We are thinking of buying a home in starcreek, allen. Is this property great to invest into? We are going for a 5k premium lot with a farm behind us.

Asked by Preetidesign, Allen, TX Wed Aug 10, 2011

We had options between going for a negative lot and this one and though it's true that we don't know what might become of that farm 2-3 yrs down the road, do you think it's okay to invest in it?

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ALAN WYNN, Agent, Allen, TX
Thu Aug 11, 2011
BEST ANSWER
Preetidesign,

It is clear that your strategy is well thought out. And that you are looking at all of the issues in terms of the value proposition, short and long term equity position, future market strength, etc. Buying a home is an emotional decision wrapped around logic. So you and your husband are pursuing this the right way. The vacant lot certainly adds a bit of uncertainty. And there is absolutely no way to forecast what will happen.

I have lived in Allen since 1990 when the only thing West of 75 was the Mcdonalds and the Chevron...and farmland...all the way to Custer. And you can see what has happened...explosive growth. So we can only make our decisions based on what we know rather than what we think will happen. I know that probably doesn't help much. But there really is no right answer for the question. There is one thing that I can suggest and that is to contact the City of Allen zoning and ask if there are any zoning change requests for that land. Also, you might consider contacting the owner of the property and just ask them. These are the kinds of things that your agent can do for you if you decide to be represented.

As far as an interior lot, builders price position, etc...a builder will always negotiate in spite of what they are telling you. An experienced buyer's agent knows what the builders margins are and is trained to negotiate for their client against these margins. Your commitment to be in the home "longterm" is the best way to build an equity position and insulate yourself against the market. But longterm is the key. When the "unforseen" happens...especially now...it is almost impossible to protect equity unless you are considering a large down payment.

There are a lot of factors at play here of course. And obviously the more information you have, the more informed decision you can make. I would highly recommed that you at least speak with a buyer's agent, lay all of this out and get their opinion. I have several very experienced buyer's agents in my office that are very familiar with Allen and StarCreek that I could suggest to you. And you might consider speaking to several...just to compare notes.

I hope this helps some. Thank you for using Trulia Voices and please do not hesitate to contact me if I can help you in any way.

Best Regards,

Alan Wynn - Branch Manager
Coldwell Banker Residential Brokerage
17101 Preston Rd., Suite 110
Dallas, TX 75248
214.729.5582 (cell/text)
972.931.2400 (office)
Alan.Wynn@cbdfw.com
Web Reference:  http://cbdfw.com/alanwynn
0 votes
ALAN WYNN, Agent, Allen, TX
Fri Aug 12, 2011
Preetidesign,

Having a bigger lot simply gives you more options as far as the footprint of the house. This includes the overall size of the house as well as where it is placed on the lot. Of course there are building setback lines that have to be adhered to. But a larger lot will typically allow you more leeway side to side, especially if you are planning on using the backyard for other things such as a pool and play area. I would ask about the setback lines as well as easements on the lot to make sure you will be able to accomodate your choices.

In terms of being the "biggest house"...this only applies to actual liveable square footage. And just because you buy a larger lot does not necessarily mean that you have to build a larger house. That's really personal preference.

Thanks.
1 vote
Bruce Lynn, Agent, Coppell, TX
Wed Aug 10, 2011
A good example of this is at the corner of Bruton Orland and Flower Mound road....nice peaceful farm field, sometimes with horses grazing.
You know what they'd like to put there?
A CVS or a Wallgreens...a bookstore and a coffee shop....so think if you lived on Burlington if you would like that in your backyard.....
Same thing up the road at Flower Mound Road and 1171 where Tom Thumb is. Think about the people who build the really nice Bud Bartley development around Sonoma Bend. I'm sure they never thought they would back to a big grocery store.
Just a couple of examples of what can happen.....I just wouldn't want to take the risk....and especially not pay more for it.
1 vote
Pam Gossick, Agent, Allen, TX
Wed Jan 11, 2012
Star Creek is a fabulous neighborhood in a great area.
Are you purchasing a Darling or Highland Home?
Both builders have an excellent reputation. I had contracted on a home in the first phase at one point until my fiance' decided that he needed to be closer to the suburb he works for. I was very disappointed that we would not be living in Star Creek.
I sold a home several years ago in Allen where the land behind the home belonged to a church. I was assured that the land would someday be a school. The Villages of Allen are very close to the back of that home now.
From your messages I see you are well educated in this process.
If there is no current zoning and a retail or large office building can be wedged near the back of your home I would not consider the lot which backs to the field.
At this moment I cannot not envision that lot.
I have been a Realtor in the Collin County area for over 14 years.
It would my pleasure to meet with you and discuss my qualifications as a buyers agent and the stategy of working with a home builder.

