28 minute read
Real Estate Quarterly
Turtle Creek Boulevard. ALLIE BETH ALLMAN
Gillespie Street. ALLIE BETH ALLMAN
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Ventana by Buckner. COURTESY
Museum Tower. COMPASS
Lee Parkway. ALLIE BETH ALLMAN
HIGH-RISE LIVING OFFERS AMENITIES
Residents seek walkability, convenience
By Rachel Snyder
rachel.snyder@peoplenewspapers.com
The lock-and-leave lifestyle, skyline views, and posh amenities offered in Dallas’ luxury high rises make them consistently popular.
Allie Beth Allman & Associates agent Sue Krider lives in the Turtle Creek area and specializes in homes, townhomes, and condos in Turtle Creek, as well as the Park Cities, North Dallas, Uptown, Oak Lawn, and downtown.
“It’s that not having to worry about the yard, and the pool, and the roof, and also being in a walkable neigborhood,” Krider said. “The highest concentration of high rises in Dallas is of course the Turtle Creek area, and they want the amenities that go with the area — the Katy Trail, the restaurants, the Arts District, convenience of getting to airports — so it’s not just the amenities in a building per se, it’s the amenities of the location.”
That’s not to say buyers and renters aren’t interested in the amenities buildings have to offer, though.
“The reason for moving is it’s a lifestyle choice and they want somebody to manage their lifestyle, so the more high-end amenities and services and staff that take care of everything from dog walking to plant watering to refrigerator (cleaning),” said Missy Woehr of the Missy + Ilene team at Compass.
“People move into high rises with 24/7 doorman and valet as well, adding a level of security to their homeownership,” Ilene Christ added.
The high-rise lifestyle is appealing to those looking for a retirement community as well.
“It has a lot to offer that is so appealing to this age group, people in their 60s, 70s, and 80s,” said Marilynn Maus, director of marketing for Ventana by Buckner, a high-rise, luxury retirement community in the 8300 block of North Central Expressway. “Some … didn’t ever realize ‘I’ve been missing out’ because they have spent a lot of time with the upkeep of their large homes or old homes instead of … making new friends … and enjoying these things with one another, like the sky lounge, doing the aqua fit classes, doing the boxing classes.”
Krider says the number of Dallas high rise sales remained strong last year despite low inventory and volatile interest rates. In part because of that shortage of inventory, she said it’s not uncommon for people to sell their homes and lease in a high rise until they find the right listing come up to buy.
“The biggest challenge that we face right now is a shortage of inventory, like everywhere else, but especially in the highrise market in the upper end,” Krider said. “When I do open houses, I was amazed this past year at the number of people who had sold their homes, were leasing, and frankly, they’re in no hurry, they can wait until they find just the right building that works for them.”
“For the past year actually, it has rebounded in the most strong way,” George Bass of George Bass Stage and Design added about the market for high rises. “Whether you’re renting or owning, you’ve got towers all over downtown Dallas, and the occupancy rate is usually anywhere from 70 to 80%.”
Real Estate Market Snapshots
Editor’s note: Find here the latest available (as of press time) real estate market statistics for Dallas, Highland Park, and University Park from the North Texas Real Estate Information Systems. Inc. The Texas Real Estate Research Center at Texas A&M University prepares the monthly Multiple Listing Service (MSL) reports but leaves out municipalities when they don’t hit a 10-sale threshold. Highland Park last met that threshold in June. University Park returned to the reports in November after last appearing in August. We would prefer more comprehensive and timely data but believe these market snapshots still provide a helpful look at where the industry is heading. NOVEMBER 2022:
DALLAS
2.1
month’s supply
November 2021: 1.2
94.9%
sold to list price
November 2021: 98.7%
537
closed sales
November 2021: 755
37
days on market
November 2021: 29
$464,000
median price
November 2021: $403,950
$226.93
price per square foot
November 2021: $209.30
1,609
active listings
November 2021: 1,046
JUNE 2022: HIGHLAND PARK
2.7
month’s supply
June 2021: 1.9 12
closed sales
June 2021: 15
101%
sold to list price
June 2021: 98.7% 30
days on market
June 2021: 45
$2,347,500
median price
June 2021: $2,171,000
$639.28
price per square foot
June 2021: $542.01
25
active listings
June 2021: 32
NOVEMBER 2022: UNIVERSITY PARK
2.4
month’s supply
November 2021: 0.7 12
closed sales
November 2021: 16
93.3%
sold to list price
November 2021: 98.7% 33
days on market
November 2021: 31
$1,880,000
median price
November 2021: $1,771,325
$524.64
price per square foot
November 2021: $447.01
31
active listings
November 2021: 20
Great Place to Build
9511 Inwood Road $8,175,000 4 Bed / 3.1 Bath / 4,675 Sq.Ft / 2.997 Acres
The Perfect Address
Hear from My Clients
Susan is the rare true pro. She tirelessly worked with us until we found the right house. She is extremely knowledgeable about lesser known pockets of Dallas. She was wonderful through the bid and closing process using her valuable resources to make the process efficient and painless. We highly recommend Susan!
