On Samuels in the Trinity Bluff development, the luxurious Villa De Leon condos next to Charles Nash Elementary continue to steadily progress towards completion. Facade prep is underway and balconies are being installed. The condos start at $786,000.
How many of those units are sold?
Is it just me… or is anyone else wondering who is going to be able to afford these high-priced condos springing up all over town?
With the state of our economy, why should Ft. Worth expect to move multiple luxury units (or even “lower end” quarter-million dollar condos)?
Will the condo market get flooded? Will prices fall with overbuilding? Are there really that many people who can/will want want to buy expensive condos, townhomes, and lofts?
I’m all for urban living, but it seems like it’s becoming something that’s reserved for the upper class.
Where does the Average Joe fit in? I can’t decide whether to buy now, assuming prices will escalate with more development and improvements around town. Or to wait, assuming prices will fall with overbuilding.
Many people who buy condos downtown move here from larger, more expensive cities. Or they move back to Fort Worth from larger, more expensive cities. Relatively speaking our residential real estate is very modest in price. Still, the market for newly constructed condo units will probably always target the upper end of the price range (due to cost to build a new building), so the older buildings will typically be the ones offering more affordable housing options. The exceptions to this are projects that get public financing and set aside a certain % of units for people within more moderate income ranges. (see Electric Building, Hillside)
Is there a place for someone who makes too much money for those Section 8 options you listed (or who doesn’t want to rent), but doesn’t make enough for a quarter-million dollar unit?
Yes, but Electric Building & Hillside are to rent. Nothing in downtown is “affordable” to own. I have both put money down on T&P and Westview but pulled out due to the lack of pool or high association dues. Not to mention if you want a 2 bedroom you will have to shell out at least a modest $300,000 plus to live in downtown. Even the apartment industry in downtown have been raising rents. Hopefully, we will see “to own” prices come down a little with over production.
Why would you want to buy a luxury condo off Samuels Avenue? I think that area is interesting, but scary. I have driven on that street at 2 AM before and it was not very inviting, but I felt relief when I got to 7th street. It’s a neat idea, but the likelihood of reviving that part of Fort Worth is slim. Invest in West Seventh instead.
JL,
People would have said the same thing about Fairmount years ago, and now it’s becoming quite popular. Any neighborhood can be revived. It just takes dedication from people who want to accomplish it.
Pretty much everything on Samuels for some distance north of Belknap is owned by the Trinity Bluff developers and will be coming down/has come down to be replaced by new condos, townhomes, and apartments. I’d say a turnaround in the area is pretty well assured considering the success of the Trinity Bluff development thus far.
I agree with TomW. This is not NYC, when I was looking at Westview it was just a little overpriced. If more like Westview came in but just a little under the price that it was, I think you would see a larger increase in Urban Living. Most of the development is over 250K pricing.
But good thing, Kevin is keeping us informed.
Westview and Villa De Leon, to be fair, aren’t even in the same universe in terms of design, amenities, and such. Westview is a more affordable-oriented development by Centex. Villa De Leon is a plush luxury development by Tom Struhs.
It’s important to remember that urban living isn’t exclusively about any one group of people or another. We do need more affordable options, and I do think those will be on the way, but the expensive stuff is good to have as well.
(Also, Westview is what, $150k to start with? That seems pretty fair to me.)
There are other options as well - a bungalow in Fairmount near Magnolia is perfectly urban and some can be had for a pretty good price.
And I still contend that there’s nothing wrong with renting. I’ve never been fond of the American attitude that says everybody has to *own* a residence. I suppose that’s another discussion, though.