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.