DFW on right condo track

 The Dallas-Fort Worth condominium market never soared as high as other major U.S. cities, positioning it to avoid the tailspin that some of the higher-flying cities are suffering, developers and analysts say. About 1,700 condo units are expected to be completed in the Metroplex this year, according to information provided by Reis Inc., a New York-based real estate research firm. The numbers make it likely that Dallas will avoid the surplus affecting many areas, said Lucy Billingsley, whose company developed the new One Arts Plaza. By early 2006, developers had announced plans for 40 high-rise condo projects in Dallas, said residential analyst Mike Puls of Dallas-based Foley & Puls. Only 12 of those got off the ground. Those 12 high-rise projects account for about 1,100 condo units that have been completed or will be by the end of this year. About 60 percent or 670 of the 1,100 units have been sold, Puls said. The average sales price for the condos is about $950,000, or $485 per sf, Puls said. "Dallas still has strong population growth, so the demand should be pretty good," Puls said. "You just have to have a very, very qualified buyer." It's far more difficult for condo developers to get financing for projects today than it was a year ago, said Mike Bryant, senior vice president of the Capmark Finance Inc. office in Dallas. Last year, Capmark arranged financing for about one in three condo projects; this year Capmark is taking on one in 20.

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