In last week’s second of three articles on high-rise demographics, I wrote about Dallas’ youngest high-rise populations. I noted that in those younger buildings, there were usually high rates of non-homestead owners – some as high as 75 percent. I think non-homestead ownership is worth noting because, in addition to owner age and worth, it gives an idea about how these owners react to changes.
Owners claiming a home as a second shelter (subtle, eh?) may be more likely to support (or at least not block) building improvements because they’re less likely to be constrained by wealth (or a lack of it). This may differ from investment/rental property owners who are managing a spreadsheet and are more likely to have a cautious mindset (while still acting to protect their investment).
In Dallas’ oldest high-rise populations, non-homestead ownership is much lower – 13 to 29 percent to be exact. The other difference is building age. The “oldest” of the young buildings were built in the 1990s whereas the “youngest” old buildings was 1984’s Claridge with the overwhelming majority built in the 1950-60s.
In fact, the only buildings from the 1950s-1960s first high-rises not included in the oldest category are those that support a much higher average for non-homestead, rental units. This means the true age makeup of ownership for Preston Tower, “21,” and Turtle Creek North is obscured. I say that these buildings have a high percentage of rentals (versus second home owners) because they have smaller, cheaper units that are easier for smaller investors to purchase.
As of this writing, four of six MLS listings at Preston Tower are rentals. This equates to 67 percent of listings – and that’s just the MLS, other rentals are surely available via other avenues. At “21” the rental listings equal 50 percent.
So where should whist-playing buyers go? How about frisky widowers desiring the pick-of-the-litter of older paramours tussling over who delivers the first “welcome” casserole with a breakfast chaser?