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Old 10-25-2014, 10:54 PM
 
Location: The Bayou City
3,231 posts, read 4,564,671 times
Reputation: 1472

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Quote:
Originally Posted by Dallaz View Post
Empty condos???
"So the building, which opened in January 2013, 19 months ago, is only 30 percent full. Or, rather, 30 percent sold, because I count at least six LLC-owned investment units. If you’re the one servicing the debt on this building, those aren’t good numbers."

Museum Tower Shows Strong Uptick in Sales | FrontBurner | D Magazine

Am I missing something?

 
Old 10-26-2014, 03:43 AM
 
5,673 posts, read 7,452,922 times
Reputation: 2740
Quote:
Originally Posted by TexasTallest View Post
"So the building, which opened in January 2013, 19 months ago, is only 30 percent full. Or, rather, 30 percent sold, because I count at least six LLC-owned investment units. If you’re the one servicing the debt on this building, those aren’t good numbers."

Museum Tower Shows Strong Uptick in Sales | FrontBurner | D Magazine

Am I missing something?
Uhh..condo's at Museum Tower start at 1 million..it should take this long to fill up. Not saying that Dallas is short of people who can afford to live there...they just dont all want to live in Museum Tower....It SHOULD take this long to fill up.

No worries though....even if it take 10 years to fill up....it'll still be full.
 
Old 10-26-2014, 05:13 AM
 
Location: The Bayou City
3,231 posts, read 4,564,671 times
Reputation: 1472
Quote:
Originally Posted by dallasboi View Post
Uhh..condo's at Museum Tower start at 1 million..it should take this long to fill up. Not saying that Dallas is short of people who can afford to live there...they just dont all want to live in Museum Tower....It SHOULD take this long to fill up.

No worries though....even if it take 10 years to fill up....it'll still be full.
Uhh.. Your point? He describes the hotel aspect of the project as "ULTRA-high end". I seriously doubt they are going to put a bunch of cheap condos for average Joe to afford right next to an ultra luxury hotel.
These would be expensive condos if built..

Oh, and it should NOT take this long to fill up. If it took 10 years to fill up the 100 or so units in museum tower then it would take ONE HUNDRED AND TWENTY years to fill up this guys condo towers.

The Belfiore was 70% sold by the time they started construction.. With units starting at $2.5 million. The Astoria was over 70% sold too at the time of this article with units up to 3 mil.

http://www.bizjournals.com/houston/b...-sold-out.html

Last edited by TexasTallest; 10-26-2014 at 05:31 AM..
 
Old 10-26-2014, 11:27 AM
 
Location: Dallas
2,414 posts, read 3,487,046 times
Reputation: 4133
Quote:
Originally Posted by TexasTallest View Post
For anyone not familiar with this Turkish guys many failed Dallas proposals..
Please know what you're talking about...

He just completed 211 N. Ervay
http://www.bizjournals.com/dallas/ne...mation-in.html

That was not his fault. The park board did not want any structures there.
http://www.bizjournals.com/dallas/ne...ut-to-bid.html

These are the same, and this one is under construction.
http://www.bizjournals.com/dallas/ne....html?page=all
http://www.bizjournals.com/dallas/pr...ilding-to.html

Quote:
Originally Posted by TexasTallest View Post
These are the same and now another developer has it
Big plans for 52-story skyscraper at 1401 Elm St. in Dallas - Dallas Business Journal
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Old 10-26-2014, 11:38 AM
 
Location: The Bayou City
3,231 posts, read 4,564,671 times
Reputation: 1472
Quote:
Originally Posted by RonnieinDallas View Post
The point of the first article was that he backed out of the other project.

ah, so he changed the hotel from a Hilton to a Marriott. Alright..

Another developer has it.. Not Mike.
 
Old 10-26-2014, 11:48 AM
 
Location: Beautiful Northwest Houston
6,292 posts, read 7,500,301 times
Reputation: 5061
Quote:
Originally Posted by TexasTallest View Post
The point of the first article was that he backed out of the other project.

ah, so he changed the hotel from a Hilton to a Marriott. Alright..

Another developer has it.. Not Mike.
It seems to me that a 1.2 billion dollar development is way over this guys head. There is a big difference between an 85$ million dollar remodel and what he's talking about now, of course he will make money just buying the land, but his inexperience along with an already soft DT Dallas office market tells me this is more smoke than fire. We will see....
 
Old 10-26-2014, 11:55 AM
 
Location: Dallas
2,414 posts, read 3,487,046 times
Reputation: 4133
Quote:
Originally Posted by Jack Lance View Post
It seems to me that a 1.2 billion dollar development is way over this guys head. There is a big difference between an 85$ million dollar remodel and what he's talking about now, of course he will make money just buying the land, but his inexperience along with an already soft DT Dallas office market tells me this is more smoke than fire. We will see....
558,000 square feet of office space was leased in Downtown Dallas this year. I wouldn't call that "soft"

New report: Downtown Dallas tops area office leasing so far in 2014 | Dallas Morning News
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Old 10-26-2014, 12:13 PM
 
Location: Beautiful Northwest Houston
6,292 posts, read 7,500,301 times
Reputation: 5061
Quote:
Originally Posted by RonnieinDallas View Post
558,000 square feet of office space was leased in Downtown Dallas this year. I wouldn't call that "soft"

New report: Downtown Dallas tops area office leasing so far in 2014 | Dallas Morning News
That's great, I'm sorry if I was ill informed. So what is the DT Dallas office space vacancy rate now?
 
Old 10-26-2014, 12:34 PM
 
Location: Dallas,Texas
6,695 posts, read 9,947,759 times
Reputation: 3449
The project is making international news

Dallas'
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