If you have any house issues, wonder just what’s going on behind those walls,  call the show and ask Tom questions. Like one thing I’d like to know: did it hurt much when he got all thermagraphed to make his face orange and yellow?  I’d love to be that color on my bad hair days…

Plan for new home for University Park Library reaches milestone

City is close to finalizing a letter of agreement with The Plaza at Preston Center owners

DALLAS, July 15, 2010 — Discussions of a plan to create a new site for the University Park Library have progressed to an important stage with a letter of agreement for the project nearing completion.

Creating a permanent home for the University Park Library is a long-held dream of city leaders and the Friends of the University Park Public Library.  Currently the library is located in donated space in the Chase Bank building at Hillcrest Road and Daniel Avenue.

In April, the City of University Park announced it was in talks with representatives of the owners of The Plaza at Preston Center and the board of the Friends of the University Park Library about potentially locating the library in The Plaza. Owners of The Plaza have worked closely with the city and representatives of the Friends of the Library to create a plan designed to enhance the center while also providing a new home for the library, which provides an important service to the community.

With the letter of agreement nearing completion, the city is distributing renderings of the proposed library meant to give residents an idea of the anticipated look of the project, although the final design may differ somewhat. The owners of The Plaza will work directly with the city and library representatives on the library’s interior space. Once the agreement is finalized, it will be forwarded to the library board for review.  Then the agreement will be formally considered by the City Council.

The agreement, if approved, would call for the city of University Park to sell certain streets and alley rights-of-way or easements in or adjacent to The Plaza in exchange for a second-floor library space of at least 15,000 square feet to be owned by the city.  The space would be part of a new commercial building in The Plaza, which will be solely financed and constructed by the center’s owners. Off-street parking for the library also would be provided by owners of The Plaza.  Because existing zoning at The Plaza already allows construction of the proposed building, public hearings are not required by the city’s Planning and Zoning Commission or the City Council.

As it is now envisioned, The Plaza’s new building retains the current configuration of shops and restaurants and offers the opportunity to add 380 – 400 additional parking spaces and improve traffic flow throughout the center. The construction is proposed to be completed in phases to minimize disruption and access to The Plaza’s popular restaurants and shops.

The final letter of agreement will include an expected move-in date, although that date has not yet been decided.

About The Plaza at Preston Center

The Plaza at Preston Center is not a shopping center, but a shopping experience. A unique urban oasis set in the heart of Dallas’ most desirable neighborhood, where beautifully landscaped walkways invite leisurely strolling past one-of-a-kind shops and restaurants for every taste. A place unlike any other.  Come experience The Plaza for yourself or take a virtual tour at www.plazaatprestoncenter.com.

Designed by E.G. Hamilton, there are four homes with a landscaped main motor court that is beautifully landscaped, crisp exterior white walls and black lacquered front door. Four levels of home: basement media room or office (coooool), storage room, and three floors above ground. The architect and builder used their heads: all levels are accessed by a staircase (rich walnut steps) or elevator.

You know all about 3500 Beverly, how it sold for a wee bit over $11 million to Scott K. Ginsburg. Yes, Scott also has a contract on the house next door to (west of) 3500 Beverly — pure Ginsburg genius to bring that property into this estate because honestly, not to be rude, but the one complaint I kept hearing from everyone who looked at this home was “the property is not significant enough for a home of this size and stature.”

And no room for a real pool. So Mr. Ginsberg fixed that issue  by doing what any normal person would do, he bought the home next door where he is going to built a pool and probably cabana. (I also hear he is doing some renovations to 3500 Beverly, in the master bath and a few other tweaks. Me? I think the home is perfection.)

So Dave and Gianna Cerullo sell 3500 Beverly; the property next door has not closed yet, that’s next week’s fun.

Dave also sold the Geoffrey Grant home at 10731 Bridge Hollow in the Creeks of Preston Hollow, which was listed at $4,950,000. Of course the final price was “Z’ed” (non-disclosed) but I am hearing the 13,000 square foot home went for just over $4 million. It was a huge bargain for the Chicagoan who bought it, he being an executive in the restaurant equipment business: the lot itself was about $2.9 million. That’s what now, three families living over there now? Beth Borman from Dave’s InTown office brought the buyer.

Then the two properties that had once belonged to Kelcy Warren, he of Energy Transfer Partners, the properties you will recall he traded for that $46.5 million Bootjack ranch in Colorado, in fact they were BOTH D Sales of the Weeks, well those are now also sold! 9122 Inwood Road , which was co-listed with Tom Rhodes, and 5323 Rockcliff.

