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Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

DPatel304
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Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby DPatel304 » 04 Feb 2019 21:54

Image
http://www.coleparkplace.com/floor-plans.php

I know several users (myself included) have expressed interest in moderately priced (~$550K) condos in Dallas, so I thought I might bring some attention to this new condo development and maybe also open up a bit of discussion on the condo market in general.

While this is comparatively cheaper than Museum Tower and Blue Ciel, when you factor in HOA dues, it would still be slightly cheaper to own a Townhome. Based on the site, it looks like 8 of the 12 units have already been sold, so hopefully that might signal to developers that there is indeed demand for condos in the area. I've really been anxiously waiting to see more condos built in the Dallas market, but, so far, they seem few and far between. Even this development is extremely tiny, which makes me think developers are still very hesitant to build condos, for whatever reason.

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Tivo_Kenevil
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby Tivo_Kenevil » 05 Feb 2019 00:03

550K ....That's not moderately priced my guy.

DPatel304
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby DPatel304 » 05 Feb 2019 00:28

Yeah, maybe not the right word choice. I'm basically trying to say these condos are more reasonably priced than Museum Tower/Blue Ciel (which isn't really saying much).

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tamtagon
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby tamtagon » 05 Feb 2019 07:00

Moderately priced for the neighborhood? It's normal for residences in the middle of things to cost more than the suburbs and edge of town. Exall Lake is up to a 30 minute walk.

Maybe we're at the point where it's more difficult to consolidate smaller parcels for a large mixed use project than to build a smaller scale single purpose condos.

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joshua.dodd
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby joshua.dodd » 05 Feb 2019 07:31

I'm just waiting for more diversity in our architecture...

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emmasensei
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby emmasensei » 05 Feb 2019 07:37

Funny to see these mentioned here...we actually seriously considered purchasing one of these when we moved to Dallas last year (the loan product we chose ultimately limited us to SFHs, though). The finishes are really nice and the location is perfect.

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Matt777
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby Matt777 » 05 Feb 2019 10:01

Yeah, these aren't really mid range based on the square foot price, I'd say lower high end. They do deliver a lot for the money in that range though, especially location and finishes. It's no wonder they've sold briskly.

What still boggles my mind is the tiny sidewalks that are still allowed in Dallas' urban areas. It looks like they went with the minimum despite being adjacent to Cole Park and West Village. It's very clear that they could have built wider sidewalks but they chose lots of open grass instead.... we need better sidewalk standards.

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emmasensei
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby emmasensei » 05 Feb 2019 11:09

Isn't Cole another street that will be undergoing a re-do soon? I was under the impression it will be converted back to a two-way street and the sidewalks redone.

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Matt777
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby Matt777 » 05 Feb 2019 11:52

emmasensei wrote:Isn't Cole another street that will be undergoing a re-do soon? I was under the impression it will be converted back to a two-way street and the sidewalks redone.


Ah, you could be right. Maybe that's why the streetscape they installed looks so temporary and basic.

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Dmkflyer
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby Dmkflyer » 05 Feb 2019 15:13

I'm a Realtor and I work with 2 different investor/developers and they want to do more of these in Dallas, but the market hasn't really shaped up for them in Dallas in a larger scale. It is something that takes most new developers to town aback when they assess the market here and see this. It is changing, but not at a pace that would tip the scales toward more condo building here. There are a lot of dynamics at play on why this is the case.

LongonBigD
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby LongonBigD » 05 Feb 2019 15:23

This type of development (3 or more stories of condo flats) is seen more in Oaklawn west of Preston Road. I’ve only seen a small number (example 4345? McKinney Ave). I wonder what the difference in land cost is between these two parts of Oaklawn is and how much impact that has.

DPatel304
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby DPatel304 » 05 Feb 2019 16:28

Dmkflyer wrote:I'm a Realtor and I work with 2 different investor/developers and they want to do more of these in Dallas, but the market hasn't really shaped up for them in Dallas in a larger scale. It is something that takes most new developers to town aback when they assess the market here and see this. It is changing, but not at a pace that would tip the scales toward more condo building here. There are a lot of dynamics at play on why this is the case.


That really surprises me. I wonder what Dallas is lacking that other markets or not? Do you have any insight as to how they determine this? As far as I can tell, nobody has really attempted to build a new condo development in Dallas in quite sometime (at least not the type we are referring to).

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muncien
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Re: Uptown: Cole Park Place Condos (3923 Cole Ave) (3 ST) - Completed 2018

Postby muncien » 06 Feb 2019 09:44

Yeah, I too am having a hard time buying this... I have been following condo prices in Oaklawn (mostly older stuff) very closely for the last five years or so. They have performed considerably well up until the last six months. If there was ever a time to bring some new mid market condos into the area, that was it.
That being said... I have seen a noticeable cooling of that market for the last six months. Many price reductions and longer time on the market. As it stands now, I wouldn't be so quick to add new product. Conversions on the other hand (apartment to condo)... that is a much more doable scenario. But we don't get any of those either.
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