$30K millionaire

Guest post by David Shaffer

The term $30,000 millionaire describes a young professional who spends his or her disposable income on items that represent a more expensive lifestyle than what would be expected based on the paycheck. Think of the college graduate who wears designer suits, frequents five-star restaurants, and lives in a swanky high rise; or the young professional who enjoys fine dining and hanging out at the most prestigious clubs nearly every night. They spend money freely on fun, feeling and looking good, withfauxballer-300x201 long term growth investments about as far from their brain as a Volvo station wagon.

The $30,000 millionaire mentality is about looking good and staying mobile — and let me tell you, this lifestyle choice has been a positive driver for the multifamily sector in DFW. The young professional is hoping that he or she becomes a HENRY (high earner not rich yet) soon, and so on …
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Renting is often considered to be more affordable than homeownership, but the gap between affordable rentals and affordable homes for sale is widening. According to SmartAsset’s 2016 rental affordability survey, there’s a massive income gap for renters. This year’s survey shows that, in Dallas, renters need to make $62,700 to meet HUD guidelines for affordable rentals. That’s an increase of $5,829 from a year ago, and equates to about $1,463 a month on rent alone.

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It seems like there’s a new press release with new data in our inbox every day telling us that more and more people are moving to Dallas now than ever before. And just as often we are reading news stories about slow apartment leasing and price reductions in some areas of the market.

If you’ve been overwhelmed with the seemingly ubiquitous data-driven news showing both how fast we’re growing and how troublesome the rental market is looking, here’s a little breakdown of the most recent news regarding Dallas growth and Dallas real estate. The takeaway: Expect to see more of these guys.

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Sylvan|Thirty is the next big thing in West Dallas. It’s a live/work/play new urbanism center that is already drawing some great tenants, including Cox Farms, Teiichi Sakura’s “Ten” ramen restaurant, wine bar and cafe Bottega Italia, plus many more shops and restaurants.

If this sounds like a the spot for you, Sylvan|Thirty is now accepting reservations for their 201 loft-style apartments, which range from studio residences to three-bedroom units.

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Andrea Gonzaba. She is adorable. She also just joined Clay Stapp & Company who is, as you know, one of the hottest real estate brokers in town, and I don’t mean just because he’s cute. Clay brought the buyer to Champ d’Or at the March 30 auction, as you know, raising the most well-Botoxed brows in town. Andrea emailed me out of the blue in January asking for advice on starting her own blog and kick-starting her apartment leasing business:

I follow your CandysDirt blog. I am a real estate agent but I focus on apartment locating and residential leases. My background is in Marketing and I have been a Peace Corps volunteer in Guatemala. I have been following your blog for years and it has inspired me to start “Adventures of Andrea Apartment Hunter” which I will launch this month. I would like to meet with you if you have the chance and get your feedback about some ideas I have and your input on apartment locating. Let me know if you are available next week for a coffee/tea.

We never met, who has time? But I said, go ahead and write a guest post   about apartment leasing. So, she did. I really like this gal — she has spunk and a belly in her fire. There is no stopping her. And she’s obsessed with real estate, too. I got about 16 more emails from her asking if I had read her post. Each one made me love her more!

A week or so ago, Andrea called to tell me that she had joined up with Clay, heading up the leasing div, and I was delighted. Not at all surprised. But, I still had not read her post. So here, dang it, in celebration of Andrea’s new spot at the venerable Clay Stapp & Company, is a pretty decent post on “Dallas for Lease” by Andrea. Don’t fall in love with her work too much, because as much as I’d like to have her as a contributor, Andrea’s going to be way too busy leasing to blog, like most succesful agents.   

Dallas for Lease: Giants on the Horizon

by Andrea Gonzaba

Monstrous tower cranes are the usual companions of these metal -framed giants currently inhabiting our Dallas landscape. (Translation: there’s a whole lot of apartment building going on.)  Soon these structural exposed modular spaces will transform into brand new residential properties available for lease. (Our market might be overbuilt, whoops.)

1400 Hi Line Drive: This 23 story, 314-unit high-rise residential project is located at the corner of Hi Line Drive and the Stemmons frontage road, in the Design District. According to its developers, PMRG, it’s scheduled to open in mid-to-late 2012. Rogers O’Brien is the general contractor, Gromatzky Dupree & Associates is the architect, Faulkner Design Group is handling interiors, and Mesa Design Group is the landscape architect. It will have retail space available on the lower level. I am looking forward to the rooftop garden and pool which promises to have spectacular panoramic views of downtown, Uptown and Victory Park.

According to developer PM Realty Group’s CEO Rick Kirk, one neat thing about the project is the amenities deck.

“It’s nearly 1-acre on the 6th floor that will effectively be a living roof area, with a swimming pool, workout facility, fire pits and outdoor grills,” says Kirk, “and a common area that we call a great room off the pool deck.”

About 60 percent of the units are one-bedroom and one-bedroom dens, and 40 percent are two-bedrooms. They’ll average about 1,000 square feet, but range in size from 600 square feet to nearly 1,700 square feet.

“Our demographic is somewhat across the board. The target is the 30- to 50-year-old professional who either works in the area or just wants to live in the area and cross-commute,” says Kirk.

With accessibility to downtown, Uptown, the Medical District, and DART public transportation why would you look any further? Located between the Design District and the Katy Trail the area is pedestrian friendly and offers much to visit with all of the galleries. designer stores and restaurants such as Meddlesome Moth and Oak nearby.

Gables Fairmont: Developed by Gables Residential, this up and coming apartment community will mix contemporary and traditional esthetics. The eight-story, 500 unit community located at 2525 Carlisle will include 3 apartment buildings. According to its developers, the center section will be like an old New Orleans hotel with shutters on the windows, while some will be a little more contemporary.

“The design will look like three different hotels,” said Gables senior vice president Doug Chesnut. “We wanted it to look like a neighborhood of buildings not constructed all at once.” Architecture firm Looney Ricks Kiss of Memphis, Tenn., designed the project.

Scheduled to open in early 2013, future residents will enjoy the of living in Uptown and having accessibility of the Katy-Trail, Turtle Creek, retail stores located on the ground floor and walking to local art galleries. Prices of these high-end units will be comparable to its sister property Gables Villa Rosa, which is located on 2650 Cedar Springs Rd.

Cityville at City Place: Formerly Lowes City Place Theaters will be opening January 2013. Located NE corner of Haskell & 75. This 5 story contemporary residential property promises to offer 356 residential units and 106,000 square feet of retail space which will include LA Fitness and Kroger. Priced at $30/$35 per square feet it will have all the expected amenities of a luxury rental such as stained concrete floors, granite countertops, washer and dryer connections, spacious patios and a Zen Garden and outdoor fireplace. Since it is in the process of being, built we will keep you informed on new information as it becomes available.