Marcus Hiles Notes Skyscrapers Selling At Record Prices

Marcus Hiles Notes Skyscrapers Selling At Record Prices
Marcus Hiles Notes Skyscrapers Selling At Record Prices

In the heart of Dallas city limits and beyond to nearby towns, corporations are purchasing buildings for astronomical, record-setting amounts. Major 2016 transactions for some of the most visible skyline office high-rises include a German investment fund’s acquisition of the 21-story 2000 McKinney tower in Uptown Dallas, which sold for over $200 million—about $500 per square foot. In West Plano, twenty miles north, an unnamed foreign investor reportedly spent nearly $400 per square foot for the 13-story Legacy Tower, setting a new record price for the city. With construction costs and the increasing valuation of land, capital is flowing into the area from domestic and international sources willing to pay premium prices for office locations. Like corporations, buyers on the hunt for lower-priced homes are facing difficulty and many are opting to rent instead. Marcus Hiles’ Dallas based company has confirmed growing interest in their luxury rental offerings as conditions continue to limit the amount of entry-level houses below $250,000 for first-time homeowners.

Read more: http://finance.yahoo.com/news/marcus-hiles-dallas-news-frequenter-093000097.html