Why does it seem like there are a lot of foreclosures with townhomes in Craig Ranch?

Asked by Erica, Fresno, CA Sun Aug 3, 2008

Why does it seem like there are a lot of foreclosures with townhomes in Craig Ranch? I am moving from Houston to work off Legacy and would like to buy a townhome in the Craig Ranch area, but I'm kind of scared by the townhome foreclosure/short sales. It seems like it is a lot of David Weekly townhomes. Do you know if people who buy in Craig Ranch get access to the Cooper aerobics center?

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Busymomof5’s answer
Busymomof5, Home Owner, Prosper, TX
Sat Jan 15, 2011
dont listen to all the brokers and agents that want to sell you one. I lived there. The HOA is a nightmare. All the old people just sit around waiting to complain if you breathe wrong. You cant enjoy your home and it DOES NOT feel like a home.

The place is terrible. The foreclosures are because the people who bought as an investment could not keep renters because they were so harassed and the ones that bought wanted out so bad that they walked away just to get out of Craig Ranch. The place is a nightmare!

RUN! Dont walk. RUN away from any home in Craig Ranch. Just drive through the neighborhoods and you will find 3-10 houses on every street with a for sale sign in the yard.

Everyone wants out. We moved and are so glad we got away from that horrible HOA and neighborhood.
0 votes
Brad Holden, Agent, Frisco, TX
Fri Feb 12, 2010
There were but now it has been cleaned up. If you still have interest there are some ready to move into now!

Good Luck!
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Chris Harden, Agent, McKinney, TX
Wed Aug 27, 2008
The short answer to the foreclosure question is that the builder sold the units to out of town investors who rented them out thinking the value in the area is going to increase like California and Las Vegas but that did not happen. Thus, property taxes come due and they do not have any equity in these properties and the rent does not cover the excess cost...so, now you have short sales and foreclosures. I am working with an investor now buying a foreclosure there and also have another foreclosure listed in the complex.
As stated by the previous agents, Cooper is separate fee.
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Bruce Lynn, Agent, Coppell, TX
Sun Aug 3, 2008
For membership info to the fitness center you can call 214-383-1000 .
There are a lot of townhomes for sale. Many short sales and likely soon many foreclosures as well. Nice place and nice area, just tons of homes on the market. Likely not any more town homes than other homes in the area. As with many other area neighborhoods lots of people use high financing amounts or rolled in closing costs and appliances. The market has not moved and is perhaps now down slightly under initial purchase price. Add a 8-10% selling cost to the transaction and you can quickly see the buyes are now upside down on the purchase thus the short sales. If you plan to stay a while or forever this might be a nice option for you if you live and work nearby. Another option that might be a slightly different play are the condos in old downtown Plano. These should have nice appeal in the future due to the proximity of the DART light rail.....slightly longer drive for you, but still an option. Let me know if I can help.
Web Reference:  http://www.teamlynn.com
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Ronda Allen, Agent, Plano, TX
Sun Aug 3, 2008
Craig Ranch amenities like Cooper Aerobic Center and the TPC golf course are separate memberships than the Craig Ranch HOA. Townhomes in the 'burbs have been a relatively new concept to Dallas. And, the townhomes that have been done rival pricing for single family homes in our area. These are not short-term investments. Real estate of any kind in Dallas is still best handled as a 5-7 year investment cycle to build equity and appreciation. Some of those townhomes are rental properties, too, and buyers can be wary at times of buying in an area where investors maintain rental homes. David Weekley is a reputable builder in our area. There is also a community trolley that runs routes through Craig Ranch and local shopping - like the nearby Super Target, On The Border mexican restaurant, and more. So, you can treat this area like a walk-about community. You won't even have to use the Hwy 121 tollway to get to work. The North-South streets in McKinney connect to the grid in Plano for easy access to Legacy and the Legacy Business Corridor. You'll be close enough that you can go home on your lunch hour if you should choose to do so. I just placed a single mom with two small boys in Craig Ranch last week. The four corners of Allen,McKinney,Plano, and Frisco are here - with exciting commercial development happening right now. Restaurants, shopping, hotels, movie theatres, and more are in the works. Cooper Aerobics Center is a great facility, and the largest Lifetime Fitness in the Dallas area is just a few minutes South at the Hwy 121 and Lake Forest intersection in Allen. Let me know if I can be of further assistance.
Web Reference:  http://www.craigranchtx.com
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