Spelling Manor Sells & The Palomar Rises: Who Says The Kids Aren’t Buying Real Estate?

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Who says the kids aren’t buying real estate? Candy Spelling closed on Spelling Manor, the most expensive real estate transaction in southern California and probably the U.S., the buyer rumored to be Petra Ecclestone, heiress to the Formula One racing empire and daughter of British billionaire Bernie Ecclestone Petra is all of 22 years old, by the way. The 56,500-square foot mansion sold for $85 million, according to the Wall Street Journal, which is a 43% discount off the $150 million original asking price.

Well, guess who else has lowered prices and is starting to move some units? Adam Hignite over at The Palomar:

CD:Are these units selling?

AH: The Dallas brokerage community is really embracing The Palomar. I had a closing last Friday on a unit and have a couple contracts out.

CD: How many units left to sell?

AH: Of a total of 72 units, in the first round only 18 were sold. Now with that closing, 19 are sold. And we have 2 contracts!

CD: So 53 left. Did you lower prices?

AH: Nearly 40% from intial pricing back in 2007

CD: Like Candy Spelling! What’s your traffic like?

AH: We are having quite a few coming in and we are not even advertising. Lots of traffic is coming from people who stay at the Palomar Hotel and like it here so much, and of course the brokerage community through MLS.

CD: I hear you last sold condos in NYC — is that why you have the magic touch?

AH: Ha! I’m really from Oaklahoma, but lived in Fort Worth and Dallas until 1997, when I moved to NYC and worked with the Prudential Douglas Elliman marketing group on The Chelsea Stratus 101 W 24th Street. 204 units 40 stories, the tallest building in Chelsea. I also worked for the Corcoran Group.

CD: Yeah, they call it the most terrifying building in Chelsea! What brought you to Big D?

AH: Allie Beth Urban through Worth Ross.

CD: How is selling condos in Dallas different from NYC?

AH: The markets are different. Dallas is a more home-oriented market, and it’s much easier to buy here. 75% of the homes in NYC are CoOps and 25% condos & townhouses. Getting into CoOps very difficult. A CoOp closing can take 60 to 90 days.

CD: But we have way more condos now, yes?

AH: Lots more condos here since I left in 1997. There’s more activity here in Dallas. When I left New York, we said cranes were like dinosaurs, they got shipped to Dubai. Here you still see a few, like at Museum Tower.

What is the Dallas condo buyer looking for?

AH: Affordable HOAs, great amentities and a fair price.

CD: Not a great Super?

AH: We actually have a great Super here at The Palomar, on-site.

CD: Let me guess, you live in a – condo?

AH: Confirmed condo dweller and I currently live in Turtle Creek.



Candy Evans

A real estate muckraker, Candy Evans is one of the nation’s leading real estate reporters. She is also the North Texas real estate editor for Forbes.com, CultureMap Dallas, Modern Luxury Dallas, & the Katy Trail Weekly. Candy has written for Joel Kotkin’s The New Geography, Inman Real Estate News, plus a host of national sites. Constantly breaking celebrity real estate news, she scooped former president George W. Bush's Dallas home in 2008. She is the founder and publisher of her signature CandysDirt.com, and SecondShelters.com, devoted to the vacation home market. Her verticals have won many awards, including Best Blog by the venerable National Association of Real Estate Editors, one of the nation’s oldest and most prestigious journalism associations. Candy holds an active Texas real estate license but does not sell. She is on the Board of Directors of Braemar Hotels & Resorts (BHR).

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