Steve Demetriou is looking to break even in the sale of his four-story Uptown Dallas townhome.
The chairman and former CEO of professional services firm Jacobs is asking $3.3 million for his 6,500-square-foot pied-à-terre, or $508 per square foot.
It’s the largest of three units in the Brownstones II, at 2828 North Hall Street, and each is owner occupied.
Douglas Elliman’s Brandon Hawkins has the listing, which Demetriou bought for $3.3 million in 2016. Demetriou decided to sell because he is spending less time in Dallas, Hawkins said.
The four-bedroom, four-bathroom corner unit has three terraces, an elevator, a study and media room, with French-inspired architecture. The second floor includes an open-air atrium, and the third floor a white marble brick greenhouse. There’s an outdoor kitchen on the top floor. The study has vaulted ceilings and wood paneling, and the unit comes with four parking spaces.
The building lies on the north corner of the Greenwood Cemetery, with views of the downtown Dallas skyline from the terraces.
Demand for condos is increasing in Dallas, as it offers more affordability compared to major cities like Los Angeles, Miami and New York, Hawkins said.
Elliman has recently sold multiple condos around Southern Methodist University, Knox-Henderson and Uptown, he said. Condos in the Dallas area sold for an average of $240 per square foot in July, while single-family homes got $248 per square foot on average. Condos sold at $261 per square foot on average statewide, and single-family homes for $187 by comparison, according to flyhomes.
Several ulta-luxury condo developments are rising in Dallas. Trammell Crow Company is developing the Knox Hotel and Residences, to be managed by Auberge Resorts Collection, a 140-room hotel with 48 ultra-luxury condos in the Knox District. And Carpenter & Company is developing the $750 million Four Seasons condo and hotel tower with 118 units. It’s set to be the tallest tower in Turtle Creek, joining Hanover Company’s construction of a hotel with condos that began last summer.
Those developments make some of the city’s established high-end condo towers seem relatively affordable, with Auberge and Four Seasons pushing prices up to $2,500 per square foot or more, Hawkins said.
“Condos at The Ritz, The Stoneleigh, Museum Tower and The Terminal have continued to be in high demand and are often viewed as more affordable now compared to the new development pricing,” he said.
Demetriou was named “CEO of the Year” by D Magazine in 2019, saying he raised Jacobs’ stock price 120 percent since taking the reins in 2015, a year before he moved the professional services company’s headquarters from Pasadena, California, to downtown Dallas.
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