Category: Real Estate

Housing Inventory Increase Gives Buyers More Options

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The first half of 2016 saw a dramatic increase in the number of houses on the market. The number of active listings in the Park Cities increased 81 percent between December and June. The increase was even more striking in Preston Hollow, where active listings nearly doubled over the same time period.

According to Briggs Freeman Sotheby’s International Realty agent Tom Hughes, the usual increase in spring home sales started later than normal this year. He said that activity seems to have picked up slightly since school let out in May.

“Usually when you have a big run like we had in 2014 and 2015, sellers see opportunities for higher prices,” said Hughes. “When too many decide to list at the same time, it sometimes causes a glut of inventory.”


Furry Friends Inspire Interiors

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(Courtesy Sarah Pickard)

Sarah Pickard

Sarah Pickard

Those who know me know that I am a huge animal lover — all animals no matter what breed, shape, or size. In recent weeks while working with several clients, I have noticed that their interiors have taken on characteristics of their dogs... colors, shapes, and personalities. We love them to death so why not get inspired by them? From gray, white, black and white, to chocolate, our favorite pooches are definitely the rage in color and design trends.

BLACK AND WHITE
Black and white rooms exude energy and sophistication. They are timeless, classic, and chic. Add further dimension to your space by adding pops of color to your palette. Be daring and paint your base, door trim or crown molding glossy black. Black and white tile is also all the rage today and reminiscent of homes in Europe, where it has been installed on floors, walls, and ceilings for centuries. Your guests will not want to leave these spaces!


Last Land Standing No More

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43hundred Lomo Alto will include seven townhomes in two three-story buildings. (Photo: Bernbaum/Magadini architects)

For years, developers have planned and then withdrawn multifamily projects at 4300 Lomo Alto Drive, which remains one of the most intriguing half-acres of vacant land in the Park Cities.

Bill White intends to change that pattern. His company, Dallas-based Len Mac Development, intends to break ground in June on a luxury townhome complex that he hopes will help revitalize the corridor on the southern end of Highland Park.

The concept features a pair of three-story buildings with seven townhomes total. The purchase price will start at $1.85 million for a 3,000-square-foot vertical floor plan with three bedrooms and 3.5 baths that includes an elevator in each unit along with two balconies and a gas fireplace.

“These will be unique to the area, simply because there hasn’t been a design quite like this before,” said White, whose company has built projects in nearby Oak Lawn.

He hopes the gated project, known as 43hundred Lomo Alto, will be a catalyst for transforming the neighborhood, which could include other multifamily developments and is within walking distance of an upscale shopping complex anchored by a Whole Foods Market.


What to Expect from HOAs

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Love them or hate them, homeowners associations are a fact of life in many communities. Understanding their roles and expectations can go a long way toward improving a neighborhood’s quality of life.

According to realtor Martha Miller, prospective buyers who are considering moving to a neighborhood with an HOA should research the specific requirements of the association before making a decision.

“They should ask questions like ‘what do they do?’ and ‘how much do you pay?’,” Miller said.

Preston Hollow has three namesake HOAs (East, North and South), as well as at least a half a dozen more that stake some claim to the area. The single-family neighborhoods in Highland Park and University Park do not have homeowners’ associations. However, practically every condominium development in the Park Cities area has its own association, no matter how small. Nearby neighborhoods like Lane Park, Caruth Hills, and Windsor Park also boast their own HOAs.

According to Juli Black, VP of marketing and communications for the Preston Hollow East Home Owners Association, her organization’s primary goals are to provide enhanced security and foster a greater sense of community.

“We are here to be a voice for them with anything they need,” Black said.


LandPatterns Crafts Inner Peace Outdoors

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(Photo: Marc Funderburk)

LandPatterns has been creating outdoor architectural landscaping designs since 2000. Under Marc Funderburk’s leadership, the Oak Cliff team takes on 20 to 30 projects a year. The company’s philosophy marries luxury with an appreciation of nature, and focuses not only on the enhancement of property value, but also on the well-being of the client.

What one thing should people be aware of before they begin a landscaping project?

