WFAA has written an interesting article discussing optimism within the downtown condo/loft market. Certainly there is much to be optimistic about, but the prize may still lay several years down the road. Still there is some interesting information from Andy Taft who notes that downtown residences are on the market for only about two thirds of the time that a typical single family residence is. Which, in case you were wondering, is about 150 days for single family homes and 100 downtown. 150 and fifty days? That’s five months. I probably would have guessed somewhere in the 90 to 120 day range, but 150 sure is long.
Of course we all know that Le Bijou went down in flames, but the WFAA seems fairly certain that the T&P lofts were a success. T&P is supposed to be 95% sold, but this occupancy certainly comes after some tough times for the developer. T&P recently went through a fire sale to off-load a good portion of their units, which is great, unless you were one of those unlucky folks who paid the full $300/sq. ft. Also, I wonder about the Tower; it certainly created OK returns for initial investors but a lot of those units are either rentals or perpetually for sale. I won’t even go into Villa de Leon because I am just not sure that Fort Worth really needed a Hotel ZaZa-esque development.
Short version is that Fort Worth will one day have a thriving downtown residential environment, but it may have to be postponed for some time.
September 24th, 2009 at
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