D

Ross Perot Jr. New Owner of 4500 Lakeside Drive?

That’s what this page on DCAD’s website seems to indicate. The current owner may be listed as Mark Kinney (we’re being told he is a Hillwood employee), but the P.O. Box address, 269014, is linked to the Perot Foundation and Ross Perot Jr. The Highland Park lot is 52,746 square feet and valued at $9,388,790 for county tax purposes. It was also once the site of former Dallas Cowboys owner Bum Bright’s home.

Dream Pool, Ctd.

This pool at Wimberley Place overlooks Twin Creeks Golf Course — see the fairway, not power lines in the back yard!

House Porn Extravaganza: The 100 Most Expensive Homes In Dallas, 2009

Get ready for major financial house porn: the D Magazine print product is out with the lowdown of who owns Dallas’ 100 most expensive homes. (I kind of gave you a tease about this a few months ago, suggesting we send these people thank-you notes for  paying the highest property taxes in Dallas County.) Well, as you can probably guess, that list is already outdated. Number four on the list, the $28,742,300 home of software titan Lawrence Lacerte at 5323 Park Lane, is wrong. Last Tuesday the home changed hands from Lacerte to Kelsey Warren… and that Dallas County appraisal is not too far off from the home’s confidential selling price. The buyer, Kelsey Warren, took out a $14,000,000 loan, paid cash for the rest.  On a $14,000,000 home mortgage, the monthly payments are about $103,000 per month, not counting taxes and insurance.

Can you just imagine writing a check that hefty?

5323 Park Lane Sold, Closed, Most Expensive Dallas Real Estate Transaction To Date?

The beautiful Preston Hollow estate of Joyce and Larry Lacerte closed yesterday, opening a new chapter for one of Dallas’ largest homes that has entertained scores of dignitaries and raised millions for Dallas charities. The seller’s agent, Ralph Randall of Dave Perry-Miller, an Ebby Halliday Company, is likely depositing his commission check(s) at several Dallas banks to ensure FDIC  coverage. The 26,620 square foot home is set on almost 9 acres of land in the honeypot of Old Preston Hollow. The estate was constructed circa 1991-1993 by a team including architect Cole Smith,  Smith/Ekblad & Associates, Sherry Hayslip-Smith, Hayslip Design Associates and Cole Smith, Jr., Crowbar Contractors.  It contains  a racquetball court, exercise room and locker rooms adjacent to a near Olympic-sized natatorium, bowling alley, wine cellar with tasting room, an Orangerie conservatory overlooking interlocking Koi ponds loaded with about a million dollars worth of Koi, tennis court, baseball diamond and a private lake. Ralph Randall now rules as the high priest of Dallas’ most expensive real estate. Agent to the John Muse family, he participated in the sale of the most expensive home in Highland Park when he helped John and Lyn acquire their lot at 4800 Preston Road, and Ralph has now sold the most expensive home in Old Preston Hollow to date.

From what I hear, 5313 Park Lane was originally listed last year for $45 million, recently lowered to just under $40 million. ( Zillow had it “zestimated” at $26,063,000.) According to my sources,  it sold for about $30 million-ish, and the buyer, Kelsey Warren,  asked for an outside appraisal.  Buyer’s agent was Rosie Waters of Allie Beth Allman and Associates, who is married to football legend Charlie Waters, who I believe works for Mr. Warren.

The Lacerte home has entertained, among others,  Prince Edward, former President George W. and Laura Bush,  Senator Kay Bailey Hutchison, Jaap van Zweden, and Caroline Rose Hunt, among others, plus feted countless Dallas charity galas and pre-galas.

