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Sneak Peak Inside Bailey’s Prime Plus Park Lane

Little “private luncheon” there yesterday and I was honored to meet the proprietor, Mr. Ed Bailey himself. He told us he wants Prime Plus to be the sort of steakhouse where ladies would feel at home for lunch with the girls as well as going out with the boys to devour a huge, juicy steak. (As a Chicago girl, let me tell you, there is nothing better.) I ooohed and ahhhed over the design, while lunch will necessitate the addition of two inches to my Mama wedding frock: the food was fantastic! (Click here if you like Food Porn — warning: House Porn has fewer calories.) The restaurant is huge — 12,000 square feet — in the new Park Lane development at Park and Central.

Economist Says Changing Texas Demos Will Bring Changes — More Like California? Texas-Bound U-Hauls Pricier Than California-Bound

Christopher Lockwood says our low taxes and light regulation have helped get us where we are — probably the best place to be in the U.S. right now. 150,000 people are moving to Texas each year, while they are leaving New York and California in droves. (The second best place to be right now may be  D.C., where lawmakers are turning out greenbacks faster than than people can unpack a moving van.) The recession didn’t hit us ’till last fall, and even though almost everyone of us knows someone who has been laid off, Texas unemployment is at 7.1%. We’ve got a state surplus, our foreclosure problem isn’t devastating,  and the Texaplex —  D/FW, Houston, San Antonio/Austin –  is one of the nation’s most dynamic regions. The only problem I had with Lockwood’s article was — not a problem, really — Joel Kotkin’s bullishness on Houston over Dallas, but I am trying to lure Mr. Kotkin to Dallas to show him first-hand why we are so much better.

On the negative side, we have many problems: education, high percentage of un-insured (stemming from illegal immigration), more Medicaid babies born in Texas than anywhere else. (more…)

Earth Day and the Ag Exemption

If you love trees and tree farms, then you should love what the Texas agriculture exemption has done for them. In honor of Earth Day, here’s an out-take from my recent post on  farms and suburbs for the national land-use website The New Geography, an interesting aside relayed to me by Phillip Williams, developer of Montgomery Farm in Allen:

Margaret Crow thought that cows stank. Margaret was the elegant wife of Trammell Crow, Jr., a  Dallas property developer who created the Dallas Design District, Dallas Market Center, Atlanta’s Peachtree Center and San Francisco’s Embarcadero Center.

The problem was that without any cows, Mr. Crow would not be able to obtain an agricultural exemption on his extensive properties and would instead pay full Texas property taxes. How the hell, he asked, can you get an ag exemption without any cows? He posed the question to a young CPA at Arthur Young, Crow’s accounting firm, who shot back a memo to Crow saying sir, you can have your agricultural exemption: plant a tree farm.

 That CPA was young Philip Williams.

 ”By 1988,” says Williams, “Every major real estate developer in Texas had a tree farm.”

Most Talked About House In Dallas (Soon, Stay Tuned)

Whole Foods Lakewood: Kids Will Want To Wash And Dry Their (Germy Little) Hands

This is a Dyson sanitizing hand dryer in the ladies’ bathroom. Pop in your hands, they are dried and cleansed. Rather OCD myself, I love this concept (just ordered my sanitizing wand for hotel rooms) and will be in the bathroom over there every day. As will the kids, I’m sure — just hope they don’t go sticking little Gerbils in there — oh Lord — horrors. �

Sanity Check: Property Taxes Levied By Developers?

I think this shocks me about as much as Nadya Suleman. I met with a property tax buster yesterday, who tells me that given the way the appraisal district raised appraisals this year coupled with the bleeding housing market, he thinks DCAD had better plan on valet parking come May.

Victory Update & I Love Condo Life

Condos on the brain ( not condoms): my dear friend Michael Davis at Dallas Progress has some thoughts on Victory Park, which is ironic because I spent this afternoon at One Arts Plaza with Kyle Kearbey shooting video of a gorgeous 2 bedroom unit. This was the first time I have been inside a One Arts unit where I could kick the tires, open the cabinets and drawers. (Well, I only do that in some one’s home behind closed doors!) Am totally in love with the place, and cannot wait to post our video. Know what’s even cooler? Almost every tenant I ran into had a dog. Having been in NYC just two weeks ago, it is great to be up high and admire the view which changes dramatically depending on the direction in Dallas. But Michael is right: we cannot just wait for baby boomers to kick their kids out, then sell their Greenway Park, UP or HP homestead and POUF — move into a downtown condo. We need to get young people down there, and young people cannot afford $400 to $600 per square foot digs.  (Not unless they are trust fund babies, what my husband would call members of the Lucky Sperm Club.) Know what else would make downtown hop? A movie theatre, though I’m told they tend to bring on crime when added to a shopping center.  Thoughts?

