Foreclosure in Dallas>Question Details

Marga, Home Buyer in Texas

We are relocating to Dallas. My husband will be working in Las Colinas. I am a stay at home mom. We have

Asked by Marga, Texas Tue Nov 6, 2007

elementary aged kids. We are looking to buy a single family home, min 3/2 within $250-400K. We need a safe family friendly neighborhood, max commute of 30 min. We are looking for a house that will serve also as an investment. We don't mind remodeling it. Schools are important but the appreciation rate is more. Which areas do you suggest? We want a great return within 3 years.

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I would look in Grapevine. Great area.,..great appreciation. Here is a really good tip...Grapevine with Carroll ISD (Southlake) You can get in at that price range and Carroll ISD is one of only 2 all Exemplary School Districts in the entire metroplex. i would not recommend Lantana, Las Colinas, Frisco, Keller because you are also mentioning investment. These are areas where you constantly compete with builders with no end in site. Check out my website and give me a calll if you still have not bought yet.
214-809-2244 mobile Kathy
Web Reference: http://www.househuntdfw.com
2 votes Thank Flag Link Sun Nov 25, 2007
The only way to guarantee a "great return" is to buy a "distressed" property in a strong neighborhood, one that is maintaining or appreciating in value, and rehab it or add sq footage and hold until you are ready to sell. Thankfully DFW has not experienced rapid appreciate (4%- 6% per year) that is killing other markets. new constrcuton is not a great idea except for in areas where you can find a cheap tear-down, scape the lot and build. Look in areas like Whiterock Lake, Lakewood, Preston Hollow, UP/HP and M-Streets. Good luck!
1 vote Thank Flag Link Sun Nov 11, 2007
There are some great areas close to Las Colinas with good schools and apppreciation to name a few, Coppell, Flower Mound, Grapevine, Colleyville, Southlake, Irving, Las Colinas
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 29, 2008
Las Colinas IS the best area in DFW metro!!! There's no doubt about it. It is the MOST prestigious affordable area in DFW (right behind the multi million dollar homes in Highland Park).
0 votes Thank Flag Link Thu Dec 27, 2007
Location! Location! Location! Best bang for the buck... East Dallas. Lakewood to be precise. $300-350K will get you a fantastic home that is in the middle of everything. Restaurants, shopping, White Rock Lake, Downtown culture, etc. are all right here. I can show you the best areas of Dallas for ROI and schools. Before real estate, I was an elementary teacher for Dallas ISD. That gave me plenty of insight into neighborhoods, school capabilities, etc.
Web Reference: http://CoryKutin.com
0 votes Thank Flag Link Wed Dec 19, 2007
Marga, Born and raised right here in North Dallas, I have put several Las Colinas CEO's in Lantana over this past summer. New homes in a master planned community. Its own schools,Families, recreational facilities,golf courses. It has everything you could ask for and beautiful enegy efficient homes. Some of the neighborhoods are as high as 700K but a few available areas are in the 300-400K range. Call me and I'll meet you there! 817-965-4161 Cell Patti
0 votes Thank Flag Link Fri Nov 23, 2007
Marga, The Las Colinas area is centrally located between Dallas and Fort Worth. For a 30 minute commute combined with great schools you would want to limit your search to the following cities, Coppell, Carrollton, Grapevine, Southlake, Colleyville and West Plano. There are a lot of homes for sale in all these cities and you can get a good return on any foreclosure that needs cosmetic work so you will have to have a strong negotiator to get it below market value.

My husband and I are both Accredited Buyer's Representatives and investors as well and we make it our business to know the market. Here are some links to the city websites so you can peruse at your leisure.

Plano: http://www.plano.gov
Coppell: http://www.ci.coppell.tx.us
Carrollton: http://www.ci.carrollton.tx.us
Southlake: http://www.ci.southlake.tx.us
Colleyville: http://www.colleyville.com Ranked #40 by Money magazine to its list of “Best 100 Places to Live in America" in 2005. Grapevine was named #97 in 2007
Grapevine: http://www.ci.grapevine.tx.us

No matter where you will live, we hope you will enjoy your stay in Texas.
0 votes Thank Flag Link Mon Nov 12, 2007
I vote for Coppell. Lived here 20 years, and sell here; raised a couple kids here. Exemplary schools; great location.

