by Darren Dattalo
A client of mine called last week. He had heard a Realtor make a comment at a meeting of the HOA that upset him. This Realtor claimed that their building had lost more in value than any other high rise building on Turtle Creek. He wanted to know if that was true.
Being a numbers guy, I took that as a challenge. There’s nothing I like better than making sense of a big pile of numbers. I pulled sales data for every building on Turtle Creek for five consecutive years, 2006 through 2010. These years provided an excellent opportunity to view performance prior to and through the “shift” in the marketplace that began in 2007 and hit in full force in 2008 and 2009. Since units differ in size, I compared the average $/ft in addition to the average sales price. I also compared Days On Market. I also compared the actual turnover percentage in each building.
The big winners were the Vendome (3505 Turtle Creek) and the Gold Crest (3601 Turtle Creek). Both of these buildings were up 30% or more on the long term view and up 0-10% on the short term view. Average prices at the Vendome were up considerably due to the sales of a few penthouse units.
 
Holding their own were The Wyndamere (3400 Welborn), The Mayfair (3401 Lee Parkway) and The Warrington (3831 Turtle Creek). While the Wyndamere and the Mayfair are newer buildings, The Warrington is an older building which underwent a major high-end renovation over the last few years. That multi-million dollar investment paid off with major reduction in Days on Market and a slight increase in sales price during a down market.
Hardest hit? The older buildings. The Claridge (3510 Turtle Creek), Twenty One (3883 Turtle Creek) and Park Towers (3310 Fairmount) all have seen 30-40% decreases in value over both the long term and short term. Most of the losses seem to have occurred in the short term. For example, Twenty One had sold at about $140/ft through 2006-2008. But in 2009 it dropped to $130/ft and in 2010 after a major assessment, average price dropped to $88/ft. Similarly, Park Towers dropped from $170/ft to $111/ft. Always the odd duck, The Claridge lost most of its value in 2008 when prices dropped from $390/ft to $230/ft and never returned.
 
What about the “big boy on the block”, The Renaissance On Turtle Creek? At 604 units, the Renaissance is one of the largest condo complexes in the state. Alone, it comprises almost 30% of all the high rise condos on Turtle Creek. So, it can sometimes be seen as a bell-weather for the middle of the road. In the 5-year view, units at the Renaissance have lost about 20% in value, while losing just under 10% in the short term. Units originally sold at about $230/ft but have consistently slid about $15/ft each year since 2007. Total turnover in the building has dropped considerably from 48 sales in 2006 to 29 sales in 2010.
And what about that Realtor? Well, he was wrong. But Turtle Creek is a complicated and diverse set of buildings, each with its own character and trends. Like any other urban neighborhood, high performing and low performing buildings can coexist side by side and frequently do.
by Darren Dattalo
The Lower Greenville area includes 4 conservation districts and one, little known Historic District (La Vista Court). Combined, these four districts encompass a little less than half of the area. The City of Dallas designates these districts based on strict historic and architectural criteria and a laborious amount of public input.
   
Residents in these areas banded together in response to a handful of builders who used loopholes in building permit process to build homes which didn’t fit in with the character of the neighborhood. When neighborhoods are developed, there is usually a consistency to the setback from the street, the location of garages, etc. These characteristics give a neighborhood its charm. When homes are as densely situated as they are in urban neighborhoods, this consistency becomes even more important.
Building and renovating in these districts has certain obligations to the home owner. If the work being done is something that is regulated by the ordinance, the owner must first get an approval from the City of Dallas for the plan of the work to be done. Once this is received, a building permit from the building inspection department is required. The building inspection department cannot issue a building permit without a sign-off on the Conservation District Review Form. For most routine repairs such as painting or minor carpentry, a permit is not required. But if you are building a fence or replacing windows, those items are typically regulated and will require the permits. Be sure to read and understand the code in your area. We have seen people required to remove or rebuild a fence or replace brand new windows after failing to follow the ordinances and not getting the proper permits.