The North Central Expressway Submarket = Sexy

This area, east of Central on Walnut Hill to Greenville Ave., then down to Park Lane, fascinates me and, yes, rather turns me on. Talking real estate. So THR is leasing out one of its buildings, the apartments have been raised and a lot of stuff is going on — tell me more.  

Highland Park Village Regent’s Theatre Closing?

Please say it is not true! If that theatre closes, I say 10% decline in Highland Park property values… agree????

Need A Painting Contractor?

Times are tough. The stock market is going deeper than the toilet. So maybe we need a painter without the frills? My favorite part about this contractor is the hand-painted line: “If You’re Piky Please Dont Call”

(Thanks to Ebby Southlake Realtor Patti Moore for sending me the photo).

Bush To Office At Sherry Lane Place

That’s 5956 Sherry Lane, two streets south from Dave Perry-Miller’s office at 5950 Berkshire Lane, where the former president will take up 5328 square feet of temporary office space.  So the good folks at 5950 WERE lying to me when they told me the President would not have an office there. (Thanks and kudos to all my sources who told me he WAS.) He is indeed — only it’s temporary. Only one who tells the truth around here is Jeff Staubach. Love you, Jeff. Heading out to shoot some photos.

Update: Steve Brown ran this story on Jan. 15, the day I left for Cabo.  

Topless Bar SuperCenter: Could It Impact Dallas Property Values?

Other than contributing to the bottom line of local plastic surgeons, I saw this story about Rick’s Cabaret,  the state’s largest topless bar , en route to Dallas and wondered how this might impact Dallas property values? Particularly Victory Park and the West End, which president and CEO Eric Langan proudly points out is only a few miles south of the planned project. Shuttle buses? Meantime, I’m going to research breast implant manufacturers and place a call to my broker. 

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.

Holiday House Porn: Over The River, Through Woods, To Organic Rice Farm We Go

Do you see what my kitchen table looks like with all the boys at home? Fort Hood in candy-cane getup. To keep my sanity, I need a place where these boys can go play Dick Cheney. After church on Christmas Eve, I settled down with a glass of bubbly, warm and toasty in cashmere, to peruse the kind of house porn I crave during these times: ranch properties. Acres and acres of ponds, tanks, deer, ducks, geese, pigs and enough coyote to keep Sarah Palin frocked through her next campaign. Found some good ones, too, like Turkey Creek Organic Rice Farm — 1633 acres in Wharton County raising organic rice! Holiday dinner – done! Boasting $100,000 annual income from the land plus a three-bedroom, two-bath cedar lodge. “Trophy Deer and wild hogs”:  our African heads will finally have a home.  Where do I sign? Where is Wharton County?

Another One Bites The Dust

This home about five doors down from me.

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.

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.

Garbage In, Garbage Out

I agree with Tim: James Ragland’s column on Preston Hollow, where I live, is a waste of paper that Belo should not waste. We explained the deed restriction “non-issue” that Huffington was trying to “stir”. Item 11 in the deed restrictions that cover the President’s new property (properties) on Daria Place was NOT an issue in 2000. Nor were racist-toned covenants an issue when he bought the family’s home on Northwood in the 1990’s. That racist language has been illegal for many years, but because it was written into legal documents, the graphs could not vanish. The Texas legislature passed recent legislation that enabled homeowners to amend racist language in deed restrictions, which is why many home associations chose to alter them. Real estate reflects history, and truth be told our history is loaded with discrimination… and garbage. Until the 70’s, women could not obtain mortgages or buy homes on their own. They couldn’t even obtain credit cards in their names. We were considered our husband’s chattel. I would not be surprised to find deed restrictions somewhere saying it’s illegal for women to own property — unless they reside in the back-house kitchen.