Historically strong appreciation rates. Should continue. Go to http://www.tea.state.tx.us/ and check accountability ratings.
Web Reference: http://www.tea.state.tx.us/
0 votes Thank Flag Link Mon Nov 12, 2007
I would disagree with the no new construction comment. She mentioned Las Colinas and having elementary school aged children. An example, La Villita in Las Colinas is a great new build neighborhood in which the mid-$300's can get over 2,000 sq ft. (if memory serves), plus with the new build market, you never know what they might throw your way. It also has a new elementary school (La Villita Elementary) next August.

Marga - if you're not familiar with the area, and schools are a real concern, I would advise a trip to greatschools.net before you do anything in the East Dallas or M-streets areas. While the houses are great (I put my own mother into one in that area), they tend to be older and smaller. For the amount of cash you're going to spend, I would suggest going into a farther out area where you're still commutable to Dallas for entertainment, but you're getting a newer, larger, house with higher-rated schools.
Web Reference: http://cameroncobb.ebby.com
0 votes Thank Flag Link Sun Nov 11, 2007
Absolutely don't buy new construction with perhaps some limited exceptions close to the city center. Appreciation rates in the newer areas like Frisco, Keller, Lantana and on most new construction are in the tanks with no foreseeable appreciation likely to take place in the next 2-3 years. The best option over the past 2-3 years and if you can find it would probably be to buy in Preston Hollow area, but you'll probably be looking more at $400K verses $250K. That or perhaps in M-Streets or Lakewood area. As an alternative you might look at Coppell or Colleyville if you want newer construction. Let me know if I can help you. I've lived in many of these places over the past 25 years.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Fri Nov 9, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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I'd get into a new build community. Preferrably one that is almost built out. Once the builders leave, re-sales have no more competition, so it's easier to sell well because there is no way to track down how much you paid, which might be less being that a lot of new construction sales are a little slow right now.
If you're not working with someone in the Dallas area, I'd love to help you out. If you are, best of luck and I hope you find the right fit.
Web Reference: http://cameroncobb.ebby.com
0 votes Thank Flag Link Fri Nov 9, 2007
I think Coppell would be an ideal choice. You would have many options in your price range, it's a fast-growing community and highly-rated schools. Very attractive neighborhoods. Also easy (10-15 min.) commute to Las Colinas.
0 votes Thank Flag Link Wed Nov 7, 2007
Marga,
The average appreciation rate in the D/FW area is about 4%. Does that mean the property you purchase will net you that amount? No agent can predict that. With that being said, I recommend hiring an agent that works with buyers frequently, and let them lead you to properties that fit your needs and wants along with being aware that you are looking for a good deal as well. I am more than happy to assist you and your family in finding the right home at the right price. Please feel free to contact me at 214-908-5080 or visit my website below, where you can search properties for free.
0 votes Thank Flag Link Wed Nov 7, 2007
If you purchase your home and expect big returns in 3 years you might as well go bet it all on 'red'.
Don't get me wrong, I am a real estate investor and broker and I'm from Dallas where I started my career and made lots of money on my own personal holdings, but I believe most consumers have grossly uneducated and exaggerated expectations out of real estate.

First and foremost, buy a home that is BEST for your family and DON'T overpay. Choose that home based on LOCATION, LOCATION, LOCATION but do not expect to get rich quick. Housing is a long term investment, not short term. No one has a crystal ball. Real estate is hands down the safest investment risk anyone can make but it is still a risk. You need a good agent to help you hedge this risk not predict the future. Find an agent who has been through the ups and downs of the market and knows Dallas like the back of their hand. Not sure where you are relocating from but Big D is HUGE and I certainly wouldn't want a newby (no offense to newbies).

Lastly, check out the map north of Las Colinas (Las Colinas is nice too!). There are so many up and coming great areas north and north west of Dallas proper. Try city-data.com for more info and go to the states website for school info.

Good luck,
Susan Walker
0 votes Thank Flag Link Wed Nov 7, 2007
The appreciation rate can never be guranteed. I have been in the real estate business for over 15 years and out of those 15 years, now is one of the best times to buy a home. Remember the old saying, Buy low and sell high. It is a buyers market and you will be buying low. There are several areas to consider and you can get a nice home and not have to worry about remodeling. Some areas to consider are Valley Ranch, Coppell, Lewisville, and Plano.
Web Reference: http://www.newdfwhome.com
0 votes Thank Flag Link Wed Nov 7, 2007
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