Dallas’ downtown condo market has seen better days. With sales down more than 25 percent in the last few months alone (compared to a 15 percent in decrease for sales of single-family homes), the downtown Dallas condo market has finally cooled off and is now showing signs of halting.
Even up until last year, condos were a hot commodity in the Dallas market, but as with all of the other types of Dallas real estate, prices have begun a free fall and empty condos are commonplace in the Dallas real estate market.
Condo Developments on Hold
In fact, many of the condo construction projects have either stopped altogether or slowed down considerably. Many condo developers have even begun switching gears, and are now renting their condo units instead of selling them.
In fact, many condo developers are forced into rental units when, after months on the market, their condos just aren’t selling.
Prime Opportunity for Buyers
Where there is challenge, there is also opportunity - for buyers, that is.
If a fabulous, downtown Dallas condo is in your sights, then this may very well be the prime opportunity you’ve been searching for.
With a plethora of condo residences on the market, many of which have seen a significant drop in price, your options are great.
In fact, there are currently more than 200 units available for sale in Uptown alone. And throughout North Texas, the number of available condos and townhouses on the market now exceed 4,000.
With sale prices of downtown Dallas condos down from where they were just a year ago, the timing is golden for those homebuyers that have dreams of a luxury condo in the downtown Dallas area.