DallasDirt » downsizing

New Dallas Real Estate Game: “I’m A Dallas Developer”

Candy Evans — Mon, 26 Apr 2010 12:36:20 +0000

I have a secret desire to be a developer. I think it would be fun to plan, design, build houses and create entire neighborhoods where people could live and practice much house lust. I want to create the perfect baby-boomer development in Dallas south of LBJ. It would consist of contemporary homes, Austin-style (with metal roofs, indigenous stone and materials), green (highly insulated, tankless water heaters), energy efficient, nothing much more than 3000 square feet. Each home would have a small yard for gardening, outdoor showers for pets and dirty spouses. Each home would have knock-out kitchens with breakfast/morning rooms and master bedrooms, no dining rooms, studies, and two smallish bedrooms for guests. You could even have little fun alcoves for grand children. We would have basements for wine cellars and tornado rooms. The studies would have cool Murphy-type beds for overflow guests and there would be Jack and Jill bathrooms. Best of all, you could turn off the HVAC system to those guest rooms. There would be roomy garages with finished floors (in case you ever wanted to have a party there) with storage closets for all the crap we accumulate. One would be called the “Come and get it or it”s donated” closet, the other the “things I will do someday, really” closet. (My husband will need three of those.) There would be security and concierge services in case we wanted them, or in case we wanted to stay for an extended time at our second home or the psych ward and wanted someone to keep an eye on the house, water the plants, drive us to DFW. No community clubhouse and pool, that would drive up the cost of the home association dues. Oh Lord, we’d have to have one of THOSE, I guess. It would be small, but no Napoleanic complex. The only thing we would outlaw would be turrets. We would not foreclose on homes if you didn’t pay your dues, we’d just call in the Mafia. Lots of trees shading the homes and a greenbelt to walk the dogs, kids, geriatrics. Gated for security. Electronic gate like GWB’s, not one of those silly guardhouses where pretend guards shoo anyone in. I’m thinking of this for the property pictured here at Central and Walnut Hill Lane.

I’m thinking $800,000 apiece. Yes, I am sober.

OK, so every week or so I’ll find a plot of land and we can all play the developer game: tell me what you would do with the dirt. How would you develop it? What would you build? Would you have a home owners association (necessary evil) and what would you outlaw? Please, let’s stick to design and architectural elements and styles, not people, though that is VERY tempting.

OK, it’s Monday — let’s play. What would you do with THIS?

SOLD! Saturday Estate Sale At D Home Of The Week House: Free Margarita If You Say “DallasDirt”

Candy Evans — Fri, 10 Jul 2009 23:07:28 +0000

Remember our princess on Princess? Seems her prince has swept her off her feet — signed on the dotted. The current owners of 3757 Princess must clear out and tell me they plan a huge “gay-rage” sale tomorrow (that’s July 11) from 7:30 a.m. to 2:00 p.m.

And if anybody mentions the word “Dallas Dirt”, a margarita may magically appear in their hot July hands.

Building or Remodeling? Formals, Wine Cellars Are Out

Candy Evans — Tue, 23 Jun 2009 16:23:17 +0000

Toured several new homes in Dallas yesterday, including a new, gorgeous $2.9 million spec home that has no formal living room. According to the architect/designer, Don Caperton, Caperton Johnson, two things are out: formal living rooms and wine cellars. The formal living rooms are considered a waste of space and building dollars. Unsaid but widely known: they also keep the Dallas Design District afloat and serve up to many a Dallas husband heart-attack-sized design bills. Wine rooms are also over-rated, costly to install, a legal nightmare if you have teenagers, and people never end up filling the cellar with all that wine.

They just drink it.

Next thing you know, people will be filling their swimming pools.

Is Highland Park One of The Most Expensive Places To Live In The USA?

