Posts Tagged ‘Condos’

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Condo Sales still Struggling Amidst Financing Issues

Friday, July 9th, 2010

Sales at the Ritz-Carlton Tower Residences are picking up rather nicely, which is a breath of fresh air from last year. In fact, about one-third of the building’s 95 residential units have been sold. Since this year, the developers have sold 10 units, which equates to $21.5 million in sales.

Not many condo projects in downtown Dallas had high hopes in 2009; however, it looks as if sales are starting to pick up once again; and that’s due, in part, to the ease in financing problems.

As the Dallas-Fort Worth economy improves, so do sales in the Dallas-Fort Worth condominium market. Case in point: condo and townhome sales in North Texas have jumped nearly 24 percent in the first five months of 2010, compared with the same time a year ago.

Condo Sales still below Single-Family Home Sales

However, amidst all the good news comes the sobering news that condo sales are still well below where they were in 2008, according to the Real Estate Center at Texas A&M University. Median prices for condos are still down, as well; condo prices were down about 17 percent in May from a year ago.

There is currently an 11-month supply of condos on the market in North Texas, which is above the six-month supply that many real estate agents consider ideal. Single-family homes in North Texas, however, are at a prime six-month supply.

The majority of sales in the condo market this year have been from more affordable properties, which certainly shows the shift in consumer needs and wants. The lower-price-point condos have seen tremendous growth, whereas higher-priced properties are still moving at a slower pace.

Sales Spurred by Homebuyer Tax Credit, Low Interest Rates

The price-point-driven market has also been spurred by the homebuyer tax credit and low interest rates. The deals are there, the interest rates are attractive, but the financing is still a major hurdle for many condo buyers.

Many of the higher-priced condos, like those at the Ritz-Carlton Tower Residences, have been sold for cash, and the developer there has also arranged special financing for buyers through five banks, thereby facilitating the process of purchasing one of these homes, which often range anywhere between $400,000 and $2 million.

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Want A Condo? VIP Realty Can Help

Monday, April 12th, 2010

If condo living suits your lifestyle, and you are looking to purchase or lease a residence that ideally fits your needs and budget, contact us first before you start your search. We are VIP Realty, the young, aggressive agency with an enviable track record of satisfied clients, and the resources and know-how to find your dream home quickly and efficiently.

First, contact VIP Realty for a free no obligation consultation to help us assess your wants, needs, and budgetary requirements. Then contract with us to be your buyer’s representative.

As a VIP Realty client you will have access to our extensive up-to-date condo listings that will help you to locate the properties of most interest to you.

Best of all, you are being represented by one of the leading discount brokers in Texas, and as such, VIP Realty can offer you a rebate program guaranteed to put REAL CASH back in your pocket after closing. Here is how it works:

As your leasing or purchasing representative, we are paid a commission by the owner or owner’s rep for bringing you to the property and signing a rental or purchase agreement. Under our innovative rebate commission program, we will then share a portion of our commission with you.

Since a relocation of any kind is time consuming, and most of all EXPENSIVE, wouldn’t it be nice to know that our rebate program will help in offsetting some of these expenses?

With nothing to lose, and everything to gain, why not contact VIP Realty to learn more about our services

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Understanding Condo HOA Fees: What you need to Know

Wednesday, February 17th, 2010

Purchasing downtown Dallas luxury condos is a smart move for many Dallas residents.

Downtown Dallas luxury condos boast some of the most outstanding features, services and amenities and, let’s face it, the location just can’t be beat.

Whether you’re a professional or empty nester, downtown Dallas luxury condos can provide the best urban living in Dallas. However, it is important to understand that purchasing downtown Dallas luxury condos are much different than purchasing a single-family home.

In particular, you must take into consider Homeowners Association Fees (HOA) when purchasing a condominium. HOA fees cover many things, including maintenance, parking, landscaping, and the upkeep of any building amenities and services.

