Many empty nesters are confronted with a too-large home with too much maintenance and a too-large tax bill. Considering the momentum of the Dallas real estate market, it makes sense to sell that five-bedroom home that’s only half occupied. But what do you do after you sell — and in this market it can happen in the blink of an eye — and you can’t find the right single-family home, or you haven’t figured out what to do next?
I have two words for you: luxury condo.
Luckily, there are quite a few beautiful units on the market right now that have great finish-out for an incredible price. Take for instance
Unit 1601 at The House.
“The House is luxury high-rise, no-expense-spared living at it’s finest,” said Keller Williams Urban listing agent Kathryn Roan. “Designed by world-renowned architect Phillipe Starck — the same designer as the famed Mondrian L.A. Hotel in West Hollywood — The House feels like a touch of the West Coast in the heart of downtown Dallas. Surrounded by bottomless restaurants and entertainment venues, including the House of Blues and American Airlines Center, you’ll never get bored or go hungry.”
What better swap for life in the suburbs? You get glamour, amenities, entertainment, and a chance to eat your way across downtown and Uptown Dallas. I do love the lift-no-finger level of care offered by building management, including a 24/7 doorman, concierge, a valet, and a splendid amenity deck with a 130-foot lap pool. The House recently added a transportation program, wherein residents can reserve Escalades to transport them within a three-mile radius of the building. You can use an app to reserve the Escalades, too, which will keep you from having to pay all of those ridiculous peak hour fees on Uber. Brilliant!
“The owners of Unit 1601 tell me they have absolutely loved living in this building. It has been a fantastic segway between a house in the suburbs after their daughter left for undergrad, and determining where they’re going to live long-term,” Roan said. “The security is excellent, and they love being able to drop into a concert or Mavs game last minute. They especially loved watching the fireworks on holidays, and lightening storms. They have two small dogs, and the dog park on the second floor has been very convenient.”
The floor plan for 1601 is unique for the building in that it is a one-bedroom unit with a study or small second bedroom. You get a bit more useful space without paying the astronomical two-bedroom price tag, Roan notes. The unit has more than 1,500 square feet and is priced at $569,000 with HOA dues clocking in at $1,109 monthly. It has splendid views of downtown Dallas architecture from every angle, and the home has all the high-end finishes and fixtures you’d expect in a designer condo building, with Sub Zero and Wolf in the kitchen and tons of custom cabinets and fabulous stone.
We love the pantry (rare for a condo!) and how the half bath has the same beautiful finishes as the larger, five-piece master bath. the master bedroom feels airy and bright thanks to the huge wall of windows, too.
Now, we’ve heard that Realtors are skittish about showing units inside The House because of lending issues. We asked mortgage expert
Kim Clow — a condo finance expert who has been securing mortgages for high-rises since 1990 — as to why there is a concern and what agents can do to assuage clients’ fears.
“The issue with condo buildings is warrantable vs. non-warrantable, which are Fannie Mae requirements,” Clow said. “They change frequently but it has to do with the percentage of owner-occupied units vs. rentals — AKA investor-owned units. According to Fannie Mae, you cannot have one owner own more than a certain percentage of the building. So, that is often an issue with new buildings where the builder owns a vast majority of units.”
Clow says that bylaws can affect financeability, including instances in which a building was a co-op first, if the HOA is run or owned by the homeowners, and so on. Issues can also arise considering how many stories the building contains, however it is very convoluted and often gets handled or approved on a case-by-case basis, Clow added. She has access to a portfolio program, which is able to offer financing to well-qualified borrowers on buildings that do not meet Fannie Mae requirements. So, where a lot of lenders are limited to secondary market eligible loans, Clow can offer a much wider range of products.
So there you go — no reason to be afraid! Go ahead and put your suburban digs on the market and snatch up this beautiful condo in hot downtown Dallas.