Archive for January, 2011
The Dallas condominium market was caught just as off-guard as the housing market, maybe even more so, with many new projects under construction without any sort of customer base knocking at their doors. The availability of condos has risen a staggering 35 percent since the peak of 2006. Today, more than 4000 condos are up for sale in the Dallas Metroplex area, and prices are have dropped by ten percent since last year – and last year was not good, either.
FINDING A NEW NICHE
Out-of-state investors, driven by equally eager lenders, developers and planners, led the foray into the Dallas condo market, and are now leading the retreat back out. Of course, the brick and mortar (or, more likely, glass and steel) has already been bought and paid for. Rather than trying to muddle through the housing recovery, building owners have decided to take advantage of the burgeoning tenant base in Dallas.
A GOOD DEAL TO BE HAD BY ALL
This has created a symbiotic relationship, and a “trickle-up” effect for people looking to rent a luxurious yet affordable place to live, as so many high-end units have come on line at competitive prices. Dallas apartments are a great bargain for renters who are – for the time being – the lifeblood of the builders and developers. Keeping everyone healthy has kept Dallas flourishing even in the current economic environment.
Converting condominiums to apartments in Dallas has been a solution to problems that have vexed so many other American cities, making Dallas a model for Texas and the rest of the country.