Over the past several years, the Dallas real estate market has struggled with sluggish activity and declining median sales prices, but over the past year, some neighborhoods throughout Dallas have been showing signs of a recovering real estate market. However, real estate experts have found it difficult to determine the state of the Dallas real estate as a whole, given that the recent real estate improvements have been evident only in certain neighborhoods. Some parts of Dallas are posting increases in activity and median prices, some are reporting decreases, and some are reporting fairly stable levels, with little change for the better or worse. Realtors believe that the consumer confidence is the main obstacle to the overall recovery of the Dallas real estate, and many believe that the coming months will show signs of what’s to come.
According to the Dallas Morning News, 2009 was a strange year for Dallas real estate and local realtors due to the inconsistent fluctuations in the market and the inability of real estate experts to find any trends in the Dallas real estate market. Several neighborhoods such as Westlake, Richardson, Garland, and Duncanville have posted significant increases in median sales prices, while other communities such as Park Cities, North Dallas, and Lancaster posted declines in the median sales prices by as much as double digits. Many realtors have noted that the Dallas is currently a good market for buyers, but many are finding that there is very little consumer confidence, despite the discounted home prices, negotiable sellers, and attractive interest rates. Nevertheless, many realtors are optimistic that consumer confidence will increase in the coming months to allow for the Dallas real estate market to recover.
The Dallas Morning News has also reported that the commercial real estate continues to be sluggish as well, with high vacancy rates and few retail projects planned for the 2010 year. Dallas is currently experiencing the lowest occupancy rates of the decade, with only 86.4 of shopping center space being leased. Financial experts also estimate that there are about $4.5 billion worth of commercial real estate considered to be in various stages of delinquency, default, bankruptcy, or foreclosure. Many experts are also telling people not to expect the normal two-year cycle of commercial real estate corrections, and that the Dallas commercial real estate may not return to previous years’ levels for another year or two, even though it has been more than a year since the onset of the economic recession of 2008.
Although real estate experts expect the Houston real estate market to fare better than it did during the previous year, experts still believe that the real estate activity will be sluggish in Houston due to a lack of consumer confidence, tight credit, and a major concern for job security. The Houston real estate is said to have hit bottom, so the only direction it can go in is up, but many real estate experts question when that will be. Many say that the real estate in Houston most likely won’t recover until the economy, financial, and employment markets in Houston improve, and after that the market will probably take several years to grow back.
According to the Houston Chronicle, real estate experts are optimistic that the Houston real estate market will improve throughout the year, faring much better than it did during 2009. However, at the same time, experts don’t expect to see as significant improvements as many might expect. Realtors believe that the demand for houses will still be sluggish, and real estate activity will still be well below peak levels. About 18,000 new homes planned for construction during 2010, about the same built during the previous year, but still 63 percent lower than the peak of 2006. Housing values are expected to remain relatively stable throughout 2010, but realtors are optimistic that the federal tax credit for first-time homebuyers will help spark the real estate market and give it some of the momentum it needs to begin its recovery.
The Houston Chronicle has also reported that the commercial real estate in Houston is expected to perform much like how it did in 2009. Many landlords have related the current struggles in the commercial real estate to the problems seen during the oil bust. With approximately 90,000 jobs lost over the past year in Houston, the average office vacancy rate in Houston rose from 11.9 percent to 15.9 percent. Commercial real estate construction is also almost nonexistent. Currently, many realtors and landlords are pressuring buyers who are on the fence to stop waiting and invest now.
Dallas has countless options when it comes to real estate, and waterfront homes sitting around lakes play an important part in that. There are over 40 lakes all within 100 miles of the greater Dallas metro area. Lake Ray Hubbard, with a size of over 22,700 acres, is easily one of the biggest lakes in the zone and runs straight though the middle of Dallas County.
Real estate around the lakes is made up of several homes all either sitting on the edge of the water, or else close enough to have a good view of the lake. This kind of housing is especially attractive to those who enjoy fishing, boating, various different kinds of water sports or alternatively who just love to be near to the water – of course many of the homes have their own fishing docks, which means many residents find a love of fishing for the first time after moving here. Most of the houses also have boat slips that come with decks, so going out on your own boat for fishing or just to relax is also made easy.
The lake side homes here can be found around both the larger, grander lakes as well as the smaller ones that occupy a fairly large part of Dallas. Some of the largest lakes here can be found in the subdivisions of Flower Mount, Rockwall and Rowlett, while the smaller lakes, some of which were artificially created by man, are in McKinney, Plano and Frisco. Aside from there, there is also lake side property available in the city of Dallas proper, and in Arlington. Price tags on these properties start at around $100,000 in further out suburbs, while reaching over $1 million in Plano or central Dallas.
Two of the more popular lakes within the city of Dallas are the While Rock Lake and the Lake Highlands, with the Highlands located close to the well known real estate subdivision of Casa Linda. Housing in Dallas on the lake side is a great place to live for those who want to be near all the modern amenities a person could need while still enjoying nature, and boating, with their families.