Wall Street Journal - March 2022

Page 1

RETIREMENT

Family Ties

An architect son designs a home for his parents. M4 HOMES

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MARKETS

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PEOPLE

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REDOS

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SALES

MANSION

A Tempting Home

This couple built a home to lure their kids. M5

Friday, March 25, 2022 | M1

THE WALL STREET JOURNAL.

Upsizing Is the New Downsizing $417,000

$1.85 million

$4 million

Construction costs

Moved from 2,800 sq. ft. to 4,225 sq. ft.

Suzanne and Mark White moved to a home that is much bigger than the one in which they raised children.

Moved from 3,000 sq. ft. to 5,500 sq. ft.

Michael and Janet Verlander built their new, larger home to look like a cluster of farm buildings on 15 acres.

BY NANCY KEATES

S

Moved from 3,400 sq. ft. to 4,351 sq. ft.

uzanne White, 58, longed for a swimming pool. Her husband, Mark White, 60, wanted a music studio and a space for a workshop. They both wanted to host more parties. After living in a 2,800-square-foot ranch house with four bedrooms and two bathrooms for 17 years in East Memphis, Tenn., where they raised four children, the couple sold it for $250,000 in January 2021. Two months earlier, they had paid $417,000 for a much bigger house on an acre of land about 10 miles away in Cordova. “When I would hear about empty-nesters moving to bigger homes, I thought it was crazy. But now I understand,” says Ms. White. The typical story line is that when people get older and their children leave home, they downsize to a smaller house. But for many empty-nesters, later in life is a prime time to upsize. An anal-

FROM LEFT: HOUSTON COFIELD FOR THE WALL STREET JOURNAL (2, WHITE); JASON HENRY FOR THE WALL STREET JOURNAL (2, VERLANDER); MARY BETH KOETH FOR THE WALL STREET JOURNAL (2, BEYER)

Instead of moving into a smaller, lower-maintenance home for their golden years, these empty nesters decided to purchase a much bigger house

Lizzie Padro and Russell Beyer bought a new home so large that one of their daughters and her boyfriend moved in.

ysis by down payment assistance provider earnings into raising children. They also say they Home.LLC looked at urban neighborhoods with a don’t have to worry about the quality of the minimum population of 500, using the median size school district anymore, which means they have of homes listed as an indicator of demand. Neighmore flexibility and can get more room for their borhoods in which a majority of its residents money. Some buyers start out wanting to are 65 and older have seen the biggest downsize but change their minds when increase in the size of homes dethey can’t find a smaller house that is at the level of quality they are seekmanded over the past few years. The ing. Others want room for a live-in study found that neighborhoods Portion of people caretaker, should that become necthat have seen a significant influx aged 65+ who bought a essary. of older homeowners have also 3,000-plus-sq.-ft. home in Dean Jones, owner of Realogics seen a large rise in the size of 2020 compared with Sotheby’s International Realty in homes demanded, says the com23% in 2017 Seattle, says there is also the “grandpany’s CEO Nik Shah. child trap” scenario: buying a larger Surveys back this up: the National estate with attractions to entice grown Association of Realtors found that 35% of children and grandchildren to visit. For people aged 65 or above bought a 3,000many buyers, the pandemic magnified the imporsquare-foot, or larger, home in 2020, compared tance of having room for extended family. “People with only 23% in 2017. got really lonely in 2020,” says Carolyn Joy, an Real-estate agents say their older clients tell agent with the Tishelman Joy Team at Houlihan them they have the resources to spend on a larger Please turn to page M6 home now since they are done pouring all their

35%

Retirement Communities? No Thanks. Hungry for excitement, some in the over-65 crowd are trading traditional senior living for city life

BOB GARST, 65, was looking to shake things up. Last year, after roughly three decades living in a six-bedroom home in a sleepy suburb of Atlanta, he unloaded most of his possessions and relocated to a luxury apartment in a highrise tower in the middle of the bustling Midtown area. He was motivated, in part, by his dad. Mr. Garst recalled watching his late father’s health decline at a retirement home a decade prior. It seemed like his father grew older and closer to death each day from being around other older people, Mr. Garst said. He would take him out of the facility to Little League games, bars and restaurants in an effort to inject some excitement into his

Brookhaven, Ga.,

days. With the move into Midtown, he’s now hoping to do the same for himself. “There’s the saying, ‘If you

want to be happy, hang around happy people, if you want to be successful, hang around successful people,” Mr. Garst

 Atlanta

said. “Well, if you want to be old, hang around old people.” Mr. Garst is part of a small Please turn to page M10

Bob Garst, third from left, bought a $1 million condo in a tower in Midtown Atlanta. He said he enjoys the energy of being around younger people. BRANDON CLIFTON FOR THE WALL STREET JOURNAL (3)

