Tom Leppert's House Reduced Over on Alva Court, In Hottest Real Estate Market Ever?

9925_Alva-3-575x383I have told you, but let me go on record again: yes, the market is hotter than hell and homes are selling in days, weeks, even hours. We have less than three months’ inventory. But that is for properties generally below $2 million, as Jennifer Miller pointed out last week. So it surprises me not at all that Tom Leppert and his wife Laura lowered the price on their Preston Hollow home to $4,999,999, a haircut of about $696,000 and some change.

The home, listed with former Dallas Mayor Pro Tem, Mary Poss, had been priced at $5,695,000.  Please note that the Lepert home also has a “keeping room”, just like our mysterious Monday Morning Millionaire.

Here is the description of the home using Mary’s own beautiful words:

“The estate home at 9525 Alva Court is another jewel in the portfolio of Dallas homes designed by the incomparable Robbie Fusch,” Ms. Poss says. “It is the fusion of grand elegance with extreme functionality. No detail has been overlooked in this 10,800-square-foot masterpiece built in 2002 in the heart of Old Preston Hollow.”

This stunning property features a slate roof, a stone exterior, an electric gate, a circular driveway and manicured landscaping.

 

Inside, massive timbers in the living and keeping areas set in 11-foot ceilings accentuate these spacious rooms and add to the comfortable and relaxed atmosphere of the home.”

 

Yes, it’s true: Laura had a “Keeping Area” for Tom. I think every wife needs one!

“Designer appliances in the spacious kitchen make cooking for one or for a crowd easy, Ms. Poss says. Massive granite countertops highlight this natural gathering place. Two large dining areas are located at opposite ends of the kitchen. The extensive butler’s pantry and storage areas provide plenty of preparation and staging space.

 

Beyond the confluence of the downstairs living areas are the master suite, a guest suite and two offices. Adjacent to the large master bedroom is a multipurpose room that may be used as an exercise room, a reading room or however the new owners choose. Marble abounds in the master bath, which is accented by an overhead stained-glass window above the luxurious tub. A steam shower and two large designer closets complete this well-appointed bath.

The first-floor guest suite occupies its own wing for privacy and comfort. One of the twin offices features rich, wood-paneled walls; the other is conveniently located by the kitchen and offers significant storage space.

Views of the pool and the cabana are available from almost all of the home’s living areas, the master suite and the kitchen.”

Of course, the home is on a 150 by 245 foot deep lot, almost one acre.

 

“A state-of-the-art media room is on the second floor, along with a library, a game room and a second laundry facility. A large, covered deck overlooks the backyard. Three bedrooms, each with its own bath and loft, offer plenty of private living space.”

Now here’s the space where you know the rich, powerful Repubs have gathered and plotted and oh if those tree branches or even the grill could talk…

“For outside entertaining, a beautiful cabana with separate living quarters offers the perfect backdrop to the gorgeous pool and outdoor kitchen, all of which is surrounded by lush landscaping,” Ms. Poss says. “Four garages, a porte-cochere, a motor court and a circular drive provide ample parking for any number of vehicles on the property.”

Any number. This is really quite a home. We are talking the HONEYPOT of Preston Hollow, T. Boone Pickens up the street, Kelcy Warren not too far over on Park, but you have to cross Walnut Hill and go west to visit Mayor Mike. Or the Malouf Waterpark. It was on the market very quietly as a hip pocket with Eleanor Mowery Sheets, who sold the home to Tom and Laura, this maybe 2008 or 2009, winter. In my opinion, Eleanor wanted to sell the house more than Tom and Laura did. Once the Sheets’ IRS issues came out, I never heard any more about the house or her listing it but I do know Eleanor had arranged a Realtor event at the stunning house. Mary Poss confirmed to me last night — full disclosure, I had just walked off a plane with ears still plugged — that Laura Leppert has a background in real estate and was in fact an agent in Hawaii when she and Harvard-educated Tom met. So yes, real estate is in their romance! Where are they going? Mary has been showing them some downsized properties around town, with Laura virtually incognito. Like most of us with larger family homes, the Lepperts wish to downsize now that their children are grown. Maybe want a little more turn-key in case he decides to take another political stab. Interesting thing about we baby boomers downsizing from this glorious homes: where are we going to downsize? One builder has a solution we are personally taking a peak at.