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DALLAS-Another three properties have changed hands in Oak Lawn, where more than 900 multifamily units have sold in the past two months as condo developers, both new and old, race to get a piece of the action. Whether it’s dirt or doors, prices have reached an all-time high.

Land is fetching $55 per sf to $72 per sf. Condo prices are $300 per sf on the low end. In both cases, prices are going up with each passing day, say the pros on the street.

Two days ago, residents of the 100-unit Constantine Apartments at 3210 Carlisle St. got notices to vacate. Buyer of record, ECOM Willmax Carlisle LP, is planning to scrape the site and develop 63 townhomes, according to Kris Kaplan of the Joe Foster Co. in Dallas, who brokered the sale from Intervest Cos. of nearby Addison. And though no one’s discussing the price, the off-market deal for the 39-year-old complex definitely beat the $2.9-million assessment, Kaplan says.

At 3003 Carlisle St., the one-year owners, Keith Cope and Barry Warranch, sold a single-story, 11,900-sf building on a 32,300-sf tract to a developer reportedly planning to scrape and build a 12-story condo project. The 30-year-old office building, assessed at $1.1 million, came to market for $1.9 million.

A 14,000-sf tract at 3816-18 Hawthorne St., assessed at $437,350, sold for $500,000 to Lexington Luxury Homebuilders, which is planning to build four townhomes on its land, says the deal’s broker, Grant Guest with local firm, Perry Guest Co. He’s also holding a $55 per sf contract for an Aug. 12 closing on a 30,000-sf tract with a vintage office building–also destined to be razed and rebuilt with condos.

“The supply and demand down here is crazy,” Guest says. “Last year people thought $40 per sf was too much and now some land that would have traded at $40 is trading for $55 per sf today. Uptown’s like no other market.”

Sources say Houston-based Hanover Co. will sit down at the closing table next month to hand off the two-year-old Ashton, a 21-story, 267-unit rental property, to a condo converter. The 2215 Cedar Springs Rd. development on 2.2 acres is assessed at $46.8 million so speculation about the possible sale price already is raising eyebrows.

“It’s very hard to get a handle as to what all is going on,” William Griffin with David Griffin & Co. in Dallas. “It seems like every time you get a handle on it, you hear about another project.” A year ago condos were selling for $240 per sf to $250 per sf and $300 for high-rise units, he says. Today’s prices are running $350 per sf to as much as $500 per sf in up and coming developments like Victory’s W Hotel & Residences, Residences at Ritz-Carlton and Azure. The types of development and prices effectively are starting to overshadow or at least match Turtle Creek and Highland Park, the city’s long-time ritziest districts.

Spencer Stuart with Legacy Partners says “prices have at least doubled in the last three years for land.” The same property that he scouted for Palladium at $34 per sf recently sold for $52 per sf. “This is a new phenomena,” he says. “Do we have a bubble? There are only so many lots in Uptown. There are no elements today that suggest it’s a hyper-inflated market.”

But, there is cause for concern, says Jon Moreau, Robert Lynn Co.’s man on the streets of Uptown. “Nobody is addressing traffic,” he says. “I think people are trying to get as many done before anybody notices and it becomes a typical Dallas story that we’ve built too much.”

By Moreau’s calculations, there are six projects, with 20 or more floors, rising within a one-mile radius. And he, like others in the know, say the condo units are being bought primarily by investors, both near and far. “Theoretically, they could be buying at the peak of the market if all these projects get done,” he says.

The Boca Raton, FL-based Gables Residential Property Trust, by far, has one of the largest footprints. Just in June, it pocketed deeds to four multifamily properties, three of which are along Oak Lawn’s Carlisle Street and the other’s right across the Katy Trail in Uptown. In some cases, Gables is buying, scraping and building while other properties are merely being banked as is, at least for now.

It was reported in error by sources that ECOM is running a close second as it amasses office buildings at 3141 Hood St., 3625 and 3626 Hall St. Not so, says ECOM’s Bill Nabors, who reports 3625 N. Hall St. was sold more than four years ago and it never owned 3626 Hall St. As for 3141 Hood St., it’s been owned by the firm for two decades. But yes, it is teaming with Willmax Properties on the 3210 Carlisle St. townhome plan.

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