Changes in the Economy

Some of the changes in our local economy came as a surprise — I received a call from my broker one February afternoon. She’d received a shocking call from our new owners that morning.  They had decided not to negotiate the renewal of the lease for our office space, and we — really, she  — had four days to dismantle and move out. In realtor terms, that means you also have to make a choice whether to stay with your company or go to another broker. I did both, sort of.

The general public is not aware of how many fees a realtor pays just to be in business. My question before making the decision was, ‘Is there a way I can keep my license intact and not pay all those fees?’  Happily, there was a new option: Real Referrals, LLC, which allows licensed realtors to refer to others in the business without being able to list or sell on their own. 

Now I am saving the monthly and quarterly fees that nickel and dime us all to death, but I put my friends and acquaintances into the hands of realtors who I know first-hand can be trusted to do a great job for them. (Yes, my friendships are on the line, but my friends don’t have to pay for the referral… the realtor receiving the referral pays for it.) This is a win-win-win situation; no one gets hurt in this triangle. And I can help people who find it difficult to decide which realtor to use. Believe me, I have an excellent idea of which would represent you to your greatest benefit! Email for more information MarieFerguson@sbcglobal.net

Fort Worth Club offers Friday night dining and dancing

Members of the Fort Worth Club and their guests are in for a treat! Beginning September 16th the club will offer dinner and dancing on Friday nights with the music of the Crawfish Band and Trey and the Tritones.  The evening entertainment will take a break during the holidays, but then we hope it will be back in January.  If you are a dancer, you’ll love this!

Tower/76102 Sales in Pasts Six Months vs Listed Price/sf

Tower Sales in Past Six Months

vs.

Listed Prices per Square Foot

August 27, 2008

 

Active Listings:

Unit B 1179 sf:  8 active listings at average price/sf $304.16 – number of days on market range from 2 to 543 days with an average of 289 listed so far

 

Unit F 1556 sf:  5 active listings at average price/sf $318.81 – number of days on market range from 74 to 539 days with an average of 281 listed so far

 

All Active Tower Listings: average price/sf $294.49 with 35 properties listed, with number of days on market ranging from 2 to 596 days, with an average of 244 before selling.

Under Active Option Period: 1 property listed at $242.19/sf

Pending Sale: 3 properties listed at an average price/sf $286.45

 

 

Sold in past 6 months:

10 Tower properties: all 1179 sf or smaller, at $234.49/sf average, with number of days on market ranging from 6 to 242 days, with an average of 91 days

 

All properties sold in 76102: 28 properties sold which range in size from 637 sf to 2305 sf, at $202.36/sf average, with number of days on market ranging from 6 to 648 days, with an average of 140 days on market before selling

 

This information suggests that properties in the Tower which are listed for no more than 5% of market value ($234.49/sf + 5% = $246.22/sf) are more likely to be successful, which in turn suggests that units priced above that point are not likely to sell soon. Presently, there is one property listed just under the market value, and four others which are within the range of 5% above market. The other 30 properties are not considered within buying range for most buyers who consider buying here, especially when the average price per sf in 76102 is $202.36.

 

It will be interesting in the next six to twelve months to watch as new properties come into the arena.  Contact me for individualized information!

Trinity River Vision Project

Representative Kay Granger and J.D. Granger spoke to a group today at a Fort Worth Club luncheon, most of whom were commercial realtors. If you ‘d like to read more about this visit my associated blog at http://thetowerblog.wordpress.com or look at the Trinity River Vision website.
www.PrudentialTexas.com/MarieFerguson

The Vault re-visited…

We finally made it into the Vault last night to see (and taste) for ourselves. If you like a quiet atmosphere, stay upstairs in the dining room. If you are the life of the party (or just like to be around the one who is) the downstairs area may be more your style. Each floor has its own fireplace (okay, so what if we won’t get to use it until next February?)… and these are the only real fireplaces we have seen in the downtown area. When it was cold last winter we kept looking for a place to go warm up with a brandy in the evening, but we were disappointed in other restaurants/bars that what appeared to be a fireplace was all for show (no flue, no warmth).

