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June 26, 2008

Dallas Luxury Condos – Check out Museum Tower

Filed under: Dallas Condos — Schnitz44 @ 8:50 am

Downtown Dallas has a new condo project in the works that is aiming to be the new centerpiece of this Texas city. The Dallas condo market has not seen anything like Museum Tower in a long time. This 122 unit development is to be built forty-two stories of seemingly nothing but glass. The luxury high rise tower will offer a collection of residences in nine floor plans, ranging from 1,450 to 8,700 square feet. New condos are starting from 1.2 million and designed by world-renowned architect Scott Johnson. The dramatic one, two and three bedroom interiors will feature floor-to-ceiling glass, direct-access elevators, outdoor terraces and all requisite goodies imaginable will be built right in.

Museum Tower will be offering a limited release of only 20 homes this spring. Check out the listing for Museum Tower before you are too late – This will be the last pre-construction pricing, selection and home customization opportunity for Museum Tower.

June 8, 2008

Modern High-Rise Luxury Comes to Dallas

Filed under: Dallas Condos — Frogman235 @ 8:50 am

I was born and raised in Dallas, Texas. Residential real estate in Dallas has changed a lot over the years. Dallas has changed from a sprawling residential community to an advanced urban environment with new condos and luxury high-rise developments of all kinds and brands. People are moving back to the urban core and Dallas has followed this trend by supporting new residential and commercial development in the uptown and downtown areas. Until the last few years, downtown Dallas has been primarily a center for business and commercial developments. After 7 pm the downtown areas was essentially empty. This is quickly changing.

A new Dallas condo project currently taking resevations will change the face of the downtown Dallas skyline forever. This new 42 story luxury condo development is called Museum Tower. Forty-two stories of seemingly nothing but glass, 122 residences are tucked inside one of downtown Dallas’ most impressive high-rises yet. The luxury high rise tower will offer a collection of condos in nine floor plans, ranging from 1,450 to 8,700 square feet. Designed by world-renowned architect Scott Johnson, the dramatic one, two and three bedroom condo homes will feature floor-to-ceiling glass, direct-access elevators, outdoor terraces and all requisite goodies imaginable will be built right in.

Having lived in Dallas for 23 years and seen the massive redevelopment occuring in this area has been astonishing. Dallas has not experienced a tower like this one yet. The location could not be more centralized and is exposed to major highways, shopping, restaurants, bars, and nightlife of all kinds…not to mention Dallas’s fine symphony hall and the Dallas Museum of Art.

Learn more about this amazing development and register for more information today!

December 29, 2007

High-rise Condos in Aggie Land?

Filed under: Condos,Dallas Condos,Real Estate — Frogman235 @ 8:50 am

Gameday Centers from Atlanta has been in the business of developing mixed-use luxury condo projects near college stadiums with the intention of providing second homes for avid college football fans. These new condos come fully furnished and provide college alums a place to live while in town for their favorite sporting events as well as a great investment vehicle. Owners are allowed to rent the units out in the off-season to anyone over the age of 25. This obviously excludes most undergraduate students.

Gameday Centers was in the process of moving forward on a new $20 million condo project near Texas A&M stadium but have recently backed out of the deal with no explanation. Southeast Property Management CO. owns the two acre parcel and is apparently already in the process of taking on another prominent developer to take over the project. Whether the original plans will go through or not remains to be seen. Some early buyers already have deposits of up to $18,000 in the project but will have the opportunity to withdraw at full refund if they do like the plans proposed by the new developer.

It seems like an interesting concept that would focus mainly on investors rather than end-users or people looking for a primary residence. Maybe Dallas condos could benefit from this unique idea. Although I do not foresee too many wealthy SMU alums purchasing condos in Highland Park just to fly in occasionally to see the Mustangs play! SMU is my alma mater so I have the right to make fun of them as do all the people who have put money towards their football program.

The Dallas based Staubach Company, founded by Roger Staubach of the Dallas Cowboys, has been rumored to be negotiating to take over the high-rise condos in College Station but a formal announcement has not been made.

Dallas Condos Up for Auction

Filed under: Dallas Condos,Real Estate — Frogman235 @ 8:50 am

Dallas CondosIn my previous blog post I was discussing the creative selling and financing tools builders are using these days to move units. We discussed bulk purchase as a popular financing vehicle for pre-construction condos and how it is a viable method for builders to meet early pre-sale requirements and hit the sales path with “50% SOLD”. As a post financing strategy it doesn’t make as much sense because the buy/investor does not typically close on the contract.