But the whole week started with his closing of 4500 Fairfax, a deal worked with Lance Hancock, who brought in the buyer. Ironically, this was a client Dave first met in the early 1980′s when he was just starting out in the biz and certainly not selling mega-million dollar homes.

Not everyone who sells mega mansions is drinking champagne, I must say. Erin Mathews and David Nichols are moving some listings over at Allie Beth Allman, and have  had a great past few months, as had Allie Beth herself. But I peaked at MLS and searched for homes in Areas 10, 11 and 25. There are 119 homes over $3 million listed in Areas 10 (Addison), 11 (Preston Hollow), and 25 (Park Cities) over $3M. Of those, only three, yes just three, have a contract on them. Now here’s a fun bit of irony: one of those listings belongs to Scott Ginsburg, who just bought Beverly. Dave is listing the burned-down Ginsburg estate at 4707 Park Lane, 4.66 acres for $10, 250,000.

No, Miles home is not on the market. Yet.

But the oh-so-similar townhome next door IS: 4016 Travis Unit D, listed for $399,000.

This one’s slightly larger than Miles’ place at 2378 square feet, also has two bedrooms, two and a half baths, is three stories tall. Great Uptown living, a few blocks walk from West Village & Katy Trail,  open floor plan, not recommended for oldsters and here’s why: that verrrry private third floor master suite with separate loft-study does require some extra steps (great glut work-out) and once you get up there, you won’t want to leave. Amenities: your wish, they are here:  hardwoods, marble, huge kitchen, granite galore, fireplace, high ceilings, 2 story windows in living room, sound system, private patio & balcony.

Kim’s West Hollywood condo was listed last October for $1,099,000.  It sold in January, for $885,000 according to Redfin.  No matter, Kim — move your booty and that Bentley right over here to Uptown — we know some great car transporters — and maybe the fam will follow?

“The Master Bath even boasts a private toilet room.”

Yes, that IS living it up almost like we do in Texas. Next thing you know, they’ll have wrapping rooms.

By the way, Brian is now a television star in NYC — he contributes to NBC and The View!

Dear Candy: My daughter goes to college in New York City — – and they had a bout with bedbugs this semester in their dorm. It was more than awful. Now she is home for the summer, our home is on the market, and I am concerned over an infestation here. What if the unthinkable happens? What if we get them and pass them on through an open house — I am an agent listing my own home. Surely that will kill my home’s value! I kept her suitcase in the garage for five days before I let her take it up to her room. Her bedding is in plastic bags. This is just awful, I never thought I’d have to deal with this while trying to sell our home — HELP and please do not, repeat DO NOT, use my name!

Oh. My. God. I just came back from New York City where I gave my son so many lectures on bedbugs he was about to strangle me. It is a huge problem there at all price levels. Hotels, dorms, apartments, even some haughty law firms and Wall Street firms — yes, bedbugs at the office, even Goldman Sachs in NJ  — have had to be exterminated for them. Exterminators advertise all over local television; there are bedbug sniffing dogs. In fact, when I was googling for the nearest Target store to buy him hangers, I came up on Target NYC: a bed bug site.  We were buying furniture at a Thrift store on the Upper East side and were about to sink into a nice blue leather couch for $89 when I grabbed my son like he was 3 and about to dart onto the Tollway — and hissed, “don’t sit here!”

But we may also have issues here in Dallas, for the very reason you mentioned: kids are coming home from college and semesters abroad and may be bringing the bedbugs home with them!  I was at Lowe’s on Inwood last night and they are selling a bedbug fogger in the pesticide department.  I have already ordered my travel bedbug protection kit. In your case, I think I would have emptied the luggage in the garage, washed the contents, then vacuumed and cleaned the luggage thoroughly. Maybe leave it outside  when it is 99 plus degrees — heat and cold apparently kill these suckers.  I wonder if you can put the bed linens or clothes in the freezer before you wash them?  I wouldn’t let her take anything from that dorm room up to her room and do not plop any suitcases or computer bags on the bed. I may be old fashioned, but beds are for sleeping, (etc.); you or guests should never put briefcases or suitcases on them. Invest in a metal luggage rack.

Let me make a few phone calls and see what’s happening in Dallas. You can check here for reports and as you can see, we’ve got ‘em.

Meantime, here’s a simple way to test her bedroom with dry ice before your next open house. (Thank you,  Karen Lukin!) You can also buy these bed bug monitors which trap the critters before they climb up the bed, but these may be more suitable for infested buildings. Finally, some New York City Realtors are suggesting bed bug inspections prior to signing leases or closings, and a bed bug disclosure bill is in the works in Manhattan.  Let’s hope it doesn’t come to that here.

Rhett and Scarlett await you.

