As I was mentioning the other day, Downtown Dallas is under a great transition. Museum Tower will be located just adjacent to one of Dallas's icon office buildings, Trammell Crow Tower (my former place of office when working in Dallas). This modern luxury masterpiece will offer 42 stories of 125 condos ranging from one bedrooms to 6 bedrooms in size. These Dallas condos will not be your typical downtown residence. These high end condos will start at $1,000,000!
The question is: does Dallas have a market to absorb these types of high end homes in the downtown area? The project will be delivered in 2010, but reservations will start taking place very soon. Some local real estate experts are concerned about how this will affect another new urban condo/office development already half way sold out...One Arts Plaza. I do not feel that Museum Tower will affect the sales of One Arts Plaza at all. These are two completely different product types. yes, essentially both offer new modern condos but the price points are different and One Arts has a huge head start.
Museum Tower, though pricey, is expected to do very well. This will really be the first new construction Dallas condo high-rise of its kind in the downtown area. Other high end luxury condos in the area include The Ritz Carlton Residences whose sales are going very well.
Dallas has always remained a relatively stable housing market with limited volatility. Home owers do not earn massive appreciation in short periods of time but they do see healthy increases over time. it will be interesting to see how Musuem Tower fairs during the pre-sale phase...the more online exposure the better!
Comments
One Arts Plaza's real estate
Post new comment