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Dallas: The Thread

Tnexster
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Dallas: The Thread

Postby Tnexster » 21 Nov 2016 14:21

Dallas Stares Down a Texas-Sized Threat of Bankruptcy

http://www.nytimes.com/2016/11/21/busin ... pe=article

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tamtagon
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Re: Dallas Bankruptcy Threat

Postby tamtagon » 21 Nov 2016 21:20

What a mess! Hard to think the state will help out, it's all on the city. Is this why we cant have nice things?

Tnexster
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Re: Dallas Bankruptcy Threat

Postby Tnexster » 05 Dec 2016 13:56

Dallas Mayor Mike Rawlings sues pension system to stop DROP withdrawals

http://www.dallasnews.com/news/dallas-c ... ithdrawals

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 06 Dec 2016 14:03

In related news, Museum Tower keeps plugging away. They sold two more condos in October. Zero sales in November. Four years and counting.

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homeworld1031tx
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Re: Dallas Bankruptcy Threat

Postby homeworld1031tx » 07 Dec 2016 10:15

Tnexster wrote:Dallas Mayor Mike Rawlings sues pension system to stop DROP withdrawals

http://www.dallasnews.com/news/dallas-c ... ithdrawals


They were saying on KERA in the morning that this might have backfired. It apparently significantly raised awareness of the issue and something like 170 people applied to withdraw on the day that Rawlings did this.

Tnexster
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Re: Dallas Bankruptcy Threat

Postby Tnexster » 07 Dec 2016 14:17

At what point would the city be forced to file? Is that a near-term threat or something they can just keep kicking down the road for a while?

Tnexster
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Dallas City Manager

Postby Tnexster » 09 Dec 2016 13:02

Dallas names new city manager

http://www.bizjournals.com/dallas/news/ ... adnax.html

Most recently, he has been the city manager of Tacoma, Washington since 2012 and was previously an assistant city manager for five years in San Antonio.

The mayor announced the news Friday as the city has been looking for a replacement for A.C. Gonzalez, who is set to retire in January. Gonzalez is the highest-paid city manager in North Texas and one of the highest paid in the nation with a salary of $400,000.


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tamtagon
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Re: Dallas City Manager

Postby tamtagon » 09 Dec 2016 20:55

All the social media and the not-DMN mainstream media I follow have been saying the this search is simply to give the faintest appearance of due diligence: that the lone candidate with Dallas City Hall experience has been pre-chosen. Just like terrible ill-fitting AC Gonzales was selected. Just saying...

Tnexster
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Re: Dallas Bankruptcy Threat

Postby Tnexster » 19 Dec 2016 14:53

Dallas' pension woes are actually worse than you think

http://www.dallasnews.com/opinion/comme ... orse-think

After employees withdrew more than $500 million from the city's Deferred Retirement Option Program, which a savings account provided to police officers and firefighters when they reach retirement eligibility, the city's Police and Fire Pension System reportedly asked for a $1.1 billion lifeline to stay afloat. Here's the problem: The city's total pension debt, or the difference between its liabilities and assets, is probably closer to $13 billion.

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 02 Jan 2017 15:50


Tnexster
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Dallas Bond Election 2017

Postby Tnexster » 03 Jan 2017 15:15

If Dallas doesn't move ahead with bond package in May, it's apocalypse now

http://www.dallasnews.com/opinion/comme ... alypse-now

Way back in 2006 the Dallas City Council said our streets needed to be 87 percent satisfactory. I forget why or how they settled on a B-plus -- maybe it was because they couldn't count any higher.

Ever since then our streets have been on a long, slow slide toward a failing grade, like I have to tell you. But we were warned. Way back in April 2015, when assistant city manager Mark McDaniel told the council that if the city doesn't don't do something pronto, by the time the calendar hits 2017 only 69.8 percent of Dallas' thoroughfares will be considered "satisfactory." By which I think he meant "driveable."

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Re: Dallas Bond Election 2017

Postby Tnexster » 05 Jan 2017 15:11

When Dallas disappears down a pothole, go ahead and thank your City Council

http://www.dallasnews.com/opinion/comme ... ty-council

A little before 4 on Wednesday afternoon, I was hanging out behind the City Council's briefing room at City Hall, hoping to catch some council members as they beat a retreat to their offices downstairs. The council had just done the once unimaginable, straw-voting 9-5 to postpone a long-awaited, $800 million May bond package that we were promised would mostly go toward repairing Dallas' rotten streets. So I thought I'd ask them, ya know, What the what?

Most of the council ducked into the stairwell behind the briefing room. That included Mayor Mike Rawlings, who kicked off the bond briefing by giving five reasons why the council should punt the bond program to November. Among his reasons: The "supporters who write big checks" to push bond packages "said they will not be writing those checks" this time, which was a weird thing to say, because, well, so what? We, the little people, know what we, the little people, need. The big people can go stuff their checks in a pothole.

