The Great Condo Slump Could Be Worse
It's no secret the bubble has burst on condo sales everywhere, and though it's worse in Dallas than Fort Worth, keep this in mind: it could be worse.
The national average of unsold property is dismally high. Fort Worth's is higher than average while Dallas is still higher, but hey, it could be Miami, which is a virtual ghost town these days. Fort Worth Star-Telegram's Mitchell Schnurman outlines the state of the North Dallas condo market in no uncertain terms, pointing out an inventory that we can expect to sit there (or move at a snail's pace) for the next five years. Financing, or lack thereof, plays a primary role in what may get the market's ball rolling, but that's just the next phase of the struggle.
What now? Just be glad that little financing problem is also knocking down plans for even more inventory.
