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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Census Age Distribution Dallas

This is the first of a three-part series on high-rise demographics. In this first part, I’ll cover how resident age, personal finances, and cognitive decline form an intersection that should help buyers better understand a high-rise. These factors are certainly in play in all neighborhoods, but the communality of high-rises makes them more acute. After all, when talking about single-family homes, a neighbor’s leaking roof has no impact on your home a block away.

According to the US Census, the age distribution in Dallas is such that 62 percent of residents are in their home-buying years. The remaining 38 percent are under 24 years old and, aside from trust fund babies, unlikely to be buying real estate.

In Dallas, 9 percent of the population is over 65 years old, empty (or never) nesters with many looking to downsize from suburban family factories to a smaller, more urban, lower-maintenance existence. It’s the “oh crap, the kids are gone – I need SOMETHING to do besides Applebee’s and a movie” syndrome. Otherwise known less charitably as, “the skid mark to Sparkman.”

And then there’s the largest demographic with ages ranging from 25 to 64. This is a big bucket ranging from “starter home” to “forever home” to “next forever home” to empty nest downsizers. Being the largest and most mobile, it’s also the most active in terms of buying and selling.

Since leaving college 30 years ago, I’ve lived in nine homes in five states, (ten/six, counting my second home). All except Dallas were forced career moves. That kind of movement places me clearly above the average (but you suspected that all along, right? 🙂 ).

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Museum Tower New Neighbor

Insert New High-Rise Here

Well, that didn’t take long. We know downtown dirt is getting pricier by the minute. So the news last week that the Dallas Symphony Foundation is selling a side-lot on Pearl and Woodall Rodgers to Lincoln Property for $7.2 million wasn’t too surprising. The smidge-over-half-acre lot had been a grassy area for about 20 years, at times punctuated by sculpture.

Lincoln Property plans to erect a 23-story tower on the site with 250,000 square feet of office space and ground floor restaurants.

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Turtle Creek v2

Where there’s smoke, there’s gonna be fire.  As Candy recently wrote, 2505 Turtle Creek is finally set to become the Limited Edition, the über-luxury high-rise by first-time (in Dallas) high-risers from Toronto Great Gulf.

But with 10-acres of smoldering land ready to ignite, the Limited Edition may be just the beginning for this tail-end of Turtle Creek.

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