If Ragland’s point was to give a thumb-nail sketch of Preston Hollow, then I suggest you find a copy of Eva Potter Morgan’s “Preston Hollow”. Preston Hollow was briefly incorporated as a town after an election on November 18, 1939, the voting taking place in the real estate office of Mr. Ira P. DeLoach, also the man who hired Ebby Halliday. Her name and company now occupy what was the town hall of Preston Hollow, the “little white house” at the corner of Northwest Highway and Preston Road. Initially the notion of incorporating PH into a town was controversial, the heart of the discussion being fiscal concerns and higher taxes with annexation. But it was one of humanity’s most basic dilemmas — sanitation — that united Preston Hollow with Dallas while the Park Cities would remain the Golden Bubble in-between:

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The Stoneleigh: Q&A (Sort Of) With Jud Pankey

Jud Pankey was kind enough to answer my questions about the Stoneleigh last week, then our blog was down, etc. etc. So here you have it.  I am truly sorry The Stoneleigh has been caught in this credit mess. I would like to personally march all those Wall Street Rocket Scientists over to that shell and tell them where to stuff their financial algorithms…

DD: What are you going to do with the shell?
Jud Pankey: The shell is going to stay as is. It will be ready to go again once we close a loan. The garage will be ready next week, so we have made some progress. We will then turn our attention to the courtyard.
DD: The parking garage is completed for the hotel, so will you let the shell sit?
Jud Pankey: Not sure what else we would do. Do you have any creative ideas, as I am all ears?
DD: Was the crane really costing $30K a month?
Jud Pankey: Yes—close enough.
DD: Will you build a smaller, scaled back condo perhaps?
Jud Pankey: No—does not make sense.
DD: Do you have any financing promises at this point?
Jud Pankey: We are working with a couple of lenders. They do exist!!
DD: Is this why Paulson (last week) said he is aiming the bail out funds at the banks?
Jud Pankey: Not sure what he said but the banks are trying to figure out risk between banks and customers. I think it is confusing for everyone, hence there is no confidence. The banks are trying to price risk and they have plenty of capital, but they are not being paid to lend money just to lend money just yet. Plus, the regulators need to encourage them to lend versus contract. It is an interesting time.

Stoneleigh Update: Buyers Talk

Spoke with Greg Nieberding, a Dallas businessman who has a deposit on a two-bedroom, two-bath unit on the 11th floor of the Heritage at The Stoneleigh, now on hold.  Greg owns a printing company and is the creator of Baby Bear infant flight vests. He was one of the first buyers who signed on the dotted in the dusty old hotel.

“We were very excited,” says Greg. When construction seemed to take a little longer, he renewed his lease at Republic Bank Tower, but did not stress. Yesterday, says Greg, he received a call from Jud Pankey, Prescott Realty Group CEO, who told him the crane was coming down to save $30,000 a month. The construction financing had fallen through, but Jud said he hoped to have a new line just after the first of the year. Greg says his deposit of about $60,000 is in an FDIC-insured escrow account and it is earning interest. In fact, Greg is more concerned over the building’s marketing direction than his money:

“I got a little concerned when the marketing center started to look like Las Vegas,” said Greg, who hopes the condo will absorb the traditional design flow of the newly-remodelled hotel and Carlton Varney-designed penthouse. He’s got his fingers crossed for that new financing, and says he’s willing to wait 18 to 24 months to move into his condo. 

“I’m fine where I am,” says Greg.�

Galleria Owner May Be Shopping

Either for fresh credit or bankruptcy attorneys. Robert Wilonsky at Unfair Park alerted us to this business story – General Growth Properties Inc. is calling SOS, trumpeting financial woes, understandably with shares worth mere pennies today. General owns six malls in the Dallas-Fort Worth area, including my beloved Galleria and Water Tower Place in Chicago. Developing.

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!

What’s Happening on Cedar Hill, East of Kidd Springs Park?

I love writing this blog. Sometimes, however, agents and others get very upset with the information I disseminate. It’s a tough balance act, really, trying as best I can in a non-disclosure state to tell you what homes are REALLY selling for as I keep my finger on the industry’s pulse, which is almost as erratic as the stock market. (FYI: national home sales are up.) So this email just made my day. If anyone has any knowledge about this development, please please let us know! 

“I read your blog every day and I was wondering if you might be able to answer a question given your extensive knowledge of the real estate business.  Over on Cedar Hill, just east of Kidd Springs Park, several apartments and older homes have been demolished and the land cleared?  I walk the neighborhood regularly and am very curious as to what is being built: apartments, townhomes, or what have you.  It seems to me they will have a gorgeous and substantial frontage to the park.  They have the opportunity to do something very special.  Also, I am curious because my parents lived in one of the cleared apartments just before I was born.”