Susan Bradley
214.674.5518 susan.bradley@alliebeth.com
Treasured Bluffview Estate
4929 Seneca Drive $6,995,000 SOLD - Represented Buyer 1.661 Acres / Guest House / Tennis Court
Meadowbrook Estate
Sold in Preston Hollow!
Resort Style Living
11717 High Forest Drive $2,350,000 Sold - Represented Buyer 6 Bed / 6.1 Bath / 5,700 Sq.Ft.
Kimberly Cocotos/ Kristen Scott | 972.383.0915 | cocotosscott@alliebeth.com
3529 Rosedale Ave. — SOLD, Represented Buyer
$1,850,000 4 Bed / 3 Bath / 2,950 Sq. Ft.
5315 Westgrove Drive — SOLD, Represented Buyer
| 972.383.0915 | cocotosscott@alliebeth.com Lucinda Buford | 214.728.4289 | lucinda.buford@alliebeth.com
Bringing You Home
Southern Charm
4333 Hanover Street $2,850,000 - SOLD 5 Bed / Chef’s Kitchen / Pool
Beverly Drive Renovators Invite Neighbors to Follow Along Instagram account tracks construction progress, welcomes suggestions
By Rachel Snyder
rachel.snyder@peoplenewspapers.com
Daniel Murphy and Adam Saxton weren’t necessarily looking for a renovation project when they bought their nearly 100-year-old Beverly Drive home last spring, but once the idea was planted, they “really couldn’t shake it.”
“We were drawn to the Highland Park area because we really liked the sense of community,” Saxton, an SMU alumnus, said.
“I’ve built a number of houses, but I’ve never done a remodel,” he continued. “I don’t think we sought out to do a remodel or a restoration or to buy a historic home.”
However, when their real estate agent showed the couple the Beverly Drive home, they “looked at it once and made an offer.”
Some records indicate the home was built in 1930, but Saxton and Murphy shared an advertisement for the home they say ran in the Dallas Morning News in 1929. They also have an excerpt from the book Great American Suburbs: The Homes of the Park Cities that mentioned their home and noted that its architect was unknown.
“With the setting of Beverly Drive being what it is and finding that house that fits so appropriately
Homeowners Daniel Murphy and Adam Saxton created an Instagram page for the community to follow the renovation of their nearly century-old Beverly Drive house. PEN CARLSON
PHOTOGRAPHY AND COURTESY PHOTO
into its setting with that old oak tree in the front and that kind of classic, idealized version of Highland Park facade in place — I think it was pretty clear that we didn’t want to touch that,” Saxton said.
For their project, the pair enlisted the help of architect William S. Briggs, who served on the board of Preservation Park Cities.
“This property had the flexibility to allow us to leave all of that beautiful facade that you see from the street exactly as it is today,” Saxon said, while still allowing “us to add on in the back and do it in such a way (to) make a modern home for our family.”
They began sharing the renovation process with the community on social media shortly after they bought their home, which they dubbed the “Beverly Casa.”
“We wanted to show people … what this process was like from a homeowner’s perspective,” Saxton said. “These homes can be transformed to modern living without any compromise … that’s what we’re trying to share throughout the journey.”
