by Eric Prokesh
What we have here: two contemporary buildings of three floors each with four ground floor units and eight two story units above, totaling twelve condominiums. They sport a modern attitude that blends happily with three of Magnolia Street’s most popular restaurants and watering holes, nesting in the burgeoning and expanding Medical District and abutting the historical Fairmount neighborhood. The units are about 1250 to 1300 square feet, sporting two bedrooms and two to three baths. Each has a covered parking space. Pricing starts at $265,000.
Financing is freaky friendly, with a down payment so minimal you could practically find it in your piggy bank.
“With a 3% down payment available under the Community Reinvestment Act, 30 year fixed financing and up to $4,500.00 in reimbursed closing costs, lending through BBVA Compass, ownership is incredibly accessible for a first time buyer,” says Lisa Logan, one of Northern Realty Group’s star agents. “In addition there is no there is PMI, which is crazy.”
And an incredibly low and inclusive $250.00 monthly HOA covers water, gas, property insurance as well as common area maintenance.
The urban origins of this project were spearheaded by a clever investment group which includes Omar Diaz, who got his feet wet in the challenging and dynamic real estate market of Mexico City.
“I moved to Fort Worth four years ago and identified 3 urban areas ripe for unique residential development,” he says.
Downtown, of course. Seventh Street. And Magnolia Street with its access to restaurants and the hospitals.
“The city of Fort Worth has been incredibly supportive with infrastructure and permitting and the inevitable variance requests,” says Diaz. “With rising lot values, in this part of town, we probably couldn’t offer a property at these prices.”
Units are naturally, thoughtfully detailed. Modern cabinetry, granite surfaces and bespoke modern fittings. Downstairs apartments feature polished, scored cordovan, concrete floors. Upstair units have eucalyptus (heavenly aroma) first floor floors, a Juliette balcony door and beveled, rustic, pine floors on the second floor which makes a textured contrast to the modern fixtures and fittings throughout. Heavy double-insulated windows and tankless gas water heaters should keep utility bills in check. All spaces house discretely placed washer dryer closets with hook ups, capable of containing the largest size components. Master bedrooms connect to bathrooms with couple friendly double sinks.
They are moving fast. Still available is a north upper with downtown views.
The properties are marketed by Northern Realty Group, a locally based boutique firm on Magnolia with 19 agents, 3 handling commercial properties, 16 residential and one full-time property manager. Will Northern, principal broker, went to TCU and got his start in real estate by learning from the best — his dad, who bought and sold in San Saba, near the Texas Hill Country.
“Fort Worth has 16 defined urban villages,” says listing agent Will Northern, “1320 May Street resides in TIFF #4, which has been a model TIFF, the best one in the city.”
Like they say in Fort Worth, life is too short to live in Dallas!
Eric Prokesh is an interior designer whose work has appeared on HGTV, in books and publications including DHome, Southern Accents, House Beautiful, and House and Garden. In January 2005, HG named Eric one of the 50 tastemakers in America and DHome has included him as one of Dallas’ Best Designers for 10 years. Having lived most of his life in Dallas, he now calls Fort Worth home and is one of our experts on beautiful Fort Worth Dirt.