Market Conditions in 75206>Question Details

bnann, Home Buyer in Dallas, TX

What is the $/sq ft in Greenville Crest 1 neigborhood (M streets between 75 and greenville)?

Asked by bnann, Dallas, TX Thu Mar 21, 2013

I live on Monticello Avenue between 75 and McMillan. I recently had an appraisal done and was told that the comps was $204 sq ft. This seems incredibly low for the area (Currently and historically).

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Answers

7
Recent solds in that area range between $122 and $251 per square foot with an average of $194. That includes houses of all condition, size, etc. As mentioned, the appraiser would have found the houses most comparable to yours and used them in his analysis.
0 votes Thank Flag Link Fri Mar 22, 2013
Obviously none of us has seen your home or even know the details, but your appraiser could be in the right ballpark. The real trick is in your area that there are different sizes of homes, different ages, and different levels of repair due to the age. Some haven't probably been touched in 80 years, so have had everything redone. Some have garages and some don't. That status of all those issues and more can affect the appraisal.

Even with all that taken into account in your neighborhood in the past six months there have been probably a dozen sales with most in the 180s/sqft range. Only one sold over $200/sqft. Prices seem to be improving though and the next 4-5 sales look like they might be over $200/sqft. So in the current environment just a few months can make a big difference.

If you want to see some of the homes or keep up with what is for sale in your neighborhood and the prices check out this link:
http://www.metroplexhomesalesinfo.com/listings/areas/23580/s…
0 votes Thank Flag Link Fri Mar 22, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hi Bnann,

The particular appraisal is only the opinion of the appraiser.
This Mstreets market is indeed very hot. I lived in Lakewood Mstreets for years and now properties in the 300k range usually get an offer within a week or so.

Please let me know if you are interested in selling. I would be happy to send you a CMA price estimate from a local realtor - me.

You can reach me at dixondfw@gmail.com

Thanks

Dixon
Realtor
http://www.findyourtexashome.com
0 votes Thank Flag Link Fri Mar 22, 2013
As the others have said - there is no "one size fits all" answer. Unless you are comparing homes that EXACTLY alike, on the EXACT same lot situation (which can also vary from street to street, even block to block) then no 2 properties will have the same price per square foot. Homes are not sold by the square foot like fabric, or shingles, or any other item that IS sold by the square foot. While that number can be a decent barometer to tell whether or not a property is priced "in the ballpark" it should not be relied upon to determine fair market value - it's only a tiny fraction of the entire equation. Was the appraiser saying that your property compared to other properties that did sell around that price point, and did not compare well with properties that sold for higher price points? Size will also make a difference and could possibly be something you need to look at - the bigger the home, the smaller the price per square foot calculation (again, different from "value"). If your home is 3000 sf, an appraiser isn't going to compare it to homes of s000 sf - and those, with similar amenities and finish out, in the same area, will always have a higher per square foot price calculation than the larger one.
0 votes Thank Flag Link Thu Mar 21, 2013
I have friends and clients who are residents in that particular area... I would agree with Susan and your appraiser .

NOTE: Your appraiser has all the facts and particulars regarding your home we don't therefore no professional can render an opinion unless we have all the details involved.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

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0 votes Thank Flag Link Thu Mar 21, 2013
Well, this is a question that seems to have a simple answer, but it is actually way more difficult and complicated.
When appraising a property by an appraiser or for a Realtor to provide a home owner with a detailed and value adjusted property market evaluation, both are taking into account what is similar and has
recently sold, in other words they do not compare any style and any construction with any other home
that has sold.... they compare Split level homes with split level homes, and 2 story colonials with 2 story colonials, similar construction, similar sq.ft. and rooms, and then make adjustments up or down depending on what the property in question has or does not have compared with the comparable properties that have recently sold, including lot sizes, and Realtors then also take into consideration the construction quality, age of home, high end amenities inside and out etc. etc. and then come up with an answer, the appraiser with an appraised value with comps...
The Realtor a range suggested list price and possible final sale price based on current negotiation levels.
Both like to stay within the last 6 months time frame, if no comparables available they may go longer
or further out the area...

So since homes are different in upgrades and inside amenities, the pricing can vary you can see from the agent below me, that there are ranges, and your appraisal seems to fall into the sold property
range... hope this helps
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
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0 votes Thank Flag Link Thu Mar 21, 2013
Hi there,
Appraisers typically look back 3 to 6 months for the comparable "solds" in the same subdivision and will compare 1-stories with other 1-stories and 2-stories with other 2-stories of similar square footage. They'll also take into consideration size of lot, location of lot (does it back to commercial or main street, etc.) and what condition the property is in, including updates.

Without knowing any of these things about your home, it would be difficult to say. However, a quick market analysis of your subdivision for past six months shows that homes have sold pretty quickly (within a couple months) at between $116.73psf and $213.80psf.

Current homes on the market are priced between $189.10psf and $308.61psf. Hope this helps! Feel free to contact me for further details. Thanks!

Susan
Your Home Is Where My Heart Is!
0 votes Thank Flag Link Thu Mar 21, 2013
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