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dukemeredith
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Re: Dallas Bond Election 2017

Postby dukemeredith » 05 Jan 2017 15:25

Almost comically unbelievable.

Almost.

Tnexster
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Re: Dallas Bond Election 2017

Postby Tnexster » 05 Jan 2017 15:27

The trajectory Dallas is on these days.....I would believe anything.

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The_Overdog
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Re: Dallas Bond Election 2017

Postby The_Overdog » 05 Jan 2017 15:47

There is an upside: When everyone's personal cars are destroyed by potholes the citizens will support transit projects!

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 10 Jan 2017 14:30

Museum Tower sold another three units in December 2016. I think this brings them up to 75 sold, only 40 left. 65% sold 49 months after the building opened. They continue to plug along right at the 1.5 per month pace. IF they can continue this pace of sales, they would be sold out in a little more than 26 additional months.

FWIW, the penthouse is still available.

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Cabrio330
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Re: Dallas Bankruptcy Threat

Postby Cabrio330 » 10 Jan 2017 16:42

Tucy wrote:Museum Tower sold another three units in December 2016. I think this brings them up to 75 sold, only 40 left. 65% sold 49 months after the building opened. They continue to plug along right at the 1.5 per month pace. IF they can continue this pace of sales, they would be sold out in a little more than 26 additional months.

FWIW, the penthouse is still available.


Geez, next time don't bury the lede. I am writing an offer tonight! 8-)

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tanzoak
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Re: Dallas Bankruptcy Threat

Postby tanzoak » 10 Jan 2017 17:07

Tucy wrote:Museum Tower sold another three units in December 2016. I think this brings them up to 75 sold, only 40 left. 65% sold 49 months after the building opened. They continue to plug along right at the 1.5 per month pace. IF they can continue this pace of sales, they would be sold out in a little more than 26 additional months.

FWIW, the penthouse is still available.


What on earth is the deal here? If they can't sell units in this market, then the asking price is simply too high. They've probably lost more money with the waiting than they would have if they had just cut prices by 15% or whatever.

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f4shionablecha0s
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Re: Dallas Bankruptcy Threat

Postby f4shionablecha0s » 11 Jan 2017 10:24

tanzoak wrote:They've probably lost more money with the waiting than they would have if they had just cut prices by 15% or whatever.

I'd bet you a hundred bucks that they have hired consultants to perform that analysis and they disagree with you.

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tanzoak
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Re: Dallas Bankruptcy Threat

Postby tanzoak » 11 Jan 2017 12:58

f4shionablecha0s wrote:I'd bet you a hundred bucks that they have hired consultants to perform that analysis and they disagree with you.


Hopefully the people selling the properties don't need to hire consultants for that kind of analysis!

I don't work in real estate, but I have taken a couple of RE development classes to have at least a general idea of what's important. From both industry people and pro forma work, time to exit is essential to overall rates of return for condo development, worth substantial price cuts if the alternative is your money being tied up for years while you wait for prices to rebound (or in this case, continue to increase off all-time highs).

If they're having such difficulty selling in the 2016 market, I can't imagine what would've happened if the market had stayed at 2012 levels. jfc. Given the fiasco involved at every stage of this project, it wouldn't surprise me if they were bungling this too.

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 09 Feb 2017 12:52

Museum Tower update:

They sold zero units in January. I think they are at 75 sold and holding. Averaging exactly 1.5 sales per month in the 50 months since opening. IF they can continue that pace, they would sell out in April 2019.

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 08 Mar 2017 12:21

It looks like Museum Tower sold two more units in February!

77 sold. Only 38 left. At this pace, they may sell out in April 2019 (6 years, 4 months after opening).

Tnexster
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Re: Dallas Bankruptcy Threat

Postby Tnexster » 09 Mar 2017 15:33

State lawmakers in talks over retirement age in Dallas pension fix

http://www.bizjournals.com/dallas/news/ ... j=77606441

Tnexster
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Re: Dallas Bankruptcy Threat

Postby Tnexster » 21 Mar 2017 21:04

This is a fix for the Dallas police pension we should all get behind

http://www.dallasnews.com/opinion/edito ... get-behind

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Re: Dallas Bankruptcy Threat

Postby Tnexster » 12 Apr 2017 15:28

Dallas police and fire pension fix moves forward in Texas House

http://www.bizjournals.com/dallas/news/ ... rward.html

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 12 Apr 2017 18:39

March 2017 Museum Tower Sales Report:

Zero units sold.

They stand at 77 sold in 52 months. 38 remaining. Plugging away at the pace of 1.48 sales per month. Now heading toward May 2019 for a projected sell-out date (IF they can maintain that pace of sales).

