The demand for luxury condos in Dallas is growing as more people recover from the recent recession and want to invest in luxury homes. When the economy was on a downturn, there were many speculators snatching up available properties, but those days are gone and developers are creating luxury buildings for residential units. The booming economy has some suburban homeowners selling their homes at prime prices and reinvesting that money in luxury condo living. With all of the amenities offered by the condominium developers, and the perks of the living in the city, supply is not meeting the growing demand. It’s definitely a sellers’ market in Dallas right now, and buyers are paying close attention to new listings and new developments.
Increased Interest in the City
Part of the reason the demand for luxury condos in Dallas area has grown is because there is an increased interest in the Dallas area. It’s a mecca for entertainment, dining, and shopping. Living in Dallas also cuts down the commute time for people who work in Dallas but live in the suburbs. The revitalization of the city is drawing attention and people want in on the ground floor.
Developers have taken note of the increased interest and started building designer developments that draw high-end buyers. These buyers want not only luxury living but all of the amenities that come with luxury living. A beautiful skyscape isn’t enough anymore, although the better the view the higher the asking price. Buyers want on-site spas, a great concierge service, and exceptional recreational amenities like a gym or a swimming pool.
Demand Is Growing Because of a Lack of Available Units
Another reason Dallas is so popular is that there is currently a lack of supply for luxury buyers. Those with the money to invest have specific requirements when buying a new home, and there just aren’t those specific types of home available. However, that’s what many Dallas developers are working hard to complete. With more luxury condos in Dallas being built, there will soon be enough supply to meet the demand for luxury buyers. Until then, luxury buyers have to pay close attention to the market and wait for something to come available or pay for a yet to be built unit in a new building.