Dallas’ Ross Perot, Jr: 18 Companies Eye Texas for Relo, Bank Regulators Are Slowing Recovery

Major Realtor event last night at the Creeks of Preston Hollow, Hillwood’s uber upscale privately-gated, one-acre residential community, land that was once private homes on big lots, snapped up by Kenny Troutt for a multiple acre family compound, who then decided his compound on Strait Lane was just fine, so Hillwood went shopping. Now the company really wants folks with high net value to go shopping. (Really, I am amazed GWB and Laura did not buy here, would have made security so much easier.) Some are already rung up, some are said to be circling. 

Last night’s fete was to pump up top agents to bring in the buyers. Hillwood brought in father-son team David and Britt Fair of Hexter-Fair Title Company — David L. Fair closed the Alliance deal for Ross Jr. — for a little state of the LOCAL real estate economy report.  June is when the fat lady sings in the real estate calendar. MLS dollar volume in June, 2007, the greatest year in history for Dallas real estate sales, topped $1.9 billion. June, 2008 topped $1.5 billion. Debbie Downer: April 2009 was about $950,000,000. There is no doubt buyers are seeking the very best purchase prices out there, and the biggest anchors keeping us from taking flight are consumer fears of job loss or loss of home value, and in-migrants who want to buy in North Texas but haven’t sold elsewhere.

And, of course, the banks. 

Mr. Perot stepped up to tell us that 14% of the folks moving out of California are moving to Texas. In the Lone Star State, we just don’t understand how bad it is elsewhere — companies love our low taxes, business-friendly ‘tudes, and lower costs of living. Texas is the 11th largest economy in the world. Perot spoke with Governor Rick Perry recently who told him 18 major companies want to relocate to Texas. North texas is where it’s happening. Overheard: one major company is currently circling us, the CEO hunting for a mega million dollar pad –at least $40m.

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On Market, Not In MLS

That would be Tim Eller’s Lakeside lot, 4500 Lakeside Drive,  that was once the home of the Bright family. Now listed by Ben Jones, the Ben Jones Group at Allie Beth Allman, who is quickly rising to the top of the creme de la creme of local  luxury Real Estate brokers. (Ben even has listings in Beverly Hills. Very cool.) The market is reportedly down, but high end lots still rule — the corner of Park Lane and Hollow Way just sold lickety split, my old digs. Meantime, this Lakeside puppy has three swimming, three survey requests, not even in MLS. Can Ben pull off a sale and keep Lakeside out of MLS? Is the sky blue? Stay tuned.

4500 Lakeside Drive: Say It Ain’t So!

Remember this story about 4500 Lakeside Drive and what used to be there? And then this? Well, I hope you are sitting down and in fact, go pour yourself a dram before you read this. Guess who has decided NOT to build on this most prime choice of land? And guess who has it QUIETLY on the market for $14 million? Yeah, you got it.

DallasDirt Exclusive: The Bushes’ Dallas Home(s)???

The President and Laura Bush will soon be coming home to Dallas. It won’t be long before we spot them in Tom Thumb at Preston Royal. For months we have obsessed over where they would end up living. Current cocktail chatter points to what I’ve said all along — Preston Hollow — and a nook of a street called Daria Place.

Here’s why: on October 1, Robert A. McCleskey bought a home at 10141 Daria Place. McCleskey is the Bushes’ Midland accountant and good friend of the First Couple. He’s also the man who placed the Bushes’ assets in a blind trust when W. became governor of Texas in 1995. McCleskey bought the home from Dan and Laura Boeckman. As far as I know, it hadn’t been on the market. (Of note: Dan Boeckman is one of the investors in Museum Tower.)

Daria Place is a sweet, leafy cul de sac off Daria Drive, which is off Meaders, in Preston Hollow, and across from Pershing Elementary School. (Read: uber safe.) Though the home was built in 1959, the interior has been completely refurbished and beautifully decked out — totally top notch, according to my sources, and contemporary. The one-story home has 8,501 square feet on 1.13 acres and no pool. The Bushes already have a pool at the Crawford ranch, which the President once called a “whine” pool. The kids whine so much, you just give in. This home has been placed in a trust.