There are a number of steps you should take when viewing downtown Dallas luxury condos. In particular, there are some obvious – and not so obvious – points about HOA fees that you should familiarize yourself with before purchasing a condo:

  • Be aware that all HOA fees are not the same. In fact, HOA fees can vary widely between downtown Dallas luxury condo properties. HOA fees can often break a budget, so always remember to consider these fees when considering your monthly housing budget.
  • Always ask for the name of the management company responsible for your building’s HOA. If your building is not professionally managed, ask for the name of the head of the HOA.
  • Ask about the percentage of the owner-occupied tenants in the building, as your ability to obtain financing could depend on this. In particular, Fannie Mae and Freddie Mac have placed limits on financing condos when there are too many investors involved in the building. In order to be eligible for financing, most lenders will want proof that the building is at least two-thirds owner occupied.
  • Inquire about any additional assessments that have been enacted as of late. Ask about any anticipated projects in the works, as these could raise your HOA fees. However, many HOAs will have money set aside to handle large maintenance or improvement projects.
  • Ask about any current or past disputes among the HOA members, and whether this has been resolved.
  • What are the restrictions involved with the HOA? Make sure you feel comfortable with these restrictions, and whether you feel you can live with them for the long term.

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Pricey Downtown Fort Worth Condo Sales Continue to Struggle as Buyers Seek Lower-Priced Homes

Thursday, February 4th, 2010

Downtown Fort Worth has a bit of a problem; and it’s all about the price.

Sales are down when it comes to downtown Fort Worth condos; but that’s really only part of the picture. What is most striking about the decline in sales among downtown Fort Worth condos is that the average price of a condo in downtown Fort Worth is $235 per square foot – the highest price in Texas.

In other words, Fort Worth’s downtown condo problem is that most home buyers are simply not looking to spend the money for a luxury condo. And the 30-month inventory on downtown Fort Worth condos is a clear indication of this fact.

In comparison, condo supply nationwide has fallen to about 12 months as most cities are beginning to see signs of recovery.

Where it all went Wrong

It’s no surprise, really, that downtown Fort Worth is chocked full of pricey condos. Three years ago, developers saw a prime opportunity as downtown projects were plentiful and the economy was adding jobs. Both income and confidence were plentiful and, as a result, developers saw an opportunity in the making.

However, the credit market decline was a huge bust to the industry and many high-priced downtown developments began to feel the brunt of the flailing economy and housing market.

Many analysts see Fort Worth’s problems as not being overbuilt, just being “top-heavy.”  In other words, it’s not the number of condo homes in downtown Fort Worth that is the problem, just merely the price of them. In fact, more than two-thirds of Fort Worth’s downtown condos are priced above $234,000.

In comparison, the median price for a downtown Forth Worth condo is twice as much as a single-family home in Fort Worth.

There is a much higher demand for lower-priced condos, and the numbers prove it: in the second quarter of 2009 lower-priced condos outsold more expensive ones by almost two to one.

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The Tower Residences at the Ritz-Carlton Unveil Designer Showcase Home

Thursday, December 3rd, 2009

To get a really good idea of the opulence that awaits you at the Tower Residences of the Ritz-Carlton you must be able to envision what a home may look like if it were furnished.

Problem solved.

The first designer-furnished showcase home has been recently unveiled at the Tower Residences at the Ritz-Carlton, thereby providing brokers, real estate professionals and potential homeowners with the opportunity to view the luxury of this magnificent condominium building and its equally impressive residences.

The showcase home of the Tower Residences features interior design and furnishings by Robb & Stucky Interiors of Dallas and Plano. The interior of the showcase home includes two bedrooms, a chef’s kitchen and a study. The home is equipped with a terrace, high-end appliances and premium finishes.

About the Tower Residences

The Tower Residences which, along with the hotel, have become Uptown Dallas’ pride and joy, have recently been completed. Located along Pearl Street, these condominium residences are a testament to the upscale living found in Uptown Dallas condos.

The Tower Residences boast 95 condominium homes, all of which feature sweeping views, upscale amenities and superb services, consist of one, two and three-bedroom homes.

There are currently just 30 condominium homes remaining at the Tower Residences, thereby adding to the overall success of this condominium building. The first phase of the project, which was completed in 2007, sold out quickly, as well.

Building and Resident Amenities Abound

Just some of the amenities afforded to the residents of the Tower Residences include private grounds, private gardens, a swimming pool, a whirlpool and an outdoor fireplace. A private wine tasting room, a wine cellar, a private dining room with a fully equipped catering kitchen, and underground parking are also granted to the residents of this prestigious address.

Residents also have full access to the fabulous amenities and services of the Ritz-Carlton Hotel, via an exclusive, pedestrian skyway.  Amenities and services include 24-hour concierge service, the hotel’s highly acclaimed restaurants and its top-rated spa.