Like any other zoning ordinance, the value lies in protecting homeowners from adjacent activity which devalues the entire neighborhood. Suppose your home and all your neighbors homes were setback 65 feet from the street with huge front yards full of trees. Then a builder decided to build a new home in the center of the block 25 feet from the street and pave the entire front yard with a circle drive. The aesthetic of the entire block would be destroyed. Over time, property values for homes on either side would fall drastically. A Conservation District is nothing to be afraid of, in fact, it offers a layer of protection one should appreciate. But if you live in one, make sure you are aware of the requirements before attempting any home projects. The City of Dallas maintains an online collection of the CD ordinances for every CD in the City.
With the recent massive Recession, even the elite Dallas neighborhood of Highland Park has not gone unscathed. While the housing market in much of the US has tumbled to a historic low, Dallas in general has experienced a much more stable real estate market. That’s not to say that Dallas homeowners have not felt the Recession. Quite the contrary. In fact, if you ask any homeowner currently trying to sell their home in Dallas’ over-saturated marketplace, they will certainly admit that they are not without woes. Highland Park is no exception.
This year from May 30th to Nov. 30th, sixty-six total properties sold in Highland Park. In addition, the average price per square foot was $320.95. Now let’s take a look at 2007, back when the real estate market was a totally different animal. From May 30th to Nov 30th of 2007, there were a total of 73 properties that sold in Highland Park, and the average price per square foot was then $364.04. While the difference between the # of units sold in 2010 vs. 2007 is not drastic, what is worth eyeballing is the fluctuation in average price per square foot! From 2007 to 2010 there is a $43.09/per square difference…certainly a fairly large drop in the average price per square foot. This difference clearly illustrates that even the most prestigious neighborhoods are not impervious to the backlash of the Great Recession.
Many people have asked me which is the better neighborhood: “M” Streets or Lakewood? My answer to this is always “IT DEPENDS”!!! It depends on you, your priorities, your family, & your lifestyle! Both of these neighborhoods are 2 of the most sought after areas to live in Dallas! Both are wonderfully charming and beautiful! Please keep in mind that the following are mere opinions and drastic generalizations on the part of this Realtor!
In general, the “M” streets has a bit more of a younger, vibrant feel with Greenville Avenue close by to provide a wide range of nightlife and restaurants. The gingerbread-like cottages and Tudor homes tend to be smaller than the typical Lakewood home (again a generalization…because of course, there are small homes in Lakewood as well…but also huge multi-million dollar mansions), and you often find Tudors that are 2 bedroom/2 bathroom homes. This makes these homes perfect for starter homes and young married couples.
Lakewood is an absolutely lovely neighborhood, but in general feels much more residential, dignified, and family oriented. With White Rock Lake nearby, many Lakewood home owners enjoy the perks of biking, running, fishing, and boating on the Lake. I would also venture to say that Lakewood homes (in general again) are much larger, more expensive homes. The homes range from historic, to new builds, and there is a wonderful, quiet & settled feeling about this neighborhood.
The bottom line is this: you can’t lose living in either of these neighborhoods…both are unbelievably gorgeous, have wonderful homes, and have tons of character!
Having lived in Downtown Dallas for a short time, I feel can give honest insight into Downtown Dallas as a neighborhood. The real estate market in Downtown Dallas is a bit tricky, since in all honesty, Downtown Dallas never really “took off.” That is to say, that the vast majority of Dallas residents don’t chose to live Downtown for various reasons. There are a couple of issues with living Downtown, one being that everything closes early there, because the city caters primarily to those who do business there during the week. So if you wanted late night drinks or dinner, you may be hard pressed to find anything open. In my opinion Downtown Dallas has tremendous potential, but it hasn’t yet made it in to the popular kids crowd in the realm of neighborhoods.
