I like Rich's answer except that Deep Ellum is past its heyday. The river project may cause more interest in in-filling, but with so much going on in the suburbs, it's hard to believe, as Eric says, that it will happen any time soon.
Gentrification relies on money, which seems to be short supply right now. It also takes someone with a vision to spearhead it. You could be one of those on the ground floor, just call and we'll arrange for you to see some of those extremely low-priced houses. If you want to buy a couple of dozen of them, that'd be great.... more