The downstairs just screams “take me to the kasbah!” There are cool nooks and crannies to hold intimate conversations where you can hardly be seen, but there is also flatscreen tv for those inclined to stay glued to a screen. The food proved to be traditionally Mediterranean —- we were very happy to see a wide range of fish on the menu with few high-carb offerings —- which means we can go there after vacation and remain on a much-needed diet after living (and eating out in) downtown for the past couple of years! The tidbits we sampled had a burst of flavor worthy of making the mouth water just hoping for more — lamb with a honey-saffron coating, bruschetta and small but spicy potato pieces (that I couldn’t pronounce the name of much less spell). The menus are varied — lunch, tapas and dinner-sized plates — with plenty to please the palate whether you want a small or large meal, even including burgers for the kids and a steak for the meat-and-potatoes types. We can’t wait to get back from vacation and go downstairs for the actual Grand Opening!
http://www.PrudentialTexas.com/MarieFerguson

Proper use of the term “y’all”…

OK, all you native Texans out there help me out on this one! When we were kids, most of the people you met were from Fort Worth or nearby…. a few were from Dallas, but they didn’t really count. I mean, there was a reason for that bumper sticker that said “If you love New York, take I-35E”. It was all over Fort Worth. Anyway, back then there was no need to explain what “y’all” meant. As transplanted Texans began to move in, they began to complain that ’sometimes youse-guys say “y’all” when you are talking to only one person….why is that?’ Nope, sorry, that’s only in the south. Maybe East Texans use “y’all” like someone from Georgia (or Dallas??!!??), but in Fort Worth if you say “y’all” when you are talking to one person it is only because it would be rude to exclude the rest of their group or family. “Hi, Johnny, how are y’all doin’?” is a inquiry about the whole family, not just John-boy.

After a few years went by, the transplants “got it” and started to sound a little more like they belonged here. Then more and more of you Yankee-types decided, August heat or not, Texas was the place to be. Whoa! Not only do we have to explain about ‘y’all’ again, but now we gotta explain ‘fixin’ ta’….. as in, “Hey, what’re y’all gonna do for dinner tonight?” The proper answer in Fort Worth is, “Oh, we’re just fixin’ ta go over to Reata Rooftop for a martini and some calf fries. Y’all wanna come along?” That’s called Fort Worth hospitality!

Visit my website!

Best Steakhouses in Downtown area

First, I have to tackle the misconception that there are 7 new steakhouses coming to the area, for a total of 11, as reported by the Fort Worth Star-Telegram… the last time I ate at Eddie V’s Edgewater Grill in Austin, it was an excellent seafood restaurant, and I don’t recall seeing steak on the menu….. there may have been a steak, but no one seemed to be ordering it. Same idea with calling the upcoming Vault…. the sign on our building says it is going to have mediterranean food and martinis. Anyway, here goes…

1. Del Frisco’s Double Eagle Steakhouse is the mainstay
2. Ruth’s Chris Steakhouse is a new contender just across the street, so we’ll see what that does to Del Frisco’s prices and reservation list…
3. Mercury Chop House is excellent (and Tower residents get a 20% discount —- hint, hint, you other guys!)
4. Reata — while this really is a steakhouse, their other dishes are much more unique, so try the tamales instead and go to one of the earlier ones for steak! And go upstairs on the rooftop for a nice view, too!
5. Texas de Brazil — really a churascaria rather than the traditional steakhouse —- is a unique place to eat dinner, but since it is all-you-can-eat the general belief is that adding so much salt to their meat is how they keep you from eating too much to put them right out of business.
Coming soon to an Omni Hotel/Residence near you (if you live downtown, that is) will be Bob’s Steakhouse. I’ve never been to a “Bob’s” before. I hear they are excellent from people who love Del Frisco, and may also give the reigning champ a run for their money and their customers. (Not to build it up unduly.)

Not in Downtown…. OK, I know the “Startle-gram” (remember, I used to be a journalism teacher, so it’s ok for me to call them whatever I please) says it is downtown, but if I can’t walk there…… duh, it’s not! Lambert’s Steakhouse is excellent and very new to the “near-downtown” area, near Angelo’s Barbecue. There are other restaurants that serve steak, and some are near the downtown area, but if you are a Fort Worth native, much less a true Texan, a lot of them don’t count as a steakhouse…..just because they have a steak on the menu…. then a friend emailed me a couple of days ago and asked why his favorite, Silver Fox, was not on the list. (Not to slight anybody, but it is not really downtown, is it?)

