From P.O’B Montgomery

P. O’B Montgomery & Company, a respected Dallas real estate and development firm, is now working with the Prescott-Apollo partnership that owns the on-hold Stoneleigh-Heritage Residences. (Or whatever they are now called.)  Mission: figure out what to do with that sad residence shell looming behind the Maple Avenue hotel. Early December, Prescott brought Montgomery into the picture to study all market options as an advisor, not investor. Apollo and Prescott have sought financing for the Stoneleigh project since their credit source ran dry in the fall due to the Wall Street financial meltdown.

“We are looking at doing whatever makes sense,” Phil Montgomery told me today, when asked if the residences would resume construction. “The market has clearly changed.”

Prescott’s Jud Pankey says the garage is complete and open, and construction attention will now focus on the courtyard. This month’s Architectural Digest feature on the hotel and colorful designer, Carleton Varney and his mentor, Dorothy Draper, has generated national interest in the project; Varney is coming back to Dallas in the spring to create more buzz.

If another developer were going to be engaged for this project, the most likely time would be when construction financing is being negotiated, said Pankey by email.

“Phil Montgomery introduced me to Apollo almost ten years ago, and we all try and assist each other when faced with a challenge,” wrote Pankey.

What we are doing, said Montgomery, is fairly routine.

According to sources, Al Coker is no longer handling marketing for The Stoneleigh Heritage Residences; Cynthia Pharr is handling media relations.

CondoDomain Flat-Fee Brokerage Service Sued Over Brokerage Shift: Choice Choice, Baby

Pay attention to this lawsuit as CondoDomain moved into the Dallas area last fall. It appears this may be another discount versus traditional broker battle, which we may be seeing more of. Why do we care? The outcome could well dictate brokerage changes.

Two major investors in CondoDomain.com, a Boston-based condo marketing and search portal site, are suing the site’s founder and the company. (You can sue your own company?) CondoDomain morphed into a real estate brokerage one year ago. The investors charge the business model change — i.e. becoming a broker — violated an existing business contract.

It seems those investors are also brokers –  managers at Otis & Ahearn Inc., a large Boston real estate brokerage firm that specializes in the marketing and sale of condos.

Anthony J. Longo Jr., founder and CEO of CondoDomain.com, says it’s all about choice  —  here’s the letter he sent out yesterday to real estate press:

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Dallas City Council Hears About Urban Planning

Encourage development of dense neighborhoods and give people more transportation choices: four top urban planners give the Dallas City Council an Rx for a thriving urban core. Fabulous, great ideas presented… but are there enough people actually moving to the urban core to sustain this? 

A House Is Not Necessarily The Same House

Remember The House By Phillipe Starck? Remember this? I’m told sales are going slow but also told that folks confuse the The House with The Glass House. OK, here’s our lesson for the day: The Glass House is a high-end, high rise rental unit, leasing just starting this month. The House By Phillipe Starck is a high-end, high rise condo where I’m told model furniture is en route and models should be rolling out the red carpet for buyers any minute now. You rent at The Glass House, you buy at The House — David Griffin is the broker. Pop quiz in twenty.