This just in…
This just in…
This came across my desk today from whom, I don’t know. All I know is, it sounds kine of strange. It sounds like Preston Tower, one of two condominium towers in the sizzling hot ‘hood at Northwest Highway and Preston, aka “Behind the Pink Wall”, wants to shift costs away from the HOA and onto the individual condo owners. Why would they be doing this?
Preston Tower has had a number of lawsuits over the past few years, some of which they have lost. Perhaps this is an effort to shift costs and responsibilities back to the individual condo owners, says our Jon Anderson.
But can they do this?
And what does this do to property values? If you were a buyer, would you buy in a building where your HOA had almost zero responsibilities? Let’s talk about this…
As we wrote about last year, the intersection of Preston and Northwest Highway is one of the highest-profile in all of North Dallas (and probably one of the highest-valued, too).
It’s not just the current real estate prices of Preston Hollow that give this area its prestige—the intersection has a fascinating history.
The northeast quadrant has a wavy, pink brick wall, and to live “behind the pink wall” was an address with serious social cachet in midcentury Dallas (legend has it Ebby Halliday herself coined the phrase).
The pink wall was built in 1954 by developer Hal Anderson in front of his first apartments; he later built the high-rise Athena and Preston Tower apartments next door. Parts of the wall might be a bit faded now, but to live here in the 1950s or 1960s was to have arrived. (You’ll likely get raised eyebrows if you talk about the real estate “behind the pink wall” to a young person, but older folks will remember the phrase well.)
Today’s Tuesday Two Hundred takes us one block north to 6126 Averill Way #208W, located in the Imperial House Condominiums, built around the same time, 1964, by Sid and Ada Lynn, with George Dahl as architect. These charming French-style condos have a fanciful, throwback feel, with a grand, circular staircase, domed ceiling, and retro metalwork in the entryway. Can’t you picture Betty Draper from Mad Men gliding down the stairs in kitten heels on her way to cocktail hour?
Unit 208W is located on the second floor (there is an elevator in the building, as well as those stairs), a two-bedroom, three-bathroom condo with a roomy 2,134 square feet. It is newly listed by Peter Livingston at Realty One Group Partners for $239,000, or $112 a square foot.
Unit 208W has plenty to offer a buyer, but parts of it are a bit dated need freshening. A similar size, but renovated, unit in Imperial House sold last November for $345,000, or $139 a square foot. If that sale tells you anything, it’s that you could make the upgrades on this unit and see a return on your investment. Jump to read more and see photos!
There are several condo highrises on Northwest Highway near Preston Road for three reasons: Location, location, location. Just inches from University Park, down the road from NorthPark Mall, and close to the Dallas North Tollway, this area is popular for its accessibility and amenities.
These are especially great assets if you are looking for the lock-and-leave lifestyle that highrises offer. To get a taste of that lifestyle, let’s look at Unit 1401 at the Preston Tower condominiums. This unit has three bedrooms, three bathrooms, and more than 1,600 square feet. It’s fully renovated with granite and built-in appliances in the kitchen, and because it’s on the 14th floor, it has excellent views of downtown and the Park Cities.
It’s a great unit for a small family or an older couple who are in between homes and want a great place with virtually no maintenance. If you value privacy, then this is a great unit for you, as management is very tight-lipped on their former and current residents.
For me, it’s the views and location that sells it, but for others it might be the proximity to Dallas’ best shopping and restaurants. Considering that it was built in 1962, this condo building is in great shape and has tons of wonderful features, including a gorgeous fountain out front and a eye-catching curved facade. It’s been a city landmark since it was built, and rumor has it that almost everything in this building is original — a boon for those who worship at the altar of Midcentury Modern design.
Of course, there is a swimming pool, a gym, a tennis court, an outdoor lounge area with firepit, and 24 on-site security. It’s available for lease through RE/MAX DFW Associates agent Sadie Tatum for $2,950 a month. Sound like your lease? Find out more here.