The credit crunch has delayed previously-announced Dallas luxury builds, and the number of high-end high-rise residential homes on the Dallas books has been modest compared to that of other large cities. The result is that just when financially-stable high-end consumers are seeking to acquire luxury at pre-inflation costs, fewer than 100 new high-rise luxury homes are available in the heart of Dallas. The shortfall is expected to continue through 2010 in a city experiencing triple the job growth of other U.S. markets.
Dallas, Texas (PRWEB) April 22, 2008 -- In a tale that defies current trends, Uptown Dallas is experiencing a surge of interest among high-end luxury home purchasers -- but they're finding few places to buy. The credit crunch has delayed previously-announced Dallas luxury builds, and the number of high-end high-rise residential homes on the Dallas books has been modest compared to that of other large cities. The result is that just when financially-stable high-end consumers are seeking to acquire luxury at pre-inflation costs, fewer than 100 new high-rise luxury homes are available in the heart of Dallas. The shortfall is expected to continue through 2010 in a city experiencing triple the job growth of other U.S. markets.
Dallas' most noticeable high-rise expansion is occurring in residential Uptown, where cranes can be seen in every direction and job growth is robust. A walkable urban space with access to the arts, NBA and NHL games, shopping, parks, corporate headquarters and workplaces, world-class dining and live entertainment, Uptown is one of the Sunbelt's few mixed-use areas where residents can live, work, and play without a long commute -- or without a car, for that matter. The entire area is served by complimentary trolley service.
Eight years in the planning and built at a higher level of luxury than any Uptown high-rise to date, The Residences at The Ritz-Carlton, Dallas opened in August 2007 as a tower of 70 ultra-high-end homes directly above the Robert A.M. Stern-designed Ritz-Carlton, Dallas hotel. All 70 of the Residences sold quickly, prompting the developer, Crescent Real Estate Equities Company, to pre-release an additional adjoining tower of 95 Residences with a projected 2009 completion date.
While project executives anticipated a two-year selling cycle that began at year-end 2007, the Tower Residences now have only 34 of 95 homes remaining for sale. Most of the Tower Residences' pending homeowners are Dallas professionals, couples and empty-nesters, the majority of whom have indicated an interest in trading high-maintenance Texas-sized homes and yards for new luxury construction, a branded, serviced concierge lifestyle, and The Ritz-Carlton neighborhood's coveted Uptown location.
Mindful of what could become a shortened sales cycle within the city's top luxury tier, The Residences at The Ritz-Carlton, Dallas have just announced that potential purchasers may have the brief opportunity to view a privately-owned, designer-furnished Residence currently available for resale. With interiors by owners Virgil Barber and Aaron Osborn of the Virron Group, the richly-designed 4,200 square-foot home takes its cue from the Regency style of The Ritz-Carlton, Dallas and is highlighted by panoramic Dallas views, a gourmet chef's kitchen and covered veranda ideal for late afternoon gatherings. The Residence is also well-suited for the showcasing of personal art, antiques and sculptures, with several large walls and niches offering dedicated lighting. Surround-sound wiring, a dedicated 24-hour Concierge phone line from both the master bedroom and kitchen, and a dramatic powder room with custom hand-built vanity and Phylrich brown onyx plumbing and hardware are among the home's special features. The dining room is enhanced by a stunning custom Nierman Weeks chandelier.
The Tower Residences at The Ritz-Carlton, Dallas offer dedicated 24/7 concierge assistance; à la carte access to world-class housekeeping, security and engineering services; walking access to The Ritz-Carlton Spa for à la carte services and to Fearing's, ranked America's best new restaurant for 2007; a private swimming pool and fitness center; lushly landscaped grounds and gardens; and the world-class lifestyle that has quickly made The Ritz-Carlton, Dallas the city's premier luxury neighborhood.
Information on the 34 remaining Tower Residences at The Ritz-Carlton, Dallas may be obtained by calling 800-549-7489 or by visiting the property Marketing Center at 500 Crescent Court in Uptown Dallas.
For more information, please visit theresidencesdallas.com.
**Images available upon request
CONTACT:
Bonnie Crail
Crail Communications
(702) 882-9722
bcrail @ crailcommunications.com
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