Candy Evans — Tue, 02 Jun 2009 06:03:47 +0000

Highland Park, Texas made Business Week’s top ten list of the most expensive suburban communities, though we know HP and UP are not really suburbs but an island within the city. Frankly, I was surprised: Atherton, CA was first — no shocker, all the Silicon Valley big wigs live there — median home price $3.8 million, then Highland Park, Texas median home price $937,500., then Scarsdale, NY at $1.23 million. I guess it was HP’s nonretail spending at 245%, which was really a shocker, that upped the cost of living ante. Seems that some financial gurus are suggesting that folks who live in places like HP/UP and are finding it hard to make ends meet sell their homes in the pricier communities and seek shelter in lower cost areas — but to do that here would tack on the added expense of commuting if you moved to, say, Frisco. Or if you moved to a North Dallas ranch home you might end up forking out $20K a year for private school. Why not stay in HP and pay the high property taxes (ouch), at least those are deductible. I don’t know yet what I think about this article. Or this. What do you think?

What Price Home Does An Annual Salary Of $250,000 Buy?

Candy Evans — Thu, 26 Feb 2009 17:31:23 +0000

I’m just saying here — looking ahead to how much house someone who earns $250,000 a year will be able to buy as we re-distribute the wealth. Not saying it shouldn’t be re-distributed, not saying it should. (Thain’s should.) OK, $250,000 in the 28% income tax bracket. That leaves $180,000. Or a monthly income of $15,000. Lots of money. We had a car lease of $1,000 on that Beamer, and maybe a little college loan out there. We are down to $13,000. We charge about $4500 a month — we pay that off. We donate and/or fritter another $1000. Did I forget anything? That leaves us $7500 for PITI — house payment, taxes and insurance.

I ask you: what price range home can you afford with $7500 a month?�

Ice Storm

Candy Evans — Wed, 28 Jan 2009 18:37:59 +0000

It’s almost time to leave the house, darn it — had such a great time lolling about, getting spooked by the sound of ice chunks sliding down the roof. Question: are you more productive in a condo? That was one of my thoughts this morning — and last night — as I battened down the hatches, made sure the pool was on freeze guard, the outside shower turned off, the garage door sealed, the porch plants covered, the heater on in the plastic greenhouse (oh forgot that one), dogs peed and ice wiped from paws, all doors shut and mental note to have insulation re-done on back door to patio — the seal is like a cold air sieve. Ironically, my ice maker is broken: no margaritas. So here I sit at home, tootling on the computer, drinking coffee, petting the dogs, and I think how much more productive I’d be if I lived in a condo closer to everything. A place where you could just walk — or slide — to work. I think this because we went to the Tate Lecture Series last night and I am concerned over my geographical footprint which must be the size of Bigfoot. After listening attentively to Chris Jordan and admiring his work, I wanted to grab the mike and ask him if we shouldn’t just all give it up. I mean, the only way for us to stop contaminating this world is to stop virtually everything we do, especially living as the way we know it. No more wood floors in our homes — let’s go back to living in caves. No long distance travel, just stay in the tribe. Let de-throned financial types hunt for food (eating only what is in a ten mile radius, though I suppose with accelerated fitness they could dig up Arlington zucchinis). Shut down Whole Foods. Quit trucking in those berries from Mexico, even though they are loaded with anti-oxidants! As for the owners of 10,000 square foot houses, you might as well Photoshop Bigfoot, enlarge and stretch him out over five acres.

Thoughts? �

Dallas City Council Hears About Urban Planning

Candy Evans — Thu, 22 Jan 2009 16:49:04 +0000

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?

Will Dallas Homes Get Smaller?

Candy Evans — Mon, 05 Jan 2009 18:52:32 +0000

D.W. Skelton and I have talked about this for the last five years — he contending that we will soon see the end of the mega mega home, even in Dallas. Now our Virginia McAlester agrees, and tells The Washington Post’sElizabeth Razzi that big homes were de rigeur at the turn of the 20th Century for the wealthy: 20 or 40 rooms, which required a tremendous income (and staff out the wazoo) to keep up. Now, predicts McAlester, you will see smaller homes built with tremendous green consciousness, especially when it comes to energy efficiency. Other experts say our homes will not get all that smaller — the average U.S. home size is increasing — but will focus more on quality, rather than size. So tell me, where is this happening in Dallas besides Little Forest Hills?

Swapping Spouses, Houses?

