At first they wanted the Residences at the Ritz Carlton, but they couldn’t find a three bedroom condo to lease for just one year. So now word is that agent to the stars Allie Beth Allman, who I hear now tweets to keep up with Khloe, is helping the newcomers ink a deal at the W. Not sure which penthouse just yet, but I’d venture to say 2801 looks good, because it’s finished out (not a shell like a few of the remaining units over there) and has four bedrooms 4.2 baths, boasts 9285 square feet so the whole Kardashian gang can come in for Thanksgiving. (Khloe: Celebrity caters!) The unit is held by Encore Holdings and is the former home of Jonas Woods, remember him, who sold it in September of 2009 for $9,950,000 or $900 a square foot. Dang, remember those days? (Saw it in MLS, but I don’t believe it, I had heard closer to $6 million. But Carolyn Shamis, God rest her soul, is dead and I cannot call her!)

Allie Beth was the listing agent.

Another possibility might be Thomas A. Hartland’s 3102 which is 5731 square feet and a three/3.5, sold as a raw shell in October 2007, must surely be finished out by now. Also Don Carter has two units at The W, a smaller unit 2209 and and 2709 which is 3758 square feet, a three bedroom, 3.1 bath, had been on the market for $1.7ish.

Other agents helping the kids find a nice crib: Forrest Gregg who works on the Ben Jones team at Allie Beth, and  Seychelle Van Poole.

Don Carter's #2709

We might have been talking about you, too. Hell, we gossiped about everyone in town, from Troy and Rhonda Aikman to GWB to every license agent in Dallas. And we were just getting started. BEST. MORNING. EVER.  Talking blogging and social media savvy with all the fine folks at Alicia Trevino Realtors — thank you sweet Kristian for having me! And please keep mum about the handsome young man I had in tow, my husband may be reading…

Meantime, check out this great listing on Wenonah if you like Inwood/Lemmon, updated everywhere with granite, hardwoods, great spaces. Grab it for $349,000.

    Michael Ainsworth the Dallas Morning News

 

Guest Post by Susan Arledge, CEO Arledge Partners Real Estate Group

Last week, an interesting report emerged from Advertising Age Magazine called “Put Your Money on Texas.” It showed that Texas is now home to 3.6 million millennials—a 14 percent increase from 2000 to 2010. The 24- to 35-year-old age group “is critical to the state’s future because they represent the next wave of families, new home buyers, and big spenders,” according to the article.

Of the top ten states with the greatest increase in millennials, not one was east of the Mississippi and only three states really stood out:

  • · Texas,with 3.6 million 25- to 34-year olds, up 14% since 2000;
  • · Washington, with nearly 1 million, up 11%; and
  • · Colorado with 0.73 million, up 9%.

Here’s the Crackerjack prize in this box: over the next 10 years, the millennials will move into the 35 to 44 age cohort and increase their average household spending by 23%, a jump of more than $10,000 per household, according to the Bureau of Labor Statistics. So one way to pick states with high economic future prospects is to look at how many 25- to 34-year-olds each has numerically and in relation to a national average, and gauge how fast that cohort is growing.

Ok, so how does this relate to Lakewood? Millennials love the place. Recently, Steve Brown wrote in the Dallas Morning News about the tremedous changes taking place at the Lakewood Shopping Center, and the influence on residential real estate. I grew up in Lakewood with my sister, Allie Beth Allman residential Realtor Brenda Sandoz — check out her listing at 2917 Amherst.

I was all ears.

Steve quotes Highland Park Village owner Ray Washburne, who is planning to open a Mi Cocina next to the Lakewood Theater. “Lakewood has been a sleeping giant,” Washburne told Brown. “People are finally waking up to the potential in Lakewood.”

Robert Grunnah has owned one of Lakewood’s most desirable retail properties for more than 30 years, and chaired the Lakewood Redevelopment Committee, which pushed through thoroughfare changes in the late 1970s that re-routed Abrams Road:

“Very unpopular with the long term residents at the time, the completion of the project eliminated a traffic nightmare, created a park, and opened up the entire shopping area,” said Grunnah, who owns the property where Scalini’s Pizza & Pasta and the Legal Grounds coffee house are located. “People around here don’t like a lot of change, and they do understandably like their small, locally-owned Lakewood shops. Lakewood offers a rare, small hometown feel, not often found within our Megaplex society.”

Take the popular coffe stop Legal Grounds. The initial Legal Grounds was opened in the early ’80s by a lawyer, now turned Baptist Preacher and marital relations counselor in East Texas. The storefront objective was to provide no cost/low cost legal advice with your coffee — lots of attorneys live in Lakewood. It has now morphed into an original and successful coffee house concept, much like many of the small, merchant owned businesses in Lakewood.

Located next door to the original Lakewood Gym and Nadine’s Poodle parlor, where you could drop off your laundry and have your poodle cleaned at the same time, Legal Grounds has become a neighborhood landmark quite popular with both the old ‘Lakewoodians’ and the newer in-migrating professionals. Lakewood also had close ties with the infamous Mid 80’s I-30 Condo scandal when Danny Faulkner bought and worked in the Lakewood Towers Building, later losing it to the Feds for resale. He was located across the street from where Caddo Holdings LLC has spent the last year and about $2 million redoing Lakewood’s biggest commercial property — the nine-story Wells Fargo Bank complex at Gaston and La Vista Drive.

Steve Brown says there’s no clue of a recession when you look at businesses in Lakewood– they are thriving:

“Snagging a parking space out front (of Whole Foods Market)sometimes can be as hard as finding a cool breeze. And it’s been that way most weekends since the store opened two years ago.  The arrival of the 50,000-square-foot up-scale grocer was one of the biggest things to happen in the East Dallas business district since its flagship movie house debuted in 1938.”