Last week, the house next door, 10151 Daria Place, went under contract. The home, a sprawling 4,684-square-foot ranch on 1.26 acres, is unoccupied and in the estate of Joan Northway. It is listed for $1.6 million by LeeLee Gioia and Anne Goyler with Briggs-Freeman. The buyer on the contract: an Allie Beth Allman “property company and/or assigns.” The home is set to close December 10. Also no pool, just a creek running along the northern property line.

“We have no idea who the buyer is,” said Gioia, one of Briggs-Freeman’s most dynamic agents. “We operated like Madame X was buying the property.”

I called Pierce Allman over at ABA, since Allie Beth is the Bushes’ agent. He told me that all kinds of stories are circulating out there. He did not confirm my theory.

So here’s what I’m thinking: the Bushes will live at 10141 Daria and plop the Secret Service in 10151. They might also plop the President’s office in that home. Or they might tear it down for more land. Or they might live in 10141 while they build on 10151. All sorts of options.

This is the perfect setting for the Bushes for many reasons. A cul de sac, so the neighbors could agree to gate it off. Easy Tollway access down at Walnut Hill Lane (an entrance ramp south at Meaders would be mighty handy) or up at Royal. Cooper Aerobics is just a couple of miles north. Gosh, he could almost jog up there. And Laura could even volunteer at Pershing Elementary or St. Mark’s. But the best thing: both properties back up to two enormous Dallas estates — the 14.26-acre estate of Gene and Roxanne Phillips (just had a trout-filled lake installed on the property) and the 24-plus-acre estate of Thomas O. and Cinda Hicks, who hosted a fundraiser in their home for former New York Mayor Rudy Giuliani last year. Seclusion, safety, and true blue — make that red — friends all around them.

Welcome home!

Update: the DMN has now run with the story and obliquely given DallasDirt credit for the scoop.

Dallas Home Prices Nosedive, But But But…

Remember, we are comparing to last year, one of the hottest sales years in the history of Dallas Real Estate, and maybe the world. The good news is that inventory is dwindling. Realtors have told me that folks who are not serious about selling are yanking up the for sale signs, putting them on ice. Builders are telling me that if they can hold out for about a year, 2010 will be the Comeback Kid and because there are so few housing starts now, there will be very few new homes for sale come 2010. Less inventory, stronger market, better prices. Everyone’s just taking a chill pill. P.S. Clip and save (or bookmark) this article to help fight your tax appraisal next spring.

Are Dallas Mansions Still Selling Well?

Pining for the Bubble: Kind of interesting, looking at an article from just over a year ago. What happened to these homes and who sold them?

“Dad Is Rarely Wrong, Usually Early”: Interview With Ross Perot Jr.

Caught him quickly emerging from builder extraordinaire Mark Molthan’s Luxe Showhouse at the Creeks of Preston Hollow, a gated Hillwood development at Inwood and Royal Lane. Wanted to ask him how things were going at Hillwood’s beach-front development, Peninsula Papagayo, in Costa Rica. Swimmingly: sold two lots and since other developers have backed out or put nearby projects on hold, PP is the only luxury development in that area. Also couldn’t resist asking how he thought we’d survive the Walt Street meltdown:

“We are very lucky to be in Texas right now,” he said, where we have great leadership, a pro-growth and business climate, light regulation and affordable homes. We never had a crazy run on housing prices here, he said, and we have a great quality of life in Dallas. While we are part of the global economy, the three most recession-proof places he can think of right now are Dallas, Dubai and Abu Dhabi. Development is slowing, credit is clogged (but there are signs that Washington’s medicine may be starting to work to get credit markets moving) and it’s a great time for the right people to buy real estate – no tricky mortgages. Both parties contributed to the mess — folks are waiting to get this election over. The whole country — the world –must come together, work together, to solve this. Just like the weeks post 9/11, it’s important that people don’t stop, don’t freeze. Yes, his Dad did warn us the country was in trouble, just as he warned us about General Motors in 1992.

