Downtown Dallas has been booming—just not in the way housing developers were hoping. Their loss could be your gain.
According to the Dallas Morning News :
"It’s been a challenge for sure," said developer Ted Hamilton, who is still in talks with the lenders that posted the building for forced sale last month. "We didn’t anticipate how many new apartments would be coming on the market in the downtown and Uptown area."
The number of housing units in downtown Dallas has more than tripled in the last decade as thousands moved into the city center. There are about 4,500 residential units inside Dallas’ downtown freeway loop.
Thousands more apartments have opened in nearby Uptown and in the Design District.
City leaders trying to revitalize downtown have hailed the surge in downtown housing construction. But a troubled economy has made it tough for builders to rent all of the new center city apartments at the prices they need."
While many of these problems affect rental apartments the most, there are thousands of condos, townhomes, lofts and other properties for sale in urban Dallas as well — and these might be smart options for several types of potential homebuyers.
Urban living is a popular choice for both young professionals testing out the homebuying experience for the first time, and also for older homeowners looking to downsize after their kids have moved out of the house. It works for people looking to eliminate daytime downtown work commutes, and those wanting to be closer to nighttime entertainment options (if you’re the type who spends hours a day on crawling down choked highways, gas savings could be significant). It works if you’re sick of tending a yard, if you crave a close-knit community, or if you would appreciate the extra security most downtown buildings boast. And don’t forget about the homebuyers tax credit , still available for home loans with a signed purchase agreement by April 30, 2010, and close by June 30.
And—as the DMN points out—the glut of units that sprouted up during the recent construction boom might result in some extraordinary bargains.
Of course, urban living comes with many drawbacks as well, including parking headaches, lack of storage space, the absence of a traditional yard, potential noise problems, pet restrictions, and high association dues. But if you think the growing number of urban living perks (coupled with the current friendly market conditions) sounds attractive — whether in Dallas or any other urban hotspot in Texas — contact our mortgage experts . We’ll help you make the right choice.
Tags: Home Loans, home purchase, homebuying advice, housing market, mortgages, tax credit