Dallas Apartments: Renting Now, Buying Later in Dallas
Renting a Dallas apartment might be the best way for an investor to ride out the current recession. Renting allows home buyers to increase capital, improve credit and secure employment. In time, the market will rebound, but not before hitting bottom. This is when the prepared investor can find some of the best real estate deals in Dallas. But until then, the news remains grim.
We are all hoping there is a lot of pent-up capital on the sidelines that wants to get back into real estate, said Jack Fraker, a top investment broker with CB Richard Ellis. Fraker said his property sales were off 65 percent or more in 2008.
At the same time, property values have fallen.
There is still a disconnect between the sellers and the buyers, he said. Hopefully that will change later this year.
Most of the institutional investors have tried to avoid writing down their real estate values, Fraker said. They cant hide from that for long.
The rents that investors can get from Dallas office buildings are already falling, said CB Richard Ellis Phil Puckett. I see some landlords trying to hang onto what was, Puckett said.
While overall office vacancies in North Texas are at about 20 percent, they wont stay there, he said.
Its going to go up, Puckett said. The question is how much space are we going to get back from company closings?
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ABOUT THE AUTHOR
Michael Russell writes about a variety of subjects, including real estate, environmentalism, and modern architecture. This article discusses real estate in Dallas. For more information about Dallas apartments, visit Apartment Finder.