Developer Lincoln Property Co. recently purchased the largest retail chunk of the shopping center at Gaston Avenue and Abrams Parkway, where Dixie House restaurant and Lakewood Hardware are located. Times Ten Cellars’ restaurant and winery has been booming since opening in 2005 on Prospect Avenue. Kert Platner, who owns Times Ten Cellars, also owns the building where Snow Pea Restaurant is located.

The point is, which comes first: the commercial development or residential? In the case of Lakewood, they seem to be feeding off each other in a beautiful symphony. Commercial seeks neighborhoods where businesses can thrive and survive; home buyers seek neighborhoods where services fill the bill — you want hardware stores handy, tasty small restaurants and a great pizza place, and a grocery store whose shelves are stocked with everything you could possibly need. Lakewood fits the bill. That is what makes the quality of living in Dallas so high that it consistently remains in the top 3 to 5 markets for site selection.

Susan Arledge has been President and CEO of Arledge Partners Real Estate Group in Dallas, Texas since its inception in 1993.  Her commercial real estate brokerage firm specializes in representing tenants in their lease negotiations, as well as site selection, labor analytics, demographic analysis, incentives and real estate negotiations for tenants.  She can be reached at susana@arledgepartners.com.

Everything about this place is an oxymoron. It’s old-fashioned modern. It’s historic luxury. It’s educational meets residential. Potential renters can now lease a studio, one-bedroom, or two-bedroom unit in the 1903 repurposed Davy Crockett School in East Dallas.

Everything about this place is an oxymoron.

It’s old-fashioned modern. It’s historic luxury. And it’s educational meets residential.

Potential renters can now lease a unit in the circa 1903, repurposed Davy Crockett School in East Dallas.

Aptly called The Principal, the 52-unit building at 401 North Carroll Ave., in Dallas, is the head of its class. (more…)

Dallas hasn’t been a great high-rise condo town when compared to other cities. It seems like Dallas builds a lot of high-rises that come online the day before there’s a huge recession. Many old-timers connect high-rises with recessions as financially troubled properties hit the skids when storm clouds circle. Their touchpoint is the 1980s S&L scandal-driven recession that hit Texas unmercifully hard.

And while it’s true that high-rises took a bigger hit even in the latest recession, the difference was single-digit. And when the economy came back to life, so did high-rises – often with a vengeance. One Turtle Creek high-rise is trading at triple its recession low.  Even had I not renovated my lowly Athena condo, it would have still risen by 75 percent in the six years I owned it.

This is all to say that condos are pretty much as resilient as single-family. Which is good considering Dallas, like the rest of the planet, is becoming more urban. In 2015, the US Census reported that on average, 62.7 percent of US residents lived in cities with Texas reporting 65 to 75 percent urbanization. The Census further reports that 39 percent of Texans live in its top 20 cities – in a state with 41 cities over 100,000 residents. The United Nations’ World Urbanization Prospects say 82 percent of US residents live in urban areas. While there is a 20-point disparity here, likely driven by definitions of “urban,” it’s still a lot.

We all know Texas, and specifically Dallas, is growing rapidly – Texas is one of nine states that account for half of the US population. We also know that a lot of our new arrivals come from markets that are more high-rise markets – e.g. California and New York – and their money goes further in Texas.

What do high-rise buyers have to buy?  Not a lot…

If you total up all the high-rise condos (buildings above 12 stories) for sale at this minute in downtown, Uptown, Victory Park and Turtle Creek, there are 133 by my count.  There are an additional 11 under contract. For reference, The Warrington at 3831 Turtle Creek has 132 units in total. That’s right, the sum total of high-rise buyers’ options would all fit inside one building.

(more…)

The August Oak Lawn Committee was thick with high-rise proposals. In Part 1 we saw an update on StreetLights Residential’s proposal for Oak Lawn and Lemmon Avenues plus a new office building and retail restaurant village for the Quadrangle.  Let’s now focus on 2500 Cedar Springs Road, a full block you may know as housing a Briggs Freeman office and Kung Fu Saloon.

It’s a four-acre site that gives developer, Ryan Companies, the space to do something pretty great. For us pedestrians it’s the 55 percent lot coverage to cheer for. They’ve created a winding pathway through the three-tower project along streetscapes lined with shops restaurants. Definitely more enticing than the existing buildings that almost tumble into Cedar Springs Road like so many bar patrons at closing time.

The project has been a long time coming, with Ryan working side by side with architects GFF to make this all happen. And GFF is no innocent bystander here. The back corner of the development is, and will remain, their home.

Let’s jump in.

(more…)

After a couple of months where a single project was proposed to the Oak Lawn Committee, last night saw scads of new high-rises within blocks of each other in Uptown. The fifth high-rise postponed their presentation, but we’ll see it soon enough (and perhaps a sixth). The four shown comprise two separate projects abutting each other – two office buildings, one apartment building and another hotel (I now count five hotels in various stages of development). We also saw the return of a shortened Oak Lawn and Lemmon Avenue project by StreetLights Residential.

A full night indeed made fuller by an appearance of new council member David Blewett. Amidst the usual political “supporting constituents” patter came a series of double-takes delivered by way of audience questions.

(more…)

red oakWe’ve been hearing for a while that Red Oak and neighboring Glenn Heights were becoming extremely popular with families looking to stretch their housing dollar, land in good schools, and still have a decent commute to the downtown and uptown Dallas areas.

But that was really brought home this week when we decided to look there for our Weekend One Hundred, and found that nearly everything listed had a pending offer. So yeah, Red Oak? Red hot. (more…)