Another developer has decided that it can’t sell a condo project and is putting it up for sale. That can’t be good news for the Dallas-area real estate market.
The Shelton, a pricey tower at Northwest Highway and the tollway, has sold only about one-third of its 105 units. That’s about the same percentage as Oak Cliff’s Lake Cliff Tower, which went on the block last week.
The Shelton news is a little more surprising, which makes it more ominous. It’s in a more desirable location (Highland Park schools!!), and its owners pumped in $18 million for renovation. If they can’t sell a $400,000 apartment there, where can they be sold in Dallas in this market?
