Home Buying in Allen>Question Details

Sunray, Home Buyer in 94089

Is it a good idea to buy house near an upcoming Mall in Allen?

Asked by Sunray, 94089 Mon Jun 16, 2008

I am looking to buy a new 2008 home in Silhouette community of Allen. This community is very close to Stacy road. I see there is construction of a new mall that is going to come next year. Is it a good idea to buy a home near a shopping mall ?

Please advise.

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Allen is a great place to buy a home because of it's location and growth. Silhouette active listings are at $93.99/sf. and sold listings are at $81.58/sf. While th actual subdivision itself is close to Stacy Rd., if you purchase a home that is not backing up to a major road or backing up to the shopping complex itself, you should be fine. You can find out more about those malls here: http://villageatallen.com/ and http://villageatfairview.com/. Shopping centers get run down because there is something newer and better that is built. However, there is no more land in Allen to build large developments like this so the city will take care of it and won't let it be run down. I am a Realtor in Allen and specialize in new homes. Let me know if I can help in any way.
Web Reference: http://www.janusREgroup.com
0 votes Thank Flag Link Tue Jun 17, 2008
I would say it depends at least partially on how long you plan to stay in the home. From hard-earned experience, I can tell you that over time, houses near shopping malls decline in value. I don't have the statistics or the scientific research data; however, all you have to do is go to some of the older shopping malls around the DFW Metroplex (or just about any city, for that matter), and with very few exceptions, you will see houses that have declined in appearance, upkeep, maintenance, and overall value. Other than that, the traffic congestion alone would be enough to keep me from buying a house near a mall.
0 votes Thank Flag Link Tue Jun 17, 2008
Praveena,

One of the factors every buyer needs to consider, regardless of weather you plan on living in the home 5, 10, 15......years is its "resale value."

Proximity to a mall in not a normal criteria for buying property.
0 votes Thank Flag Link Tue Jun 17, 2008
What would be a fair price to pay per square foot in that community ? The house that I am looking for is between Greenville avenue and Allen Heights ?
0 votes Thank Flag Link Tue Jun 17, 2008
Praveena,
The new shopping area in Allen/Fairview should be very nice and will attract more growth to that part of Collin County. The location of the home in proximity to the new development will determine the desireability of the home. For example, if traffic will be an issue getting into your neighborhood, that would not be a desired trait. If the home backs directly to a parking lot, that would not be desirable. However, having great shopping and dining close to home are things many home buyers are looking for.

I have noticed that you have asked for alot of advice on buying a home in the Collin County area in general, and it doesn't appear that you have narrowed down a specific city/location. If you would like some additional information about homes that may fit your needs, I would be happy to help. Please just let me know what it is that you are looking for, and I will offer some suggestions on cities and/or neighborhoods that may meet your needs. I specialize in the areas you are searching including: Plano, Murphy, Wylie...up to Parker, Lucas, Allen...and into McKinney and Princeton. Please feel free to contact me for more personalized information.

I hope that you find what you are looking for. There are so many wonderful communities in our area. Have a wonderful week.

Melissa Hailey
Coldwell Banker, Jane Henry Realtors
214-418-0180
melissa.hailey@coldwellbanker.com
0 votes Thank Flag Link Tue Jun 17, 2008
FYI ~ don't purchase a home direct from a builder / seller/ listing agent UNLESS you have your own realtor who represents you THEREFORE if something goes wrong you have your own realtor e & o insurance. We also offer a Dallas home buyer rebate earn up to 50% of our commissions.

SINCE GAS PRICES are on the up home buyers are searching for homes close "to the action" therefore less gas spent getting to or from a location. Just as a long a home DOES NOT BACK UP to the commercial area, I don't see a problem... example North Park Mall in Dallas how many luxury homes are right there off the building campus, with new construction across the street.

http://www.lynn911.com contact my office if we can be further assistance 972-699-9111 email: 911@lynn911.com
0 votes Thank Flag Link Mon Jun 16, 2008
Praveena,

Silhouette subdivsion is a very nice area of Allen. As long as the commercial area is kept up well, it should be an attractive feature for home resale not a deterrent - unless you actually backed up to a major road or to the mall itself. Are you familiar with The Shops at Willow Bend in Plano? The homes in that area are very nice as well, have not been adversely effected and have gone up in property value.

As they say, retail brings rooftops and it also helps keep your homeowners taxes lower.

Let me know how else I can help. I specialize in new homes.

Thanks,
Terri Hayley
0 votes Thank Flag Link Mon Jun 16, 2008
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