Here is the problem: condominium sales in Dallas are down about 30 percent for 2009, while sales of single-family homes in Dallas are down about 20 percent.
Why the difference? Well, it lies within the fact that most downtown condos tend to be pricey -very pricey.
Tougher Financial Standards Spell Trouble
For example, the majority of downtown Dallas condos (at least 85 percent) are well above $417,000, which makes them fall into the “jumbo loan” category. And, as many of us know, jumbo loans can’t be financed through government-sponsored mortgage programs.
Tougher financial standards mean that many buyers are turning to detached homes over condominium homes. So instead of the larger down payments and higher credit scores needed to purchase a pricey downtown condo, buyers are considering other options.
A Bright Spot Lies Ahead
Here’s the bright side: now is a fantastic time to purchase a downtown Dallas high-rise!
In fact, the surplus of downtown Dallas condos means that builders and sellers are offering loads of fantastic incentives for buyers. In fact, the state of the real estate market means that now is the time to consider purchasing a high-rise condominium property in Deep Ellum, Turtle Creek, Uptown and Downtown.
Let’s face it: downtown living is unsurpassed, as it affords residents the ability to work and play in one place. Downtown Dallas is still a popular choice among young, Dallas professionals; however, many other types of buyers, including families and empty nesters, are discovering that there are great deals to be had and even greater amenities and features to be had, in one of Dallas’ outstanding high-rises.
Although the condominium high-rises in Dallas, like the Metropolitan, the Museum Tower, and One Arts Plaza, are the crème de la crème when it comes to downtown living, there are also a great number of loft and mid-rise condominium residences.
Tags: Condos, Downtown Dallas