Candy Evans — Wed, 17 Dec 2008 08:06:52 +0000

A friend in Massachusetts told me about a couple-swapping ring going on at their country club — how risque! This I can handle: the DMN ran a cool story on house swapping. I understand house-swapping is a trade, an ”I agree to buy your house, you agree to buy mine” transaction. Like consensual swingers, potential home swappers post pictures (“House Porn”) and descriptions of their homes online, hoping to attract other homeowners looking to trade. (Do they fudge on details, like 6500 square feet and oceans of granite when really those are 12 by 12 granite tiles?) Ideally, they buy each other’s property and even better, no STDs!

The National Association of Realtors does not track swap sales, but a number of house-swapping websites have popped up in the last couple of years, most reporting steady increases in online swap postings, like Craigslist, which reported a 30 percent increase in house-swap listings in 2008 over last year.

So I wish I had asked our teacher about this in school. Vitally, what is the role of the Realtor? I would imagine it would be business as usual for Texas agents, but since out-of-state agents are considered “foreigners” here until they obtain a Texas license, wonder if you have to use an agent or an attorney if the swapper is in another state? And I imagine there are some horror stories out there — about the houses, not spouses — anyone?

PS: Another trend agents tell me we are going to be seeing more of: owner financing. Stay tuned.

More Company Coming To Dallas Dirt: Meet Worth Ross

Candy Evans — Tue, 16 Dec 2008 07:41:38 +0000

Does the maintenance and repair of your home and investment properties drive you to drink? How would you like to manage properties — multiple — like 300 plus? That’s how Worth Ross spends his life 24/7, managing multi-family from posh single family rentals to the most upscale high rises on Turtle Creek. From saving homeowners hundreds in monthly association dues to boiler breaks to frozen water pipes, Worth has seen, heard and repaired it all. (Not himself, but I hear he has the best repair Rolodex in town and I just may get sticky fingers.) I thought we needed the voice of facility management experience right about now — and Worth will be sharing his deepest property care secrets with the readers of Dallas Dirt. (Feel free to send in questions. Here’s my first: how to save money, any, on energy costs. Specifically, the cost of crude is down so why haven’t Glacial Energy and TXU lowered our utility prices?) Hey, what works for Turtle Creek works for a home on say, Daria Place. Excuse me while I go make sure all our exterior faucets are frost proof: it’s so cold I need a mink just to read the thermostat.

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

Candy Evans — Tue, 28 Oct 2008 18:46:50 +0000

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.I was so impressed with my stay this summer at the Ritz-Carlton Club Residences in San Francisco, I am considering buying a fractional ownership residence there. Full ownership condos at the Ritz in San Francisco are pricey, just as they are in Dallas — one bedrooms start at $1,599,000 and on up to $3,449,000 for a 3-bedroom. They tell me sixty percent of the buyers are paying cool cash. You’ll see one in our next issue of D Home. That’s pennies for a billionaire, of course, even one bleeding from Wall Street. Also not a bad price for a condominium in the hottest U.S. city’s sweet spot, on Market Street at Union Square, with all the Ritz services and amenities. Now here’s the best part, at least for me: the 52 Ritz SF condos are located in the former home of The San Francisco Chronicle. How inspirational!

But alas, unless I sold a few dozen of my own eggs and an ovary or two, a $1.5 mil second home condo is not in the cards. That’s why I am fascinated by the option of Fractional Ownership, which would net me 21 days per year at the Ritz-Carlton Club and Residences, SF, plus the ability to exchange with other Ritz-Carlton properties around the globe.

A fractional ownership is a deeded title/ownership to a property for a certain percentage of time use in the property. Don’t confuse with timeshare ownership — fractional ownership has fewer owners, better resale rates and appreciation, says Daniel G. Morton, Founder and CEO of Fractional Retreats, L.L.C. At The Ritz-Carlton Club SF, a 1/12th one-bedroom Club Residence fractional sells for $239,000. You own the right to 4 weeks out of the year in that unit. (That’s $239,000 versus $1.5 million for total ownership of the same size unit.) The home is about 1300 square feet, comes with a gourmet loaded kitchen despite the fact you’ll probably only eat your morning yogurt in there, dining area, laundry closet, two baths, and living room which could accommodate two overnight guests. The master bath is huge and Ritz-luxurious, oceans of white carrera marble, soaking tub, separate shower, discreet potty. Acres of closet space. Of course the condos come fully furnished with Silicon Valley spoils such as entertainment center, at least two flat screen TVs, all the stereo and DVD gadgets, and special soundproofing so you won’t hear your neighbors. If it’s a larger unit you want, the three-bedroom residence can be yours for $399,000 for almost 4 weeks a year.

