Meridian Square is a new luxury condo development off Addison Circle with high-end finishes and a killer location just off the Dallas North Tollway. 

The development itself has come to being in stages and they now offer or will offer an expansive communal courtyard with green spaces and brick-paved streets, a resort-style swimming pool, gardens, a sundeck, and a children’s playground. All of the shops, restaurants, and entertainment of Addison Circle are walking distance of Meridian Square. 

For today’s Splurge vs Steal, we look at two units at Meridian Square. Which one is your jam? 

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Morse Code “Good Morning”

A few weeks ago I wrote about the pitiful communication skills many HOAs and management companies use when communicating with residents.  Who knew I would get a second example so soon?

Imagine your Saturday tranquility shattered by jackhammers ripping through concrete minutes after sunrise at 7 a.m. Turns out that a building with ground-floor commercial space chose Saturday morning to allow a renovation to begin after the space recently changed hands.

Needless to say, residents were unhappy and loudly voiced their unhappiness over the din of the demolition.

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Grapevines are an effective, but famously inaccurate. form of communication

We’ve all heard (and likely employed) the old saying, “Better to ask for forgiveness than permission.”  The inference is that while you were going to do something anyway, once it’s done, the resulting hassles are less than having to deal with the before-during-after trio of carping.  But that strategy doesn’t play well in multi-family dwellings that often operate as a Peyton Place of wagging tongues.

Of course the other issue here is that resident-representatives on HOA boards are generally untrained in the ways of communication. Management companies can be equally untrained. All seemingly unable to operate on even the most basic “what would I like” litmus test.

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Listing vs DCAD. Paying full-price for a 299 square foot balcony?

AT&T used to say, “you get what you pay for.” In real estate, you pay for what you get, so it’s important to know what you’re getting, especially when condo shopping. In many markets, including Hawaii, exterior space (balconies) counts towards living space. That means when you buy a 1,000-square-foot condo, the price per square foot is calculated as 1,000 square feet, regardless of whether there’s a 200 square foot balcony included in that 1,000 square feet.

In Dallas, a 1,000 square foot condo means 1,000 square feet under roof that is heated and air-conditioned. The balcony is sorta free or at least not part of the price-setting. In Hawaii, the 200-square-foot balcony is additional space and would be listed as 1,200 square feet.  Got it? In Dallas, balconies are generally not counted as chargeable, interior space.

Unless they are.

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Edgemere on the Parkway 1

Just last month we reported on a lawsuit involving Preston Tower and now it’s been uncovered that another Pink Wall condominium is reeling from at least three lawsuits filed by recent buyers against their HOA, the prior owners, and managing agent Intercity Investments (also named in the Preston Tower suit and a third that was settled out of court also in Pink Wall turf).  Edgemere on the Parkway is located at the corner of Northwest Highway and Edgemere Road. It comprises two 10-unit buildings at 8505 and 8511 Edgemere that were built in 2004, making it 13 years old.

All three plaintiffs (Bartlett Family Trust, Lawrence and Brenda Weprin, and Syann Singleton) make essentially the same claims.  Each purchased their units in 2014-2015 and almost immediately began experiencing frequent ceiling and window leaks that stained walls and ceilings.  In addition, raw sewage was backing up into at least one of the second flood units.

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One Perfect Room

The Library: One Perfect Room

“Ritz” has been transformed from name to noun by the opulence found in César Ritz and Auguste Escoffier’s Hôtel Ritz on the Place Vendôme since 1898 in Paris. The world has changed as lot since then, but Ritz is still a brand associated with timeless opulence, something we can see today in Penthouse 2200 at Dallas’ Ritz Residences. Neighbor and Realtor Sharon Quist and Kathy Myers of Dave Perry Miller are the agents skilled enough to market this incredible penthouse owned by billionaire Trevor Rees-Jones.

* The word “penthouse” traces its lineage back to the French “apentiz” of the 1520s, meaning to append or hang against. Literally a house that was appended to another structure. The English Middle-English-ized the word to “pentis.” (so 500-years later, together with Freud, I could pull off my double entendre title!)

By now, you know me. When looking around most homes, I tend to see projects. You know, those nagging, “Oh no they di’int” moments. Not this time. In this $8.5-million penthouse, my pickiness has met its match.

The library (pictured above) is one example of how to create a perfect room. Far from the largest room in this 5,666-square-foot home, the library oozes comfort and peace wrapped in killer views of the Dallas skyline with terrace access. Some would say my testosterone is talking. And I suppose with its wood-paneled walls and ceiling, it’s a tad more butch than the “Hers” master bath. However, with an amazing use of lighting, it’s far from the oppressive, dark, Chesterfield-lined smoking-hall that’s such a stereotypical turn-off to the ladies. Add a fridge and a toilet and I’d move in.

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Single Senior Men: You May Never be Lonely or Hungry Again

Single Senior Men: You May Never be Lonely or Hungry Again

In last week’s second of three articles on high-rise demographics, I wrote about Dallas’ youngest high-rise populations. I noted that in those younger buildings, there were usually high rates of non-homestead owners – some as high as 75 percent. I think non-homestead ownership is worth noting because, in addition to owner age and worth, it gives an idea about how these owners react to changes.

Owners claiming a home as a second shelter (subtle, eh?) may be more likely to support (or at least not block) building improvements because they’re less likely to be constrained by wealth (or a lack of it). This may differ from investment/rental property owners who are managing a spreadsheet and are more likely to have a cautious mindset (while still acting to protect their investment).

In Dallas’ oldest high-rise populations, non-homestead ownership is much lower – 13 to 29 percent to be exact. The other difference is building age. The “oldest” of the young buildings were built in the 1990s whereas the “youngest” old buildings was 1984’s Claridge with the overwhelming majority built in the 1950-60s.

In fact, the only buildings from the 1950s-1960s first high-rises not included in the oldest category are those that support a much higher average for non-homestead, rental units. This means the true age makeup of ownership for Preston Tower, “21,” and Turtle Creek North is obscured. I say that these buildings have a high percentage of rentals (versus second home owners) because they have smaller, cheaper units that are easier for smaller investors to purchase.

As of this writing, four of six MLS listings at Preston Tower are rentals. This equates to 67 percent of listings – and that’s just the MLS, other rentals are surely available via other avenues. At “21” the rental listings equal 50 percent.

So where should whist-playing buyers go? How about frisky widowers desiring the pick-of-the-litter of older paramours tussling over who delivers the first “welcome” casserole with a breakfast chaser?

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SoCo Urban Lofts at 1122 Jackson St. has one of the highest ratios of young residents.

SOCO Urban Lofts at 1122 Jackson St. tends to attract a younger crowd compared to Wyndmere.

In the first part of this series I wrote about how unit prices, resident age and income are data points for high-rise buyers to consider before purchasing their castle in the sky. The reason for these calculations is to better understand if a building matches a buyer’s philosophy. Of course this information doesn’t produce a complete picture. It’s also incumbent on any buyer to meet with the building manager of any high-rise under consideration to understand the personality and finances of the building. But much like employment references where many are non-committal rather than honest, it may require astute reading between the lines.

Younger buyers may be more open to change, maintenance, and improvements. But they may also have economic constraints the further away they are from peak-earning years. Meaning that buildings with high proportions of owners in their 20s and 30s may suffer from the same economic paralysis as buildings with majorities in their 70s and 80s. The difference being the younger building will WANT to do new things but can’t.

So, how do you find a building with a sweet spot age range? Jump for more.

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