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Every day, seems like, another apartment complex goes missing just like that; one minute it’s there, and the next there’s only a pile of rubble and a mound of dirt. Turns out, it’s not just perception: GlobeSt.com this morning tallies the number of old apartments coming down and new units going up and figures the so-called Greater Dallas area added a whopping 487 units to the mix in ’07.
Which, you’re right, ain’t a lot, says the VP of Carrollton-based M/PF YieldStar: “I don’t think people have grasped that we’re not growing inventory at all in Dallas,” Greg Willett tells the real estate Web site. He also points out that’s the smallest gain since 1990 — only then, the culprit was the savings-and-loan scandal, while today, Dallas’ new-unit inventory is shrinking due to the “scrape-and-rebuild fever” that’s leveling older complexes. –Robert Wilonsky
