First Foreclosure at the W Dallas Residences
Posted Sep 30, 2008 @ 12:06 am, Viewed by 1442 Visitors, Read 1520 Times.If you've been waiting to buy a foreclosure at the W Dallas Residences your time has come. Nick Bristow of Keller Williams Turtle Creek in Dallas has listed the first foreclosed condo at the much sought-after building. The 2 bedroom, 2.5 bath home is on the 21st floor of the North Tower and has an entire wall of glass overlooking downtown. The price has come down from $994,900 to $949,900, which makes this the least expensive two bedroom unit available at the W today. That's not a bad price point considering that a 1500 square foot one bedroom unit on the floor below it is currently priced $50,000 higher. Also, an archive search shows that before this unit went into foreclosure it was listed at $1.65M! Ouch!
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Brian Enright
Purveyor of blogs, info and unsolicited opinions about High-Rise Condos.
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Hi there Kevin,
I'm still surprised people actually thought they could pay retail price for these units along with the closing costs for a $1M mortgage and still be able to flip them for a profit. Just the holding costs are huge with the HOA fees, mortgage payments and then property taxes that hover around 3% annually. The really sad thing is that the developer didn't sell out... so people who are trying to flip are competing with new units that have developer incentives. Not a good place to be. Lucky for them the luxury rental market in Dallas is very strong so hopefully they'll get them leased until they can break even.
Brian
Brian, pretty amazing isn't it? How bad are the Condo Fees? Are we talking $1 per sq. ft.? If The W was pre-selling in 2005 or before, some people were "gambling" - maybe some thought they weren't - and that's where the problems began, right?
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-Hope you're well, Brian - Kevin
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Brian, Great to see you on here:
Looks like there's a ton of inventory over there. Is part of the issue people bought these pre-sale using yesterday's dollar hoping to flip out today? And why was that unit ever listed at $1.65M? They were never selling at that $1000 per sq/ft mark, right? Interesting times isn't it?...
- Kevin