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.”