This morning when I was doing my regularly scheduled RSS blog-reading binge, I noticed this post from D Magazine‘s Tim Rogers, asking just where Museum Tower officials came up with the figures in their recent marketing email:
In 2013, growth in Dallas’ high-rise neighborhoods was truly remarkable. According to MLS there was a 36.4 percent increase in the number of units sold, and a 49.6 percent increase in volume.
Increasing demand for luxury high-rise homes generated a 9.7 percent rise in prices during the same time period. Nearly 25 percent of Museum Tower’s square footage has been claimed by residents with an appreciation for the unconventional and uncompromising.
Tim asks in his FrontBurner post, just where the Museum Tower folks came up with that number? According to his calculations using Dallas Central Appraisal District data, only 13 percent of the Dallas Arts District highrise is actually sold.
Well, we know that DCAD data isn’t always the most current information when it comes to real estate. MLS data is updated every nano-second it seems, so that would seem more pertinent. But regardless, we wanted to know where the figures came from, too. That’s why we asked Barbara Buzzell of the Buzzell Company, Museum Tower’s PR rep, where the marketing information came from. As you might expect, the real explanation is a lot less sensational:
“Not every home at Museum Tower is the same size,” Buzzell explained. “As you may know, we have nine different published floor plans. Because of the many variable home sizes sold, we have released the aggregate amount of saleable square footage sold. That number is nearly 25% of the building’s total saleable square footage.”
Seems logical, especially considering how many different floorplans there are. I’m not a math major (understatement of the decade), but this seems kosher to me, especially considering that Buzzell would have access to the most recent sales figures, which won’t post to DCAD for some time.
So the questions we pose to the Realtors out there in the field: are you showing Museum Tower? Are people buying? How long is the lag time between sales and what is recorded in DCAD — Candy has been told six to eight weeks. And finally, are Museum Tower sales unusually slow for a luxury high-rise condo building priced at just under $1,000 per square foot that has been open for sales now for just one month over a year?
(Full Disclosure: Museum Tower is an advertiser on CandysDirt.com)