“Dad is rarely wrong,” said Mr. Perot, “He’s just usually early in his predictions.”

Homes That Can’t Be Built in Little Forest Hills

You may have heard the rumblings as far north as Preston and LBJ: the battle for a conservation district in Little Forest Hills. Come November, the City Plan Commission will scrutinize the plan, which goes to the City Council for a vote in December. Very hot issue. If the plan passes as proposed, here is a list of homes that can’t be built in Little Forest Hills including one we shot for our newest issue of D Home.

4512 Isabella: About The Neighbors…

Look at this comment regarding 4512 Isabella, House Porn I posted last week:

“I’ve heard from several well-placed sources that this home is grossly overpriced, even now with its price reduction. Also heard comments about unusual choices, etc. If you zoomed out on that pic, you’d also notice the neighbors homes look like 1970’s ranch houses. Great home if you want to stick out like a sore thumb!”

 I find this a fascinating comment. When we moved into our Hillcrest Estates neighborhood eight years ago, we were surrounded by 1950’s ranches, with the exception of one neighbor’s circa 1980’s home. Today we still have the ’80’s neighbor and the one on the other side, who is hardly ever at home (don’t get me started). We have one tick tacky ranch catty corner that has to go. This home is like Gloria Swanson in Sunset Boulevard  after a plane crash. Once someone’s mid-century modern jewel, she moans for the dumpster. Not only has this home not been loved, it’s been abused — crystal meth, bad tricks. The day that house goes you can all come party chez moi. But I digress: my point is the others are gone. Vamoosh. Two ranches towards Northaven, adios. Ranch across the street, bye bye. More scrapers bit the dust further down the street. My point, which you already know, is that 4512 Isabella is a pioneer. Never mind those 1970’s ranches — unless we are all in bread lines with Warren Buffet and Bill Gates serving up soup, those houses will go eventually.

Calling George and Laura: Here’s The Perfect Listing For Your Needs!

We could be neighbors. PS: Great security patrol!

Nicky and Eleanor Strike Back At The IRS

E-Residential LLC, a Texas Corporation owned by Eleanor Sheets and Michael Campbell, has filed a civil action in the United States District Court for the Northern District of Texas seeking an injunction against the IRS for its wrongful levy on the LLC’s funds because of another party’s security interest in those funds. All the legal mumbo-jumbo makes my head spin, so here, go read for yourself…

Why I Hate Homeowners Associations

As punishment, those who tried to fine this man should have to tear down their houses.

Who Creates Street Addresses?

Always inquisitive, those D guys across the aisle … questions like “what are those little mini houses erected in front of homes being built” and now, from Adam McGill, “What — or who — determines how many digits are in the number of the addresses of houses on a street?” Cute kids, always asking questions. Journalists should ask questions. Why, for example, do the numbers get larger going east in Dallas but smaller going east in Highland Park/University Park? (Drives me nuts, actually, why could they not coordinate this?) Surely someone in the Real Estate world has our answers…

August Home Sales Stats and Asking prices: Most of the Nation, Down, Dallas OK

The August report from Altos Research shows that asking prices declined in 20 markets, were flat in one and up in only 4 of 25 markets. Price weaknesses in August could signal further price reductions this fall. Now the Dallas story: price indexes were actually up 1.3%, while inventory was down — a good thing, product is selling. Average days on market now 92 days. See it all here.