Pam Gossick
Keller Williams Realty
972-342-7217
pamgossick@yahoo.com
0 votes
Preetidesign, Home Buyer, Allen, TX
Fri Aug 12, 2011
We are trying to go for one of the biggest lots to accomodate a pool and play area for the dogs and kids..the size of the house is average with the community...in such a case would it be called 'the biggest house?'
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Fri Aug 12, 2011
It's always about location. I don't know the area you're talkig about, however I do know that not all lots are created equal. If the choice is between a "negative lot" and one which you consider more desireable, I'd say go with the more desireable lot. Just as you appreciate it now, someone else will appreciate it in the future.

Best of Luck.
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Aug 12, 2011
Part of our normal real estate speak....is don't buy the biggest house in the neighborhood. Buy the smallest. Of course you have lots of competing factors in your decision, so it is not always this easy.
0 votes
ALAN WYNN, Agent, Allen, TX
Thu Aug 11, 2011
Excellent! You are what we would call the "perfect client"...you know your stuff. There is no doubt that you will make the right decision.
0 votes
Preetidesign, Home Buyer, Allen, TX
Thu Aug 11, 2011
Yes It is true that we are really figuring out all our options and we are being very smart about this purchase. We do our homework well. I went as far as to see where my money takes me if I go for a recently built preowned home and I can see that I get so much more! We love the starcreek neighborhood but not at the cost of compromising on our lot size and our needs as home owners.
0 votes
Preetidesign, Home Buyer, Allen, TX
Thu Aug 11, 2011
Well we do have the option of going into a interior premium lot but the builder's manager has said they aren't going to budge on the price...another issue my husband has is going for the biggest lot + more expensive floorplan in that community and it's slow appreciation vs. other houses that are lesser expensive..he says we won't get all our money back especially if we plan to put a pool in. we plan to stay there long term but incase anything unforeseen comes..we'll be stuck shelling out all this money now and not getting back all of it since the other houses won't be as much as ours! we are still figuring out who to contact for a buyer's agent...we want to make the best decision.
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Aug 10, 2011
Great area, nice neighborhood.

I personally would never buy a lot that backs up on vacant land that has the potential to be developed. The people who want you to buy will tell you all day long what you want to hear....it will stay vacant....it will be a greenbelt....it will be other houses...etc. Anything and everything can change if it is vacant. I always imagine my worst nightmare on that vacant lot.....big store...lights....soccer field with lights and noise until 12mid...or whatever. That's the risk.

What is your agent telling you? Tell us please that you have an agent helping you. Never ever build a house without an agent. The builder reps will be nice and friendly, but they are working against you, never for you. They're experts at separating buyers from their hard earned money. Always have an agent working for you when buying a new home. See just a few of the things that can go wrong building a new home here:
http://teamlynn.yourkwagent.com/atj/user/AdditionalGetAction… It's not to scare, you just give you thought about adding an agent to the picture.
0 votes
John Safstrom, Other Pro, Allen, TX
Wed Aug 10, 2011
I think Star Creek is a great development with a great location. I am just north of Stacy on the other side of 75 central. I know one realtor who has lived there for a few years now.

I definitely recommend using a buyers agent to help in your search. They will be able to show you comps for the existing homes and the new homes in the immediate area to give you an idea of how the values have held up. If you need any recommendations let me know.

John
Systematic Home Inspections
214-600-4344
0 votes
Rajan Mathai, Agent, Dallas, TX
Wed Aug 10, 2011
Star Creek in Allen is Basically a strong Homeowner community rather than investment. Value in Allen specially in Star creek, might not go down at all , in fact it is going up right now and I hope it remains like that for a long time to come. Any ways it is better for you to hire Realtor who can throw more light into your question when he or she has the fiduciary duty towards you. All the advice you can get now at this stage is just peripheral.

Please feel free to call me if you think you will need my services

Sincerely

Rajan Mathai
214 649 5086
rajanm@kw.com
Keller Williams Realty, Allen
0 votes
Preetidesign, Home Buyer, Allen, TX
Wed Aug 10, 2011
we don't have a buyer's agent...
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Aug 10, 2011
Your buyers agent needs to assist you guide you for research

Against professional code of ethics for any Realtor to render an opinion

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
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