75219

3525 – 3525 Turtle Creek Blvd.

4104 Hall Street

Carondelet-Avondale Condo – 4203-4319 Avondale

Gilbert Oaks Condominiums – 4307 Gilbert Ave.

Haven Condominiums – 4040 N. Hall Street

Holland Oaks Condominiums – 3918 Holland Avenue

Holland Oaks Homeowners Association – 4315 Holland Avenue

Montebella Condominium – 2787 Kings Road

Renaissance on Turtle Creek – 3225 Turtle Creek Blvd.

Shelby Place Condominium – 2907 – 2947 Shelby

Tribeca Condominiums – 4414 Cedar Springs

Westside – 4605 Cedaar Springs

75202

The Metropolitan – 1200 Main St.

75204

4017 Buena Vista Condominium

Bristle Cone Townhouse Condos – 3913-3955 Buena Vista

Cole House – 3321 Cole Avenue

Live Oak Lofts – 2502 Live Oak

Owners of Veranda Association – 3100 Ross Avenue

Urban View Condominiums – 3845 Convent Street

Woodshire Court Condominiums – 3235 Cole Avenue

• Vester Hughes, Park Towers
• Cecilia and Garrett Boone, The Centrum
• Margaret Jordan, The Vendome
• Tanya Roberts, Place des Vosges
• Don McDermett & Garry Cox, The Claridge
• Randall Van Wolfswinkel, Ritz Residences Penthouse

This annual favorite supports the Turtle Creek Association’s mission “To preserve, protect, and enhance the Turtle Creek Corridor”.

• 2505 Turtle Creek Blvd. – Developer Great Gulf has plans for a 70 unit luxury condominium building
• Omni Hotels is building their new corporate headquarters on Maple Avenue
• Alexan Fairmount – A mid-rise apartment building is planned for the area bounded by Fairmount, Brown, Knight & Throckmorton
• Crescent View Apartments – A mid-rise apartment building at the corner of Lucas and Cedar Springs
• West Village Area Apartments – Currently under construction at Central Expressway and Blackburn
• CWS Lemmon Apartments  – A mid-rise apartment building at Lemmon and Oak Grove
• Gables Fairmount – Currently under construction and across the street from The Katy Trail Ice House and Company Cafe
• 3003 Carlisle – recently purchased by Alamo Manhattan with plans for a mid-rise apartment complex overlooking The Katy Trail
• 3100 Carlisle – currently being demolished with plans for a high rise apartment building
• Ilume Phase 2 – an apartment building at the corner of Wycliff and Cedar Springs
• Intown Properties – seeking approval for a townhome development at the corner of Throckmorton & Hall
• GE Cedar Springs - GE and developer Robert Shaw – a mid-rise apartment building bounded by Cedar Springs, Sale St., and Dickason – projected to begin construction in June
• Belmont Village – an assisted living facility for seniors, currently under contruction on Hall St. across the street from Lee Park

Not all of these developments have received final approval, but it is interesting to note the number and scope of the developments being proposed for this area.

Downtown

This historic multi-use building offers tremendous opportunities.  Located in the Downtown Dallas area, this loft is complete with a roof top patio and garden featuring stunning downtown views. 

Uptown

Located on Cedar Springs, this gated property offers a terrific central location.  An oasis in the city, but just steps away from restaurants, The Crescent, Ritz Carlton and American Airlines Center.

Design District 

An absolute one of a kind home and gallery tucked away in the Design District, this is a must see for the artist seeking a place to call home with space for both creating and displaying. 

• 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. 

2900 McKinnon, PH #3001

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. 

3621 Turtle Creek Blvd., #5K

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.

It is in the news all of the time, but the fact of the matter is that the lending rules are changing all of the time. When buying a condominium, in Texas, the contract allows for delivery of the condominium resale certificate and required attachments (annual budget and certificates of insurance) within so many days of the date of contract execution.  On the back end, the underwriter will confirm that the complex is on their approved list and if not, require completion of a lender questionnaire. Too many times, this detail is left until the loan package is delivered to the underwriter for final approval and can cause last minute delays and in some instances, a complete denial of the loan based on the property not meeting lender underwriting guidelines.

A BIG tip for any buyer — if you are considering the purchase of a condominium, and are at the point of considering an offer, have your Realtor contact the listing agent and complete a few preliminary inquiries:

1. What is the percentage owner/occupancy of the building?
2. Are there any pending lawsuits and if so, what is the nature of the lawsuit? 
3. What is the percentage of owners delinquent in their HOA dues?
4. What is the amount currently held in reserves for major planned maintenance and repairs?   Is it, at minimum, 10% of the annual operating budget?

Once you have this information, run it by your lender and see if any of the answers raise red flags.  Much, much better to get the red flags resolved on the front end! 

Surveyors were recently spotted on the land bordered by Turtle Creek, Sale, Dickason and Cedar Springs. Just this week the land on the Sale Street side has “proposed rezoning” signs posted. The proposed rezoning request is for a new PDS to allow multifamily with reduced setbacks.  Rumor has it there will be two buildings on this prime site — a boutique luxury hotel and a mixed use mid-rise.   On the othe side of The Katy Trail, the office buildings at 3000 and 3100 Carlisle were recently purchased and the new owners, StreetLights Residential, announced plans to tear down the existing office for a new 16 story, 300 unit high-rise residential property. 

While all of the proposed construction will no doubt be disruptive in the short term it does attest to the fact that investors see long term value in this area.  It will be interesting to watch these developments in the next year or so. 

Potential Turtle Creek Developments

Museum Tower Hard Hat Tour! Delighted to join a group from our office at Allie Beth Allman & Associates for a Hard Hat Tour of Museum Tower. The sales team and one of the developers took us to the 33rd floor to view floor plans with their corresponding views. Over 500 works are on site every day and construction is expected to be complete by the end of 2012.   Upon completion there will be approximately 112 units (approximate due to some buyers purchasing more than one unit and combining).  Located in the heart of the Dallas Arts District, Museum Tower is between the Morton H Meyerson Symphony Center and The Nasher Sculpture Center .

The 42 story building was created by internationally celebrated architect Scott Johnson, a partner at Johnson Fain Los Angeles.  There are nine floor plans ranging from 1600 sq. ft. to the 9,000 sq. ft. penthouse.  A unique feature of Museum Tower is that each owner will enjoy the convenience of direct access elevators programmed to stop only at their home — there are no common areas on the residential floors.  Resident amenities will include a state of the art Fitness Center, a movement study overlooking a Zen garden, and two separate Owners’ Lounges.  Outdoor amenities include an expansive great lawn, bocce ball court, a lap pool with cabanas and outdoor fire place and fire pit.