Don’t let anyone tell you a luxury lease is overpriced in Dallas. Just ask yourselves, compared to what? I think you get incredible bang for your luxury rental buck here compared to Boston and New York.
I’m actually bleary-eyed searching for a non-luxury lease that is at least livable in Boston because my son is headed back to grad school after a pandemic break. Guess what? Rents have gone up! They are now higher than New York City. So this makes even our most luxurious leases look like an absolute steal!
Let’s take a look.
Chestnut Hill, where Tom Brady and Gisele Bündchen lived before they defected to Florida, is sort of the Park Cities of Boston. There’s a 3,667 square foot condo at 86 Chestnut Street with four bedrooms and four full bathrooms for $28K a month. Dallas has similar leases in the Farmers Market or Oak Lawn, but for about a quarter of that price.
Boston’s newest high rise at 1 Dalton Street has a two-bedroom with a den/office for $25K a month with all the amenities you’d want. By comparison, you can get a three-bedroom, two-bathroom at Bleu Ciel for $13.5K with even better amenities. If you are not looking for a ton of amenities, you can get a two-bedroom, two-bathroom condo at 2011 Cedar Springs for only $5,500 per month and have city living at your fingertips.
So, that’s life in the Boston sky. Let’s get to a ground-level comparable at 48 Mt. Vernon Street with seven bedrooms, four baths, and 6,750 square feet. It’s $20,000 and in Beacon Hill, so essentially our Preston Hollow.
Three weeks ago, I showed you the fantastic mansion designed by Richard Drummond Davis at 9520 Hathaway Street. It’s 16,001 square feet with NINE bedrooms, ELEVEN bathrooms, a wine room, media room, and an enormous pool for $12.9K. That’s more square footage, more bedrooms, more bathrooms, and less money than the Boston equivalent.
New York is another story. A Fifth Avenue co-op is $500,000. You can get an architecturally significant home on Strait Lane for $49,000 a month. Whether you are buying or renting, there is no contest. It’s no wonder that everyone is moving to Dallas!
