We called it. When we first heard of Sphinx Development‘s plans for a townhome community just west of Corinth and south of Cedar Creek, we had a feeling it would sell out quickly. There’s a dearth of new construction in the $200,000 range, and plenty of opportunities for infill just east of North Oak Cliff. So we’re not surprised in the least to hear that all 49 units of the development’s initial phases have been snatched off the market.
The Fiji Townhomes development, marketed by Virginia Cook Realtor Angela Downes, will soon launch a third phase that will include lofts and retail, as well as office space. According to Sphinx, Phase Three will be ready for occupancy in 2018.
“We’re working on breaking ground in late summer on Phase Three, Sphinx at Fiji Lofts, a mixed-use development on Corinth Street,” said Jay Oji, CEO of Sphinx Development. “These buildings with attached parking garage will maintain the distinctive Fiji style and will house retail and office space while providing even more of a community feel to the development, mirroring the outdoor-centric, mixed-use developments now popular across major U.S. cities. ”
Fiji Townhomes have 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. When we last talked to Downes about this project, she was in a frenzy getting the development ready for market. Looks like all that hard work paid off.
“I’m ecstatic, but not at all surprised,” said Downes about the sold-out townhomes. “With Fiji Townhomes, we’ve delivered a much-needed product to the Metroplex. Where else can you find new construction with stainless steel appliances, low HOA fees, and a private garage for under $250,000 anywhere in the Metroplex?”
The demand for new construction at this price point within a reasonable distance from downtown Dallas is high, obviously, and it’s only a matter of time before more developers see the potential in Cedar Creek and other niches of southern Dallas.
“The rapid sell-out of all 49 units speaks to the massive need for this caliber of property at this price point,” Downes said. “It communicates the willingness of buyers to explore up-and-coming communities and to embrace the revitalization of areas in Dallas.”
Millennials and first-time homebuyers were very attracted to his project, she added. “At Fiji, buyers can enjoy the convenience of easy access to Downtown, luxury finishes and the ample room to live and entertain. These are low-maintenance properties as well – there is no big yard to manage – and that definitely appeals to the young working professional.”
Downes also noted that Dallas is becoming oversaturated in high-end properties, with many families priced out of homeownership altogether. Sphinx, Downes said, worked hard to keep this project affordable while still maintaining the level of finish-out buyers expect.
“The developer declined to hike prices two additional times throughout the construction process,” Downes stated. “The opportunity was there, and they didn’t move forward. That is unusual in the development process and really speaks to the purpose of this community.”
Downes added that, even after the initial homebuyers choose to sell, this project will still be “vastly more affordable than nearby neighborhoods.” She’s not wrong. In Oak Cliff, growing popularity and an excess of flippers have made prices shoot skyward of the $300,000 range for a simple single-family home. Plus, the use of durable materials and open floor plans will remain attractive for a while.
With her work with Fiji complete, what’s next for Downes and Sphinx?
“In fact, I’m on the scout right now since that Fiji is completely sold out,” Downes said. “On March 3 we did a site visit to some land south of the LBJ/635. Stay tuned!”
That we will!