BY KATHERINE CLARKE


in DFW Luxury SELLING THE MOST HOMES OVER $2 MILLION IN DALL AS


Extraordinary Experts, Listings and Solds

from Dallas’ #1 Luxury Firm 5335 Meaders Lane Preston Hollow | $9,750,000

5138 Deloache Avenue Old Preston Hollow | $10,995,000

5330 Palomar Lane Preston Hollow | $7,295,000

KYLE CREWS AND TERRI COX

ALEX PERRY

SUSAN BALDWIN

214.538.1310 kyle.crews@alliebeth.com

214.926.0158 alex.perry@alliebeth.com

214.763.1591 susan.baldwin@alliebeth.com

5810 Park Lane, 1.83 Acres Preston Hollow | $9,795,000

Private Listing Price Upon Request

5424 Edlen Drive Preston Hollow | $6,040,000

JULI BLACK

SUSAN BALDWIN

KELLI GREEN

469.737.0852 juli.black@alliebeth.com

214.763.1591 susan.baldwin@alliebeth.com

214.500.8805 kelli.green@alliebeth.com

Bleu Ciel #1206 Uptown/Downtown | Private Sale

Private Gated Estate Preston Hollow | Price Upon Request

1312 Tinker Road, 7 Acres Colleyville | $6,500,000

SUSAN BALDWIN

CHRISTINE MCKENNY

CARRIE SMITH

214.763.1591 susan.baldwin@alliebeth.com

214.300.5539 christine.mckenny@alliebeth.com

817.905.4559 carrie.smith@alliebeth.com

3479 McFarlin Boulevard University Park | $1,600,000

6531 Stefani Drive Preston Hollow | Price Upon Request

2800 Lakeside Parkway #1203 Flower Mound | $3,750,000

ASHLEY RASMUSSEN

RAUL RUIZ

DONA ROBINSON

214.704.4428 ashley.rasmussen@alliebeth.com

972.765.6660 raul.ruiz@alliebeth.com

214.906.7069 dona.robinson@alliebeth.com

8536 Glencrest Drive Bluffview | $1,325,000

SOLD | 5900 Cross Timbers Road Flower Mound | $14,900,000

6443 Lakehurst Avenue Preston Hollow | $2,495,000

CLIFF KESSLER

SUSAN BALDWIN

FIONA RICHARDS

310.923.2506 cliff.kessler@alliebeth.com

214.763.1591 susan.baldwin@alliebeth.com

214.632.5813 fiona.richards@alliebeth.com

SOLD | Highland Park Home* Highland Park

SOLD | 4400 Belfort Avenue Highland Park | $9,950,000

SOLD | 3213 Drexel Drive** Highland Park | $1,595,000

SALLY JOHNSON

JULI HARRISON

JACKIE CONVERSE

214.676.4992 sally.johnson@alliebeth.com

214.207.1001 juli.harrison@alliebeth.com

214.673.7852 jackie.converse@alliebeth.com

*Represented Buyer; **Represented Buyer and Seller These properties are offered without respect to race, color, national origin, religion, sex, familial status or disability. All listing information, either print or electronic, is furnished by the property owner subject to the best of his or her knowledge; it is deemed reliable but is not guaranteed and should be independently verified.

alliebeth.com


Thank You, Dallas! Your continued confidence and trust in Allie Beth Allman & Associates has allowed us to be the Dallas Luxury Leader for 2021 selling $3.8 Billion. We are so grateful that you have chosen our team to bring you home year after year.

Allie Beth Allman

Executive Director of the Board Founder Allie Beth Allman Executive Director of the Board and Founder

Keith Conlon President

Keith Conlon President

O U R 20 21 AT A G L A N C E

3,816

$3.8 BILLION

45% LIST SIDE / 55% BUY SIDE

▲47% FROM 2020

TRANSACTIONS

SOLD LAST YEAR

D F W E S TAT E LE A D E R

DALLAS COUNTY SALES ABOVE $2 MILLION ABA

$332M

COMP 1

$968M

COMP 1

$191M

COMP 2

COMP 2

The highest sale on record for Dallas in the last several years was sold by Allie Beth Allman & Associates in 2021

DALLAS LUXURY LEADER

Sales Above $5 Million

ABA

$21.5M

$924M $471M

$185M

DALLAS COUNTY SALES ABOVE $3 MILLION

70%

ABA

of homes over $5 Million in the Park Cities Area were sold by Allie Beth Allman & Associates

$645M

COMP 1 COMP 2

$562M $349M

DALLAS COUNTY SALES ABOVE $4 MILLION ABA

109% GROWTH IN DFW

$435M

COMP 1

ESTATE SALES FROM 2020

COMP 2

$302M $259M

LEADING IN PREMIER NEIGHBORHOODS

PARK CITIES + VICINITY

33% OF

THE PARK CITIES + VICINITY MARKET SHARE

HIGHLAND PARK

UNIVERSITY PARK

56% MORE

$130M

SOLD THAN ANY OTHER FIRM

MORE SOLD YEAR-OVER-YEAR

ABA

$828M

ABA

$391M

ABA

$437M

COMP 1

$665M

COMP 1

$250M

COMP 1

$415M

COMP 2

$338M

COMP 2

$176M

COMP 2

$162M

According to MLS from January 1, 2021 to December 31, 2021. Source: Multiple Listing Service (MLS). Data provided is per broker. These properties are offered without respect to race, color, national origin, religion, sex, familial status or disability. All listing information, either print or electronic, is furnished by the property owner subject to the best of his or her knowledge; it is deemed reliable but is not guaranteed and should be independently verified.


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