MF: One thing clients never seem to appreciate is that plants are growing, living dynamic organisms. Landscapes need to be changed every seven to 10 years, because the plants will outgrow the environment. So everything needs to be designed with that in mind.

Your environment needs to be able to thrive. Exotic flowers don’t do well in Dallas. Perennials like butterfly bush, lantana bush, and coronation gold yarrow do well. They attract hummingbirds and different birds and butterflies. We’ll use those quite a bit.

How do you create a space that will psychologically benefit your client? 


Developers Build New Knox Skyline

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Armstrong at Knox, managed by Sarofim Realty, started accepting tenant applications in March. (Photo: Imani Lytle)

The face of the Knox Street neighborhood continues to evolve as developers map out an ever-expanding slate of construction plans. By next summer, nearly 50 stories of apartments will grace the neighborhood’s skyline. These buildings are expected to attract over 600 families eager to enjoy the bustling scene and the approximately 300,000 square feet of new retail outlets that will be ready to serve them.

Need help navigating? Here are three project updates worth knowing.

Armstrong at Knox
Residents recently began moving in to the six-story retail and residential community between Cole Avenue and Travis Street, where the long-awaited Trader Joe’s opened for business on March 25. Stationery and gift retailer Paper Source opened its doors and kitchen supply store Sur La Table relocated to the area in March.

According to Sarofim Realty Senior Acquisitions Associate Richard Yeh, the rest of the retail outlets should open by the beginning of June. These include Black Optical, Little Katana, and Stag.

As a side note, Sarofim Realty also acquired a nearby property at the corner of Knox and Travis that housed the 22-year-old Chili’s restaurant, which closed in January. Many have speculated that the property will be redeveloped into another mixed-use retail and residential building. According to Yeh, Sarofim is not ready to elaborate on their plans at this time.


Artist Sells Two-For-One HP Property

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The AIA award-winning pool house was designed in 2005 by Gary Cunningham. The house earned Pamela Hill Wilson an International Lighting Award from the International Association of Lighting Designers. (Photo Courtesy: Dave Perry-Miller and Associates)

While the pool house has been named the number one party house in the world by Architizer.com, Dana Nearburg’s property, listed at $14.9 million, was great for raising a young family.

Dana and her former husband, Charles, built the main house at 3908 Euclid Ave. with architect Joe McCall and Oglesby-Green in 1991. At the time, their children were 4 and 8 years old.

“We would get in the kitchen and hold hands and go exploring,” Dana recalled.

The house and pool/second house, built in 2005 and designed by Gary Cunningham, sit on two 70- by 225-square-foot lots.


Swanky Senior Living Coming to Sherry Lane

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A rendering of the new HarborChase of the Park Cities.

Silverstone Healthcare Company broke ground on HarborChase of the Park Cities yesterday. The new assisted living and memory care facility, located at 5917 Sherry Lane, is slated to open in the fall of 2017.

The new center looks to be pretty luxurious. According to a press release, there are plans to have a grand lobby with double-sided fireplace and piano, a spa, salon, and wellness center, as well as a private wine room and bistro/coffee bar. There will also be, ahem, a cocktail lounge and billiards room.

Want your friends to come visit? HarborChase will have valet.

Harbor Retirement Associates will be operating the complex. Applications for the 105 assisted living and 29 memory care units will be accepted starting this fall.


Barriers Don’t Bother Longtime Developer

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Dallas developer Kennis Ketchum was given the top honor for 2015 by the Dallas chapter of Commercial Real Estate Women. (Courtesy Photo)

The glass ceiling has never shattered Kennis Ketchum’s career aspirations.

For the past 15 years, the Preston Hollow resident has been president of Dallas-based Portfolio Development, a firm that primarily builds apartment complexes, either for a fee or through a joint venture.

Although Ketchum has found success in a realm typically dominated by men, she still doesn’t see many female colleagues, who could bring valuable multitasking or critical-thinking skills.

“I think women are particularly well-suited to be developers,” Ketchum said. “Women don’t get to see other women be developers, and so they don’t think it’s a possibility. I think that will change.”