Meet Logan Waller. Whenever I want to know something about foreclosures in Dallas, he’s my Ghostbuster on speed dial. Let’s face it: everyone loves a foreclosure. I swear I hear the word and my heart beats faster. Logan will be giving foreclosure updates regularly now on CandysDirt.com. Here’s his overview of the foreclosure market in Big D — and yeah, we missed a great op at The W but here’s one in Preston Hollow:
There’s a lot of opportunity in today’s market for cash buyers and buyers who can put at least 20-30% down. Urban apartment communities are increasing rents and lowering incentives, which makes cash flowing a condo more likely than in the past. Significant leading indicators tell us the long term economic outlook for urban Dallas will fare well. The short term housing market, on a less positive note, won’t be so rosy. (Sorry, got to be honest.) The tax friendly environment for corporations and individuals will continue to spur more corporate re locations from the west coast. Investor activity is increasing now on properties over $100,000 due to the long term urban outlook. We’re seeing an influx in cash buyers taking advantage of the pricing of potential rental condos, and many properties under $200,000 can now cash flow. Considering the economic conditions and outlook for urban Dallas, investors should be considering multifamily and single family properties since rents are finally increasing in urban Dallas. Interest rates are likely to remain stable and inflation is highly likely over the next several years.
We’re currently working with an international hedge fund that acquires residential properties. They could invest anywhere in the world, but they have chosen Dallas, TX for their first round of acquisitions. This is becoming more and more common with international and out of state investors.
Some examples of opportunities we’re seeing are similar to this unit at the W: 2323 N Houston unit 1034. We contracted for less than $225,000 AND the property was in move-in condition. Downtown view, over 1,100 square feet on the 10thfloor of the W. Like many of the high-end luxury high rises in Dallas, the W has taken a hit. Prices have declined as much as 50% since the peak of the luxury high rise market. But you have to move fast when these opportunities come up. We usually recommend to our condo inventory to keep values as stable as possible throughout uptown.