I mentioned the real estate auction as a useful strategy for selling units on the back end. The auction, like other sales strategies, has been around forever and is not a sign of distress necessarily. It is a great marketing tool and can create a great buzz about the property early on or towards the end of the sales cycle. For example, Sheldon Good and Company, with whom NCO is partnered, offers these types of auction services and is one of the most prestigious companies in the country.

Sheldon Good is currently planning an auction for 15 luxury condominiums in

Centrum

Tower which is located in the Oak Lawn area of

Dallas, TX. These units have typically sold for around $500, 000 to $2,000,000. The opening bids will be anywhere from $250,000 to $500,000, so it is obviously a great way to potentially acquire a luxury condo for a fraction of what the market value is. Sheldon Good will be holding open houses from April 21st to May20th so interested parties can learn more about what they will be bidding on. The market for luxury condos for sale is tougher now and sellers are turning to more creative methods.

Too many people get caught up in the gloom and doom theories and view these types of strategies as an obvious sign of a market turning south. This is not necessarily the case, or at least not to the magnitude that people think. The

Dallas condo market is actually quite strong and the uptown/downtown are continue to be redeveloped. Fewer people in

Dallas now are following the “sprawl” and more are looking back to the core of the city.

Learn more about

Dallas condos today.

Back to Big D

Filed under: Dallas Condos — Frogman235 @ 8:50 am

Well, its that time of the year again where everyone is packing up and heading off for the holidays. Some are taking family trip while others are heading home to be with family anf friends. For me, its back to my home town of Dallas!

As someone who is tied into the international condo markets and watching the housing market statistics from city to city, it is always great to see what is happening with Dallas condos. Unlike some of the other major markets, Dallas was never overrun with speculators and investors to the same degree that other markets were. The surges of condo investments and speculating are, as we all know, the driving forces in the overvaluations in the marketplace. Most Texas cities have seen more steady growth which means condo owners have not seen the huge increases in equity, but they have also now not seen the massive devaluations and foreclosures like other cities.

Many new developments such as the Dallas condos at W Victory Park and The Ritz Carlton are still selling well. The absorption rates for Dallas condos is still relatively healthy. Some builders that got in late in the game have not gone through with some of their grand schemes for converting vacant offices to luxury condos, but others are moving forward on huge highrises with units from $1MM.

Museum Tower in downtown Dallas is looking strong. One of the interesting issues we see is that the high end of most condo markets are still holding steady…mainly because these condos are purchased by affluent individuals or foreign investors who do not care about the market fluctuations. In the long run everything will correct like it always does!

Dallas is Setting the Bar

Filed under: Dallas Condos — Frogman235 @ 8:50 am

Being from Dallas, I am a bit biased with my opinion of the city. Dallas has truly developed into one of the greatest cities in the country over the past ten years. With so many people looking back to the core of the city and with new mixed-use retail and condos being development in the uptown and downtown area, the face of Dallas has completely changed. More young affluent professions are seeking the live, work, and play environment and buying new Dallas condos in the city rather than the suburbs or North Dallas.

Dallas had of course undergone its fair share of urban sprawl, but that phase seems to be over as more young professionals and families buy homes and condos closer to work. Of course, there are plenty of companies that moved to the suburbs to follow the sprawl years ago, but many of those companies are moving back and the employees want to be closer to the office. Gas prices don’t help matters either, especially for younger people trying to manager tighter budgets.Other cities in Texas are following this trend in providing a true urban environment and some have dubbed this process the Dallas-ization. Austin has undergone a facelift as developers bring in more urban residential condos and retail to the downtown and surrounding areas. Austin has always prided itself in being the most unique city in Texas with a great art and music scene…if fact, I am flying there today for a wedding! Many in Austin are worried that the city will loose its unique flair if it continues to follow the Dallas path. Quite frankly, the city and the developers know that more revenue and tax ebenfits will be generated from revitalizing the areas. The way to do this, as was done in Dallas, is to set a master plan for all mixed use properties in the area…especially the retail. This way you have a best variety of shops, restaurants, entertainment, etc. all in one area. Way to set the bar, Dallas!

Dallas is Setting the Bar

Filed under: Dallas Condos — Frogman235 @ 8:50 am

Being from Dallas, I am a bit biased with my opinion of the city. Dallas has truly developed into one of the greatest cities in the country over the past ten years. With so many people looking back to the core of the city and with new mixed-use retail and condos being development in the uptown and downtown area, the face of Dallas has completely changed. More young affluent professions are seeking the live, work, and play environment and buying new Dallas condos in the city rather than the suburbs or North Dallas.

