It’s no secret that our real estate market is hotter than blazes. Recently I told you about the most expensive Dallas condos. But one slipped its Architectural Digest-blessed sliding glass door right by me: 2430 Victory Park Ln. #3001, the whole dang 30th floor of the W Dallas Victory Residences, owned by H. Ross Perot Jr. and his wife, Sarah.
Guess I just thought they’d never sell the prize of the Victory project he spearheaded!
The Dallas condo market is downright steamy. Last month, condo and townhouse sales in North Texas rose 55 percent over what they were a year ago, according to the Real Estate Center at Texas A&M University. March was like Miller time for the Dallas condo and townhouse industry. We had the largest one-month sales gain since 2007.
Sales gains also usually bring about a firming of pricing; condo median sales prices shot up 11 percent from a year ago. It’s the perfect real estate storm: low mortgage rates and rising apartment rents are pushing people to buy homes and, now, condos and townhouses.
As those sales increase, comps will be available to make financing of vertical living even easier. Still, about half of the buyers are just paying cash.
“We are seeing a lot of empty-nester and professional types coming into the higher-end product,” says Allie Beth agent Kyle Crews, who is also marketing the rapidly selling Residences at the Ritz-Carlton, Dallas. “We see half of them paying cash.”
Many are coming in from south of the border, looking for second-home residences in Dallas.
The indicators are so good that back in February, Ross Perot Jr. quietly popped his Victory penthouse on the market for a cool $10, 950,000. This 11,807-square-foot beaut has five bedrooms, seven full baths and three half baths. I mean, you sip a lot of soda and beer at those Mavs games, right?
There are two giant living areas, two dining areas and balconies on all sides. This is the developer’s personal condo; HOA dues are $8,259 a month — and, yes, they are mandatory.
And well worth it. The Perots enlisted the help of famous Dallas-based designer Emily Summers to design a modern décor inspired by the sky and to showcase the couple’s collection of British contemporary art.
“As it turned out, a lot of their artwork has incredible blues,” Summers noted in Architectural Digest's 2008 spread on the Perot pad.
That plus all the incredible light flowing into every molecule of the penthouse makes it one of the brightest stars of Dallas sky-high living.
This is definitely one of the most expensive condos in town. But, at $927 per square foot, I think it’s a steal!
View from the master bedroom of the 30th floor penthouse at the W.
