If you take a quick drive around Uptown
Dallas these days, you'll no doubt notice a number of construction cranes high
above you. In fact, I just counted six looking out my office window. What do
all these cranes mean? DEVELOPMENT.
As I counted the cranes out my window this
morning, I noticed the 6 acre plot of land at the southeast corner of Turtle
Creek and Cedar Springs (see photo). This is the site of a new 347 unit rental
property along with an office space development. They've broken ground on this
piece of Dallas RE that has sat undeveloped since the 1980s.
Apartment living in Uptown has always been a
popular choice for young professionals. This trend looks to continue as most of
these cranes symbolize rental community construction.
I have to think a main reason for rental construction is the lack of single-family homes
available for Dallas buyers. The inventory of homes is simply low compared to
the number of buyers. Multiple offers are being thrown at sellers and most
homes don't stay on the market for more than a few weeks. In fact, I hear time and time again of offers
being accepted on the same day the house hits the market.
This is obviously a great time for
sellers. But this can also be a great time for buyers … IF you work with a
REALTOR who knows how to strategize and negotiate. There are many ways to get a
deal done, and this market is set up for both buyer and seller to be happy with
If you’d like to learn more about Dallas
Real Estate or search for homes, visit the Dallas page on my website: http://www.vogenrealestate.com/local/dallas/