Sheriff Sales Might Not Be Common, But Condo Sales Are- By: John Cutts
The number of Sheriff sales and residential property sales in the Dallas-Fort Worth area has hit a block in the past few months, but condominium and town home sales are starting to hit their stride, according to local sales records. At the 23-story Ritz-Carlton Tower Residences for example, almost one third of the total units have been sold.
Although sales from Fort Worth foreclosure auctions have struggled, at least one sector of the area’s real estate market is showing a comeback. Realtors are optimistic that the condominium and town house market is on its way to making a recovery as evident in the continuous sale of units at some condo buildings, including the Ritz-Carlton where more than $20 million in sales have been made since the start of 2010.
The recession has lessened the number of people buying into home auctions in Texas since 2009, with the condo sector also suffering the same fate during the previous year period. According to real estate analysts, the economic downturn has put a stop on condominium buying in 2009.
However, the first half of 2010 showed a 24% increase in townhouse and condo sales compared with the previous year. Although sales are still not as high as in 2008, realtors still see the increase as a positive sign, particularly when other property sales like Sheriff sales and home auctions were unable to record any significant increase during the same period.
More people in the Dallas-Fort Worth area seems to be favoring condo units and townhouses over buying foreclosure homes for sale. However, this does not mean that people’s tastes have become more luxurious amid the ongoing recession. Local realtors have reported that the increased sale in condos did not come from high-rise luxury buildings but from affordable structures.
Realtors believe that most residents who took advantage of the tax credit decided to use the incentive in purchasing regular-priced townhouses and condo units rather than purchase homes from Sheriff sales or foreclosure auctions. For now, condos seem to have the upper hand over regular family dwellings.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.