D

Fuld Sells Florida Manse To Wife For $10?????

Well it seems that conspicuous consumption must be made inconspicuous these days: could plain-jane shopping bags be next at Neimans?

Second Home Market Sucking (Super Cold Yellowstone Club Type) Bad Air?

This story says there are bargains to be found in the Hampton’s — that is, if you think a $1.537 million second home is a bargain. (Here’s former Lehman Brothers president Joseph Gregory’s $32.5 million Bridgehamton vacation pad.) I have an idea: turn this place into a fractional ownership for those of us who lost money with Lehman. Any legal minds out there want to litigate this?  

Meantime, Tamarack in Idaho is under, while Credit Suisse is fighting to hang onto first lien status with uber-exclusive Yellowstone Club, which is just a mess , bankrupt and smarting from bad press due to the nasty divorce of it’s great-looking founders, Tim Blixeth and his ex (?), Edra. Also pulled in: luxury second home big boys Discovery Land Co. Interim lender CrossHarbor Capital Partners is trumping and may end up owning the joint because Credit Suisse apparently could not cough up enough cash for a debtor-in-possession loan:

“While it is highly unusual for a major lender to be pushed out of the first lien position in a bankruptcy, Credit Suisse may turn out to be too late with its latest plan.”

About this time last year I tried phoning YC to write up  properties as Hot Props in D Home — they acted as if I needed a security clearance and was trying to find the president’s war-time bunker. We ended up in Big Sky.

But Dallas Addison, who develops second home properties in east and south central Texas, as well as Hawaii, tells me the second home market is still pretty strong. (Posting his story soon: Dallas tells me that Hawaii’s Big Island gets so crowded with residents’ private jets they have to haul them off to other islands for parking.) Glad to hear it: I haven’t been on a Lear in forever.

Swapping Spouses, Houses?

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

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.

I Heart Gordon Keith & More Media En Route To Dallas To See Bush Home

I should have posted this yesterday but, ah, we had the D holiday party. Beauty of the web is I will soon be able to post a link for you right here. Gordon Keith was kind enough to have me on his show  to chat up chez Bush. He also had a hysterical visit with Santa, who I secretly slipped my Christmas list. (Santa said something about dreaming on, then passed the flask.) Speaking of house dreams, folks on Daria Place may be itching to clear the media from their cul de sac, but should be thankful they are not in the Albany Park section of Chicago. Might as well set up a few tea and crumpet stands because more media are on their way to Dallas: BBC World Service Radio is making a documentary about the Bush legacy and will be in Dallas in the next couple weeks.

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!

Another Celebrity Home In Dallas?

Owen Wilson was spotted shopping in the Fossil store at Northpark Mall in Dallas Monday evening at about 6:00 p.m. Might he be buying a home here next? 

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.

Plop Me At The Ritz-Carlton Club and Residences

Little marble around the tub for soaking.

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…)

Dallas Best Market For Real Estate Investing: SimplifyEm

So reports the Dallas Business Journal today, quoting Dallas-based HomeVestors of America, Inc. — the people behind the “We Buy Ugly Houses” slogan/signs. (So tempting to carry those in the back of my car!) I have heard this from others outside the state, including Narinder Sandhu, President/Founder of TreXglobal. Narinder, a Silicon Valley software engineer, was a VP at Intuit responsible for product strategy and development for Intuit’s payroll biz –one of their fastest-growing segments, he says. Narinder’s company, TreXglobal.com, has created a fabulous software program in SimplifyEm.com to save property owners hours of book-keeping headaches. (Let’s face it, when you own rental units as opposed to stocks, you don’t have to help foot the bill for the company’s $400,000 retreat prior to the stock’s flush down the commode.) Narinder, who owns rental properties in Dallas, says we have become a Real Estate darling for investors who are pulling out of places like Phoenix, Vegas and Florida… or who (whoops) maybe got burned there. In any case, his program makes it easy-peasy to track expenses. Easier even than Quicken. (Way easier than Quickbooks.) Takes less than a minute to set up and come tax time, just click and print off that schedule E.

Since I have investment properties, I am going to try SimplifyEm.com and will soon offer a review.

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.

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.

Highland Gates: Master Bath Rivals The Ritz

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

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.

My New Baby Calf

Not really, of course, because Mom is very protective and won’t let me near her though I offered to babysit. This angel is about 4 days old and the newest arrival at The Preserve at Walnut Springs.

Do You Sleep With Your Spouse?

In the same room, that is. This article quotes a National Sleep Foundation study that says 23% of married couples do not sleep together. Further, it quotes the National Association of Homebuilders predicting a significant rise in the number of custom homes being built with two master bedrooms, so much that in 2015 an estimated 60% of custom upscale homes will be built with two bedroom master suites. I have been in a few high-end homes with an upstairs and downstairs master suite, one for (I assume) the in-laws. Then there is the separate master bath, which I think every tax-paying American ought to have as a birthright. But this study got my creative juices (and naughty mind) going: would the two sleeping rooms have a firedoor between them? Exterior entrances for “visitors”? Maybe both rooms could share a fireplace. Which room do the kids or dogs run to during a storm? With the downturn in the economy, is this how you shed the second home and avoid divorce, retain sanity? Is NAR off its rocker,  has anyone out there built a home with a two-bedroom master suite?

John and Cindy McCain’s Phoenix Home… One He May Remember

Since it was published in Architectural Digest in July, 2005. I found my issue in my sky-high bedroom stack of magazines recently and thought hmmm, how timely. Cindy McCain has wonderful taste and the home seems very comfortable. Now where can I find the Obama’s? Senator Biden’s? Oh yes, we must take a peak inside the home of Sarah Palin. 

The Bachelor House On Market

The De La Vina Estate in The Santa Monica Mountains nestled on 10 acres is on the market for $11,500,000 …. but only 6 bedroom suites which means all those gals must have been really cozy. Look familiar?

Guess The ‘Hood

If I seem less prolific, it is because we are all working hard on the October issue of D Home. I am working on (surprise surprise) wonderful neighborhoods in our city where you can find great values from the lower $200K to $2 million: something for everyone. So I found this STEAL — brick house, 3 bedrooms, 2 baths, with this back yard salt water pool for $245,000 and I ask you, where did I find it in Dallas County?????

Last Chapter On 4949 Swiss Avenue, Mary Ellen Bendtsen’s Crumbling Mansion?

Brandon Formby reports that the Texas Supreme Court refused an appeal in the home ownership battle over 4949 Swiss — the decaying mansion of the late Mary Ellen Bendtsen. You may recall the excellent story in the DMN over a year ago about the 86 year old woman who, her daughter claims, was coerced by two art dealers into signing a will in a Baylor University Medical Center Emergency Room after she suffered a stroke. The will deeded 4949 Swiss to Mark McCay and Justin Burgess. I spoke with Realtor Robert Kucharski recently for an update (Cynthia Beaird wants to buy 4949 Swiss and restore it) and he told me that the home has deteriorated more, and that even if the courts rule in favor of Frances Ann Giron, Mrs. Bendtsen’s daughter, proceeds from the sale of the home will barely cover her legal costs.

Live In A McMansion, Totally Free

I have known people who do this — live in a home that is on the market for free. Obviously it is better to keep any vacant home on the market occupied and decked out with furniture. One such company is CASTLE KEEPERS, but you can be sure of one thing: these companies vet whoever they put in that house as if they were hiring for the Secret Service. You have to have the home neat and tidy 24/7, your furnishings must be approved, and you have to be ready to show the place instantly. Also, if the home sells, you are out of there lickey-split. Still, if that’s the price you pay for free rent in a million dollar home, that’s a pretty good deal.