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Old 10-02-2013, 12:36 PM
 
Location: Dallas, TX
2,828 posts, read 3,396,460 times
Reputation: 1815

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Quote:
Originally Posted by bencronin04 View Post
So this question has come up because we are considering purchasing in the area. A house close to us was recently put on the market. The asking price is 265K according to the links I have found. Now, I thought that was well over the value of the house and decided to look up it up on the DCAD. Now I know it is more than likely going to be lower for the appraisal district, but not but a LARGE percentage. The house has not undergone any renovations since it's appraisal, so I just want to see if this is normal or if they are possibly asking way above market value. Please let me know your thoughts, links below!


Moderator cut: only realtor.com can be cited

DCAD: Residential Acct Detail
Oops, nvm looks like they updated it.

http://www.realtor.com/realestateand...9_M81324-31047

Last edited by bencronin04; 10-02-2013 at 12:45 PM..
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Old 10-02-2013, 12:38 PM
 
Location: Dallas, TX
2,828 posts, read 3,396,460 times
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Quote:
Originally Posted by JTC Mom View Post
I drove by that house with a friend yesterday. It is a wide lot, which is nice. The block closest to Inwood (where the house is) also seems much nicer than a few blocks west, even on the same street.
We're on the same block just a few houses down! Lol, if you saw the giant Texas Tech flag!
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Old 10-02-2013, 01:07 PM
 
11,688 posts, read 21,299,249 times
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Sometimes the values are close, sometimes they aren't. The Bird Streets have risen in value so much over the last 5 years that it wouldn't surprise me if DCAD values really lagged market values.

I noticed on dcad in the next block down 5107 Wateka sold in May 2012 and is a 1500sf home on similar lot valued at $261k. Dcad does generally find out how much you paid for the house - or uses a calculation based on how much mortgage you took out- so I would have realtor pull photos and sales info on 5107. If it is within 10-15% of the asking price for the home you're considering (given values have gone up considerably in the past 17 months) AND in comparable condition- then I think the home you're looking at is fairly priced. If you do buy it, remember dcad will find out what you paid and your tax bill will have a HUGE adjustment in 2014 to market rate.5107 was valued at $134k until the current buyer bought last May.
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Old 10-02-2013, 01:14 PM
 
Location: Dallas, TX
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Yea that house under went major reno. The entire interior was gutted and upgraded, so that price doesn't surprise me too much.
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Old 10-02-2013, 01:17 PM
 
Location: Dallas, TX
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Thanks for the info everyone!
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Old 10-13-2013, 11:41 AM
 
Location: Dallas, TX
2,828 posts, read 3,396,460 times
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Well looks like it may be time to speed up the process of purchasing for future investment if they are going to start putting houses like this up in our area. I guess it's a good sign, but it's also a little scary to think that prices are rising so quickly.

4929 Wateka Dr, Dallas, TX 75209 - New Home for Sale - realtor.com®
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Old 10-13-2013, 02:40 PM
 
603 posts, read 678,821 times
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Ha! I noticed that when I drove by the other one with my friend a week or so ago. It is so out of place in style, size, and every way. I think building something like that on that block is a mistake - but what do I know...someone will buy it at the right price. Maybe it will start a trend on the street, but I think it's going to be sticking out in a bad way for a long time!
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Old 10-14-2013, 12:46 AM
 
11,688 posts, read 21,299,249 times
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Quote:
Originally Posted by JTC Mom View Post
Ha! I noticed that when I drove by the other one with my friend a week or so ago. It is so out of place in style, size, and every way. I think building something like that on that block is a mistake - but what do I know...someone will buy it at the right price. Maybe it will start a trend on the street, but I think it's going to be sticking out in a bad way for a long time!
I agree with you. New construction or not, that is a seriously aggressive price for that location. We have some friends who were "pioneers" of the still-sparse new construction on W University between Inwood & Love Field. We thought they were absolutely insane to pay $500k-ish 4-5 years ago and to this day, none of the rest of that stretch has been torn down & rebuilt. We think they'll either be there forever or easily lose $50k+ when they sell....no thanks!!

Bird Streets is tricky. Good location and adjacent to lovely high-end neighborhoods, however aside from Robin Road, the rest of the orig homes in that area were not built as nicely as the neighboring cottages in HPW / Greenway Creat/ Devonshire....not going to turn into $300-400/sf cottages anytime soon. Probably going to look more like Lakewood Heights where everything was ripped down and rebuilt new. You just need some builders to barge in and start on 10+ homes at once to build buyer confidence, IMO.
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Old 10-14-2013, 07:44 AM
 
Location: Dallas, TX
2,828 posts, read 3,396,460 times
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Quote:
Originally Posted by TurtleCreek80 View Post
I agree with you. New construction or not, that is a seriously aggressive price for that location. We have some friends who were "pioneers" of the still-sparse new construction on W University between Inwood & Love Field. We thought they were absolutely insane to pay $500k-ish 4-5 years ago and to this day, none of the rest of that stretch has been torn down & rebuilt. We think they'll either be there forever or easily lose $50k+ when they sell....no thanks!!

Bird Streets is tricky. Good location and adjacent to lovely high-end neighborhoods, however aside from Robin Road, the rest of the orig homes in that area were not built as nicely as the neighboring cottages in HPW / Greenway Creat/ Devonshire....not going to turn into $300-400/sf cottages anytime soon. Probably going to look more like Lakewood Heights where everything was ripped down and rebuilt new. You just need some builders to barge in and start on 10+ homes at once to build buyer confidence, IMO.
Yea, there seems to be about 5+ homes in the area that have been torn down and new construction started in this small area. A lot of homes have been purchased and completely renovated lately, which we actually prefer over new construction. It will be an interesting transition. I think there is some real hope in the area, especially with an improving tag elementary feeder. I guess only time will tell.
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Old 10-14-2013, 03:08 PM
 
Location: East Dallas
931 posts, read 1,748,193 times
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Don't worry the appraisal district will catch up.
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