May 5, 2017
DFW lacking in condo development
DALLAS-FORT WORTH – North Texas leads the country in apartment construction with more than 50,000 units on the way.But when it comes to condominiums, not enough are being built to even move...
DALLAS-FORT WORTH – North Texas leads the country in apartment construction with more than 50,000 units on the way.
But when it comes to condominiums, not enough are being built to even move the needle.
Demand for existing condo units is strong. Through the first four months of 2017, real estate agents sold more than 2,000 DFW condos.
Median sales prices are up 15 percent to $212,500.
Most of the condos being constructed are in a few high-rise projects so far clustered in the central city. Condo projects are so few and far between that they can get a big response when one pops up.While a few deluxe high-rise condo projects have gotten attention in Dallas, the multiple smaller, less expensive developments common in other markets have been absent in North Texas.
Paige Shipp of housing analyst MetroStudy thinks it may take developers from outside North Texas to tap into the potential for moderately priced condos.
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