Friday, August 1, 2008
Condo market in Dallas currently stinky, worse than houses, even
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Sales of single-family homes in the Dallas-Fort Worth area may be bad, but condos and townhouses are even worse. Home sales have dropped by 15% but condos are down by almost 25%.
The result: Some projects are switching to rentals, while construction on others has been canceled, such as the two condo towers that were going up in the big development at US 75 and Park Lane, where condos were planned for the top of a boutique hotel. The developer says an interesting thing which is that, "Three or four years ago, you couldn't finance a hotel without condos. Now you can't finance one that has them."
But hey, it's way worse in California and Florida, so chin up.
Posted by T.G.
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Comments
Howard Wen Verified
People aren't buying them because they are over-priced and lack amenities. So rather than lower prices (as the building developers don't want to attract the "riff raff"), they're going to attempt to rent them as over-priced apartments that lack amenities. Next, just watch, they will try to convert them into office space.
1 year, 3 months ago ( Link to this comment | Suggest removal )
Clay213 Anonymous
Why would anyone want to live in a hotel?
1 year, 3 months ago ( Link to this comment | Suggest removal )
xdavidwattsx Anonymous
Condos have their appeal - the major problem is shoddy construction and being overpriced.
If they had better construction (read:thicker walls) and weren't glorified apartments more people would consider them.
1 year, 3 months ago ( Link to this comment | Suggest removal )
momzilla Anonymous
Exactly right, David. We were very excited to see a couple of the old buildings in downtown Fort Worth be converted. The quality of the construction was a real disappointment. It looked pretty good, but it was all surface gloss. All other things being equal I'd trade the granite countertops for a couple of inches of extra insulation in the walls.
1 year, 3 months ago ( Link to this comment | Suggest removal )
Pavel Lishin Verified
Clay, I can't think of any downsides off the top of my head.
1 year, 3 months ago ( Link to this comment | Suggest removal )
James Scott Verified
Yeah Pavel, especially if someone came in and cleaned the house every day before I got home?...and a fully stocked mini-bar?...in.
1 year, 3 months ago ( Link to this comment | Suggest removal )
Brett Hoerner Verified
Uh, cost?
1 year, 3 months ago ( Link to this comment | Suggest removal )
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