DALLAS-The House, a luxury high-rise condo tower in Victory Park, is about to move back to condo sales.
Last year, the 28-story tower opened its doors to residents seeking a leasing option for the urban homes. The Dallas Business Journal says that option was well received, leading to a more than 70% occupancy rate—a decent figure for a luxury property that came available during the the recession in late 2009 and early 2010.
The bank-owned property is now spending $500,000 to reposition and remarket itself as condomium homes, as the condo market strengthens, the Journal says, quoting Jarrod Barnes, the Realtor leading the Dave Perry-Miller & Associates team marketing the tower.
A portion of the half-million-dollar marketing budget will be used to design three model condo homes. The 130-home tower is currently 83% occupied, with 16 of the condos being leased. The leases are not being renewed, forcing owners to either buy the homes or move at the end of the term.
Click Dallas Business Journal to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
