Foreclosed properties attract Dallas homebuyers

A number of Dallas high-rise condominiums were sold to a crowd of 400 buyers at an auction at the Sheraton hotel last weekend.

Those participants will now be able to move into a burgeoning region of the country, in residences at the Metropolitan complex on Main Street. Real Estate Disposition auctioned off all 35 properties at drastically reduced prices, some for less than 50 percent of previous values.

REDC CEO Jeffrey Frieden called the auction "a great opportunity for buyers to gain ownership in a premier city. These are wonderful residences in an exclusive community that were purchased at attractive prices. Many people took advantage of this unique opportunity to be at the heart of this vibrant area at a price they can afford."

Once an office building, the 1970s skyscraper underwent $50 million in renovations, including a newly constructed six-story parking garage with a top-deck pool, said REDC. Residents will enjoy expansive views of Dallas from balconies cut into the sides of the tower.

The city has become a popular destination for relocating families, especially since the cost to live there is 3.1 percent lower than the national average, according to Sperling's BestPlaces.


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