Now I hope they don’t have any drama!

The Real Estate Council (TREC) FightNight is a Total Knockout

Dallas, Texas, May 27, 2010 – The Real Estate Council (TREC) held an exciting FightNight 22 on May 6 at the Hilton Anatole Hotel with more than 1,000 attendees.  With a Rat Pack theme, this premier commercial real estate black-tie event featured casino gaming and Vegas-style entertainment along with networking, cocktails, dinner, boxing and a luxury raffle.  Internationally known Jimmy Lennon, Jr. served as the ring announcer again this year.  Additionally Dallas’ first world champion professional boxer, Curtis Cokes, attended along with Fort Worth’s world champion Paulie Ayala.

Since its inception in 1989, TREC FightNight has raised more than $19 million and has become one of North Texas’ largest charity events, benefiting distressed neighborhoods by enhancing the quality of life and stimulating economic development in the region.

TREC FightNight Chairman Lee Belland of Stream Realty, said, “We cannot thank our sponsors and hard-working committee enough for helping TREC make this event the ultimate knockout by raising these funds as well as providing an opportunity to reconnect with old friends and network with new acquaintances.”

Super Heavyweight Sponsors were Archon Group, Goldman Sachs and Republic Title.

Casino Sponsor was Matthews Southwest.  Prize Fight Sponsors were Architel, Behringer Harvard, Deloitte., Granite, KPMG, Regions and Thackeray Partners.  Platinum Sponsors were Crow Holdings, Metlife, NorthMarq Capital, LLC and Rosewood Property Company.  Media Sponsors included Bisnow and The Dallas Morning News.

About TREC:

Founded in 1990, The Real Estate Council (TREC) is a dynamic organization of approximately 1,300 commercial real estate professionals representing more than 500 companies in the Dallas area. TREC pursues industry advocacy efforts on local and statewide public policy issues and works to improve the quality of life in Dallas with impact initiatives that address housing, education, economic development and the environment. Find out more at www.recouncil.com or by calling 214.692.3600.

Talked to a young couple the other day who wanted to buy a home in North Dallas — they have two small children. Bought in Plano. For the schools.

We don’t like DISD, he said.

But it’s getting better, I said, and downright good if you choose the school — Stonewall Jackson? Do DISD for elementary at least, I suggested.

We feel we have more control in Plano, he said, and so that’s where they moved. Now comes word that Coppell ISD is thinking of dropping class ranking, much like Highland Park did this year, after surveying one hundred colleges and universities, to protect their students in the college applications process. (Note : my last experience with this was at St. Marks where the boys are not ranked.) The internal word when I was in this process was that it removed some of the stress from the college admissions process, and oh yes, I remember the stress. I used to tremble at the mailbox. One parent in our class actually appealed a high-profile university’s denial, of her son. Of course, I had no idea you could even attempt this.  Besides, colleges worship that dang SAT test, grades, AP courses, community service, the company you started in fifth grade.

So I ask: is this scrutiny in Coppell going to make its already educationally- appealing real estate market even more appealing to home buyers? This district, like HP, is certainly serving the community, and the buyers are flocking.

LA-based BentleyForbes was the owner of the Four Season’s property. Even though it’s in foreclosure, don’t expect anyone to be vacating: the hotel, I believe, is operated under contract by the Four Seasons. All the battle is over the structure and dirt. BentleyForbes took out a $183 million loan in 2006 earlier this year from U.S. Bank NA. The company sunk about $60 million into lovely renovations at the hotel — the lobby is to-die-for — and upgrades to the renown golf course. BentleyForbes worked for 18 months with the loan’s servicer, CW Capital,  to modify the loan and prevent foreclosure; BentleyForbes also worked with its mezzanine lending partner, Chicago-based Capri Capital. According to the Dallas Business Journal, BentleyForbes was able to seal a modification deal with CW Capital, but no go with Capri Capital.

When I last posted this story on April 1, a commenter had some interesting input:

Capri Capital is not the primary note holder, or the lender that has “threatened” foreclosure. The Mezzanine lender (with a $30M note) is doing anything they can do to try to get more money out of the “deals” that Bentley Forbes, the lenders and the special servicers are negotiating.

There is a strong deal in place, that will probably go under contract on Friday, which will stave off the foreclosure process.

If you look closely at the JLL ad that was posted in the WSJ last week, it is CLEARLY marketing the sale of the mezz note (.5% ownership in the property).

Well, guess that deal didn’t go though. Mezzanine financing appears to be similar to a second lien in residential — correct me if I am wrong. Thus I am having a hard time trying to figure out how a minority player in this could force through a bankruptcy?

Now who will the next owner be?