As it turns out, my real-estate developer pal was right: Much of the Dallas Grand Hotel is indeed in great shape -- left almost as it was when it was shut down several years back. Here's the proof, found on this Flicker site, which contains dozens of photos of the hotel taken by NinjaTune, "a talented urban/architecture photographer, getting access (legally) to buildings nobody else can," according to a Friend of Unfair Park who sent the link.
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Turns out, the photos I posted earlier today were of the fourth floor, which, says our Friend, "in awful condition because the windows were left open. It has been rotted out and shat upon." Indeed. --Robert Wilonsky