The Shelton

Wow! I stumbled into Carolina Rendon’s hip pocket and neither of us felt a thing – but I saw something wonderful that stirred my renovator’s heart. But I get ahead of myself…

In 1983, The Shelton popped up in Preston Center located on Luther Lane just south of Northwest Highway and east of the Tollway. It began life as a condominium but has had an interesting life since.

It was sold to Japanese investor Takeharu Miyama in the early 1990s who leased the units. In 2005, nearly 15 years later, the building was marketed to developers. The building sold in 2006 for approximately $35 million to Dallas-based Dunhill Partners who planned to return the Shelton to condominiums and committed $12 million for the renovation of units and public areas – estimated at about $65,000 per unit. In the process of renovation, the original 129 units shrunk to 115 as some units were combined and supersized.

(After the sale, Takeharu made the prescient move to buy 1909 Woodall Rodgers months before Klyde Warren Park was approved. The park transformed freeway frontage into park-side prominence.)

We all recall how real estate turned dollars into dimes in the late 2000s as global economies crashed and residential mortgage availability evaporated. While Dallas was no Miami or Phoenix, the real estate market still faltered as banks threw another log on the fire in overtightening mortgage qualifications. An ebullient 2005 turned grim by 2007 when the newly renovated Shelton units hit the market. As citywide inventory stacked up, the unsold Shelton units were again pressed into service as rentals.

Now, just over two years as Dallas real estate turned from indolent to incandescent, Shelton units are coming off lease and selling at a fairly brisk clip. This isn’t unique to the Shelton. Nearly all established high-rises have had a lot fewer listings and fewer days on market.

And it’s here that we get a peek into Carolina’s pockets.

(more…)

CD: So Daylon… How long have you been selling real estate?

DP: I’ve been in Real Estate for about 7 years. I cut my teeth on a conversion development (Crescent Hieghts). We converted The Renaissance on Turtle Creek, which is still the largest condo devlopment in Texas. I’ve been working as a licenced agent for almost 4 years, first with Personette & Associates, then Al Coker, and most recently Allie Beth Allman & Associates.

CD: What got you in the biz?

DP: I was always fascinated with luxury Real Estate… especially highrises and the second home market.

CD: Oh baby music to my ears! Has it made you rich yet?

DP: I wouldn’t say Real Estate has made me “rich” yet, but I’m still young in the business and considering I’ve been able to make a good living in our current market, I can say I’m blessed.

CD: What’s your favorite to sell, homes or condos?

DP: New construction of all kinds.

CD:Why?

DP:Being able to come in on the ground floor of a development and assist a seller with long term marketing strategies, finish-outs and the sales process is exciting. Then to reach sell-out and see what I’ve accomplished is the most gratifying feeling.

CD:Where’s your home town?

DP: I grew up in Mansfield, which is a suburb of Ft. Worth. It was a great small town at the time and it provided for a good childhood.

CD: Cool! The boonies! What brought you to Dallas?

DP: I moved to Uptown specifically for work. At the time, the condo market was taking hold in Dallas and there was plenty of opportunity for someone starting in the business.

CD: What were you in another life before Real Estate, if there was one?

DP: Ha! I aspired to be an architect. I’ve always had an afinity for great structures.

CD: Where are you selling now?

DP: I’m now selling with Allie Beth Allman & Associates and I get the best of all worlds. I sell The Residences at The Palomar and I’m able to diversify more in the re-sale market. I also get to be part of a team (Allie Beth Urban) which provides for a great support system….both for the client and our team members.

CD: What’s the quickest you’ve ever turned a property (quickest sale)?

DP: I recently listed a town home that went under contract in just 4 days…which I hope says alot about where the market is headed. I have also had a buyer come view, sign a contract and close in 7 days…it would have closed faster if it weren’t for the disclosure timelines.

CD: Name one real estate nightmare you’ve experienced?

DP: There are a few…but I once had a condo under contract and the buyer had created an extensive punch list that required retexturing of all the ceilings. When the contractor was sanding the exisiting texture, he hit one of the fire sprinklers. Before it was able to be shut off, it damaged most of the interior of the unit and water had spread to 2 floors below. That was a fun experience.

CD: Good Lord! I hope he was insured! What are three things sellers can do to sell a condominium lickety split?

DP: 1)Price it well 2) Get it in pristine condition 3) Hire the best agent, of course.

CD: And he would be…