Not many places could support this much beef….. we think Fort Worth will do just fine!
http://www.PrudentialTexas.com/MarieFerguson

Security in the building…

When the Tower first opened, a friend asked me about the security in the building because he was working on plans to write a novel set in downtown Fort Worth and he wanted to have reliable information on how things operated here for the plot. I had explained that we have 24-hour concierge service and other amenities, with quasi-New York City style greeters at a desk (they don’t open the door for us like the doorman does …. yet anyway) and electronic key fobs that are required to unlock the doors to the building. You can’t get around easily anymore without one of those fobs to allow access — not just to outside doors, but to a different floor on the elevator. (This has caused a few moments of concern for many who have dropped their keys down the elevator shaft and couldn’t get to their floor and couldn’t get in their condos once they found someone to scan them up to their floor.) In the midst of telling my friend about the security in the building, I began to feel concerned that if he put too much information into the book it might urge a security breach by local ‘bad men’.

As time went on, I realized that it is only through elementary error that we have had any problems of this sort. All the common areas going from the elevator to the condo doors look exactly alike by design, as we are prevented in our condo agreements to place anything outside the door (like a doormat, maybe?), so it has happened on more than one occasion that a misguided resident would get off on the wrong floor, go to his door, find it unlocked, open it and then realize, ‘OMG this is not my condo!!!’ So far nothing detrimental has come from this, but I try to remember to keep the door locked, not because it is unsafe, but because there might be a surprise visitor otherwise! http://www.PrudentialTexas.com/MarieFerguson

Links to 76102 Downtown Fort Worth Condo websites

Links to 76102 property websites:

Le Bijou Townhomes: lebijoufw.com/

Montgomery Plaza Condos: www.montgomeryplaza.com

Museum Place Condos: www.museumplaceliving.com

S-T News article on One City Place: www.onecityplacefw.com/news_aug_01_04.html -

The Palisades Townhomes: http://www.palisadesfw.com/

Pecan Place Townhomes: pecanplacetownhomes.com/default.aspx

T&P Lofts: www.texasandpacificlofts.com

The Neil P Anderson: http://www.theneilp.com/news/08252004.phpOmni Residences: www.1301throckmorton.com/

The Tower: originally [www.livingatthetower.com – no longer in operation] call 817.291.8823 or www.PrudentialTexas.com/MarieFerguson

Villa de Leon Condos: www.villadeleon.com/

Westview Condos: http://www.condo.com/Pre-Construction_Condo_Fort-Worth_76102_Westview_1658234-TrackFrom=MapSearch

Note: Not all properties have their own website. Please go to www.PrudentialTexas.com/MarieFerguson for more information on those not listed here.

Public perception of what it costs (and why you’d want to)

It’s just one of those things that you either love or hate. Some people walk into our condo, see the long hallway with the beautiful floor-to-ceiling glass and head straight for the balcony to stand outside and gaze at the view, saying “Wow! I could SO DO THIS!!”

Others cringe as soon as the door opens, get that wide-eyed deer in the headlights look on their faces and ask if we feel the building sway, what we did with all our stuff from the house in Colleyville, and can’t wait to set foot on the ground level again.

Whether it is a fear of heights or claustrophobia, some people just have to have some dirt to dig in — we know of several couples who lived in the Tower for a couple of years, then sold and moved so they could grow a garden again or have space to entertain the grandkids, cook large Christmas dinners, etc.

Downtown living is not for everybody, but if you think it might be for you, go check out what some of the properties have to offer. Not all are highrise, not all are small, not all are particularly pricey, but you will have to choose how important particular issues are for your circumstances.

A friend recently called me to ask about seeing some property downtown. I asked what was most important to her, what kind of place she wanted. Her reply summed up public perception. ‘I want to be high up, with lots of twinkling lights and I need a minimum of 1600 square feet —- I’d like to get that for about $200,000-$225,000.”

Have you ever heard the adage in business, ‘fast delivery time, best price, highest quality — pick any two’? That pretty much works here, too. You can have more space and be up high, but it’s pricey. You can have a larger space for less money, but you’ll have to walk a good way to get to Sundance Square. You can have a smaller space in the clouds for less money, too. So you have to decide what is really important for you and what you can afford. Space in the Tower ranges from around 800 sf to 4500 sf for a penthouse —- with prices ranging from vaguely over $200K to around $2 million, and the prices for an equal number of square feet go up a bit the higher into the clouds you go. Go to www.PrudentialTexas.com/MarieFerguson to check out MLS listings and prices for zip code 76102.

Away from Sundance Square, and not in the clouds, there are lots of other locations that give more space for less money (but some cost more) — of course, you may have to drive to get to the downtown action, which kind of defeats the purpose. My husband and I joke that we never get in the car together unless we are going on vacation. There is very little we need to do that is not in walking distance (except for work in some cases).

Watch for related links to downtown properties. http://www.PrudentialTexas.com/MarieFerguson