Friday, October 7, 2022 Oct 7, 2022
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By D Magazine |

With demand increasing and supply beginning to shore up, there is a window of opportunity now to buy into high-rise residential living.

Buyers lured to maintenance free living are scooping up thenew high-rise units that have been offering good value for the price. Residential real estate specialists project savvy marketing by high-rise projects and good prices will deplete much of the new inventory in the next year. Only opportunities in the resale market will remain.

“The future of high-rise supply is going to be slim,” said Edith Personette, president of Centeq Realty, the marketing contractor for The Bonaventure. As our inventory and La Tour’s inventory is going, you will see prices go up a bit because inventory will be scarcer. It won’t be a buyer’s market in high rise once that inventory is gone.

Located on 7.6 acres on Keller Springs Rd. in North Dallas, The Bonaventure has sold all but 50 of its 356 units, To further entice potential buyers. The Bonaventure will offer a buy-down program, to purchase the interest rate down for the first two years, in response to rising rates. Personette said more people are looking to buy in this sector as a way of life.

“Because crime is up, security is a bigger issue and people are so busy today, with busy leisure lives as well as business lives, “said Personette. Therefore the thought of having to deal with the lawn and other things isn’t interesting now that there are better alternatives. They would rather go to a high-rise or zero lot line.”

Personette also sees a trend of people buying down in price rather than up. “People are not looking to stretch themselves financially anymore, partly because of job security and partly because people are skittish,” said Personette. “Most Texans have lost money in real estate over the last 10 years and are more worried about paying too much money fora property.” In high-rising living, buyers are looking for light and bright interiors with enough floor space for at least two bedrooms and a large living area. Exercise and parry rooms inside the building are also appeal-ing to serve as an extension of your home.

“You never use the living room except when you have a big party,” said Personette. “Well, all ofthe sudden you don’t have to pay for the living room everyday, you can just use it when you have a big party. So the fact that high-rises can address that for people makes it more convenient.”

For the resale market, Personette advises sellers to avoid getting emotional-ly caught up in the process and pricing the property so high it won’t sell. “If you buy correctly and look at what other properties are worth in the building, as long as you don’t get out of line with over-improving, you will probably get your money back,” she said.