Park Cities / Univerity Park home off Preston would you buy? (Dallas: real estate market, 2014)

[GreyDay]

Looking for opinons- Would you buy a larger, but older home with nice formals but in need of alot of updates (60x255 lot) off of Preston (east side) between Mockingbird and Lovers?

Lot is deep but narrow. Problem is the setback from Preston is minimal. There's sidewalk, a traffic signal, a wall, then windows to the house. A plus would be ease of getting to the garage.

[TurtleCreek80]

Originally Posted by GreyDay

Looking for opinons- Would you buy a larger, but older home with nice formals but in need of alot of updates (60x255 lot) off of Preston (east side) between Mockingbird and Lovers?

Lot is deep but narrow. Problem is the setback from Preston is minimal. There's sidewalk, a traffic signal, a wall, then windows to the house. A plus would be ease of getting to the garage.

If it's directly on the corner of Preston, no. Noise, traffic, pita parking, etc. I assume you're talking Volk Estates with that kind of lot depth. Those corner lots sit on the market a loooong time, even in a strong real estate market. I also personally dislike lots shaped so lopsidedly. A 200' lot needs to have 70-90' frontage for architectural scale.

[MenardMQ]

Originally Posted by GreyDay

Looking for opinons- Would you buy a larger, but older home with nice formals but in need of alot of updates (60x255 lot) off of Preston (east side) between Mockingbird and Lovers?

Lot is deep but narrow. Problem is the setback from Preston is minimal. There's sidewalk, a traffic signal, a wall, then windows to the house. A plus would be ease of getting to the garage.

That would technically be in "the fairway" - and also very close to the very best that the park cities offers.

There is an old saying in park cities real estate - "There are no good deals in the park cities"

However, keep in mind that with oil prices in the mid-50's right now, there is a very good chance that Texas real estate is going to be up against some headwinds over the next two years. The park cities are very resilient to downturns but with the oil issue things could turn into a soft repeat of the late 80's collapse in Texas.

If you are sniffing around a property I would wait to see how things shake out in the Texas economy.

See here: Texas Could Be Headed for an Oil-Fueled Recession, J.P. Morgan Economist Says - Real Time Economics - WSJ

[GreyDay]

Originally Posted by rrbcfy

That would technically be in "the fairway" - and also very close to the very best that the park cities offers.

There is an old saying in park cities real estate - "There are no good deals in the park cities"

However, keep in mind that with oil prices in the mid-50's right now, there is a very good chance that Texas real estate is going to be up against some headwinds over the next two years. The park cities are very resilient to downturns but with the oil issue things could turn into a soft repeat of the late 80's collapse in Texas.

If you are sniffing around a property I would wait to see how things shake out in the Texas economy.

See here: Texas Could Be Headed for an Oil-Fueled Recession, J.P. Morgan Economist Says - Real Time Economics - WSJ

Not looking to flip, just considering another move.

But really since I have a tendency to lose perspective on homes- was looking for honest opinions about living right off Preston.

I understand the oil/gas economy but there is a finite amount of oil and Teslas in the neighborhood aside, prices will undoubtedly rise again.

[MenardMQ]

Originally Posted by GreyDay

I understand the oil/gas economy but there is a finite amount of oil and Teslas in the neighborhood aside, prices will undoubtedly rise again.

Don't underestimate the impact that these oil prices will have on the Texas economy. I personally think that the Texas economy is more diversified than it was in the late 80's, but it is clear that if those prices continue for the next year capital investments in new opportunities in the oil business will dry up, and jobs and profit will as well, and fast. And those firms that are levered up will really take it on the chin far quicker and faster. Coincidentally, "levered up" and the park cities are typically synonymous terms with each other.

Personally, I think you'll do just fine looking at that property - but I think you *might* get a better deal in about 8 months. Again, there are no "good deals" in the park cities so you'll probably take some pain up front to buy in, but will be rewarded on the back end when you decide to retire and move out of the park cities.

I've seen your previous posts, so I think you know the drill... but I just wanted to give you some of my perspective.

[GreyDay]

Thanks, always good to get another viewpoint. Happy Holidays.

[MckinneyOwnr]

I would pass. During our recent home search, we looked at a number of homes and some of them backed up to far less trafficked roads than Preston, and the noise was more than I was willing to put up with. With a home like that, schedule a showing around 5:30-6:00 pm, at rush hour, and see if you can tolerate the noise.

We toured one home in McKinney that backed up to Lake Forest Dr... a two lane road that doesn't get anywhere near the traffic that Preston does. Had a nice outdoor area, big pool, outdoor kitchen... and tons of noise from passing trucks and motorcycles. Could hear the motorcycles inside the house too, it was a definite deal breaker.

On the flip side though, the house was priced significantly below comps in the area because of the road, so if you're not someone that would be bothered by road noise, then you could get a good deal on it.

[JTC Mom]

Another "no" vote.

[RedTexanTea]

Originally Posted by rrbcfy

Don't underestimate the impact that these oil prices will have on the Texas economy. I personally think that the Texas economy is more diversified than it was in the late 80's, but it is clear that if those prices continue for the next year capital investments in new opportunities in the oil business will dry up, and jobs and profit will as well, and fast. And those firms that are levered up will really take it on the chin far quicker and faster. Coincidentally, "levered up" and the park cities are typically synonymous terms with each other.

Personally, I think you'll do just fine looking at that property - but I think you *might* get a better deal in about 8 months. Again, there are no "good deals" in the park cities so you'll probably take some pain up front to buy in, but will be rewarded on the back end when you decide to retire and move out of the park cities.

I've seen your previous posts, so I think you know the drill... but I just wanted to give you some of my perspective.

I recently lived in a neighborhood off of Preston. My floorplan sold for $30K to $40K less if the house backed up to Preston vs. 2 blocks into the neighborhood and a buffer from Preston. I would see houses that backed up to Preston sit on the market for months when the interior homes would be snapped up in hours. I personally do not understand why houses are/were ever built on large or busy streets. There are so many other things to do with the "corridor" property leading into a residential area.

[TurtleCreek80]

Originally Posted by RedTexanTea

I personally do not understand why houses are/were ever built on large or busy streets. There are so many other things to do with the "corridor" property leading into a residential area.

Did you consider that the stretch of Preston OP is referring to was built around 80 years ago when Dallas was just a small-to-mid sized prairie town? The developers of the Park Cities had NO idea that tens of thousands of cars would be driving by these homes in the future! Heck, there were probably tens of thousands of cars in the entire southwest in 1930!

The new subdivision out in Frisco and Plano were built with the Preston Road we know today in mind- 6 lanes vs 2 in the Park Cities, subdivision brick & stucco walls to set the closest properties back from the road., much more commercial lining Preston than in the Park Cities and Preston Hollow, etc.