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Old 09-23-2013, 09:08 AM
 
231 posts, read 281,137 times
Reputation: 151

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We are looking at a home in the Las Colinas area that is priced about $15-20 /sft higher than its neighbors and listed slightly higher than its peak 2008 list price. This *may* be a better constructed home, and could be worth the price they are asking and I am just trying to figure out what a fair price is to pay for it.

I know the last sale price (peak 2008, before the crash) and my (and my agent's) sense is we are closer to 2007 prices in the metroplex and the area. There are also some other issues with the home that is limiting for a resale. Because of the possibility that we may sell in 3-4 years time, we do not want to buy at a price that we cannot recoup when we sell.

Any opinions are appreciated, thanks.
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Old 09-23-2013, 09:16 AM
 
Location: Southlake. Don't judge me.
2,810 posts, read 3,565,871 times
Reputation: 3600
Quote:
Originally Posted by MovingtoDFW View Post
We are looking at a home in the Las Colinas area that is priced about $15-20 /sft higher than its neighbors and listed slightly higher than its peak 2008 list price. This *may* be a better constructed home, and could be worth the price they are asking and I am just trying to figure out what a fair price is to pay for it.

I know the last sale price (peak 2008, before the crash) and my (and my agent's) sense is we are closer to 2007 prices in the metroplex and the area. There are also some other issues with the home that is limiting for a resale. Because of the possibility that we may sell in 3-4 years time, we do not want to buy at a price that we cannot recoup when we sell.

Any opinions are appreciated, thanks.
If you're going to sell in 3-4 years, you're going to have a tough time breaking even after costs, period. It is highly unlikely that you would net more than a nominal amount, at best.
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Old 09-23-2013, 09:17 AM
 
Location: North Texas
23,599 posts, read 31,143,716 times
Reputation: 26656
Quote:
Originally Posted by MovingtoDFW View Post
We are looking at a home in the Las Colinas area that is priced about $15-20 /sft higher than its neighbors and listed slightly higher than its peak 2008 list price. This *may* be a better constructed home, and could be worth the price they are asking and I am just trying to figure out what a fair price is to pay for it.

I know the last sale price (peak 2008, before the crash) and my (and my agent's) sense is we are closer to 2007 prices in the metroplex and the area. There are also some other issues with the home that is limiting for a resale. Because of the possibility that we may sell in 3-4 years time, we do not want to buy at a price that we cannot recoup when we sell.

Any opinions are appreciated, thanks.
Rent.
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Old 09-23-2013, 09:33 AM
 
231 posts, read 281,137 times
Reputation: 151
Selling after 3-4 years is a possibility, not certainty. We have made a decision to buy for various other reasons and are also aware we may not recover all costs. Still, we want to minimize those costs by not overpaying for a home.

Any objective assessment - if such a thing is possible - of current metroplex price trends versus prices (pre-crash) in 2008 are appreciated. Thanks.
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Old 09-23-2013, 09:37 AM
 
Location: Simmering in DFW
6,947 posts, read 18,685,568 times
Reputation: 7182
Get an appraisal on the house by a reputable independent appraiser
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Old 09-30-2013, 08:20 AM
 
171 posts, read 307,358 times
Reputation: 187
Try making an offer with a contingency on the appraisal coming through at that price.
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Old 10-01-2013, 11:56 AM
 
Location: Dallas TX
14,294 posts, read 20,544,645 times
Reputation: 20159
I would personally rent. We just had to sell after owning the house for just five years. We barely broke even after getting the house 'show ready' and paying Realtor fees. Unless the company you work for is going to pay for your relocation and help you sell, rent!
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Old 10-01-2013, 12:04 PM
 
Location: Austin
7,077 posts, read 16,889,211 times
Reputation: 9484
Today's sales price has nothing to do with a 2007 or 2008 price. Look at today's comparable sales in the area and offer what today's value is. They might have over/under paid in 2008, but that's none of your business. They are selling today, in 2013, so look at sales today.
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Old 10-01-2013, 08:07 PM
 
11,671 posts, read 21,236,098 times
Reputation: 10057
Quote:
Originally Posted by FalconheadWest View Post
Today's sales price has nothing to do with a 2007 or 2008 price. Look at today's comparable sales in the area and offer what today's value is. They might have over/under paid in 2008, but that's none of your business. They are selling today, in 2013, so look at sales today.
I will hop on to this post with the additional comment that DFW's real estate did not have the huge run-up in values in 2005-2008 like Florida, California, Arizona, etc did. Perhaps op is moving from a place where the yoy increases were +20%, +40%, etc and assumes Dallas had the same real estate bubble.

Op, our historical appreciation in DFW is in the 3% range. Values did soften post 2008 but aside from a few areas that were less developed and got hammered with foreclosures (Little Elm, etc) and condos, values didn't plummet. Maybe went down 10-25%, not 50-70% like other parts of the US.

Our real estate market has been RED HOT for the last 18-24 months depending on metroplex location. But IMO, the prices arent being driven up by a bubble, but rather a healthy & diverse economy as well as tons of people relocating to Texas in general (for jobs, tax savings, better quality of living, etc).

All this said- 2008 is distant history. Evaluate the comps and decide for yourself what a good buy is in this market. That is the best and only way to go.
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