An Instagram account for the Beverly Casa has since drawn more than 12,000 followers. Murphy and Saxton say they’ve made connections with their neighbors before they could move in and have been surprised by the community’s interest in their home and project.
“It’s probably upward of 20 people at this point who have had some sort of personal connection to the house that have reached out — people that either lived there or had a friend who lived there,” Murphy said.
“We will know and have met and been introduced to dozens and dozens of neighbors long before we’ve ever slept a single night in that house, and I think that that is what motivates us to keep going,” Saxton added.
FOLLOW ALONG
Keep up with the project by following @TheBeverlyCasa on Instagram.
As we begin 2023 and open the door on our next thirty years, we would like to thank our clients, consultants, and friends for working with us. We look forward to welcoming new opportunities in the coming year.
WWW.MMDARCHITECTS.COM
214.969.5440 office@mmdarchitects.com
Your success is our success.
As we look back on 2022 and its many successes, what we’re most grateful for is you. We love helping you navigate the buying and selling process. We love supporting you through challenging times. And, most of all, we love celebrating your wins — because your wins are our wins, too.
Malinda Arvesen
214-354-7029
marvesen@briggsfreeman.com
David Arvesen
214-354-6142
darvesen@briggsfreeman.com D Magazine Top Producers (Team of 2) and D Best SOLD IN 2022 6464 Northport Drive* 4209 Gloster Road 3234 Rosedale Avenue 1415 Sereno Drive* 7531 Caruth Boulevard 6711 Meadowcreek Drive* 406 Peavy Road** 3610-3616 Rickshaw Drive 8907 Maple Glen Drive* 2704 Welborn Street #A* 3430 McFarlin Boulevard #5* 7214 Rustic Valley Drive 7257 Joyce Way* 11314 Goddard Court 808 Northlake Drive 7237 Wake Forrest Drive 3617 Princess Lane* 828 Northlake Drive 5018 Bryan Street #202* 803 Firestone Lane* 6634-6636 Ascot Lane 6525 Chalk Court 6409 Tyler Court 6565-6567 Ascot Lane 524 Post Oak Lane 1200 Main Street #402 6646 E. Lovers Lane #104 5723 Southwestern Boulevard*** 4126 Lovers Lane***
Experience. Service. Results.
Growing up in the Park Cities, and as a resident with over 20+ years of real estate experience, I can provide a historical perspective to guide you successfully through evolving market conditions. If you are ready to buy or sell a home, reach out, and I’ll work with you to find the best solutions for today’s market!
Christopher McGuire
D Magazine Best & Top Producing Agent christopher.mcguire@compass.com m 214.454.1128
All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. All measurements and square footages are approximate, but not guaranteed and should be independently verified. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Compass is a licensed real estate broker. Equal Housing Opportunity.
In this guide, I’ll cover the essentials involved in a quick and profitable home sale MARGARET CHAMBERS — including some tips that your real estate agent might not think to suggest.
First Impressions
One quick and easy way to boost your home’s “curb appeal” is to put a new coat of paint on the front door. Select a color that stands out from the rest of the home but still complements the brick, stucco, or limestone.
Trimming the bushes, mowing the lawn, and weeding are mustdos. You may also want to plant some new flowers and add fresh mulch.
Tackle Your Repair List
Now’s the time to make a list of all the repair projects you’ve been putting off. You may be tempted to renovate your outdated kitchen but proceed carefully. A full kitchen renovation can cost as much as $65,000. Less expensive repairs include patching holes in walls, fixing doors and drawers that don’t close properly, replacing kitchen cabinet hardware, replacing light bulbs, and fixing leaky faucets.
Create a Blank Slate
As gorgeous as your dark red bedroom may be, the paint color might distract buyers. Good choices for neutral paint colors include white, cream, khaki, or gray.
Potential buyers have trouble imagining their family photos on the walls when yours are still hanging. Don’t store personal items in the closets, however: Buyers will be opening those to see how much space you have. Instead, rent a storage unit for oversize furniture, collectibles, family heirlooms, and photos. If you want to hang something on the wall, scenic pictures and mirrors are fine.
Now is a good time to purge items you don’t want to take to your next home. If there’s anything you own that you absolutely can’t part with, you should move it to storage before buyers can see it. It will hurt negotiations if your buyer covets any light fixtures or window treatments you plan on keeping and is told that she can’t have them.
