Have you noticed how the homes in Dallas are getting pricier? Maybe it has something to do with all the VIPs in town today, but a million dollar home now seems to be almost, well, commonplace. We know it takes almost a million to gain entry to Park Cities. But yowsers, now we are seeing a flurry of serious double digit listings, and I am not just talking about Tom Hick’s triple digit Crespi Estate. Dallas real estate seems to be on a roll as hot as the city itself. Talking to Phillip Day, vice president of residential sales at BahaMar, in Nassau, The Bahamas the other day at a SecondShelters event. By the way, Dallas was Phillip’s first stop in the United States for U.S. sales of this $3.5 billion dollar development. Phillip has been away from Dallas for a bit, having sold off luxury second home residences at The Residences Viceroy Anguilla. He drove around Dallas a bit before our soiree, and told me this: “You know how it is with your kiddos, when you see them every day and don’t realize how big they are getting? Then one day you measure them and see how they have just shot up. Well, that’s what has happened to Dallas.”
We now have The Bush Presidential Center. Our downtown is taking off with housing and Klyde Warren Park, Bishops Arts is flourishing with new commerce and home sales, Lakewood so hot that buyers are clamouring over each other for Hip Pockets, home prices in the Park Cities are climbing, even a West Dallas industrial ghetto is taking shape down in Trinity Groves. As DallasSouthNews reported last month, real estate developer and restauranteur Phil Romano is “going against the grain” south of the Calatrava, but it’s working:
“Most places build apartments first or housing, but we’re doing the opposite, bringing the entertainment and amenities to the area first,” said (Butch) McGregor, the partner that first assembled the land parcels for the development.
I guess it’s the energy sector fueling growth across Texas and the nation, or at least that’s what Bud Weinstein, associate director of the Maguire Energy Institute at Southern Methodist University told the Fort Worth Star Telegram recently:
“There’s no question we are in the midst of an energy boom unlike anything we’ve seen since the 1970s, and the difference this time is not just in Texas, Oklahoma and the Southwest. It’s all over the country. Wherever there is drilling and production of oil and gas from shale plays, you are seeing significant population and job growth,” he said.
Case in point: 6601 Hunters Glen, the $19 million dollar home of Tracy and Richard Cheatham listed for $19.5 million that sold on Good Friday for just under $16.4. Listed with Erin Mathews at Allie Beth Allman, another Allie Beth power team brought the buyer, who I’m told is mighty young: Alex Perry, Jenica Williamson and Kari Schlegel Kloewer. Richard Cheatham was with Hunt Oil, and they bought Hunters Glen from Jimmy and Carl Westcott in 2008. It sits on 1.8 acres in the honeypot of University Park, with a tennis court, putting green and two-story cabana.
Well, you make money in energy, and you need accountants, wealth advisors, lawyers. Fresh on the market is 9806 Inwood Road in Preston Hollow, almost 15,000 square feet on 5.3 acres listed with dynamo Christy Berry of Briggs Freeman Sothebys. You thought Hunter’s Glen was orgasmic? Did you dig 4939 Manson Court? Baby, you haven’t seen anything until you see this home.