Home Buying in Colleyville>Question Details

Derek, Home Buyer in Texas

Does anyone have knowledge of 5601 Oak Top Dr. in Colleyville?

Asked by Derek, Texas Sun May 4, 2008

What was the original list date? What was the prior sale price? What are homes in this area going for per sqft.?

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Bruce Lynn’s answer
Interesting flip. Purchased for significant discount to current list price about 8 months ago. Wide range of prices for properties that age due to various states of condition. Decent lot just under an acre is desirable. Updated ones likely sell in the $120s for that age. If they need updates $100/sqft or less can likely be found. My office is in Colleyville. Call me on Monday or Tuesday if you would like to see it.

Bruce Lynn
Prudential Texas Properties
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sun May 4, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
Hi Derek,

There's only one other home that's moved in the Rustic Oaks Addition this year. It was sold in March '08 for $/SqFt at $108.60. There was also one sale in '07. This usually signifies a well established area where people are happy to be there and do not want to leave.

To assess the true value of a home, an appraiser would gather at a minimum 3 properties that would be +/- 200 sq. ft. of your home, within very close proximity to the home and other comparable features of the home and lot. This other comp I'm mentioning above is about 1/2 the size of 5601 Oak Top. It's hard to do a true comparison with just this one home. Oak Top is currently being listed at $565k, or $121.87 per sq. ft. Oak Top has been on the market 89 days as of today.

Hope this helps.

Terri Hayley
0 votes Thank Flag Link Sun May 4, 2008
We offer a Dallas buyer's rebate program of 25% - 50% of our commission if you are interested in the property.

a) Built in 1972 on .8 acres which is a large lot
b) DOM is 89
c) Pending contract fell thru lender are difficult for loan now a days.... I am not only a Dallas real estate agent I am also a Dallas home mortgage loan officer
d) Homes in this area are smaller for Rustic Oaks
e) The home was purchased in 8/07 appears to be allot of updates in the past year on the property
f) The house based on comp's when be on the high side of the area, HOWEVER not many homes have sold in the past 6 months for the fact this is a family community with limited sales most homes go on the market prior to school dismissing in May.

Contact my office if I can provide further assistance, for showing the property and approval for a home mortgage loan, there are other properties in this area built earlier less expensive however this appears to be a nice property

I have also seen some GREAT foreclosures in this area move in quality that are below market value

Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun May 4, 2008
Hi Derek,

it was originally listed for 579,900 when it first got on the market in on Feb 5. It went under contract within a few days but then that didn't work out. Reduced to the current 565K.

Would you like me to show it to you?

Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Sun May 4, 2008
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