Can you just imagine writing a check that hefty?

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.

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.

But what about lending? We all know rich people have the funds to jet in and buy castles, and the Obama Stim Plan has helped first-time home buyers jump into the market, those being the two major areas of activity currently. What about the bread and butter buyers from $500,000 to $2 million? The folks who have handsome equity but need a mortgage? What about the non-recourse loans coming down the pike that threaten to do in the commercial market? Here’s what Mr. Perot said: “If I had a long-time, good customer who paid his loans on time, I’d take him to lunch, slap him on the back and say see ya’ next year.” That’s not currently happening in the banking world, he says. Banks are wasting huge amounts of time, burning manpower, trying to get re-margins. What that shows me, he said, is that the regulators are calling the shots. Bankers have told him the FDIC is understaffed and loaded with young, inexperienced regulators who are making them jump through ridiculous hoops which are actually costing taxpayers billions of dollars, almost a re-play of the 1980’s when hyper-aggressive, over-regulating banking regulators wiped out Texas banks.

There will be some pain, he said, especially in commercial, until the regulators loosen up so sensible lending can grease the wheels. Meantime buyers will have to pony up more equity. Residential looks a lot brighter than commercial, which means these are the days when folks in business have to really work with their customers and take care of their clients.

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.

“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.”

“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.

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.

Posted at: August 11, 2008 10:01 PM

“I’m listing it as a tear down lot,” says Jones. “Unless someone really wants to restore it.”