Maybe some of the numbers in this article will put Museum Tower inventory in a different perspective:
Million-dollar home sales are soaring in Texas and D-FW
Steve Brown, Real Estate Editor
Million-dollar home sales in North Texas are continuing to outpace the market.
...million-dollar sales in the area have jumped by more than 23 percent, with 1,669 during the 12 months ending in November.... Texas real estate agents sold 4,622 houses priced at $1 million or more between October 2016 and November 2017, according to the Realtors.
The average per-square-foot sales price of these properties was $349 — up 1.9 percent from the previous year.
Local real estate agents say that one reason million-dollar home sales have risen in North Texas is because of years of price increases in the overall market. During the last four years, median home prices in the area have risen by more than 40 percent, pushing a lot of homes into the million-dollar price range.
So in four years, we've had a 40% increase in the median North Texas home price. There are many reasons for the increase, but first and foremost is an abnormal generation-long undervaluation of North Texas homes, and it goes back to the criminally negligent Texas Good Ole Boy Land & Finance meltdown of the 1980s. There was a bad domestic recession, but it was particularly bad in Texas and even worse in Dallas because some of those guys really torqued things out of control, threw everyone into bankruptcy; this wasn't just bridge burning, it was earth scorching. (One side effect of the Dallas Club Disaster was make Collin County that much more attractive)
The scene was set, and development in Dallas was in exile, only those surviving local players would have anything to do with the city. Deep Freeze Dallas, Red Hot Collin County and so all the most valuable real estate in the region - central Dallas - was not considered to be worth nearly as much as it actually is.
The State put in place laws to preemptively countermand a repeat of the tempting and devastating alliances of the 70s/80s and that help the state survive the most recent recession, and all of a sudden outside folks are interested in Dallas again, the exile has been lifted and in five years median home prices rise 40%. This is just getting back to normal, and it took more than a generation.
Museum Tower apartments entered the recovering market at $800 per square foot, more than twice (I think) the price of Ritz, setting the ceiling not just for expensive condos, but estate-homes as well.
The pioneer price was not too high for the market, and in a few years this price point will not seems so crazy. Dallas is Hot, and it's getting Hotter.
There's no doubt the first 3 or 4 years Museum Tower had been "officially" open the place demands were so far above everything else, it seemed unstable and destined for the lump of other abject failures, but in as little as five years, the region caught up to itself, and took the edge off the once considered ridiculous price of Museum Tower.
It's neat to me that some of these milestones are happening about the same time... the regions housing market is what I would consider near normal, close to expectation (after the 40% price reevaluation), Museum Tower hits the *whew-worthy* 80% sold mark, McKinney Ave Area office prices reached 60/sqft -- also would have been crazy unheardof too expensive five years ago.
The city is coming back on line. When first opened, Azure was the canary -- for the time it was very expensive and very large. Museum Tower, hopefully, will be the next canary to fly out of the cave.