Not kidding.

As if the residences themselves are not perfect, the Ritz-Carlton staff is beyond amazing. They will fetch you from the airport in a beautiful BMW limo, email you for food preferences so your fridge is stocked upon your arrival, and greet you at the door every time you enter or leave the building. Need a rental car or nail appointment? Done. It is really like having a personal assistant. Fresh baked cookies fatten you up in the lobby (ask them for a route to run uphill in the city) and if you don’t want to take breakfast in your condo, pop up to the rooftop terrace for a lovely continental breakfast as well as evening cocktails. You can even store items in the building to lighten your luggage schlep.

If you are going to live the jet-setting lifestyle, chances are you’ll be in Dallas, then Santa Fe, then off to Europe for a week or two, then at a beach or ranch somewhere. Go visit some relatives. Then back to home to work. This is my thinking: will I really spend more than 4 weeks a year in one vacation home? Fractional ownership means I will share property-related expenses such as maintenance fees and insurance with other fractional owners. Talk about green, fractional ownership shares resources — how wasteful is it to have a home and let it sit empty week upon week? Why buy the whole cow if you just want a little fillet?

Why, said one skeptic, don’t you just go get a hotel room whenever you want to visit a city and forget this fractional ownership deal? Good point. But I’m getting weird about the beds I sleep in and where I land my tootsies when not in my own self-sanitized baino. As I snooped the halls of this Ritz-Carlton property, I actually saw how compulsively each unit was cleaned between guests: carpets steamed, draperies changed, even the air was exchanged and freshened. We’ve all seen the Sixty Minutes stories on how some maids “clean” hotel rooms — yuck. I take Lysol wipes to the Four Seasons.

Mrs. McDill’s tender story reminded me to remind my family that all I want for Christmas is a fractional ownership at the Ritz-Carlton Club in San Francisco. Many moons from now, they can leave me there to enjoy my final days and… if they are really nice to mama… I may just leave them that deed in my will!

It Takes A Crisis: Homebuilder Erecting Smaller Homes

Candy Evans — Sat, 25 Oct 2008 06:09:36 +0000

Baby steps, down to 2500 square feet from the 3000 plus-size gals.

Oh Dear: Layoffs at Zillow

Candy Evans — Fri, 17 Oct 2008 20:53:17 +0000

One of my fave companies – you guys hanging in there?

Tucker Hill

Candy Evans — Tue, 14 Oct 2008 17:21:34 +0000

I LOVE the name of this development in McKinney and am dying to get up there and totally scout it. Looks like Paige Phelps, who used to work for us, got a jump start — what can I say, she’s younger and cuter! (Hi Paige! When can we do lunch?) Another great development up in Allen: Montgomery Farms. Question, though — for all these developers: with all that cheap land up in McKinney, Allen, Frisco, why are the yards so small?

Trulia Launches Special Site To Deal With Real Estate Market Crisis

Candy Evans — Fri, 10 Oct 2008 21:35:31 +0000

Even as they beef up partnerships with more Realtors and organizations. Zillow is adding home services to its blog, becoming more of a Craig’s List for homeowners — very smart, homebuyers spend like crazy when they first buy a home and this is the time when they most utilize home service contractors. (Swear my husband had an affair with a gal named Home Depot when we bought one of our homes.) Not sure yet that Dallas is in any crisis mode — but I do know that we are about to see a shift in the rental market, which I spoke with Worth Ross at length about today. Besides working with homeowner associations, Worth manages 750 single family homes in the Dallas Fort Worth area — yikes I think two are sending me to an early grave! He’s been in the business since 1984, he lectures, he clearly knows what he is doing and we will be hearing lots more from him on this blog!