Wednesday, November 7, 2012
Museum Tower offers unprecedented two-year, money-back guarantee
Dealin' with the devil?
DALLAS This is brilliant: The good folks at Museum Tower want to sell condos, something which might be a little harder to do when major media outlets are screaming about your glass. So they are offering buyers an unprecedented two-year, money-back guarantee.
“We are just getting this info out to the real estate community,” Steve Sandborg told me via message. “All I can tell you at the moment is it is a COMPELLING offer for potential buyers.”
I’ll say. I called Steve for deets because I am all ears. Like, what all are they guaranteeing? As soon as he swoops in at DFW I plan to find out. Does this mean you could basically live at Museum Tower for two years for free? Any interest involved?
“We’re confident and proud of Museum Tower and are willing to financially stand behind the project,” tower spokeswoman Rebecca Shaw told the Dallas Morning News Monday.
As you know, the $200 million, 42-story tower in the Arts District is owned by the Dallas Police & Fire Pension System and due to be completed next month. I can hardly wait for the opening party! Word is that 15 of the more than 100 units in the building have been sold, according to tower officials. Which is not atypical for a high rise by any means. In fact, that may be better than The House by Phillipe Starck. It is true some parties have pulled out over lawsuit concerns. It’s also true others have bought units trusting a resolution. If anyone is on the fence, this offer will make them jump out and into the water faster than a tsunami.
Officials from the Nasher and Museum Tower have been meeting for about a year, trying to figure out a remedy for the glare from the tower that allegedly fries the grass at the Nasher. The latest under discussion: Nasher officials would like to favor attaching an automated louver system to the Nasher side of Museum Tower. Tower officials would just like to re-orient the thousands of specially designed cone-shaped light receptors on the Nasher roof.
Neither party wants to budge an inch.
With asking prices at $800 a square foot, most condos in the tower cost from more than $1 million to more than $4 million, though some smaller, lower floor units could be found under $1,000,000. The top-floor penthouse is priced at $20 million, and I believe there are a few penthouses.
UPDATE: Sales at The House by Phillipe Starck were at 24 of 133 units in June, when the new lease-purchase program was offered. That’s 24 sales since 2007, probably a few more since the LP program got started. So if Museum Tower has already sold 15 units and the thing isn’t even yet complete, not too shabby … what think ye?
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