Home Buying in Dallas>Question Details

Jackie, Other/Just Looking in Dallas County, TX

Can anyone tell me what the situation is regarding the Topaz Townhouse Condos at 2201 Wolf St. in Uptown

Asked by Jackie, Dallas County, TX Thu Apr 2, 2009

area? Looks like there's lots of foreclosures and 34 properties for sale in there. Is this a good investment or a nightmare?

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Jackie,

Lots of foreclosures. The 300-400K condo market in Dallas is way overbuilt. I think we're just starting to see the problems in this price range. We've not really been condo people. Too much land available for homes. It probably just depends on how fast you think gas will hit $10/gal or what the curve to that price looks like. If you think we have cheap gas for a while then it will likely be tough to get good price appreciation. If gas goes up again, look for people to move from the burbs in.

Bruce Lynn
Prudential Texas Properties
214-675-6992
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Fri Apr 3, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Most of those 34 listing are foreclosures. It's alarming for a complex of 180 units. Most of them sold in the early 200s for 300-400K. I think it caught up with them.

I also believe these used to be apartments too that were converted into townhomes.

As for it being an investment nightmare, I would say that would depend on rent amount/tenant etc. The HOA is still about 250-350 a month.

Naima
214-289-8555
Naima@Sumner-Realty.com

Naima
214-289-8555
Naima@Sumner-Realty.com
0 votes Thank Flag Link Fri Apr 3, 2009
It is always great to ask question's and look at how many properties are available as part of an equation when summing up potential investment property. We have a proven strategy we have used helping investor clients enter into positive cash flow properties as well as buy under valued properties. What makes a situation right is how you buy it and that is how we help. My fee is no cost to you and I always help my clients find the best deals to save and make the highest ROI! On average, my investor's walk into a property for $20-40k sometimes as high as $50k off properties! I have also saved homebuyers $80k off homes! I know where the deals are and our 3 point proven strategy helps you yield high ROI profit potential!
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0 votes Thank Flag Link Fri Apr 3, 2009
GREAT QUESTION:

It depends if lender would approve based on ratio of owners vs. rentals same issues with any multi family dwelling. Many of these properties were reconstructed last year with leasing made available last summer.

Correct regards to foreclosures.

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0 votes Thank Flag Link Thu Apr 2, 2009
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