Living the City Life
Dallas condo sales show more adults going from suburban to urban
Across the country, hip, urban neighborhoods are the hot, new destination for adults looking to enjoy their post-parenting years.
Today, more adults in their fifties and sixties are giving up their longtime homes, often in nearby suburban locations, in favor of beautiful condominiums with prestigious city addresses, according to a recent article by the Wall Street Journal.
“The kids are grown and have houses of their own,” said one homeowner who recently traded a traditional home in Preston Hollow for a chic, three-bedroom condominium perched above the tree tops that line Turtle Creek. “We’re enjoying Dallas from a whole new perspective. It’s like having the best of both worlds — the familiar things we love with new places to experience.”
This suburban-to-urban trend is reflected in the Dallas market, where the Uptown/Downtown area has seen high rise sales increase 64 percent over the same period of 2012, for total sales of $700 million. Sales prices in the same timeframe rose by more than 38 percent.
Many of these newly minted urban dwellers are looking to vertical estates to offer every amenity and advantage without the demands and upkeep of a large home in a traditional neighborhood — all the better to enjoy the freedom of travel at the drop of a hat.
And with stunning views of the Dallas skyline and the renowned Arts District, fine dining, shopping and Klyde Warren Park just steps away, city living is now more comfortable and accessible than ever.
So far this year, agents with Briggs Freeman Sotheby’s International Realty have been leaders in both units closed and closed dollar volume in Uptown neighborhoods — closing three units over $4 million, which equates to a 75 percent market share. Since May 2013, there have been 40 sales of properties over $1 million, and Museum Tower has generated six sales over $2 million in just the last three months.
And with more luxury buildings on the horizon, Dallas’ urban attraction is sure to continue.
For more extraordinary homes, see briggsfreeman.com. Also see updatedallas.com for the latest in real estate news. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty.