New Year – Dallas High Rise Tidbits
Every month the Real Estate Center at Texas A&M University compiles the sales statistics from our local MLS. It is particularly interesting to watch trends over time, especially the Year End results, which were just released. In the Dallas MLS area 17 (Turtle Creek, Oak Lawn, Uptown & Downtown), the report combines sales of condos and townhomes. For the year ending 2011:
- Number of Sales – 770 (a 2% increase over the same time last year)
- Average Sales Price – $302,190 (an 8% decrease over the same time last year)
- Months Inventory – 9.7 (a 33% decrease over the same time last year)
Properties are moving, the prices just are not where the sellers want them to be. The very good news is that things are moving in this area. Most interesting of all is the decrease in inventory. There are several things that can be attributed to this decrease. First and foremost, sellers with no immediate need to move are holding off until the market improves. Secondly, leasing skyrocketed last year with many owners electing to lease until the market turns.
So for the buyers out there here are a few interesting homes on the market (not my listings) as you begin your 2012 high rise search:
3510 Turtle Creek Boulevard, #18CE
This penthouse condo at The Claridge sold in February for $4,600,000 and was the highest high rise sale of the year. It is my understanding the owners never moved in. It has just been relisted for $5,000,000. The Claridge is a reknowned Turtle Creek high rise with one side offering commanding views of Turtle Creek and Downtown Dallas, spacious room sizes and high ceilings. The other side offers views of Dean Park and The Kalita Humpreys Theatre designed by noted architect Frank Lloyd Wright.
If you prefer your penthouse with a rooftop pool, this one is for you! Located at The Azure, this striking contemporary penthouse offers incredible Dallas views and includes all furnishings. Orginally priced at $7,999,000 and now listed for $6,490,000 this very motivated seller is offering the buyer a one week cruise on his mega yacht along with a 2001 BMW Z8.
On a different scale, The Beverly is a boutique property located on historic Turtle Creek Blvd. This specific property features a beautiful terrace. Most recently sold in July of 2011 for $423,250 and now back on the market. The price has been reduced to $399,999.
