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Old 04-04-2013, 11:27 PM
 
1,256 posts, read 3,182,090 times
Reputation: 931

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What do you think about this Southlake potential teardown? It's located in a 1acre lot... N/S orientation, near 114 and the Southlake Shopping Center which is a plus... Carroll ISD schools also.

2420 Greenbough Ln Southlake TX - Home For Sale and Real Estate Listing - MLS #11830297 - Realtor.com®

My issues/cons:
1. Non-custom neighborhood... I'll be the only large house here.
2. Airplanes overboard since this is under the flight path.
3. No subdivision feel.

Pros:
1. No HOA
2. 1 acre and wooded, I can build my dream home here
3. Good location (minus the flight path)

Other questions - how much would it usually cost to tear down a house prior to building custom?

And do you guys think this is a good plan? Buy it, pay it off, and then in 2 years build a custom house? Do you think this is a way most people are headed in this area especially since there is less and less lots available? Do you think I can capitalize on this before everything around me becomes a tear down?
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Old 04-05-2013, 01:09 AM
 
13,180 posts, read 12,698,329 times
Reputation: 4531
Quote:
Originally Posted by pinipig523 View Post
What do you think about this Southlake potential teardown? It's located in a 1acre lot... N/S orientation, near 114 and the Southlake Shopping Center which is a plus... Carroll ISD schools also.

2420 Greenbough Ln Southlake TX - Home For Sale and Real Estate Listing - MLS #11830297 - Realtor.com®

My issues/cons:
1. Non-custom neighborhood... I'll be the only large house here.
2. Airplanes overboard since this is under the flight path.
3. No subdivision feel.

Pros:
1. No HOA
2. 1 acre and wooded, I can build my dream home here
3. Good location (minus the flight path)

Other questions - how much would it usually cost to tear down a house prior to building custom?

And do you guys think this is a good plan? Buy it, pay it off, and then in 2 years build a custom house? Do you think this is a way most people are headed in this area especially since there is less and less lots available? Do you think I can capitalize on this before everything around me becomes a tear down?
I live in SL and my lot is 1.1 acres, also not in a subdivision. That's not a bad area to build a custom home. My concern would be overpaying for the lot because of the house, and also the the fact that nearby homes will not be as nice as yours, but also not candidates for tear downs. You could build this home and nobody follow your lead, and thats not good for long term appreciation. I'd want to be sure there were no lots in SL available where the home values would be the same or greater than your new home, before I committed to that area. The risk is not that you would lose any home value, just that you might not see the appreciation you would have seen if you had built on a street with other exclusive, new homes. Aircraft noise is insignificant. It's something outsiders ask about, but residents are completely oblivious to. Also, only a select number of streets have we seen grouping of tear downs, it's not a city wide practice at this point. Too much open land for that to go full force.

Last edited by padcrasher; 04-05-2013 at 01:28 AM..
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Old 04-05-2013, 06:03 AM
 
11,681 posts, read 21,263,030 times
Reputation: 10074
Real estate rule #2- don't buy the biggest house in the neighborhood. And certainly don't build it!! Will SL go the way of the Park Cities / Lakewood/ Preston Hollow some day with entire parts of the neighborhood reshaped by tear downs & new builds? It's certainly possible, but the SL area isn't built out enough to hit that tipping point anytime soon. Plus, in the above-mentioned in-town neifhborboods, teardown homes are priced & marketed at "lot value only". This house in SL is priced at lot + home value....in other words, you're overpaying.

Are there any older neifhborboods in SL where teardowns have started? If you can find one where 10-20%+ of the neighborhood is rebuilt into custom homes of the price point you're considering, then that is worth a look. But for the love, please don't be the pioneer if you have any hope of selling your home in the next 10 years and making any money on it. It's likely you'd take a bloodbath if you sold as most buyers and realtors know not to buy the oddball, expensive house in the neighborhood- or not to buy it full price!
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Old 04-05-2013, 06:13 AM
 
Location: DFW - Coppell / Las Colinas
29,967 posts, read 34,577,096 times
Reputation: 35969
$295 Teardown + $40k to tear down = at least a $1.2 million house.

Basically you are getting a $330k lot and you'll need to build a $800k house on top of it to justify the teardown. Is a $1.2M house in your price range ?
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