As business here continues to boom, the thriving post-recession Dallas economy is only expected to draw more home buyers with more cash and more of a vision for the bright future of this world-class city.
Dallas, TX (PRWEB) November 19, 2013
In major metros, it almost goes without saying that a thriving economy can be directly linked to a healthy residential real estate market. The math is simple: Commercial growth equals monetary growth for an area’s residents, thus allowing for greater home buying opportunities due to potential home buyers having more disposable income. And thankfully for Dallas home owners and potential home buyers, this exact scenario is playing out with extreme success and will continue to do so, according to a major report that was just released.
Prudential Texas Properties reports that the yearly Emerging Trends in Real Estate “markets to watch” list from the Urban Land Institute and PricewaterhouseCoopers forecast Dallas as among the top five areas in the nation in terms of 2014 commercial real estate growth. And this should in no way be disconnected from the Dallas residential market. After all, the 90-day average on the median list price for Dallas homes of roughly $335,000 for the week of November 11th was up about $60,000 from the beginning of the year, and as home values rise, so too do the number of commercial transactions and business professionals moving to the area.
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To provide more granular examples of this growth in its current form, one can look at recent major commercial deals such as the $31.35 million purchase of a 17-story office building in Dallas’ Knox Street district in early November. And beyond this, business mogul Ross Perot Jr. just scooped up a 1.75-acre property in a prime location in downtown Dallas that many believe will be the site of a new, major business complex. The bottom line: The Dallas business sector is growing, and with it the number of well-paid professionals moving to the area looking to buy Dallas homes.
As the Urban Land Institute and PricewaterhouseCoopers report says about Dallas’ expected 2014 commercial growth, one of just several major factors contributing to it is a higher-than-average population growth. The most recent U.S. census data saw Dallas’ population grow by 40,000 from 2010 to 2012, up to 1.241 million. And to add fuel to this impressive fire is the fact that Time magazine recently called Texas “America's fastest-growing large state.”
Other factors contributing to Dallas being forecast as a vastly growing business epicenter in 2014 include a growing technology sector and the area’s propensity for attracting business headquarters, what with Dallas/Fort Worth International Airport not just being one of the largest airports in the U.S., but also the country’s favorite, according to a recent report from USA TODAY.
As DD Flynn, VP of Marketing with Prudential Texas Properties says: “Dallas is without a doubt one of the most appealing U.S. markets in terms of real estate value gains and infrastructure growth—within both the commercial and residential sectors. As business here continues to boom, the thriving post-recession Dallas economy is only expected to draw more home buyers with more cash and more of a vision for the bright future of this world-class city.”
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