Boy, Don Carter must be building something pretty amazing over there at the Stoneleigh Residences, cannot wait to see it! We told you first that he sold his mega house on University, that is, 4000 University Avenue in University Park. All 8100 square feet, this back in July. (I still have a crush on the master bedroom in this house. Who bought 4000 University for $3.9? Looks like a Sherry and Richard Wright, who I believe started a direct-sales company called Advocare.) Then Mr. Carter put a whopper of a W unit on the market with Rogers Healy’s Steve Rigley, almost 4,000 square feet and a very special two-story corner unit, which also sold and is now back on the market with it’s new owner for a mere $2.5.
So now what’s left? This sweet pup on the 22nd floor listed for only $725,000.
Here’s the deal: our market is heating up, and builders are telling me land prices are starting to tip even 2006 values. All this uplifting has floated the condo market up, too. According to a recent story in the Wall Street Journal, for sale signs are popping up in big markets from San Francisco to South Florida, “all at a steady pace as the improving housing market creates an opening for landlords to sell off rental housing. That hot market also is spurring new construction of condo buildings.”
New condos here in Dallas? There have been rumors. As the WSJ points out, condos aren’t likely to perform as strongly as they did in the boom years, and mortgage-lending standards are tougher for condos. Many buyers pay cash and some buy for investment, leasing out the units. Usually developers need to sell out a certain percentage of units in a building before banks can make Fannie Mae or Freddie Mac loans on a property. But the population is increasing, much of it urban-oriented, and Dallas has a dearth of housing options. Units from the last boom cycle have been absorbed, many due to non-U.S. buyers. This unit, for example, would make a great second home Dallas pad for someone from Plano to Poland.
Here’s what you get: 1884 square feet with rich, dark wood floors, two bedrooms, two baths, great kitchen and terraces a la W style, all in the end unit condo at the W North Tower. There is a wall of windows with views of downtown, Uptown, American Airlines Center,Victory Plaza and west facing the Margaret Hunt Hill bridge. The open kitchen has Sub Zero, Miele gas cook top, a Bosch dishwasher, Miele ovens and great storage, plus cabinets by Varenna and Poliform. This plus the usual W Whatever service for less than a million? I’d run, not walk, over to Inwood Mortgage’s website and get on the financing shtick now. Like, NOW.Oh the possibilities: this is Don’s old unit on the 27th floor!