Home Buying in 75206>Question Details

Steve Smith, Home Buyer in Los Angeles, CA

Anyone have a Real Estate Agent Recommendation in M-Street / Lakewood Area?

Asked by Steve Smith, Los Angeles, CA Tue Jan 6, 2009

I'm looking to buy a house in this area that is either a foreclosure or enough of a fixer upper to make it challenging. Like everyone else I don't have a lot cash to throw around, but I'm hoping there's still a few not-yet-updated older homes in this area that can be had under $160K.

I'm also interested what the market is like in that neck of the woods. I know it's a popular place to be, but with everything that's happened the last three months I'm guessing it's slowed down a bit.

Anyone know a realtor that knows this area and can get me a deal? If all goes to plan I intend to buy/sell a few of these houses over the next two years.

Thanks.

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Answers

12
Hey Steve...welcome to Dallas!

The M Streets, also known as Greenland Hills, is a classic area of Dallas known for many things, not the least of them being the predominantly Tudor style of homes. It's a great location with easy access to Downtown and major freeways that will connect you with any part of the metroplex. But you probably already knew that.

According to the Greenland Hills Neighborhood Association, there are 916 properties in the M Streets. As of this writing 29 of the M Street homes are listed for sale in the Multiple Listing Service that Realtors use. Listing prices range from $319K to $795K. If you're planning on rehabbing a home it's important for you to know that the M Streets are a Conservation District meaning there are specific guidelines and building codes you will need to adhere to when doing any renovations.

With the price range of $319K to $795K it's not likely that you'll find something for $160K but anything is possible. Looking at the sales in the M Streets for the last 6 months the average sales price is around $409K and average sq ft of homes sold is 2171. However, one home did sell at $135K...it was a 2 bedroom/1 bath home with 997 sq ft which is considerably smaller than anything else that sold. The next highest price was $210.5K, also a 2bed/2bath with 1468 sq ft.

There are several areas of Dallas that could accommodate your $160K price range if your heart is not dead set on the M Streets. The L Streets (also known as Old Lake Highlands) is a popular area for renovating where you can find a fair number of reasonably priced homes, some ready for rehab and others already rehabbed in move-in condition. The L Streets are close to White Rock Lake and have good proximity to downtown and major freeways as well. They are also part of Lake Highlands School District which is a plus for many and quite possibly contributes to the market values in the area holding fairly firm. Currently there are 20 homes listed for sale in the L Streets ranging in price from $154.9K to $349.9K.

Hope this is helpful to you. If I can assist with other information or in finding a home please give me a call, my contact information is below.

Wishing you the best on your home search whether it's in the M Streets, L Streets or any other Dallas area streets!

Sandy

Sandy Setliff
REALTOR
JP & Associates REALTORS
Exceeding Expectations http://www.sandysetliffhomes.com
Direct 214-620-1615
sandysetliffhomes@gmail.com
0 votes Thank Flag Link Mon May 14, 2012
HI Steve,

I am an active realtor who live right in the Mstreets area. This year is a more difficult year to look for a flip in the area. There are still some. Have you explore the Junius Height area? You can easier to find deals at your price point. However at this very moment the only one I can recoomend you to look into is MLS #11628762 which is currently under contract with my client.

If you are interested please email me at dixondfw@gmail.com I can send you updates when there is a match for what you are looking for!

Thanks!

Dixon
http://www.findyourtexashome.com
JP and Associates
0 votes Thank Flag Link Sun May 13, 2012
A hidden jewel -- the ENCLAVE AT GROVE HILL is the only NEW GATED COMMUNITY that is INNER CITY. the community is 4 miles to downtown. DAVID WEEKLEY is the home builder and is well known in the Houston and Dallas market. This community can be found at the intersection of LAWNVIEWN @ GROVE HILL; you can build a brand new home or buy and existing home. This is a surprise to a lot of folks - even the Dallas Police stats for 2009 show this community experience's the least amount of crime compare to the rest of the City! Folks call this community THE NEW EAST DALLAS........i hope this helps you out? Most important, do your research. one more thing, i'm not an agent just and person involved in his community
0 votes Thank Flag Link Tue May 17, 2011
Lakewood Heights area is about as close as you'll get, but those homes are listing above $210k and there is no indication they could or should sell below. That's been a popular area of Dallas for quite a few years now (10+), so the days of those deals are way behind us. After gas went up over $4.50/gallon last Summer, we had lots of people moving back in from the suburbs. Everywhere South of Plano/Richardson was, and continues to be, very strong resale. Best of luck. $160k inside the loop may not be realistic heading North from downtown. Suggest you try South for stronger buying power at that price range.
0 votes Thank Flag Link Tue Mar 31, 2009
Steve,

