The recent recession caused real estate in the Dallas area to drop not only in price but also in demand. As buyers stopped having the capital to invest in a new home, the real estate market moved slowly and construction came to a virtual halt as developers realized there was no market to buy new construction. However, with the recent economic turnaround, the Dallas real estate market has gone from poor to booming. With a lack of condos for sale in Dallas, developers are now hustling to meet the demand for luxury living.
Demand High for Apartment and Condo Living
One area where demand has grown greatly is apartment and condo living. Many homeowners are abandoning their large homes in the suburbs and looking for a new home in the city. With the recent real estate changes, the most affordable homes are luxury condos or apartments. This has caused a surge in buyers looking for condos for sale in Dallas. This has left agents scrambling to find appropriate listings for each client, or having to tell clients that there are no units available in their price range or that meet their needs.
Developers Creating New Buildings
Developers haven’t ignored the rising demand for condos and apartments and have begun building high-rise condo buildings. These buildings may house hundreds of units, including penthouses. Many of these units provide beautiful residential units combined with luxury amenities. It’s not uncommon to find condos for sale in Dallas in a building that offers a private spa, a beautiful swimming pool, a restaurant, pet services, and an around the clock concierge.
Although developers are hurrying to create more residential units to meet demand, the building of a luxury building can take years. This means that until the developers can catch up, there will still be a supply and demand problem for real estate in Dallas. Buyers are finding that they need to get in on the ground floor if they hope to find the condo of their dreams, or up the price they’re willing to pay if they want to snag the condo away from another buyer. Eventually, supply will catch up with demand, but until then it’s definitely a tight market.
