Derek, Home Buyer in Carrollton, TX

IS THE FAIRMOUNT SECTION OF FT WORTH A WISE AREA TO MAKE A REAL ESTATE PURCHASE? WITH ALL OF THE

Asked by Derek, Carrollton, TX Thu Jan 3, 2008

WITH ALL OF THE RESTORATION/RENOVATIONS ARE THE HOME VALUES GOING TO RISE IN THE NEXT 5 YEARS OR SO?

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Answers

14
Mike Pannell’s answer
Couldn't tell you for sure if the values where going to raise but i am pretty sure they will as the market improves. the Fairmount area is very nice and as you know a lot of older homes.
Web Reference: http://www.nhsfortworth.com
0 votes Thank Flag Link Fri Dec 2, 2011
I'm a proud resident of Fairmount and not a REALTOR but I'm familiar with the market. What's happening on Magnolia Ave is pretty awesome in addition to what's going on with Near South Side and Downtown.

It's a safe investment provided you buy wisely meaning make sure you have someone with experience in the area. We bought a little over two years ago and you could tell there were some people that where trying to make a quick buck on a remodel and it showed. There are some really good buys in Fairmount right now depending on what you're looking for. Some of these homes have been sitting around a while and their prices have been reduced for a great buy.
1 vote Thank Flag Link Thu Mar 27, 2008
As a Real Estate professional I think it would be a fantastic choice! The area has been slow to start but with Downtown Fort Worth and the hospital district so close, it appeals to a wide range of people. Plus, the uniqueness of the homes you can't beat. I find, most people are tired of long commutes and are ready to get back to the city.
1 vote Thank Flag Link Wed Mar 26, 2008
So all the realtors who have commented below say "YES, you should buy in Fairmont and the prices will rise" and all the people who live or have lived there, looked at investing there, or know people who live there say "NO, you should not buy, there is crime, gangs, hype over the revitalization, etc".

Look at what motivates people and you'll find who is telling the truth.
0 votes Thank Flag Link Thu Dec 6, 2012
My husband & I have lived in Fairmount for 3 years. We are planning to sell our modest home next year & guess where we're buying next?.......Fairmount! We both agree that we wouldn't live anywhere else. Many of my friends are envious of where we live because it's a hip area, with more & more young people moving in that are attracted to a cool neighborhood w/historic integrity, a nice range of local restaurants, & the arts. In the 3 years we have lived here, we've seen a tremendous uplift not only on the street we live on, but the entire neighborhood. I feel safe here & always have. Now that Montgomery plaza has been transformed as well as a new scene that is continually developing on Magnolia, I am confident we made the right choice in moving here when we did!
0 votes Thank Flag Link Sat Nov 19, 2011
So an investor plans to sell for 200k? That means absolutely nothing. Planning to sell and selling are two completely different things. Additionally, you have no idea how much they paid for the house and how much it cost to renovate, not too mention carrying costs and cost to sell. There are plenty of investors who must go through the experience of renovating a home in fairmont before they realize it's a bad deal. Drive anywhere in Fairmont at night and you'll see exactly what it is NOT an up and coming area. I feel bad for anyone who buys into Fairmont without some due diligence on the truth of what the neighborhood has to offer. There are many, many homes in Fairmont that have been sitting on the market for over a year with no interest.
0 votes Thank Flag Link Wed May 11, 2011
Well...Justin...whoever you are, if you didn't buy in Fairmont then your loss, our gain. The "investor" next door just renovated a home that is being paved and sidewalked now, and plans to sell it for around 200K. I'll take my chances with the area since buying in early 06, it's all gravy for me.
0 votes Thank Flag Link Wed May 11, 2011
I lived in that area for all my childhood and my parents still live in this area. While everyone is saying it is a good investment due to possible market value increases you should take into consideration that this has been going on for years. Crime is bad there; I know crime is everywhere but you need to be very careful here and gangs are bad too. Personally, for the amount of money you would pay to live in one of these older homes I would look somewhere else. This as a resident and a mom of three not as an investment buyer.
0 votes Thank Flag Link Wed Mar 9, 2011
I would have to agree that you need to be careful in this area. There are builders for new homes in the area and they do a good job. Some of the remodel jobs i have been in were pretty shoddy due to their apparent lack of foundation knowledge. There are still a lot of rentals in the area as well, so one block might be bad while another could be good. I'd get a realtor that lives in that area or is very knowledgeable of Fairmount.
0 votes Thank Flag Link Wed Oct 20, 2010
Check out this builder in the Fairmount District, brand NEW houses. They have some built already that are for sale. Then they have lots and you can work with them to build a new house.
Web Reference: http://www.fitebuilders.com
0 votes Thank Flag Link Sat Oct 16, 2010
Absolutely not, the area has been up and coming for 20 years and hasn't budged. Many investors won't even look at homes in the area because they're not worth fixing. Anyone who tells you this is a decent area either doesn't have a clue or has an interest in selling property.
0 votes Thank Flag Link Fri Sep 24, 2010
Wow, those are some rosy answers. Be very careful in this area, one block may be fine, the next you will be in trouble. And you will need some very experienced Realtor help, someone who knows the area very, very well. I would say this area has been "in transition" for as long as I have been in real estate. I have agents who live in the area, and i have looked at buying in the area, only to reconsider...higher risk, higher rewards.
0 votes Thank Flag Link Tue Aug 24, 2010
As a real estate professional who has worked in the Fairmount area my answer would be yes, real estate values will rise in Fairmount in the next 5 years. Young professionals quite often request the Fairmount area when looking for a home. It's close proximity to downtown, the medical district, restaurants and shopping makes it a highly desirable area. Not only are the homes being restored, town homes and lofts in the $200,000 to $300,000 are being added. For information on the Fairmount area, refer to websites for Fort Worth South, fortworthsouth.net and Fairmount Southside Historic District, historicfairmount.com.
0 votes Thank Flag Link Thu Mar 13, 2008
Fairmount is an area that has been in a revitalization program for several years. As you can see as you drive around the area, it is a mixed area with some homes that have been refurbished and others that have not been. As a REALTOR living and working in the area, my answer is yes, the area will continue to increase in value. Based on location and proximity to downtown, it is a good area.
0 votes Thank Flag Link Sun Feb 17, 2008
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