vman
19 January 2008, 11:26 AM
Very interesting. I've seen this buiding inside and out and the conversion is very nice!! Very suprised to see how slowly the units have moved. Does this say anthing about the DTD market?
Developers seek to unload the Neil P.
By SANDRA BAKERStar-Telegram Staff Writer
An executive with M.C. Smith Interests in Dallas, the project's equity partner, said Thursday that the firm decided to sell the historic building after an annual review of its investments.
The review comes as downtown condo sales appear to be slowing.
Only 14 of the 57 units in the Neil P. were sold during a 22-month period, according to Tarrant County deed records. Prices at The Neil P. ranged from the $200,000s to the $700,000s, and the units ranged in size from 760 to 2,252 square feet. A penthouse unit was listed at $1 million.
The latest housing figures compiled by Downtown Fort Worth Inc. shows that as of Jan. 7, sales contracts on 16 downtown units were pending. However, fewer residences were sold during the fourth quarter of 2007 when compared with the same period in 2006. In the last three months of 2007, 18 units were sold, compared with 39 in 2006.
Moreover, the units that were sold were on the market longer. Units sold in the fourth quarter of 2007 were on the market for 94 days, compared with 52 days for units sold in the fourth quarter of 2006.
But the proposed sale of the Neil P. project is not the result of poor sales or market conditions, said Rick Waggoner of M.C. Smith Interests.
"I can't say that [sales] didn't meet expectations," Waggoner said. "We're proud of what we built over there. We have all the confidence in the world in Fort Worth. It's a matter of balancing our portfolio."
M.C. Smith Interests partnered with Amicus Interests, a Fort Worth real estate development firm, to buy the building at 411 W. Seventh St., in June 2004. The building had been built and opened in 1921 for the Neil P. Anderson Cotton Co.
Amicus served as the development partner until a few months ago. Matt Herring, a partner in Amicus, confirmed that it was released from the project but declined further comment.
Andy Taft, president of Downtown Fort Worth Inc., a nonprofit advocacy group, said the building's listing does not point to a slowdown in the market.
"I don't believe it's symptomatic of the downtown housing market, which continues to sell at a brisk pace," Taft said.
Construction on the Neil P. began in 2005 and the first unit sold in November of that year. Nine units were sold between July and December of 2006, three in March, and the last one sold in September.
Not long after, residents were told that the building would be sold. It went on the market with Cushman & Wakefield's Apartment Services division several weeks ago.
There are 18 completed condos and 25 that await finish-out, ready for an owner's custom finishes. The 4,158-square-foot, 11th-floor penthouse is available as are a mix of one-, two- and three-bedroom units.
The lobby and amenities areas are completed.
"In some ways we're sad to sell," Waggoner said. "It was a nice product for Fort Worth, and it reflects on us well."
SANDRA BAKER, 817-390-7727
sabaker@star-telegram.com
Developers seek to unload the Neil P.
By SANDRA BAKERStar-Telegram Staff Writer
An executive with M.C. Smith Interests in Dallas, the project's equity partner, said Thursday that the firm decided to sell the historic building after an annual review of its investments.
The review comes as downtown condo sales appear to be slowing.
Only 14 of the 57 units in the Neil P. were sold during a 22-month period, according to Tarrant County deed records. Prices at The Neil P. ranged from the $200,000s to the $700,000s, and the units ranged in size from 760 to 2,252 square feet. A penthouse unit was listed at $1 million.
The latest housing figures compiled by Downtown Fort Worth Inc. shows that as of Jan. 7, sales contracts on 16 downtown units were pending. However, fewer residences were sold during the fourth quarter of 2007 when compared with the same period in 2006. In the last three months of 2007, 18 units were sold, compared with 39 in 2006.
Moreover, the units that were sold were on the market longer. Units sold in the fourth quarter of 2007 were on the market for 94 days, compared with 52 days for units sold in the fourth quarter of 2006.
But the proposed sale of the Neil P. project is not the result of poor sales or market conditions, said Rick Waggoner of M.C. Smith Interests.
"I can't say that [sales] didn't meet expectations," Waggoner said. "We're proud of what we built over there. We have all the confidence in the world in Fort Worth. It's a matter of balancing our portfolio."
M.C. Smith Interests partnered with Amicus Interests, a Fort Worth real estate development firm, to buy the building at 411 W. Seventh St., in June 2004. The building had been built and opened in 1921 for the Neil P. Anderson Cotton Co.
Amicus served as the development partner until a few months ago. Matt Herring, a partner in Amicus, confirmed that it was released from the project but declined further comment.
Andy Taft, president of Downtown Fort Worth Inc., a nonprofit advocacy group, said the building's listing does not point to a slowdown in the market.
"I don't believe it's symptomatic of the downtown housing market, which continues to sell at a brisk pace," Taft said.
Construction on the Neil P. began in 2005 and the first unit sold in November of that year. Nine units were sold between July and December of 2006, three in March, and the last one sold in September.
Not long after, residents were told that the building would be sold. It went on the market with Cushman & Wakefield's Apartment Services division several weeks ago.
There are 18 completed condos and 25 that await finish-out, ready for an owner's custom finishes. The 4,158-square-foot, 11th-floor penthouse is available as are a mix of one-, two- and three-bedroom units.
The lobby and amenities areas are completed.
"In some ways we're sad to sell," Waggoner said. "It was a nice product for Fort Worth, and it reflects on us well."
SANDRA BAKER, 817-390-7727
sabaker@star-telegram.com