So should you buy or not in Downtown Dallas? That’s a great questions & one that REALTORS get asked all the time…and the answer is: IT DEPENDS!!! It depends on you, your lifestyle, and your budget. Downtown Dallas consists primarily of condos. The issue is, that many of these condo complexes have expensive HOA fees/maintenance fees. However, you can find great deals and very affordable price points since Downtown hasn’t yet taken off! It could be a great opportunity, as long as you buy SMART! By that I mean, that if you DO decide to purchase a property Downtown, think about the resale value…you want to get a GREAT deal buying it, so you can sell it at a reasonable price in the future. And remember, it’s not the easiest marketplace to sell since it takes a very specific buyer to want to live Downtown (all the more reason to purchase at a rock bottom price). Also, if you do buy, always try and find something with REASONABLE HOA dues…this is the part that’s tricky and makes selling, even the most beautiful property, very difficult! So if you love that urban/ city feel, don’t care that it’s not the most popular place to live in Dallas, and want to live in a unique neighborhood, Downtown Dallas may be the place for you!
So we all know that the West Village is teaming with young professionals & yuppies, but the reality is, there are some pretty awesome places to hang out in the West Village! Located in the heart of the Uptown area, the West Village offers its residents gorgeous shopping, sleek restaurants, and rowdy bars! So where should one hang out if they are headed to the West Village for a night on the town? Well, there are tons of options and of course, it depends on individual tastes and styles, but I’m going to highlight a couple of hip and very “in” joints in the West Village…
My favorite place to get a drink in the West Village is hands down “Mi Cocina!!!” Why??? Well, this place has one of the coolest bars in Dallas in my opinion, serving wonderful y foo foo, but yummy appetizers and AWESOME cocktails! The bar itself is a show stopper, so sleek and posh you almost feel like you’re at a LA bar on a movie set! The cocktails are just as glamorous…if you get a chance, try their mojito, which is my favorite in all of Dallas! For the more adventurous, order the famous Mambo Taxi!
For a more laid back scene, but still outrageously popular, go check out Primos. Primos has a wonderful outdoor patio for the spring and summer time, and also tasty appetizers with Tex-Mex style food. The place is always packed, so if you want any hope of getting a table in the evening, be sure to get there early!!! Both of these joints are 2 of the most popular places to see and be seen in Dallas!
The Hollywood/Santa Monica neighborhood in Dallas is a wonderful pocket full of charming Tudors and cozy 1920s brick homes. It consists mainly of young families and has the feel of the “M” Streets, minus Greenville Avenue & that “trendy” vibe. Much more quiet and residential, this area has tons of character, is close to Lindsley Park, and is part of the Lakewood school district. So how much does it cost to live in this little pocket of heaven?
Well, as of right now (that is, the end of Nov. 2010), the average price per square foot in this neighborhood is approximately $180/per square foot. In the past six months, homes have been selling from around $220,000, all the way up to $339,000. The average sales price is listed at $278,908.and there are currently 34 homes for sale in this neighborhood. If you’re interested in finding out more information about the Hollywood/Santa Monica area or interesting in perhaps purchasing a home, I’d love to help out in any way I can!!! (Contact Info: MaryBeth Warley at MBW.investments@gmail.com)
There are many reasons people move to the “M” Streets, all of which I’ve gushed about in previous Blogs! But let’s face it, the people, the nightlife, the restaurants, the “vibe” and the adorable Tudor homes that flourish in this neighborhood, all add up to AWESOME. But here’s yet another reason that the “M” Streets is such a popular Dallas neighborhood: THE SCHOOL DISTRICT!!!
