Well, its that time of the year again where everyone is packing up and heading off for the holidays. Some are taking family trip while others are heading home to be with family anf friends. For me, its back to my home town of Dallas!
As someone who is tied into the international condo markets and watching the housing market statistics from city to city, it is always great to see what is happening with Dallas condos. Unlike some of the other major markets, Dallas was never overrun with speculators and investors to the same degree that other markets were. The surges of condo investments and speculating are, as we all know, the driving forces in the overvaluations in the marketplace. Most Texas cities have seen more steady growth which means condo owners have not seen the huge increases in equity, but they have also now not seen the massive devaluations and foreclosures like other cities.
Many new developments such as the Dallas condos at W Victory Park and The Ritz Carlton are still selling well. The absorption rates for Dallas condos is still relatively healthy. Some builders that got in late in the game have not gone through with some of their grand schemes for converting vacant offices to luxury condos, but others are moving forward on huge highrises with units from $1MM.
Museum Tower in downtown Dallas is looking strong. One of the interesting issues we see is that the high end of most condo markets are still holding steady...mainly because these condos are purchased by affluent individuals or foreign investors who do not care about the market fluctuations. In the long run everything will correct like it always does!
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