Local Realtor’s (Cat)Fishing Expedition to Pink Wall HOAs Offers Weak Bait

Buyout Note SM

Hours before the Preston Center Task Force Meeting, an email was sent to the HOAs of 14 Pink Wall complexes from Hanson Walker, assistant to Logan Waller of Waller Group Homes.

FYI, pretty bad timing to send a note like this hours before a meeting many would likely be at and able to compare notes and gossip.

Those receiving the note were: 6040 Place, Diamond Head Condos, Edgemere on the Parkway, Fontainbleu, Harcourt House, Imperial House, Park Carillon, Prestwick Manor, Royal Arms, Royal Orleans, Seville House and Villa Serena.

Seems they’re on a fishing expedition to purchase Pink Wall complexes for an unnamed developer. Psychically, a few short days prior I’d written, DON’T go Pink if you’re a developer looking for a quick buck, unless you’re moneyed enough to buy enough complexes to extinguish the deed restrictions.”

In this note, several things strike a reader.

First is that Walker’s grammar and syntax is only slightly better than a Nigerian prince needing help unlocking his fortune.  We have another offer condo complex considerably larger for $9,000,000….”

Second, the note is asking complexes how much money they want rather than putting money on the table.

Third, he continues, regardless of your “number” here’s what he’s thinking, “I can’t speak for my client but I would think they would be willing to pay $270,000-$325,000 per unit…”

Depending on the unit, this represents plain market value (or at Imperial House, below). No developer bump. That’s a no-deal deal.

Maybe that Nigerian prince has a better offer?

Given the deed restrictions I wrote about here, the best bet is that a developer wants to ultimately acquire 51 percent of the voting power for one of the three sub-tracts behind the Pink Wall. That way, in one swoop they can extinguish the zombie restrictions from 50 years ago that only reared their head a few months ago.

It’s funny, at the Task Force Meeting, Councilwoman Jennifer Gates posited that a developer could do just this. She also said that the City of Dallas doesn’t legally care about civil deed restrictions and would issue a permit conforming to zoning that violates the restrictions.  Restrictions can only be enforced civilly through a lawsuit. What she didn’t ask was whether any Pink Wall development opponents in the room (Steve? Ashley?) would rat out any zoning-conforming but restriction-violating development.

Release the dogs of war …

Remember:  Do you have an HOA story to tell?  A little high-rise history? Realtors, want to feature a listing in need of renovation or one that’s complete with flying colors?  How about hosting a Candy’s Dirt Staff Meeting?  Shoot Jon an email.  Marriage proposals accepted (they’re legal)!  sharewithjon@candysdirt.com

 

 

9 Comment

  • mm

    Jon, let he (or, in this case, SHE) who is without sin cast the first stone about grammar. I have a theory: the rules of grammar, which I respect, came at a time when we wrote in long-hand, or typed. We now use devices that spell or mis-spell for us, phones that are too teeny for fingers, I say go easy on the typos.

    But otherwise agree with your post: offering those prices is a great way to piss off most everyone at Imperial House.

    • I get that when typing on a device that has annoying auto-correct that things happen, heck there are typos in my writings (that I re-read 100 times to correct). BUT if you’re sending a solicitation to purchase an entire condo complex, a measure of professionalism is required. The wording of this email would not instill confidence that the sender was above board.

  • This email actually doesn’t sound too bad. Isn’t this their job; to fish? I mean, why not just send letters and emails to anyone they can find promising vague “offers”. Sure it is annoying, but don’t all realtors do that? I get letters and emails weekly!

    • mm

      Oh we have no problem with the fishing expedition! I think the offer range was deemed as too low. But remember Pink Wall readers (which includes me, too): pigs get fat, hogs get slaughtered.

    • I too get solicitations to sell my Hawaii home with regularity. They’re professionally produced postcards or personal letters. They’re not notes whipped over the transom. Ask yourself, is this the introductory note that would lead you into a multi-million dollar transaction?

  • boo hoo they wont give me enough money! let me go write a blog about it…

    • mm

      Actually this isn’t about me. I live in a high-rise and no developers are offering to purchase those. In the words of The Simpson’s character Nelson Muntz, “Ha-ha” Miss Ha.

  • Some organizations are challenged with effectively communicating via email.

    According to Politico, one political campaign which shall go unnamed but headquartered in the Trump Tower in Manhattan earlier sought to catch up with the process of organizing delegates for the GOP convention in Cleveland this summer. They had no paid organizers in Washington State and had just gotten snuckered in two states as they had not read the rules and had no infrastructure in place.

    A mass email was sent indicating that volunteers were sought to be convention delegates and for the recipient to qualify s/he had to register with the state by the 4th of the month.

    This email was sent out on the 6th of the month.

    The recipients of that mass email were residents of Washington, DC, which is a couple of thousand miles away.

    Perhaps reality TV is great for building name recognition, but as for developing organizational effectiveness, not so much.