Great question!
Will you be living in the property while you fix it? If so, and if you qualify, there are conventional loans for 5% down. Some foreclosures won't go FHA because of the need for repairs, but FHA is less. However, if there is an FHA homepath foreclosure, then as an investor you only need to put 10% down, but if you are buying the other properties as investments, and now as an owner occupant, then you would need 20-25% down. I have access to the properties in the M Streets and Lakewood area's and I would be happy to send all of the homes currently on the Market and the HUD foreclosures as well which fit your price and area criteria to you and can help you negotiate and acquire the property. My clients typically save an average of 20% on homes, depending upon the price and condition. I have taught foreclosure classes and managed a real estate office, so I have some very helpful information and am intimately familiar with the market trends to help you to save time and money and make a great investment! I also have lenders who have experience with these loans, which is important in getting the deals closed!
If this is of interest to you, email me at: NicoleArenas@ymail.com to get started or pick up the phone and give me a call at: 214-991-9507. I look forward to working with you!
0 votes Thank Flag Link Tue Mar 31, 2009
I've worked with several people who wanted to do renovations and build new houses during the last several years. So I've been keeping a close watch on empty lots and teardown houses all over the M-Street/Lower Greenville Area. (Let's define this as east of Central Exp., south of Mockingbird Lane, west of Abrams Rd., and north of Prospect Avenue. )

The new-home builders had been driving up the sales prices for teardown homes ever since 1998. They were fighting each other over every property that could be bought cheaply enough to tear it down, but they are not fighting any more. So many of them are gone now because they can't borrow money any more. We can expect lot values to go down.

But it is very difficult to prove this from statistics. Why? Because the people who are trying to sell the teardown homes and the vacant lots cannot accept the new reality of the marketplace. They are just sitting there with their properties on the market, (mostly) in the MLS, denying that the market has changed. Some of these folks have been on the market, off and on, for a year. Many of them have been on the market for more than six months. Many have lowered their prices, but their original list prices were so high that the new list price is still no bargain.

When the builders were dominating the market, the professional renovators could not compete with them. They simply couldn't pay as much as the builders because they couldn't make a profit if they did pay that much. But we are going to see the renovators come back to the neighborhood during the next couple of years, and they are going to make good money.

You simply need to identify every home that is already being offered, drop off the ones that you wouldn't want for any price, then start writing bids on all the others. It is likely that nobody will accept a bid during this first round. So you will have to come back every couple of weeks to remind the sellers you are still out there and you still have an interest.

Within three months you will get a "renovatable" home for $160,000.

It's not appropriate for me to mention the listings I think are most likely to be motivated, but I do have a couple of specific homes in mind. If you'd like to phone me I can give you more specific information.
0 votes Thank Flag Link Sun Jan 18, 2009
I have the perfect house for you still available it can be had for right around that moment. Plus I rebate you 20% of my commission at closing. It is right north of the M streets but can be purchased for right around 160k. My number is 214-682-0598.
Thanks
RJ
Web Reference: http://www.findapadfast.com
0 votes Thank Flag Link Wed Jan 7, 2009
It looks like I may be a little late to the party for the M-Streets area. I know there are some similar neighborhoods that haven't gotten as popular yet. I know parts of Oak Cliff might be an alternative. Obviously I'm looking for ROI, and there may be a better area that's still close to downtown.

Thanks for the reply's so far. I'll be in touch with some of you.
0 votes Thank Flag Link Wed Jan 7, 2009
Our team, The Laughin Realty Group, specializes in investment properties in the Lakewood, "M" Streets, White Rock Lake area. Our office is located on lower Greenville. Please call us at 214-217-8529. Craig, Melinda, & Tracey. Please visit our website at http://www.letsgetyoumoving.com.
0 votes Thank Flag Link Wed Jan 7, 2009
Steve,

We would like to intereview for the job of helping you find and close on the homes you describe. You may want to interview a few agents that can provide you information on issues beyond the purchase such as selecting and contracting with vendors. choosing the style the market wants, and creating risk reduction scenarios that assure you will not have a call from an angry buyer 30 days after closing.

We have been through this process several times personally and have good insight for the entire project, not just the real estate trasaction. Call me and we can discuss our process and show you how we provide added value with no additional cost.

Jeff Updike
RE/MAX Urban
214-943-9400
0 votes Thank Flag Link Tue Jan 6, 2009
I have lived in that area for almost 20 years, still have friends with homes in the area. Happy to assist you.

I am a Dallas realtor and loan officer then has been excellent foreclosures in area matter of searching within your budget. I did have a client purchase a home $300K valued at $450K nice.

M streets is wonderful area with many changes taking place. Average property is approx. $200 - or + per sq. ft. but deals are there.

Contact my office
972-699-9111
Lynn
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 6, 2009
Hi Steve,

Thanks for your question.

We can get you into a home on the M Streets right now valued at about $450k once $30k repairs are done. It's offered at $280k. It's not listed on the MLS, Realtor.com or any of those other websites. We work with investors consistently and know what you're looking for in properties. The sold comps are at $485, $545 and $569.

There is a home available in Lakewood Heights for $139, but is for lot value only - it's ready for build site. It's a 50x150 site.

It's difficult to find something in these areas for that price range.

If you'd like, you can use our URL below and check daily for foreclosures that are available on the MLS. This is a complimentary service we provide. You can select in which areas you'd like to find foreclosures and be updated daily on what's coming on/off the market and any price changes.

If we can help you further, please let me know.

Thanks,
Terri Hayley
The Hayley Group
214.417.0801
0 votes Thank Flag Link Tue Jan 6, 2009
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