Comes a report by Movoto Real Estate, telling us the prices for condos increased in the whole country in October, compared to the same time a year ago. In Dallas, we saw a 22.4% change upward in condo prices. This increase is mainly caused by a lack inventory. Sellers, don’t jump too high: while it may be a seller’s market, more condos are coming on the market, which could adversely affect list prices.
According to Movoto, the median list price per square foot index for a condo increased from $200 to $222, or 11.4 percent, during the last year.
During the same 12 month period, inventory remained almost flat at about 29,200 units.
Inventory levels have remained flat or increased on a month-over-month basis since January, giving buyers more purchasing power and more choices, while inventory in Dallas has actually decreased by 29%.
All of this is very good news for Dave Perry-Miller & Associates’ Beth Borman, Claudine King, Jarrad Barnes, Sharon Quist, Emily Ray-Porter, and Brittani Frankowiak. They will be the exclusive marketing gurus selling The House by Phillipe Starck.
Located at 2200 Victory Avenue, at the end of the Victory Park development, the 28 story upscale contemporary condos showcase walls of glass with spectacular views, dramatic and open floor plans, hardwood floors, natural stone and marble finishes, Wolf and Sub-Zero appliance packages and generous balconies.
One bedroom condos start in the low $300,000’s, two bedrooms start in the mid $600,000’s and sub-penthouses start at $750,000. There’s an owner’s lounge with a library, billiards and skyline views, an outdoor area with a 130-foot infinity pool, private cabanas, gated dog walk, expansive deck with a covered veranda, spa and grilling area. Residents also enjoy 24-hour concierge service, a seasonal pool butler, and valet.
The House came on the market just as the recession hit. I interviewed Bobby Dhillon, who was marketing it in 2011, and about a quarter of the 132 total had been sold.
But today, the high-rise is about 80 percent occupied. Last year, lender HSH Nordbank AG foreclosed on the 112 unsold units in the property. Then the new owner hired Premier Communities to fill up those units with a combination of sales, lease/purchase options, and rentals. Prices were extremely competitive.
I’m told about 32 units have now been sold, and at least 51 are leased with an option to buy. The lease/purchase options offer a portion of the tenants’ $2,700 to $3,750 monthly rent into escrow towards a future condo purchase. Some of my son’s friends live at The House and love it.
Interiors were styled by French designer Philippe Starck, who I interviewed when he designed it. The House was decked as the most stylish, almost funky-elegant residential project in Victory Park, a “Tommy Bahama” feel. Developed by London-based Yoo Ltd. and Dallas’ Hillwood, it targeted young, affluent residents who wanted to live in the new Victory Park neighborhood. The House of Blues is right down the street! The building was designed by Elkus Manfredi Architects of Boston. At $300 ish a square foot, it has HOAs of .46 cents a square foot, making it one of the most affordable downtown buildings.