Dallas had of course undergone its fair share of urban sprawl, but that phase seems to be over as more young professionals and families buy homes and condos closer to work. Of course, there are plenty of companies that moved to the suburbs to follow the sprawl years ago, but many of those companies are moving back and the employees want to be closer to the office. Gas prices don’t help matters either, especially for younger people trying to manager tighter budgets.Other cities in Texas are following this trend in providing a true urban environment and some have dubbed this process the Dallas-ization. Austin has undergone a facelift as developers bring in more urban residential condos and retail to the downtown and surrounding areas. Austin has always prided itself in being the most unique city in Texas with a great art and music scene…if fact, I am flying there today for a wedding! Many in Austin are worried that the city will loose its unique flair if it continues to follow the Dallas path. Quite frankly, the city and the developers know that more revenue and tax ebenfits will be generated from revitalizing the areas. The way to do this, as was done in Dallas, is to set a master plan for all mixed use properties in the area…especially the retail. This way you have a best variety of shops, restaurants, entertainment, etc. all in one area. Way to set the bar, Dallas!

Museum Tower will Change Dowtown Dallas

Filed under: Dallas Condos — Frogman235 @ 8:50 am

As I was mentioning the other day, Downtown Dallas is under a great transition. Museum Tower will be located just adjacent to one of Dallas’s icon office buildings, Trammell Crow Tower (my former place of office when working in Dallas). This modern luxury masterpiece will offer 42 stories of 125 condos ranging from one bedrooms to 6 bedrooms in size. These Dallas condos will not be your typical downtown residence. These high end condos will start at $1,000,000!

The question is: does Dallas have a market to absorb these types of high end homes in the downtown area? The project will be delivered in 2010, but reservations will start taking place very soon. Some local real estate experts are concerned about how this will affect another new urban condo/office development already half way sold out…One Arts Plaza. I do not feel that Museum Tower will affect the sales of One Arts Plaza at all. These are two completely different product types. yes, essentially both offer new modern condos but the price points are different and One Arts has a huge head start.

Museum Tower, though pricey, is expected to do very well. This will really be the first new construction Dallas condo high-rise of its kind in the downtown area. Other high end luxury condos in the area include The Ritz Carlton Residences whose sales are going very well.

Dallas has always remained a relatively stable housing market with limited volatility. Home owers do not earn massive appreciation in short periods of time but they do see healthy increases over time. it will be interesting to see how Musuem Tower fairs during the pre-sale phase…the more online exposure the better!

Dallas is Reshaping Downtown

Filed under: Dallas Condos — Frogman235 @ 8:50 am

Dallas has always been quite a unique real estate market, but has never really been known as a condo market until the past few years. With new urban centers and residential developments like Victory Park in the heart of the city, more young professionals and families are making the move back to the core of Dallas. Dallas has had the traditional “sprawl” effect throughout the last 20 years as more people and corporations move to the suburbs.

The areas immediately surrounding downtown like Turtle Creek and the Park Cities have been developed for years with high end single family homes, hotels, and retail. Finally developers started looking to the industrial areas around downtown Dallas for new urban development opportunities, new Dallas condo development, new sports arenas, and hotels. Eventually this trend caught on and new infill projects started popping up all over the place. The next place to look was actually in the core of downtown which for years has primarily been office and some retail. There has not been much infrastructure or residential opportunity to give downtown Dallas much life after 6 PM. Of course, there are areas like Deep Ellum and uptown that thrive with nightlife, but in the actual center of downtown, not much happens after work. This has started to really change in the last few years.

An over abundance of empty office space also gave developers from out-of-state interesting ideas about introducing the office to condo conversion model. Developers like 3J Development from San Diego purchased buildings like 1600 Pacific with intentions of converting the office tower to condos. The comapny has since sold the project to another company. New construction condos, however, are on the rise in the central downtown area. One Arts Plaza combined office space and condos with sales holding strong.

The newest and possibly most successful new high-rise luxury Dallas condo project though is Museum Tower. NCO will be representing this project starting September 1st and local area experts feel this development will change the face of the downtown skyline forever. This is a true luxury highrise tower like we have seen in so many other cities such as Miami, New York, Seattle, and San Diego. There is currently no other project like it in Dallas.

More to come on Dallas as the city takes new form…


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