Just looking at your to-do list can feel intimidating, but remember that every repair you make, and every item you purge, will increase the value of your home and make your next move easier.
Margaret Chambers, a registered interior designer (RID) and member of the American Society of Interior Designers (ASID), leads Chambers Interiors and Associates. Her colleague Caitlin Crowley helped edit this column. Visit chambersinteriors.com/blog for more design advice.
CLOCKWISE: Turn on all the lights and open the draperies. Speaking of draperies, it’s better to remove heavy draperies before a showing. These curtains are sheer, allowing lots of natural light into the room. NATHAN SCHRODER WITH DESIGN BY MARGARET CHAMBERS. Don’t fill built-in bookshelves entirely with books. Instead, leave a small selection of your most attractive books and accessories to showcase them as in this Theta house library designed at SMU. New landscaping gives this 1927 Spanish colonial house in
Kessler Park plenty of “curb appeal.” MICHAEL HUNTER WITH DESIGN BY MARGARET CHAMBERS.
LUXURY. LIFESTYLE. DEFINED.
Helping clients in Preston Hollow and Park Cities for over 37 years. Providing world-class experience that delivers personalized attention, exceptional marketing, strong negotiations, and concierge-style service.
Let me be your go-to source for all things real estate.
SUSIE SWANSON
FOUNDING MEMBER
Keith Conlon, President and CEO with founder Allie Beth Allman
Let us give you the full picture of “Real Estate 2023.”
Today’s market offers many opportunities but everything is about tailored and individual analysis and strategies. The national news is not going to give you the full picture. Dallas is still a place companies and individuals want to live and work. This is a huge factor in the equation. Our team of experts with proven results will give you the full picture
of the value of your real estate assets.
Evaluate
The fi rst thing people need to do in 2023 is get a full evaluation of their properties. Before remodeling, adding on or selling, understand what your home is worth.
Price to Sell
Second, pricing is the most critical part of the 2023 equation to sell or buy. Because so much is sold off market, your real estate advisor needs to give you a full picture.
Choose the Leader
Thanks to our incredible clients, Allie Beth Allman & Associates is the Legendary Leader of Luxury at all price points. You need a real estate agent and brokerage with a proven track record of results and service.
Our ABA Core Values are all about People and Partnership. We are here for you to navigate any of your real estate needs and to answer all questions to maximize your investments. Thank you for believing in us year after year. That is what makes us Number One in DFW Luxury Real Estate.
SOLD 5415 Caladium Drive
$1,250,000
SOLD - Private Sale 5233 Yolanda Lane
SOLD 5112 Meadowside Lane
$1,050,000
AVAILABLE 3213 Wentwood Drive
$3,200,000
Terri Cox | 972.841.3838 terri.cox@alliebeth.com
AVAILABLE 5138 Deloache Avenue
$8,995,000
SOLD 3716 Maplewood Avenue
$5,325,000
AVAILABLE 9131 Devonshire Drive
$15,500,000
AVAILABLE 4206 Alta Vista Lane
$2,300,000
AVAILABLE 3201 Greenbrier Drive
$3,195,000
AVAILABLE 9646 Douglas Avenue
$12,999,000
AVAILABLE 2105 La Rochelle
$ 6,350,000
SOLD 6527 Chevy Chase Avenue
$2,995,000
SOLD – Represented Buyer 3012 Amherst Avenue
$3,795,000
SOLD – Represented Buyer 3600 Lindenwood Avenue
$5,999,900
SOLD 3125 Hanover Street
$3,399,000
SOLD 5805 Redwood Court
$1,425,000
Doris Jacobs & Kim Jacobs Calloway | 214.537.3399 214.395.7001 | doris.jacobs@alliebeth.com kim.calloway@alliebeth.com
SOLD 5330 Palomar Lane
$7,295,000
SOLD 3645 Mockingbird Lane
$1,890,000
Carol Ann Zelley | 214.668.0503 carolann.zelley@alliebeth.com
Over the years, we’ve had numerous clients wrestle with the decision to stay in their house and make major improvements, tear down and build new, or sell and move to another
SHERRY AND PAUL ZUCH home. This complex situation comes with multiple considerations and pros and cons for each.
