Last week, Dave Perry-Miller Realtor Emily Ray-Porter did what no one has been able to do in over a decade. She sold the 1505 Elm Street penthouse.
Broker Sharron Sadacca brought the buyer, and as fate would have it, he’s her son’s friend. That’s how things happen in Dallas real estate.
It’s not so much what you know, as who you know.
I’m thrilled because I know a bit about this gentleman. I’ll tell you more next week after I speak to him. What I can tell you is that this is not his first rodeo with a historic property. If I were asked to hand-pick a buyer for the 1505 Elm Street penthouse, he would be the one.
So, what took so long?
This iconic 17-story building was designed in 1957 by George Dahl. He’s the architect that brought us the Dallas Morning News building and the original Dallas Public Library. He also oversaw the planning and construction of the 1936 Centennial that resulted in Fair Park having one of the largest collections of Art Deco buildings in the world.
Dahl designed 1505 Elm Street to be a star, with a cast terrazzo grille, and a blue-green porcelain and silver-gray enamel exterior. Initially, the building was home to Dallas Federal Savings. It continued to attract some big players, including Dresser Industries, who bought the building in 1974 and remained until 1985 when James Coker purchased it.
The Dallas Chamber of Commerce was the next owner and briefly considered it for their headquarters. Then it went to Lazarus Property Company. They had the brilliant idea of converting it to condos, and that’s where the real story begins.
Owning a residence in a high-rise downtown building was a bold new concept. There was only one residential rental apartment building at the time, The Manor House. However, plenty of people embraced the idea of ownership, and the 67 units filled. Although the 1505 Elm Street penthouse sold and leased several times over the years, it remained unfinished. That’s not unusual for a penthouse. Look at Museum Tower. When people buy the top of a building, they generally have a definite idea of how they want it designed.
You can split hairs about price per square foot and value all you want, but Dallas is filled with people who want what they want, and the price is never an issue. So, I don’t think that’s what kept it from selling. To me, it’s simple. It’s because 1505 Elm Street was ahead of its time and started a trend. I believe with all the massive ensuing downtown development. It got lost in the shuffle — until last week.
As we know, timing is everything.
It takes the right buyer. The stars simply, finally aligned.
“I‘ve sold several shells at the W, so I certainly see the potential of the raw space,” Emily said. “But I’ve never sold anything like this with these stunning views of so many iconic buildings. It’s rare to have the ability to finish this space out and make it your dream home in the middle of downtown at a time when downtown is having such a strong resurgence. It was the perfect time for this property. ”
Congratulations to Emily and Sharon, and a big Dallas welcome to the new owner!