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 09 May 2017 12:05

April 2017 Museum Tower Sales Report:

One unit sold.

They stand at 78 sold in 53 months. 37 remaining. Plugging away at the pace of 1.47 sales per month. If that pace of sales can be continued, we are heading toward a June 2019 sell-out date.

Tnexster
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Re: Dallas Bankruptcy Threat

Postby Tnexster » 09 May 2017 15:03

It's painful to watch these sales trickle in and now they have competition from Hall.

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tanzoak
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Re: Dallas Bankruptcy Threat

Postby tanzoak » 02 Jun 2017 15:07

Well this is certainly good news: https://www.nytimes.com/2017/06/01/busi ... hone-share

I especially like the part where if the first round of fixes doesn't actually fix it, then further action is taken. It's actually attempting to solve it, not just another round of labor negotiations.

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 06 Jun 2017 12:04

May 2017 Museum Tower Sales Report:

THREE units sold!

They stand at 81 sold in 54 months. 34 remaining. That brings them back up to their long-term pace of 1.5 sales per month.
Last edited by Tucy on 13 Jun 2017 12:08, edited 1 time in total.

Tnexster
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Re: Dallas Bankruptcy Threat

Postby Tnexster » 06 Jun 2017 12:29

Good info, I believe we have a Museum Tower thread going now. BUT, since you are so good and getting sales info I would love to know what's going on over at Blue Ciel.

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Tucy
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Re: Dallas Bankruptcy Threat

Postby Tucy » 06 Jun 2017 12:39

Tnexster wrote:Good info, I believe we have a Museum Tower thread going now. BUT, since you are so good and getting sales info I would love to know what's going on over at Blue Ciel.


Yeah, I saw the new MT thread, but decided since the monthly sales reports have been posted in this thread up til now, I would keep them together (and the slow sales are very much on topic for this thread).

I have no idea about sales at Bleu Ciel. AFAIK, they have never released any information. They won't have any "sales" until the building is open for occupancy. That's when I will be able to start tracking it.

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dukemeredith
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City Bond Election

Postby dukemeredith » 08 Jun 2017 11:23

Thought I'd start this thread to get a conversation going. Still being relatively new, I'm interested to see how this process goes.

https://www.dallasnews.com/news/dallas- ... idea-spend

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tamtagon
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Re: Dallas Bond Election 2017

Postby tamtagon » 22 Jun 2017 08:04

https://www.dallasnews.com/news/dallas- ... 1b-instead

City Manager T.C. Broadnax told council members they needed to give a clear direction "other than you don't like what we've presented."


I think most of the regular columnists around town have written favorably of actions from new city manager.

A quote like that^ is refreshing, and seems to indicate an actual shift in how the city manager will operate. Finally. I guess in Dallas only(!) 25 years is necessary to figure out how to staff appropriately, since court litigation established the 14-1 structure of municipal governance. While council members will always have a touch of public-private resume building and deal making, I'm calling this the first time Dallas since just before the turn of the century city hall has a majority of decision makers who are bound to improving the city.

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tamtagon
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Re: Dallas Bankruptcy Threat

Postby tamtagon » 22 Jun 2017 09:27

Is it safe to say the shock & awe of bankruptcy is no longer a threat to the city of Dallas?

I only followed the headlines as State of Texas workers crafted legislation to make sure cities in Texas don't negotiate away the cost of basic services... and I don't know what all they figured out, just that the headlines stopped the bankruptcy red-alert.

Just makes me think the time is near when State Workers cannot shift and duck financial responsibility much longer. That particular gang of task holders have become adept at sloughing-off state level duties onto cities and counties, under the rally of fighting for property right, fighting against Californication, fighting against sexual immorality and fighting for school choice... etc. whatever anyway

The pension fund for Police and Firemen, that's okay now, right?

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tamtagon
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Re: Dallas City Manager

Postby tamtagon » 22 Jun 2017 09:52

I've been thinking about merging all the city hall threads....

this one about the city manager,
there's one about Dallas bankruptcy threat,
one about the 2017 bond election....
all different topics, but maybe the should be in one thread? probably others appropriate to this line of thinking, is that good bad or whatever?

Tnexster
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Re: Dallas City Manager

Postby Tnexster » 22 Jun 2017 10:21

Yes, collapse them all into one. The bankruptcy issue has been fixed, at least for the time being.

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tamtagon
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Re: Dallas Bond Election 2017

Postby tamtagon » 22 Jun 2017 12:22

merged
now, how to change the title...? :?:

Tnexster
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Dallas: The Thread

Postby Tnexster » 22 Jun 2017 14:30

tamtagon wrote:merged
now, how to change the title...? :?:


I did it, can rename it again if needed.


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