We recently worked with a young couple with a growing family facing this dilemma. They loved their neighborhood and wanted to stay, but their 1940s-era cottage-style home was too small and needed major renovations to suit their lifestyle. The probable solution was to add a second-story addition to get the additional space required and reconfigure the existing ones to improve functionality. They also wanted to upgrade finishes to reflect their style and current design trends. However, an investment like this exceeded the current home’s value and triggered the debate we are discussing.
In evaluating options, we walked the couple through some pros and cons:
Remodeling Pros:
• Remodeling allows homeowners to remain in the neighborhood they love. • You don’t have to move to the suburbs to get your “dream” house. • Children don’t have to change schools
Before and after photos document the exterior changes to the front and rear of a 1940s-era cottage-style home.
ALAIR ZUCH AND KEN VAUGHAN/VAUGHAN CREATIVE MEDIA
due to a relocation. • Remodeling older homes maintains the neighborhood charm. • Property taxes are more favorable compared to new home values.
Remodeling Cons:
• You may need to find temporary housing for the remodel duration. • Existing foundation and structure may not support major additions without significant enhancements. • Existing plumbing, electrical, heating and cooling systems, etc. will likely need to be replaced or upgraded.
• Existing building components likely don’t meet current energy and building codes. • Element of surprise along the way due to unforeseen conditions. • Entire house will be required to meet all building and energy codes if the cost of the improvements exceeds 50% of the current home value.
In the case of these homeowners, they decided to renovate instead of move.
Their dramatic home makeover allowed this family to stay in their neighborhood and enjoy significant improvements that created this beautiful, one-of-a-kind home. Renovations included exterior improvements to increase curb appeal, an addition, extensive reconfiguration of the owners’ wing, and interior renovations to create better efficiency and flow.
A seasoned builder/remodeler can guide you through this process. We always suggest consulting with a real estate professional familiar with your neighborhood to understand resale values better after the proposed improvements.
Sherry and Paul Zuch are partners with Alair Homes Dallas|Zuch, a building, remodeling, and renovating company. Visit www.alairzuch.com.
Real Talk: Aaron Carroll
The native Texan was raised in Tyler, graduated with honors from Texas Christian University, and resides in the Park Cities with his wife and two children.
He’s a team lead with the Carroll Eltis Group at Douglas Elliman Realty, focusing on residential real estate in the Park Cities, Preston Hollow, Lakewood, and Uptown. He’s led his team to more than $600 million in sales since he began working in real estate more than 10 years ago. When he isn’t working, Aaron and his wife donate their time and resources to various schools and charities, including ABPA, Westminster, Genesis Women’s Shelter, The Family Place, North Texas Food Bank, and Turtle Creek Conservancy.
How long have you been in real estate, and what led you to this career?
has been an agent in Tyler, Texas, since I was 10 years old. My parents encouraged me to pursue real estate in my hometown of Tyler, but I knew I wanted to be in Dallas. I’m very lucky that I get to sell luxury properties in the city I love.
Now that you’ve been a real estate professional for a while, if you could go back in time and give yourself any advice, what would it be?
I would tell myself not to judge my career by one bad day but to instead reflect on each quarter and year overall. I’m extremely passionate about what I do and confident that I can get a job done, so it’s difficult when I miss out on something, but I remind myself to stay motivated because there are always new opportunities. people I meet and connections I’ve made. That’s what keeps me going every day. I love the sense of community that I have with people and neighborhoods across Dallas.
What is your outlook on the Dallas market?
I try to stay positive even when the market may be more challenging because, in my opinion, the Dallas real estate market is one of the best investments you can make right now. There continues to be high demand and limited inventory, and I believe the market will stay strong with the increasing number of people continuing to move to Dallas.
Can you give us a fun fact about yourself?
I was in the Screen Actors Guild at the age of 14 and appeared in Law and Order, Sopranos, Keeping the Faith, and several national commercials. – Compiled by Rachel Snyder
With extremely low inventory in 2022:
Home.
