Market Conditions in Dallas>Question Details

Jerry Wight, Other/Just Looking in Dallas, TX

I am considering purchase of a 1500 sq. ft. loft at 2220 Canton.

Asked by Jerry Wight, Dallas, TX Tue Jan 29, 2008

The HOA dues are $500/month but include cable, water and insurance. Do you think this is a wise purchase in the Canton Street area and are the HOA dues way out of line?

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Another item overlooked is the building qualifies for a Historic Exemption. By claiming the exemption I save over $2,000 a year in property taxes..
0 votes Thank Flag Link Tue Feb 3, 2009
The HOA's in the building do seem high. It is because of the facilities, the on-site doorman (Joe), the roof-top pool and jogging track and (everytime I've been in there) it's spotless in the halls and elevators. Something you can work into an offer is for the seller to pay the HOA dues for a certain length of time. I have a really great new listing in that building. It's a little larger than what you were looking for, but we are offering six month's HOA's with an accepted offer. Check out the link below and give me a call if you'd be interested in taking a look. 972-949-2275
0 votes Thank Flag Link Tue Feb 12, 2008
Hi Jerry,

33 cents per square foot is not out of line for a full service traditional building however, it is for the original residential loft building in Downtown Dallas. There are several other Downtown properties including new construction that have lower HOA dues. Please contact me to view these today.

All the best,
John Dean, REALTOR

Direct dial 214.734.4789
johndean@ebby.com
0 votes Thank Flag Link Tue Jan 29, 2008
In Uptown/Downtown, HOA dues in the price range that include cable, water and insurance are pretty typical, if not lower than the norm. I've even seen quite a few townhouses with HOA dues in the $400's that don't include anything but insurance. I currently live right down the street from 2220 Canton, and I have always loved that building. Unfortunately, when I was looking to buy downtown, there wasn't anything available there, or even me, as a Realtor, would have definitely purchased a loft there.

I live and work downtown, so please don't hesitate to contact me if you have any questions.

Sincerely,

Michelle Hackney
(972) 380-7823
michellehackney@ebby.com
0 votes Thank Flag Link Tue Jan 29, 2008
I love that place, but the HOA dues seem very high. The high dues are typically a result of "concierge" service. Anytime you add someone like that to the payroll it really drives up the dues. It's also hard to get rid of. Typically there's always someone who bought their specifically for the "security" of having someone at the desk and they'll never vote to get rid of them. What really concerns me is that resales have not been very good there in my opinion. There were only 6 that sold last year and there are now 8 for sale, so that's over a year supply. The other thing you might consider is electric bills. I believe the windows are the orginal or a remake of the original windows and therefore not very energy efficient AND you have TONS of windows. You might be able to retrofit inside, but then they might lose some of the look and feel of the place. They also have high ceilings so heating with electricity can be VERY expensive. I've never seen anyone's electric bills, but I can only imagine. I'd think it would be like heating a house 3x that size. Just something to consider. The pluses you probably know.....nice health club, great location, VERY nice rooftop pool and views. I always thought it would be fun to have some pool parties there. Good luck. If you decide to move forward and need assistance making the offer or looking at other places please call me at 214-675-6992.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Jan 29, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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