Tuesday, May 29, 2012

Dallas home prices turn corner after long decline

By: Steve Brown The Dallas Morning News

Dallas-area home prices were up for the first time in more than 18 months in a closely-watched housing survey.
Prices in Dallas rose 1.5 percent in March from a year ago in the Standard & Poor's/Case-Shiller Home Price Index.
Dallas was one of seven U.S. markets in the monthly survey that saw year-over-year home price gains.
Nationwide prices continued to fall - down 2.6 percent from March 2011, according to Case-Shiller.
"There are now seven cities - Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix - where the annual rates of change are positive," Standard & Poor's David M. Blitzer said Tuesday in the report. "This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change.
"Once we see this on a broader level we will be able to say the market has turned around."

Tuesday, May 22, 2012

Construction starts on 17-story apartment building in Dallas’ Uptown area

April 26, 2012 By: Steve Brown The Dallas Morning News

Construction has begun on a 17-story Uptown residential building — the biggest project to get under way in the neighborhood since the recession.
The Taylor apartment tower, at Carlisle and Bowen streets, will contain 308 apartments and is set to open in 2014.
The project will replace two low-rise office buildings, which were recently demolished.
The Taylor will be less than a block from the popular Katy Trail. It is a project of Dallas-based apartment developer StreetLights Residential. Rents will start at $1,300 a month for the smallest unit.

Reflections on mirrored glass: ’70s bling buildings still shine

May 17, 2012 By: Steve Brown The Dallas Morning News
The traffic on North Central Expressway slowed to a crawl one afternoon in the early 1970s — and not for the usual fender bender.
Commuters were checking out the latest fashion in Dallas architecture in the form of the gold-clad Campbell Centre office tower at Central and Northwest Highway.
Sure, there had been a few other mirrored glass buildings constructed in the Dallas area.
But when Campbell Centre went up in 1972, it caused a stir because of its prominent location and the tower’s glittering gold looks. The glass panels use a microscopic coating of real gold for their bling.
The tower, and its twin built a few years later, are still the bane of drivers, who are caught in the glare of sun reflected from the tower.
That reflectivity was one of the selling points that developer Sanders Campbell used to market the 20-story office high-rise. Since 90 percent of the sunlight was reflected, the project was touted as an “energy saver.”

With renewed emphasis on energy efficiency and green construction, reflective glass is enjoying something of a renaissance. Granite and concrete soak up a lot of sun.

Among the ’70s mirrored buildings, the Hyatt, designed by Welton Becket, has to be the best of the whole bunch.
An earlier design for the big hotel and observation tower used a concrete exterior instead of the silver glass.


Dallas-Fort Worth industrial leasing hits 5-year high

May 3, 2012 The Dallas Morning News By: Steve Brown

North Texas’ apartment projects and the rebounding office markets are getting most of the headlines.
But an even bigger commercial property comeback is cooking away in the industrial building sector.
During the first quarter, the Dallas-Fort Worth area’s net industrial building leasing totaled almost 1.5 million square feet.
That’s the best first-quarter net leasing tally for this sector since 2007.
Most of the net leasing gains so far in 2012 have come in industrial projects in North Fort Worth and the mid-cities.
But most major warehouse districts saw increases in occupancy, according to the latest numbers from Cushman & Wakefield of Texas Inc.

Monday, May 21, 2012

Commercial Property Market Taking Off in 2012

May 10, 2012 (Dallas Business Journal) - Steve Brown

Back when the economy first entered the Great Recession, forecasters were quick to throw the commercial real estate market under the bus.
Prognosticators warned that the commercial property bust would far outweigh the housing sector crash and take longer to dig out of.
Well, so much for forecasts.

Friday, May 18, 2012

Hotel Palomar could revert to Westdale Capital

Friday, May 18, 2012 (Dallas Business Journal) - Candace Carlisle

The Residences at Hotel Palomar, a nine-story luxury high-rise condominium, could sell to Dallas-based investor Westdale Capital.
Westdale Capital has taken over the troubled lien after Addison-based Behringer Harvard   Short Term Opportunity Fund I LP defaulted on payments to fulfill the loan agreement on the property.
The investor is in the process of acquiring the property, according to a Dallas Morning News report.

Wednesday, May 16, 2012

KPMG Centre in Dallas listed on June foreclosure auction

KPMG Centre in downtown Dallas has been posted for the June foreclosure auction.
It's the second month in a row that the 34-story, 828,000-square-foot office tower at 717 N. Harwood St. in downtown Dallas, has been posted for foreclosure. The office tower has $64 million in listed debt, even though it's appraised for $44 million, according to data from Addison-based Foreclosure Listing Service Inc.

KPMG Centre is Dallas is on the June foreclosure auction list.

Tuesday, May 15, 2012

Unusual Downtown Dallas Building May Become Hotel - 211 N. Ervay

DALLAS (Dallas Business Journal) – Despite rumors of demolition, a long-empty Dallas office tower could be reincarnated as a hotel if Alterra International gets its way.
The 18-story office tower at 211 N. Ervay St. has been vacant since 1995, but Turkish developer Mike Sarimsakci and his investors are purchasing the building, hoping to transform the existing space into a 250-room hotel.
The sale is expected to close in 60 to 90 days.