Tuesday Two Hundred: Cool Cedars Penthouse Loft Will Be Within Walking Distance of New Alamo Drafthouse

Here’s a fun property in a neighborhood that is growing like unchecked bamboo! The Cedars, one of the last still-wild urban neighborhoods in Dallas has so many cool condo and loft properties, including this amazing penthouse unit in the Coombs Creek Condos building.

What’s even better is that this unit will be within walking distance to the new Alamo Drafthouse slated for the corner of Cadiz and South Lamar — caddy-corner to Gilley’s Dallas — come 2015. This is going to be such a boon for the neighborhood, bringing in daily foot-traffic and enhancing the cultural quotient of the area. Plus, they have a zero-tolerance policy when it comes to cellphones in the theater, so they obviously get my business! There’s one in Richardson, but if you’re south of 635 and want to spare yourself the hike, well, this one will be opening next year!

But The Cedars is a very hot neighborhood without the new Alamo Drafthouse, which is still a very big plus. Just south of Interstate 30 and west of Interstate 45, this neighborhood has fantastic historic buildings. This used to be a very busy industrial and commercial area in Dallas’ bygone eras, and many of those beautiful brick-and-stone buildings have been converted to lofts and condominiums.

I love this area. My husband and I enjoy going to shows at the Palladium Ballroom or The Loft. There are some amazing people who work and live out of the South Side on Lamar building. The DART rail station is terrifically convenient, apropos of zero “transit oriented development” investment, and the buildings are gorgeous. There’s Lee Harvey’s — a great hangout for anyone who likes a casual beer or cocktail in a pup-friendly environment — and The Cedars Social — a bit more chi-chi and chef driven. For barbecue fans, there’s Off The Bone. And for music fans, you have to stop by Bill’s. Of course, don’t miss an opportunity to check out the giant derby hat.

But if you want to find someplace to live, well, the pickings are slim in the $200K range. That’s why I was thrilled to see Unit 303C at 2401 S. Ervay on the market. This loft-style condo inside a 1922-built warehouse conversion is in such great shape, and a few improvements could make it a brilliant home for anyone who wants to have unobstructed downtown views.

This loft is a huge one-bedroom, one-bath unit with tons of open space and a 37-foot entry hallway that, as Virginia Cook Realtor Laura Jeter points out, is perfect for an art collection. With more than 2,600 square feet of space, you’ll be able to host fantastic shindigs. When cocktail time hits, you can enjoy the rooftop deck. Unit 303C, a penthouse unit, is on the market for $284,000. Totally reasonable considering you get refinished hardwood floors, exposed brick, tons of light, a huge, open kitchen, and in-unit laundry.

Now, if you re-do the kitchen (you can easily do this if you’re an artistic/handy type and know your way around an Ikea, update the master bath, and upgrade the lighting, this unit could be worth upwards of $300K, especially considering the quick trajectory this neighborhood is on. Of course, consult your Realtor before you sign on the dotted line, and then, well, buy this beauty!