Fortunately, we were wrong.

Our thanks go to Fort Worth Weekly, the smart, straight-talking magazine that named So7 the Best Urban Diggs of 2010 just last week. Once again, we were celebrated for our enviable location and our “neatly kept, oh-so-hip” approach to things.

For the handful of you who don’t know Fort Worth Weekly, here’s a good description of their publication in their own words: “The Weekly provides a vibrant alternative to the city’s often-timid daily, with award-winning and irreverent reporters who keep readers well informed and the powers-that-be worried.”

Keeping readers well informed and being unafraid to speak the truth, huh? Well, let’s see what Fort Worth Weekly had to say about you know who.

According to the publication’s website, So7 was named the Critics’ Choice for Best Urban Digs of 2010, and here’s why: “This neatly kept, oh-so-hip development is a bit pricey but well worth it when you consider that it’s within walking distance of a park, hike-and-bike trails, high-end shops, sports bars, nightclubs, fancy restaurants, a movie tavern, and even a Target superstore.”

What the critics are saying here about real value strikes at the heart of true urban living. With a remarkable location in Fort Worth comes a remarkably distinct way of living. A home at So7 provides you with the freedom to discover all of the benefits of a downtown atmosphere, while experiencing wellness in every sense of the word.

By walking or taking public transportation to your favorite restaurants and retail shops, you are getting exercise, saving money, reducing your carbon footprint and avoiding the unnecessary hassles of parking downtown.

The nearby park and hike-and-bike trails are invaluable, especially when you consider the rate at which Fort Worth is growing. With a protected green space right in the neighborhood, you can enjoy a little fresh air and avoid gym membership fees at the same time.

These are just a few of the benefits from Urban Living on the Park in Fort Worth. To see what the neighborhood is all about, check out the Cultural District and a word from our President Ken Hughes.

If you are like most So7 residents, you have been anxiously awaiting the grand opening of the So7 Bistro. Well, the day is quickly approaching. On September 1st, the So7 Bistro officially opens to the public, so we thought we’d write a quick post to whet your appetite.

If you haven’t heard, the So7 Bistro will be a modern restaurant where traditional French cuisine meets the flavors of the American market. Owner Jean Michel Sakouhi has truly outdone himself with the menu, which will feature seasonal dishes with only the freshest ingredients.

We haven’t had a sneak peek of the interiors yet, but it sounds exceptional—casual, contemporary and remarkably chic. With a fine collection of wines, the So7 Bistro will be the perfect place to enjoy a relaxing lunch or a memorable dinner. And who knows? You might even catch brunch on Sundays.

All of these questions and more will be answered soon enough. In the meantime, don’t forget to stop in for lunch or dinner next week when the So7 Bistro officially opens at 2401 West 7th Street.

Feel free to come back and post your review right here on our blog. We’d love to hear your take on Sakouhi’s latest creation, and you might even recommend a dish or two.

Bon appétit!

By Steve Brown

It’s a breezy summer morning, but nobody’s at the pool yet at the new Ritz-Carlton Tower Residences in Uptown. A couple of dog walkers are making their runs through the marble-floored lobby, but the staff outnumbers the residents on hand.

About a third of the 95 units in the 23-story luxury high-rise have been sold, according to tax records. But the building sales staff says business has picked up.

“We’ve closed 10 sales since the first of the year – $21.5 million in sales,” said Joseph Pitchford, the senior vice president of development for builder Crescent Real Estate Equities. “That’s significant, considering the challenges we faced in 2009.”

The recession put the brakes on many condominium buys last year. As the economy inches up, Dallas-Fort Worth condominiums are making a comeback.

Condo and townhouse sales in North Texas have jumped 24 percent in the first five months of 2010 from a year ago.

Sales are still below where they were in 2008, according to statistics from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems Inc.

And there’s no sign that prices are bouncing back. Median sales prices for condos were down 17 percent in May from a year ago.

There’s about an 11-month supply of condos and townhouses for sale in North Texas. A six-month supply is considered optimum, and there’s just over a six-month inventory of single-family homes in the Multiple Listing Service.

Much of the increase in condo sales this year has come not from posh high-rises, but from more affordable condos and townhouses in the Oak Lawn/Turtle Creek area and Far North Dallas.

