I find the mix of builders and elevations refreshing, and having two public schools, a public park in addition to a private “central park” and pool/rec are great for a community this size. Sure it did not build out as the developer wanted, but very few people actually know or care that this was to be a golf course community until a tragic accident. The various phases and homes reflect the variety of homeowner that was expected to live there. Vacant lots are fewer and fewer—and these are custom builders now, so take down of lots will be slower depending on the phase. Several of the foreclosures that you may be thinking of belong to a small builder who no longer is in business. Great community, great location. Rains make the vacant lots grow fast and HOA has just transitioned to a new property management company. Keep looking. It is a big decision to buy

There's really not many foreclosures in GP in my opinion. The vacant lots do concern me.
The mix of builders makes values hard to determine in my opinion.
I like the neighborhood and location itself, but you are on the right track with the vacant land.
In my experience when you have to ask a lot of questions about a neighborhood, that's not always the best choice for you.

Bruce Lynn
Keller Williams Realty

Griffin Parc is a subdivision that got stalled for a while in development. As a result, many of the lots were eventually sold to builders other than the group that started with the project. The area has developed now to the point that you can get a pretty good feel for what the neighborhood will look like when all of the construction is complete. However until the vacant lots are all built out, the neighborhood will have some ragged edges. Many neighborhoods are suffering the visual affects of foreclosured properties that are not maintained. The city or the homeowners assocaition may eventually step in and clean up the lots, but the process takes so long that the results will only be temporary until a homowner takes over. It may take a couple of years to clean everything up.

As a result of the mix of builders, the neighborhood is probably more diverse in the style and price range of homes. This helps the neighborhood have a more rounded look, but it makes it more difficult to determine the property values in the area since the level of finish out varies with each new builder.

As for value, buy low, sell high. If you can get a good deal in the neighborhood now and live with the construction and cleanup process, the go for it. I need to know more about the specific home or homes that you are considering and create a market analysis for you to determine a fair sales price. This is just one of the services that I provide all of my buyer clients.

As a first time buyer, you might allso find this site helpful: http://www.thefirsttimehomebuyerguide.com/

Somewhat overgrown vacant lots in far North Dallas suburbs are pretty commonplace. That's where you'll find the majority of our new construction. People who own, but don't yet live in the neighborhoods, may be stretching the maintenance on their lots as far as they can get away with. Until the city or HOA generates a letter, they will let that grass grow tall. That isn't specific just to Griffin Parc. It's the nature of land in an incompletely developed neighborhood. If the lots are owned by the builder, there is typically a scheduled maintenance on all lots that occurs with regularity. You may have caught the lots at the end of a cycle, when the crews are due to come out to mow. Our developers in North Texas are pretty good about keeping up with their lots. Griffin Parc, like the rest of Frisco, is a great buy. Frisco almost missed the recession. It was one town that helped keep some of us full-time Realtors working last Fall and Winter, and was the first city I saw perk back up in the new year. I'd like dozens more listings in Frisco right now.

Have a blessed day!
Ronda




Ronda Allen, Realtor and Certified Purchasing Manager
RE/MAX Dallas Suburbs

Griffin Park has hundreds of homes and only 4 foreclosures on the market. There were 3 others but they went under contract in less than 3 weeks. That just reenforces how desirable GP is.

That's a pretty good ratio for Frisco in general.

Naima
214-289-8555
Naima@Sumner-Realty.com

As a Realtor(R), here are my thoughts:

Griffin Parc and its foreclosures are probably just temporary, just like other communities in Frisco. When the market recovers, you would be glad that foreclosures hit some neighborhoods harder than others because you went in lower than your neighbors.

Remember when you make money when you buy real estate, not when you sell. Hence, it would be a great opportunity to purchase in a neighborhood hit harder with foreclosures than others.

I suggest you personally spend some time in the neighborhood. Look at the people, the houses and see if you like being there.