North Texas faces a significant housing shortage and builders are working to fill it as quickly as possible. Condos are a space- and money-saving solution used in other cities of similar size. But Dallas and Fort Worth have far fewer condo developments in the pipeline than other fast-growing cities like Atlanta and Denver.
That’s a problem considering demand for condo housing is strong in the Dallas-Fort Worth area. According to the Dallas Morning News, more than 2,000 existing condo units were sold through the first four months of this year. The median sales price was up 15 percent to a total of $212,500.
Condo development has typically been slower than average in the DFW area despite demand. Local builders have been historically reluctant to build new condos in the area.
Paige Shipp, a housing analyst for a company called MetroStudy, told the Dallas Morning News that developers outside Texas may be more likely to turn the tide. Shipp also said some local zoning ordinances and neighborhood associations may also be preventing the expansion of condo developments.
That said, some condo developments are currently under construction. Developer Harwood International is opening a condominium tower in Uptown called Bleu Ciel. The 33-story tower will contain luxury units starting at $800,000.
Plano is also getting its own condominiums as part of the Legacy West development. Windrose Condos is a 24-story building with 95 units. Building will begin this summer and prices will start at $650,000.
At the more affordable end, the Drake at White Rock Lake will be a seven-story building with 90 to 100 units. Prices will begin around $300,000.
A new condo development called Greenwood Flats is currently under construction in the M Streets/Greenland Hills area of Dallas. The three-story building will include 36 homes built above parking spaces. Prices will start around $400,000.