Along with the gentrification of near downtown Dallas neighborhoods which have been torn down to make way for three-story townhomes and luxury apartment buildings, other older neighborhoods convenient to downtown are also rising in popularity as more and more buyers tire of long commutes to get to work. In addition, the face of homebuyers is changing. More buyers are singles, or empty nesters who may not want the same things in a home as a family with children.

Near downtown neighborhoods offer easy access to work centers as well as the Arts District, and some of the finest restaurants and clubs in the city. Properties appear divided into those with yards and other upkeep and those without.

Areas north of downtown, such as Uptown and Oak Lawn, tend to feature the largest numbers of new construction to please those wanting a low-maintenance lifestyles, primarily high-rises, townhomes and condominiums with some apartment rentals. While some pockets of higher end single-family homes exist, smaller or less desirable homes are slowly being bull-dozed away.

Realtor Sue Krider says, "The Oaklawn/Uptown area is the hot spot of Dallas for buyers wanting the convenience of downtown, Uptown, Park Cities and the two major airports - a vibrant, bustling area of activity!"

She says, "For the Oaklawn/Uptown area, listed below are the most recent statistics for condominium/loft/townhome sales released by the North Texas Real Estate Information System":

• Number of Sales Closed July 2002 - 73
• Number of Sales Closed July 2001 - 60
• Average Sales Price July 2002 - $237,083
• Average Sales Price July 2001 - $217,933
• Pending Sales July 2002 - 65
• Pending Sales July 2001 - 49
• Active Listings July 2002 - 699
• Active Listings July 2001 - 770
• Year to Date # Sales July 2002 - 462
• Year to Date # Sales July 2001 - 417
• Year to Date Avg. Sales Price July 2002 - $232,193
• Year to Date Avg. Sales Price July 2001 - $228,801

Realtor Alan Shaffer, says, "This is an exciting urban neighborhood. Currently the market is slowed somewhat due to the Texas heat, but there are still buyers searching for quality homes that are well priced! With interest rates so low, now is a great time to buy and or sell real estate."

Turtle Creek

Realtor Joanna Tipton says, "The Turtle Creek area is located north of downtown Dallas and the Uptown area. It is one of the most prestigious flourishing areas of Dallas and in the country. The area is best known for the city's most luxurious high-rise living and magnificent mansions of the rich and famous. It is home to the world-famous The Mansion on Turtle Creek hotel. The Kalita Humphrey's Theater hidden on a hillside among the trees and overlooking Turtle Creek was designed by the legendary architect Frank Lloyd Wright; who once referred to Turtle Creek as one of the most beautiful boulevards in the country."

She adds, "Overall, Turtle Creek condo prices performed very soundly this year, rising by 8 percent and 11 percent respectively. Though the fourth quarter condo market saw average price corrections of -15 percent, the performance of coops was comparatively stable, with a mere -4 percent drift."

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Published: September 6, 2002

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