Most “M” Streets homes are located in one of the top elementary school districts in the area: Stonewall Jackson School District. Stonewall Jackson is a BLUE RIBBON school, meaning it is the recipient of the coveted National Blue Ribbon award. The school was opened in 1939 and has received many awards over the years including:
- 2004-2005 DISD Principal of the Year , Mrs. Olivia Henderson
- Governor’s Certificate for Outstanding Performance
- TEA Texas Successful School Award 1992, 1995
- Redbook Magazine Top 100 Outstanding School Award – 1995
- National Blue Ribbon School – 1998-99
- TEA Exemplary School – 1998-’99,1999-2000, 2000-’01,2001-’02, 2002-’03, 2007-08
- TEA Recognized School – 2003-’04, 2004-’05,2005- 06, 2006-07
What more can you ask for in the “M” Streets??? This neighborhood truly has everything appealing for you and your family! For more information on Stonewall Jackson Elementary go to: http://www.dallasisd.org/schools/es/i_l/jackson/index.htm
This blog is basically just an Ode to Lakewood! Lakewood is one of my favorite neighborhoods in Dallas, and in my opinion, one of the most beautiful! With White Rock Lake nearby, Lakewood home owners enjoy the perks of biking, running, fishing, and boating on the Lake. Lakewood is overflowing with stunning historic homes, dignified new builds, and a plethora of styles in between. The vibe in this neighborhood is wealthy, laid-back dignity, with a dash of family fun.
One of the best things about living in Lakewood is the deep-rooted sense of community inherent to the neighborhood. Lakewood Neighborhood Association (LNA) is one of the largest homeowners’ associations in Dallas, encompassing about 2,900 residences. LNA focuses on issues relating to beautification and economic development, believing that an attractive, healthy neighborhood increases property values, supports existing businesses, and attracts new merchants. An off-shoot of LNA, there is also a Lakewood Crime Watch program. This program, supported by hundreds of Lakewood residents, helps keep it’s streets and homes safe. The centerpiece of the Crime Watch program is neighborhood patrolling by off-duty police officers, funded entirely by Crime Watch membership. Amazingly enough, there is even a Lakewood’s Pet Watch program! Dr. Stefanie Spaeth has created a clearing house for lost and found neighborhood pets that is easy to use and free to neighborhood residents. When a pet is lost or found, an email goes out to all members of Pet Watch, alerting them about the pet and usually including a photograph for easy identification. What more could you want in a neighborhood?!! Lakewood truly is an absolutely wonderful place to live!!!
Ok, is it getting obvious by now, that this real estate agent enjoys the scene abounding on Greenville Avenue in the “M” Streets? The action, the people watching, the food, the eclectic shops, the bikers, and the overall personality of “M” Streets is never framed by a more unspoiled panorama than from a great patio. Patios abound all along Greenville Avenue, and each has a unique flair or flavor, if you will, that will cater to your mood of the moment! One of the best ways to get a feel for the “M” Streets culture and energy is to pick a patio, and just soak it all up!
Here are some of my personal favorites:
- Snuffers: The outdoor patio at Snuffers is a great place to sip an ice cold beer, people watch, and soak up the scene. Running a wide gamut of clientele, Snuffers caters to the flip flop clad, tank top wearing crowd, to young professionals, to families, and pretty much everyone in between. The dress code at Snuffers is NO Dress code! Laid back and fun, this is a great patio to relax and munch on their famed Cheddar fries! (located at 3526 Greenville Avenue, Dallas - (214) 826-6850
- Blue Goose Cantina: I believe has some of the best margaritas & nachos in town! Super casual, this patio is a true experience! The best time to go check it out is on Sundays, when the place if virtually over-run with Bikers. Yes, you read correctly, BIKERS! The Goose is basically Tex-Mex meets Crotch Rocket, and everything in between with people watching at it’s best! You don’t even have to look across the street. The entertainment is likely a table away. Many good times with friends and making new friends to be had here. Some of the bikers that eat here are just hilarious…so if you want something a little different, you don’t want to miss out on this “M” Streets experience! (2905 Greenville Avenue, Dallas - (214) 823-8339)
- Aw Shucks Oyster Bar: This place is a straight DIVE joint, with wonderful fresh coastal seafood. While some say it’s like being on “Venice Beach”…I wouldn’t go quite that far. The location of this patio is stellar for people watching, since it’s located right across the street from the Granada Theater! If you’re in the mood for a WAY casual seafood joint, I highly suggest this as your next stop! (3601 Greenville Avenue – (214) 821-9449)
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