House Porn: Pomp and Circumstance

That’s what this house reminds me of…. that graduation theme. You don’t suppose President and Mrs. Bush want to head north of LBJ, do you? This one’s a bargain at $4,350,000 with plenty of room for Secret Service agents. Maybe they’ll toss in the furniture and gorgeous Persian rugs…

Tony Romo House: How I Found It

Here’s the scoop: Rogers Healy is Tony Romo’s Real Estate agent, that has been confirmed by Rogers. But Rogers has said not one word about the house he sold to Tony on August 18th. In fact, I have been trying to have lunch with Roger’s for months and he has stayed away from me like I have the Bubonic Plague or something. Play gumshoe on MLS, you find out that the transaction on the 18th was a home at 1608 Dowling Drive in Dallas, owned by Cartus Financial Group, probably a relocation firm, and Rogers was the Realtor along with listing agent Cheryl Keller of Coldwell Banker. The price paid as I have heard from other sources was about $670,000, and DCAD has the home appraised at $774,010. So it looks like our boy Tony got himself a pretty good deal, say what you will about those interiors.

Mark & Patty Lovvorn, Take A Lesson From Judy Garland

The best thing I’ve seen on Zillow in about 48 hours. Mark and Patty Lovvorn, take note: “Kicking off this roundup is the home formerly owned by singer/actress Judy Garland and entertainer Sammy Davis Jr. (obviously, at separate times). Judy and her then husband, Vincente Minnelli, purchased the home back in the mid-1940s, in which she had an architect design and expand the existing structure. What’s interesting about the transformation of this home is that the present owners have remodeled it with many green features. It’s being listed by Coldwell Banker’s Gillian Caine, an investor/Realtor who specializes in “living real estate.” Here’s a laundry list of the home’s green features.

Gillian tells me that “The green element seems to be more important in the lower to mid-priced homes as that is what I am getting the most requests for and there is very little inventory in the lower price ranges. I believe the upper range people either add their own green elements to existing homes, or are not as concerned.”

If Judy can do it, Mark and Patty can, too.

D/FW Home Sales Loss

Steve Brown is reporting on Zillow’s study that showed one of every 10 homes purchased in the D/FW area during the last year sold for a loss. (Zillow report in the jump.) But here’s my beef: in San Francisco last month, I spoke with the folks at Zillow. (In fact, I heart Zillow.) But they were asking me why sales prices in Texas are so hard to unearth and why we have non-disclosure laws. Those laws make it mighty hard for Zillow to gather info. We all know, for example, that DCAD has conservative values attached to most of our properties and we like it that way. Well, all except for mine – my properties are way over-valued. So Zillow — God I hope David is not reading — is mulling some legislative involvement to help us shed those non-disclosure laws.  What do you think?

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4271 Bordeaux. Hip Pocket. Sold

Asking price, $7,995,000 sold by Dave Perry-Miller & Associates, an Ebby Halliday Company. Once home of Armand Hammer’s grandson, lot 179 by 200 ft. (Methinks I know who the buyer is, stay tuned, so hard to get calls returned in August.) Sales price undisclosed but I overheard someone in the know say the difference between the asking and selling was about the cost of a toothbrush. Now that wouldn’t be one of those fancy pants electric ones, would it?

Stanley Marcus Home

First of all, apologies to not providing you with this last night — Fearless Real Estate reporter was wasted out too much but has scooped up some exciting dirt to be posted later this week. (Stay tuned.) As reported on Unfair Park, which totally scooped me on this, it appears that Richard Marcus has commented about his family home if the commenter was, indeed, Richard Marcus:

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Say Goodbye To The Stanley Marcus Home? Tell Me Nonesuch Thing

Unfair Park is reporting that the owners of the (former) Stanley Marcus home at 10 Nonesuch Road in East Dallas want to demolish the 70 year old house. The couple, Mark and Patty Lovvorn, say it is no longer economically feasible to keep 10 Nonesuch Road (Is it ever economically feasible to keep a house? I spent the weekend making a list of everything that needs to be done over here, then made a pitcher of margaritas, which was far easier to do) and in fact would like to build a more energy efficient home on the site. (Hmmm maybe they got my electric bill by mistake.) I have not called them, but I did look up the ownership of the home. I assume the house is under a trust or family limited liability partnership since I could find no record of the Lovvorn’s ownership. Comments? Ideas? Thoughts?