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Dallas Real Estate

Posted: 17 Oct 2017 14:27
by DPatel304
The reason I become so interested in Urban Development is because Real Estate is another hobby of mine. I don't really have the funds to own a lot of Real Estate, but I'm constantly checking properties in the area and eyeing where I might like to own something one day.

I'd imagine there are a few of you who are also interested in real estate, seeing as how urban development and real estate sorta go hand in hand, so I wanted to just start a discussion thread about anything real estate related.

Most of the time, I look at 1-2 bedroom condos in the urban core. That's where I enjoy living and I also think that, 20-30 years from now when Dallas starts looking more like Chicago/Boston/etc.., it would be cool to own a few properties right in the heart of the city.

Re: Dallas Real Estate

Posted: 17 Oct 2017 14:29
by DPatel304
I'll start the thread off by saying that I'm considering buying something in the $200K-$300K range in the next 2-3 years. I have not actually gone and toured these properties, but I'm leaning heavily towards the following:
509 Elm St (509 Elm Place Residences)
1122 Jackson St (Soco Urban Lofts)

These are both warehouse loft style condos in the CBD. I like that the CBD has some pretty fantastic public transportation options (good access to all DART rail lines, both streetcar lines, DLink bus, and upcoming HSR), and, it will inevitably be the center and focal point of the urban core (as the surrounding areas develop more). I like lofts because they are unique. You can't simply build new (authentic) lofts. I know that there are a few properties built in the last decade that contain the loft style, but anyone who wants to buy or rent a loft, would likely want something more authentic. So basically there is a finite supply of warehouse lofts in the city, and, as of now, I'm pretty sure these are the only two buildings where you can own (not rent) a warehouse loft. The only thing I'm unsure of is which location of the two is better. They are pretty close to each other, so I think I can't go wrong either way, but each location is currently under-developed.

One property that caught my interest was the upcoming development next to the Statler which is supposed to contain some condos within my price range. I don't know much about them, but the location seems to be great, so I'm keeping an eye on those.

If anyone else has any advice/tips for me, or has any real estate discussion to add to the topic, please feel free to post it here.

Re: Dallas Real Estate

Posted: 17 Oct 2017 15:45
by Tivo_Kenevil
DPatel304 wrote:I'll start the thread off by saying that I'm considering buying something in the $200K-$300K range in the next 2-3 years. I have not actually gone and toured these properties, but I'm leaning heavily towards the following:
509 Elm St (509 Elm Place Residences)
1122 Jackson St (Soco Urban Lofts)


FYI- Elm place residences don't have parking included in property purchase. You have to pay to use one in the building. The building also has a high HOA. Not to mention the value for some of the units in building SOARED this past year. So be willing to shell out 5K+ a year in taxes.

Personally, I would say Soco lofts are more affordable, parking space included.

But they're not as nice as Elm place IMO.

Good luck.

Re: Dallas Real Estate

Posted: 17 Oct 2017 16:05
by DPatel304
Awesome, thanks for the input! I am aware of the parking spaces not being included. I'm not sure of the cost, but, thanks for still bringing that to my attention.

I still have a few years to decide, so I suppose we shall see. The plus side of the Soco Lofts is they are more central in the CBD. There is a lot of empty land directly surrounding it, which opens up the potential for a lot of new development, whereas West End is quickly getting to the point of being built out. West End will probably become more lively as more restaurants and retail and companies pour into the area, but the basic structure of the area won't change too much.

Re: Dallas Real Estate

Posted: 18 Oct 2017 10:22
by muncien
^^^
Funny... You mention the two properties I have been most closely watching in the CBD, and for many of the same reasons you mention. There is just too much growth potential around these for them to not perform well in the long run. That said, prices on both have gone up dramatically over the last few years and with those HOA fees, I'm not sure I could foot it as a second residence. Unfortunately, neither allow Air bnb usage... even on a limited basis. That's a bit of a bummer.

Re: Dallas Real Estate

Posted: 25 Oct 2017 00:45
by DPatel304
Does anyone know anything about the condos on 215 N Walton St in Deep Ellum? There were a few units listed years and sold years ago, but nothing since Jan, 2015. I'm sure all of the owners are just (wisely) hanging on to their properties now that Deep Ellum is booming, but I'm just curious to know if there is any other reason nobody has decided to sell in almost three years:
https://www.redfin.com/TX/Dallas/215-N- ... e/31190657
https://www.redfin.com/TX/Dallas/215-N- ... e/31190660
https://www.redfin.com/TX/Dallas/215-N- ... e/31190665

muncien wrote:^^^
Funny... You mention the two properties I have been most closely watching in the CBD, and for many of the same reasons you mention. There is just too much growth potential around these for them to not perform well in the long run. That said, prices on both have gone up dramatically over the last few years and with those HOA fees, I'm not sure I could foot it as a second residence. Unfortunately, neither allow Air bnb usage... even on a limited basis. That's a bit of a bummer.


Yeah, it would have been nice to get in on these properties a few years ago, but, I still believe there is a lot of potential in the CBD. Downtown has only just began to make its comeback.