2022 was another record breaking year for Meredith Ferrell and her team! As we reflect on the past year, we want to give a heartfelt thank you to our clients, friends and family for trusting us to assist with their changing housing needs. We are excited for the year ahead, and believe 2023 will be another impactful year for the Dallas residential real estate market and we are ready for it! We love what we do and have the experience and proven results to find you a new home for the new year!
Meredith Ferrell | 214.868.1177 | meredith.ferrell@compass.com | mferrellhomes Brenda Ray | 214.864.9070 | brenda.ray@compass.com | brendaraydallas Mackenzie Harper | 573.289.5553 | mackenzie.harper@compass.com | makenzie.compass Catherine McGuire | 512.771.1510 | catherine.mcguire@compass.com | cmcguire.compass
$75 M+
in sales
50%
buyer-side off market sales
68%
buyer-side transactions
62%
buyer-side multiple offers
11821 Doolin Court
Nestled behind a stone wall in an exclusive, eight-home gated Preston Hollow community conveniently located near top medical centers, private schools, shopping, and dining, this Santa Barbara-style estate built in 2017 offers a low-maintenance lifestyle with designer finishes.
Expansive windows, vaulted ceilings, and great art walls provide an airy, open floor plan. The eat-in chef’s kitchen with quartzite waterfall island, Wolf and Subzero appliances, and a 100-bottle chilled wine display opens
COURTESY PERRY-MILLER STREIFF GROUP
to a dining and living area. Those spaces connect to an expansive outdoor terrace with a fireplace and heaters that overlooks the heated resort-style pool, putting green, and fully turfed property.
The progressive floorplan has a primary suite and guest suite on both levels. The downstairs office boasts a two-story ceiling and fireplace. An upstairs game room with a balcony and adjacent media room provides convenient inhouse entertainment. The oversized three-car garages and motor court provide ample parking.
in partnership with
The Women’s Auxiliary to Children’s Medical Center Dallas, in partnership with NorthPark Center, once again brought holiday joy and magic to the community and to the patients at Children’s HealthSM through their annual Christmas campaign, A Season of Giving. As we embrace a new year, we are grateful to NorthPark Center, our generous sponsors and the community for demonstrating their incredible commitment and support of the Children’s Health mission to make life better for children.
Visits with Santa at NorthPark Center
A Live Snow Globe at the Breakfast with Santa Spectacular Storytime with Santa at Children’s Health Seacrest Studios
Magical Moments with patients at Children’s Health Lyle Scovell, Courtney Gilbert, Brent Christopher, Amy McEvoy and Joanne Gates Movies with a Mission Co-Founders Ella Kate Nayfa and Barrett Gibbins present a check to Children’s Health
NorthPark Center Santa Visits
NorthPark Center’s new Santa provided over 3,200 Santa visits to families in the community from November 25 through December 24, as well as brightened the hallways at Children’s Health for hundreds of patients who spent the holidays at the hospital with personal visits and storytime with Santa at Seacrest Studios.
Breakfast with Santa Spectacular
The 32nd annual Breakfast with Santa Spectacular presented by NorthPark Center was back in person this year. Festivities included photos with NorthPark Santa, holiday performances and carolers, face painting, balloon artists, special character appearances, live reindeer, a life-size snow globe and so much more! A special thanks goes to our chairs, Joanne Gates, Amy McEvoy and Lyle Scovell and honorary chairs, Carol McEvoy, Jan Myers and Diane Scovell.
Movies with a Mission
In partnership with AMC NorthPark 15, the second annual Movies with a Mission is a platform for young philanthropists to make a di erence in the lives of children. Founded last year by Ella Kate Nayfa and Barrett Gibbins, the duo was able help raise funds to benefit Children’s Health through their movie screenings this year.
Thank you to our generous underwriters
Santa
Paulos Foundation
Magical Moments
The Stephen M. and Carol A. Cassiani Family Foundation The Family of Michal and Loyd Powell Scovell Family Foundation Sewell Automotive Companies
Christmas Angel
Alan White Companies LABORA Jessica and Dirk Nowitzki Tolleson Family Foundation
Santa’s Sleigh
The Peter Aberg Family The Hopper Family The McEvoy Family Jan and Marc Myers Tsiakos-Kaporis Family Colleen and David Walter
