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Dallas Texas Real Estate Blog > Dallas Condo Market Struggling. Did you see it coming?Dallas Condo Market Struggling. Did you see it coming?Contributed by DTRE on August 3, 2008 It seems like it had to happen at some point. Despite the national real estate market downturn, the Dallas market has been able to remain relatively unscathed compared to some west coast markets. That said, one had to wonder if the local metroplex market could continue to support the massive amount of condo and townhome development in Uptown and downtown Dallas, and as the real estate market continues to struggle, the Dallas condo market is finally starting to feel the pain. The Dallas Morning News reported on Friday that some builders have turned what were planned as for sale units into rentals after seeing lack of market response. With a number of units still open in new developments, other planned developments have been postponed or cancelled. The article goes on to say, "condo sales have been the hardest hit sector of the local real estate market" with sales of condos and townhomes down by nearly a quarter year over year, citing subprime mortgages as part of the problem. And with mortgage rates up, the cost of ownership is up. Read the Dallas Morning News article. Comments:
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