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Downtown Dallas Condo HOA Fees: What you Need to Know

Wednesday, December 2nd, 2009

If you are considering a move into one of the fabulous Downtown Dallas condos, you will likely encounter HOA fees. Your HOA fees are perhaps just as important as the sales price of your condo, so it is imperative to have a full understanding of what they are and what they entail.

What are HOA fees?

Homeowners Association fees, better known as HOA fees, are fees that are collected from homeowners of a condominium complex. These fees may be collected on a monthly, weekly or annual basis, depending on the downtown Dallas condo in which you reside.

What do HOA fees cover?

One of the reasons why it is so important to do your homework regarding the HOA fees for the condominium building in which you want to reside is because they can cover a wide variety of expenses. Typically, however, HOA fees cover the master insurance, the exterior and interior maintenance, landscaping, water, sewage, and refuse costs.

They may also pay for amenities and services of the downtown Dallas condo building in which you live, including a swimming pool, a party room, valet service, concierge service, and a fitness center, just to name a few.

How are HOA fees determined?

HOA fees are generally determined by the building’s board or directors and often re-evaluated on a yearly basis.

How are HOA fees paid?

HOA fees are generally paid through your mortgage payments, thereby making the process of tending to these payments hassle-free.

Do HOA fees cover large repairs on the building?

Generally not. You may also be expected to pay for “special assessments” when unexpected communal expenses arise. This may include replacing the roof, for example.

Paying for HOA fees may have a large impact on your overall housing budget, so it is important to understand what you will be paying in HOA fees every month, and to also be aware that these fees can increase – often significantly – during the time you are residing in the home.

HOA fees can range anywhere from a couple hundred dollars to more than $500 per month, depending on the downtown Dallas condo building, so keep these fees in mind when you are shopping for your next condominium home.

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Professional Living at its Finest in Oak Lawn

Wednesday, November 4th, 2009

Oak Lawn is a popular destination for many Dallas professionals that desire convenient, maintenance-free living. It is because of this that many condos, apartments, townhomes and duplexes can be found throughout Oak Lawn.

There are plenty of newer, high-rise condos available in Oak Lawn, particularly along the Uptown section, near McKinney Avenue and Turtle Creek Boulevard. In addition, there is a nice variety of older, single-family homes in Oak Lawn.

Oak Lawn, in addition to being highly desired among Dallas professionals, is also known for its eclectic entertainment scene, with many bars and nightclubs attracting visitors to this hip and trendy area of Dallas. In addition, Oak Lawn also features Love Field, which has been the epicenter of the gay community in Dallas for well over 35 years.

The commute in and out of Oak Lawn to the city is quite effortless, enabling residents to get into town in just a few minutes. A convenient location to the Dallas North Tollway also makes it a breeze to get to points further north.

A High Quality of Life is Offered Here

In a recent survey of the most walkable neighborhoods in Dallas, Oak Lawn came in at an impressive second place. In addition, the cost of living in Oak Lawn is considerably less than other areas of the city, yet it is located closer to downtown Dallas than many of the other, pricier neighborhoods.

Oak Lawn is also overseen by the Oak Lawn Committee, the area’s neighborhood association. Members of this organization all have a common goal of advancing the Oak Lawn community and addressing neighborhood issues.

Oak Lawn also boasts its share of beautiful, historic buildings, including the famous Warwick Melrose Hotel, which was built in 1924 and now serves as a four-start, historic hotel.

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Condo or Townhome: Which is Right for you?

Wednesday, October 28th, 2009

You may have deteremined that owning a single-family home is not for you,  and therefore, you may be gravitating towards a condominium or townhome. Thus, the question is: which is right for you?

For many first-time homebuyers, condominiums and townhomes are the ideal transition to a single-family residence, as they offer the many opportunities of owning a home, yet they do not require much of the maintenance and upkeep that a single-family home does.

Many professionals, empty nesters and even small families have found that condos and townhomes offer plenty of advantages. There are also plenty of new condominium and townhome developments throughout Irving that offer beautiful spaces, outstanding features and first-rate amenities and services.

In addition, in many parts of the country, purchasing a townhome or condominium is much more cost-effective and affordable than a single-family home. Add to that the money saved from not caring for a yard and surrounding property and it’s easy to see why so many Americans have chosen condo or townhome living over single-family homes.

