In fact, if you want the finest in luxury, there

A Superior Location

The Tower Residences at the Ritz-Carlton enjoy a fantastic, Uptown Dallas location and homeowners here are afforded fantastic

Although it

Positive Signs of a Growing Condo Market

Some of the signs of a growing luxury condo market and the rebirth of Dallas high rise condo living is evident in the brisk sales at the Tower Residences at the Ritz-Carlton, one of the most upscale condo residences in Dallas. Crescent, the developer, has sold 16 of the building

The Metropolitan is a great example of the superb real estate you can find in downtown Dallas.

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

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.

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.”