“The higher-end stuff is still a bit slow,” said Jeff Updike, who owns Dallas’ Remax Urban. “At the lower prices, there have been a tremendous number of sales compared to where it was a year ago.

“It’s been price-point-driven,” he said, and the federal homebuying tax credit also spurred some moderate-price condo sales.

Chris Deardurff, who recently bought a condo in Oak Lawn, said one of his motivations was the tax credit.

“I thought the timing was right, and I was worried about interest rates going up,” said Deardurff, who had been renting an apartment in the area and bought a pre-owned unit priced below $200,000.

“It had been on the market for a number of months, and they reduced the price,” he said.

Mortgage Difficulties

At the high end, some potential buyers have run into difficulties obtaining mortgages, Updike said.

“You can get way down the road with a deal before you figure out there is just no financing,” he said.

Analyst Mike Puls of Foley & Puls said some buyers of high-end units have had difficulty getting the homes to appraise for what the sellers are asking.

“That really hurt the ability to sell some of the units,” he said.

One condo high-rise, the House at Victory Park, has been advertising that it provides 100 percent financing for qualified buyers.

About a dozen of the 150 units in the 28-story condo tower, which opened a year ago, have been deeded to buyers, tax records show.

Condos at the House range from under $400,000 to more than $2 million.

Units at the Ritz-Carlton Tower Residences range from $700,000 to more than $3.75 million, or about $750 per square foot. Residents also pay 77 cents a foot for monthly fees.

About half of the Ritz-Carlton condos have sold for cash, and the developer has arranged special financing with five banks, said Pitchford, the Crescent executive.

“These are local lenders that are keeping the paper,” he said.

The new condo tower includes an outdoor garden area, an indoor fitness center and an elevated walkway that connects to the Ritz-Carlton hotel next door.

The buyers so far include doctors, lawyers and financiers, said Kyle Crews of Allie Beth Allman & Associates, who is marketing the project.

“We have a number of people who have bought here who previously had homes in Dallas but have moved elsewhere and still want to maintain a presence,” Crews said.

Late to the Market

Unlike some markets in Florida, Nevada and California, Dallas did not see a condo building boom that left the area with thousands of unsold units when the recession hit.

“We came late to that market, so we wound up with fewer units – about 1,000,” Puls said. “We have closed about 60 percent of the high-rise units built that were for sale.”

Several proposed Dallas condo projects, such as the Maple Terrace tower, were canceled.

“We have still had problems, but it’s not nearly as bad as in a lot of places,” Puls said.

Article provided by The Dallas Morning News. Originally published at 7:30 am CDT on Friday, June 11th, 2010.

In May alone, we welcomed several new residents to So7, selling three Fort Worth condo lofts and two townhomes in just two short weeks. So why is So7 thriving, while other communities are languishing? Here are three reasons why these Fort Worth condo lofts and townhomes continue to do well in a recovering economy.

1.) Location: If you are like 99.9% of the homebuyers in the world, one of the greatest determining factors in finding your new home is location. And no matter how you cut it, West 7th Street is the new hotspot in Fort Worth. What was once an industrial zone is now the hippest place to live, work, dine and shop. Tucked away off 7th Street, So7 offers the best of two worlds, blending the quiet of a private community with the bustle of an exciting downtown atmosphere.

2.) Price points: Perhaps no other time in recent history have homebuyers been more discerning. If you are purchasing a home today, you want to know you will get the most bang for your buck tomorrow. From the U.S. to Mexico to Europe, Hughes Development has built a reputation for building quality homes that retain their value and increase over time. Besides, where else can you find a Fort Worth condo loft that is so well finished, inside and out, at such a reasonable price point?

3.) Timing: As they say, timing is everything, and So7 is living proof. Interest rates are at historic lows and are expected to rise. If you are a young professional, that means you can lock into these record low rates now, while living at the center of it all for years to come. If you are nearing retirement, there’s no better time to start enjoying your golden years without missing a thing. Whatever stage of life you’re in, right now may be the perfect time to make your move.

Let us show you firsthand why So7’s Fort Worth condo lofts are only growing in popularity. Call 817-885-770 or click here to request more information.