Advantages of Townhome Living

  • You may have a small yard for your pet, and you may have a small back porch or deck to enjoy the outdoors.
  • You may have a separate garage and driveway for your own, private use.
  • Landscaping and exterior maintenance for your Irving property will likely be covered under your HOA fees.
  • You may have more privacy than you would in a condo.
  • You may have use of community amenities, such as a swimming pool and fitness center.
  • In the eyes of resale, townhomes are still considered single-family residences.

Advantages of Condo Living

  • You may be located in a more urban setting, which is ideal for professionals.
  • You may have use of building amenities, such as business centers, swimming pools, fitness centers, valet parking and concierge service.
  • You may have outdoor spaces, such as balconies and community courtyards, in which to enjoy the outdoors.
  • Many condo buildings are secured, either through the use of doormen, security personnel or surveillance cameras.
  • You may have access to gated or underground parking.
  • You may have access to many amenities and services through a building HOA.

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Hip, Loft Living at the Canton Street Lofts

Friday, October 9th, 2009

The location doesn’t get any better than this.

Comfortably situated in the downtown business district, near the Dallas Farmer’s Market, the Canton Street Lofts affords its residents the opportunity to park the car and walk nearly anywhere. In other words, downtown Dallas is at your disposal.

Formerly the Olive & Meyers Building, the Canton Streets Lofts once served as a manufacturing plant. However, it was transformed into the hip Canton Street Lofts, where the surroundings are so cool that it has been used to shoot several movies, commercials and documentaries. It holds the distinction of being a Dallas historic landmark.

Canton Street Lofts Amenities

The Canton Street Lofts, in addition to offering super-chic surroundings, is also well known for its four-star amenities, including a front-desk concierge, underground parking, secure building access, a state-of-the-art fitness center and a rooftop swimming pool and Jacuzzi. In addition, a jogging trail loops around the rooftop to provide residents with the coolest morning workout around.

Outstanding Residence Amenities

The spacious, open floor plans of the Canton Street Lofts provide easy living options, while the expansive windows throughout the main living areas flood the homes with plenty of natural light. Each loft residence can be configured to suit the owner’s needs, thereby allowing for the ultimate in design freedom and flexibility.

Homes in the Canton Street Lofts include one-bedroom, one-bathroom homes, and two-bedroom, two-bathroom homes, all of which range from 1,446 to 2,552 square feet and cost between $149,000 and $422,900.

The luxury, the prime location and the superb amenities all make the Canton Street Lofts a popular choice for residents of downtown Dallas. This downtown Dallas condo building easily reflects the upscale living often found throughout many of the condominium residences of downtown Dallas.

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The Luxurious Lifestyle of Victory Park

Monday, September 14th, 2009

As far as master-planned communities go, Victory Park sets the bar dramatically high.

Located in the heart of Dallas, and strategically located near Uptown, Downtown, Turtle Creek and the Arts District, Victory Park has been ingeniously designed for maximum exposure to all key districts of Dallas. It also enjoys a close proximity to the American Airlines Center, the Dallas Convention Center, the Dallas Market Center and the picturesque Katy Trail.

There are loads of reasons to fall in love with Victory Park, including its decadent variety of high-end restaurants and shops, but perhaps the biggest reason for the success of Victory Park lies with its outstanding residences:

  • The W Dallas Victory Hotel and Residences – Originally completed in 2006, the W Dallas Victory Hotel and Residences was the first of its kind in Dallas. In addition to being one of Dallas’ premier landmarks, the 33-story W Dallas Victory Hotel and Residences boasts superb hotel accommodations and equally superb condominium residences. Just some of the outstanding services and amenities afforded to the residents of the W include a state-of-the-art fitness center, a zero-edge infinity pool and unbelievable views of the Dallas skyline.
  • The House – The House is a 28-story high-rise that exemplifies the high-end living found in Victory Park. A collaborative effort between world-renowned architects and designers, the House boasts such fine amenities as soaring ceilings, expansive terraces, gourmet kitchens and intelligently designed interiors.
  • The Terrace -This seven-story mid-rise features beautifully equipped and designed condominium residences, as well as impressive green spaces, rooftop decks and expansive verandas.
  • Vista Apartments -Ultra-modern styling and design are featured in the seven-story Vista Apartments, which feature leased apartments with an upscale, condominium feel.
  • Cirque – High-end rental apartments are found at Cirque, a 28-story high-rise which boasts outstanding aesthetics and richly appointed amenities.

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