As Housing Prices Soar, Fiji Townhomes Fill Affordable Niche

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The first phase of the Fiji Townhomes development is almost sold out. The affordable prices and functional floorplans are attracting a lot of interest.

The first phase of the Fiji Townhomes at Compton and Fran Way won’t be finished until July and it’s almost sold out, says Virginia Cook Realtor Angela Downes, who is marketing the property. The brand new development by Sphinx is set just west of Corinth and south of Cedar Creek in an area ripe with opportunity.

Of course, Dallas is experiencing a real pinch in entry-level homes right now. With median home prices in our region topping $300,000, Candy has declared the $200,000 range all but unattainable, relegating an entire generation of would-be homebuyers to keep forking over their meager salaries to their landlord.

But is it?

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Fiji Townhomes will include a total of 49 residential units with two available floor plans — Ajalli and Belize — each with an open-concept living, kitchen, and dining area and master suites. All of that for — get this — $195,000 to $230,000.

“You can’t find homes like this, with brand new construction and granite countertops, and all the things people are looking for in this price range,” Downes said.

And she’s right, really. In fact, demand for these townhomes is so high that Downes is taking calls ahead of the forthcoming phases. She’s in a whirlwind, prepping all the planned units to head to MLS, though some may not even make it that far before being snapped up. You’ll notice that all of Buildings 1 and 2 have been purchased, all priced between $165,900 and $175,000.

It’s telling, says Sphinx spokesman Waylon Tate.

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“You saturate the market with unaffordable real estate, meaning that other people who would have otherwise purchased a home now have to rent,” Tate said. These conditions keep people who would be perfect first-time buyers — college graduates and professionals — from really investing in Dallas and putting down roots. “You can’t really appreciate or celebrate what it means to live in the city if you’re commuting from the suburbs or up north in Plano,” Tate added.

It’s true, as many of the schoolteachers, police officers, and librarians are pushed out of the city they serve as home values skyrocket and tax bills jump.

“This is an exciting opportunity for buyers looking to live near the center of the city,” said Joe Agumadu, Chief Operating Officer for Sphinx Development. “We are excited to provide a cost-conscious way to do just that.”

But cost-conscious doesn’t mean bare bones in these units, which are not only close to mass transit and Interstate 35, but are just minutes from downtown Dallas. This development, if successful, could be the first of many like it that bring density to the Oak Cliff area in an attractive and attainable way.

“This development makes pride of ownership accessible for a range of homebuyers,” Downes added, “and is the ideal location for our clients looking for convenience to local amenities.”

While it’s not terribly far from the Bishop Arts District (it’s actually just south of Sphinx’s Fiji Senior Villas development), you’ll have access to the increasingly revitalized Jefferson Boulevard area, too.

Could this be what’s next for affordable housing in Dallas? Tell us what you think in the comments!

 

 

2 Comment

  • Waylon and Angela: it sounds great, but how are you all making money? The reason why the area is saturated with higher cost homes is the margins. How is your company able to turn a profit on this dirt?

  • There are so many positive aspects to this project outside of ROI. The incredible opportunity for upward mobility for residents in Oak Cliff neighborhoods, and the ability for potential homeowners who currently live in the area to invest in their own communities is a win-win. Hopefully, Spinx is a catalyst for other investors to create similar developments off of their model.