Considering a condo or townhome in uptown/oak lawn (Dallas: apartment, rental)

[TXTXTX]

Hi, I am a single professional in my 30s who travels A LOT like at least 2 weeks a month. I used to rent a high rise condo unit on turtle creek thinking that I might buy one in the future. however it quickly changed my mind.. while I loved the building and convenience, I heard about the high hoas and assessement fees and all kinds of extra money to own and keep a unit.
Currently, I temporarily live in another state for a work related reason but will be back in dallas area in less than a year. And I am seriously considering buying a house or condo in the area.

I want a place I can live in while I travel in and out of state for a few years and then keep it as an income property. I thought about a smaller newer house in burbs but because I travel a lot, I was a little afraid to leave the house empty for an extended period.

So, I have looked at two or one bedroom condos/townhomes in uptown and oaklawn and I found a few that I like.

Sutton Place Condos, 3100 Cole AVE , DALLAS TX 75204

Colonade At Turtle Creek Condo, 3311 Blackburn ST , Dallas TX 75204-

The lofts at katy trail, 4231 Travis ST , Dallas TX 75205

These three condos seem to be my favorites. they are in the great location, quite large (numbers of units I meant) and safe and well organized. the HOAs are around 200s or more. the price is great too. Honestly, it seems too good to be true.

4124 COLE , Dallas TX 75204-2057

4130 Newton AVE , Dallas TX 75219-3054

3825 Gilbert AVE , Dallas TX 75219

4003 Gilbert AVE , Dallas TX 75219

These are smaller but also in a great location.

I would love to hear anything if you knew of or had an experience the above properties. I appreciate your inputs.

Thanks.

[GreyDay]

I used to live very near to one of your listings. Gated townhome. Walked to Starbucks. It was great. I was early 30's and nightlife and coffee was close by. Perfect.

I sold in 2011 and it was a tough sell honestly (some of it was it was contemporary, really soft contemporary) and I basically broke even on the sale. But given the tax savings and having a 3 bedroom when visitors came it was great. Prices seem to have stabilized as of now and given that Uptown rents are steadily increasing, go for it.

The caveat being you'll be there a few years. Hopefully you're looking at a 2 bedroom at least- it'll buy you time if you get married/have kids, can ride the Uptown train until kindergarten at least.

The area is getting young however and more transient. But as long as the new buildings going up don't kill rental values the area should continue to draw folks in.

Best of luck.

BTW, as an accidental landlord- rental properties are a hard way to earn money. Easier to dump it into the market, less stress- on condos and apts at least.

[TXTXTX]

Thank u for ur honest opinion. Its really helpful.
I have been looking at both one and two bedroom but was actually leaning toward one bedroom just because i didnt think i would need all that space.
But it is the great point, i guess i never know what might happen in the next few years of my life.
Although I dont really think about getting married or having kids anytime soon (i know i am turning 33 soon). But i am secretly still waiting it to happen someday.

I will look into more 2beds ones. Good to know the location is also good!

Thanks.

[SVTRay]

We started out very similar, often traveling from West Texas to Dallas. We wasn't sure about buying a home that was only going to be used a fraction of the year. So we rented a small apartment in Uptown. We thought about a condo but really didn't want to commit to that kinda money when we already had a home and would need to move to a move school district should we end up making Dallas our home. That was 2 yrs. ago and we're living in Uptown. Anyhow, I don't know much about the above listed properties but will say uptown I a nice place to live.

[TurtleCreek80]

Uptown is fantastic! The prices on the listings you have seen aren't "too good to be true", they are the reality of the Dallas condo market. Dallas isn't a condo town and condos are the last properties to rise in value in a good market and the first ones to go down in a bad one. I bought a Turtle Creek condo at the peak and it went down in value around 40%. I am now an involuntary landlord, just biding time until the values rise enough to sell. They are FINALLY rising (2 years after the surrounding housing markets in-town began to rise), but it has been frustrating to ride this out! And I'm hardly alone; know at least 4 other friends who have been in the same situation and are just now selling this year.

My advice is this: if you REALLY want a place of your own vs apartment, make sure you put down 20++% and buy a 2-BR. Also, put it on a 15 year note so you will pay the balance down faster in case you encounter another soft market. But preferably, rent in Uptown until you've socked away enough down payment to buy a home close to Uptown (M Streets, Cochran Heights/ Henderson Ave, etc).