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!
JP & Associates REALTORS
Exceeding Expectations http://www.sandysetliffhomes.com
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 email@example.com I can send you updates when there is a match for what you are looking for!
JP and Associates
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!
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.
Thanks for the reply's so far. I'll be in touch with some of you.
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.
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
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.
The Hayley Group