New construction in Lakewood? (Dallas, Victoria: real estate, apartments, to rent)

[MOD220]

Looks like Lakewood is the area were most interested in. Now the question is, do we build new, buy existing, or get into a rehab? My issue with existing is were struggling to find a home we love, we like the "French" style homes which are less common. However, new construction has development risk and we'd need to rent during the build. Rehab has the same issue.

Anyhow, if we did build, who are the best builders in the area?

And how do property taxes work on new construction, I assume there's an immediate tax assessment? And with a rehab, would an assessor know if we redo the house, add pool, etc? Obviously there are permits, so they will know?

[Spree]

From what I have read on this board, Lakewooders don't take kindly to new construction in their neighborhoods. They like the feel the older houses lend to the existing area. You will also have to watch for conservation districts in the area, even if you rehab and want to change anything on the exterior.

Have you visited the area yet?

[FarNorthDallas]

This is a really funny column about the new houses popping up in East Dallas.
Goodbye, Groovy East Dallas - Page 1 - News - Dallas - Dallas Observer

[jennifw]

Lakewood resident here.

Are you thinking of scraping a lot and building completely new in the style you like? I may only speak for my end of Lakewood, but most of your neighbors won't like you if you do that. There is an area over by Lakewood Elem. (Sondra, etc) where this is the norm. These were smaller homes with not a lot of architectural value. There are 2-3 streets there were almost every home is new and looks a little suburban (to me). I think you can get away with it over there, but not in most of the rest of Lakewood. Maybe you don't care what your neighbors think, but (to be honest) that kind of goes against the entire mindset of Lakewood. I know - your money, your house and all that jazz, but I am just trying to share a general Lakewood sentiment.

Regarding builders, I think it depends on what you are doing - going modern? going traditional? more French? Re-build or brand new? I think you have to figure that out before you pick a builder. I can't remember if you are already in town? I think it is a good idea to drive around and see what you like and then look at the signs in the yards.

As far as renting during re-hab goes, there are several options. There are lots of apartments in the Village (b/w Greenville & Skillman, south of NW Highway). You might also find a duplex or something closer in the M-streets. It would only be temporary, so you might have to scrunch up for a while.

Not sure how the taxes work. My neighbor next door re-habbed last year (permitted and all) and their tax value hasn't changed yet.

Good luck!

[loves2read]

when you try to build new in older neighborhood--you have to apply for building permits and in some areas if people know what you are going to do they might be tempted to protest giving you permits to build new in older area

there are some areas with historical designations and/or city restrictions--like height of bldg--or the easement distance from boundaries that might also make it difficult to achieve what you want to do

I am not familiar with Dallas enough to say if any of those issues might crop up if you try to do a rebuilt

around here those homes are often referred to as "McMansions" even if they are not really that large in themselves--but they are significantly larger and styled very differently from the more modest homes they replaced...

do you understand why some people think that tearing down an original home and building something drastically different in its place is diametrically against your appreciation of Lakewood as a neighborhood...

tax appraisals are done for one year at time--in Tarrant county in the past it was very common for builders in new developments to keep paying taxes on unsold homes where there was a completed home--but one that did not have final city inspection done--at the rate of raw, unimproved land...at a price the developer usually got the appraisal board to agree with...like 45K when someone trying to actually buy one of those lots would be asked to pay 125K--some of those spec homes stayed on the market for two years--and the builder paid tax on the unimproved lot--but he if was required to pay on the market price of the house before it was sold he would be bankrupt--especially if he built several expensive homes a year...same way with the tract builders--

the first big tax bill is paid by the buyer--not the builder--who would just stick the taxes onto the price of the house as one of his costs anyway--so the buyer would still pay...

once the home was sold--the appraisal might or might not be adjusted to show a completed home--depending on when the house closed--

[MOD220]

Thanks for the feedback, a couple things...first, the character and charm of the area is the appeal, we don't want to ruin that. Second, from a real estate perspective, we want a home that "blends in," to keep resale higher and so it's not an eyesore in the neighborhood. Third, we have seen several homes in the area that fit our style, so this would not be something radically different than what is already in the neighborhood. Were just not having any luck finding current homes on the market, and new construction gives us the chance to get a more energy efficient home, tailored to our specs.

The reason we like Lakewood is it sounds similar to our current home in Chicago (Wicker Park), a blend of styles but with a lot of character. Some houses here are 100 years old, others are being built now, but they mesh nicely.

We don't want to build a palace, thinking ~ 3500 sq ft, in a classic French design. We want it to look like an older home, if that's possible.

Well continue to explore all options, and well likely rent initially so we don't rush into anything...

[TurtleCreek80]

Jennifw nailed it. While there may be a few 1920's French & some new McChateaus in Lakewood, the "blend in"'architecture styles there are Spanish Eclectic, Traditional/Colonial, Tudor, and Ranch. French - both old and new- is much more common in the Park Cities and Preston Hollow.

Doug Newby has a great website which shows the architecture styles "indigenous" to the varying Dallas neighborhoods. I'd check that out to get more of a feel for each area's style.

[MOD220]

Thanks TC, you are always here with great info! Just to be clear, while the interior and exterior should be consistent, when I say "French" I'm really speaking to the interior decor. White/creme cabinetry, glass chandeliers vs iron, white trim vs wood trim, etc. I think this could be used in traditional, ranch and Tudor style homes.

[TurtleCreek80]

Also, from a Chicago v Dallas comparison, Wicker Park is not really like Lakewod. It's much more urban, densely packed, and walkable. The shops & restaurants/bars along Division/Milwaulkee are most similar to Lower/Lowest Greenville, Deep Ellum, and Bishop Arts District in Dallas- which are all areas lacking in great public schools. The housing stock reminds me more of a cross between the new townhome construction in Dallas' Uptown and while we don't have many old Victorians left in Dallas, we have a lot of Craftsman homes off of Lower Greenville & other Old East Dallas neighborhoods.

Lakewood - and most of Dallas- is far more suburban looking and feeling and would be more akin to a Chicago suburb developed in the 1920's. I don't know the burbs there well enough to give a comparison but set your expectations that Lakewood has relatively little in common with Wicker Park.

You really need to come visit & see the various neighborhoods in person before narrowing down.

Lastly- with regards to new construction, just buying a lot with a "tear down" home in Lakewood is going to cost $325-500k. Demolition & clearing is about $20k. New custom construction in a quality comparable for the neighborhood (no Toll Brothers or David Weekly crap) is going to run $150-200/sf, so approx $600k range for your 3500sf home. All in, you're looking in the $900k-$1.2M range for new construction in Lakewood, which is comprable to what the new builds west of Lakewood Elementary have sold for.

[mSooner]

Lakewood reminds me a bit of (old) Palatine in Chicago.