New Home - Campion Hollow Phase 2 in Irving (Austin, Coppell: real estate, 2014)

[khan_p2014]

Dear all

I wanted your help and opinion in buying my first time new home in an upcoming community Campion Hollow Phase 2 in Irving (Valley Ranch parkway East and Ranchview dr)

The house will cost me 465k (includes 30K worth of upgrades) for a 3372 sq feet 2 story home in 6720 sq feet lot
Below are some of the questions I really need some visibility on

1) The houses on south of 635 (los colinas area) are about 50K more for the same kind of houses and they are appreciating at a rapid pace . Coppell is about 100k more for same, so considering that this is a contrally placed location, will the house hold its value (center of irving, close to DFW airport)

2) Is 465k higher to pay for this area?

3) Campion hollow phase 1 is not selling probably due to power lines running on top of the community which is not the case with phase 2. Any other reason why phase 1 is not selling , any issues with the builders (K Hov and David weekly)

4) Also , as a plus, there is a new masjid coming near walking distance from this community but as a minus the elementry school is not rated that good (tom elementry under carrolton isd but we do not always go by the rating), middle and high schools are good (same as one for las colinas area) but not as good/competitve as coppel. Will it compensate for the less price i will pay compared to coppel and will hold its value

5) Can i expect a moderate 3 % annual appreciatation over 10 years . I am planning to sell either after 4 years (expecting it to sell in 5.25k) or after 10 years (6.30k) . Is this a fair expectation considering i am in DFW metroplex.

Pl provide insight as this is my first home purchase and I do not want to go wrong with my expectations

Regards

Khan

[SouthernBelleInUtah]

Selling in 4-5 yrs generally means a person breaks even. Costs of selling includes 6% to your agent plus various other fees.

[shrapr]

Originally Posted by khan_p2014

Dear all


5) Can i expect a moderate 3 % annual appreciatation over 10 years . I am planning to sell either after 4 years (expecting it to sell in 5.25k) or after 10 years (6.30k) . Is this a fair expectation considering i am in DFW metroplex.

Khan

Salamu alaykum Khan,

I would never buy any real estate, no matter primary home or investment, speculating appreciation. See the keyword, speculation. Primary home is not an investment and purely a matter of life style in what I can afford and investment properties I buy specifically for the cash flow. So if the market takes a u-turn in the other direction there is nothing to worry and probably better for property tax perspective and if the property appreciates, it is just gravy on top. This is our 14th year in our current home and have gone through both the ups and downs and to be honest felt better when the market tanked to see lower taxes. But then we were not considering selling the house. Just like stock market, unless you have to sell, the market fluctuations really does not matter in the long run. Like SoutherBelleInUtah mentioned, it would take 4-5 years to break even after all the selling related costs provided there is a 3% annual appreciation during that time. What if the prices started to fall in those 4-5 years and you have to sell. I am not trying to scare you away but that is the realty. Others can chime in.


Just my 2 cents. Good luck.

[VoiceOf2015]

Go with Coppell for better schools and better resale. Usually one needs 5 year to break even after deducting expenses and commissions, that is if marketing is appreciating. Buy a cookie cutter that's easy to shed or buy one that you love, either way buying now means giving top dollars and probably selling it in a down market.

[khan_p2014]

Thanks everyone

Highly appreciate your advice. Understand if I have to go for it, it has to be long term

Thanks once again

[nawvtanzi09]

Hello,

We had looked at the Campion Hollow community and thought it was intriguing. I think in terms of location and access to highways its awesome. The biggest downside are schools and power lines.

The homes in Las Colinas by Highland for example are higher priced because the builder is better (can do some research on them on this forum) and the elementary school in that area is considerably better than tom landry.

I would strongly suggest looking at homes in the Coppell ISD if you can. With a budget of 400k+ you should be able to find a nice home within your price range. This will offer you the best chance to retain your value for the home and hopefully see some appreciation down the line.

Have you considered Standard Pacific Homes Westhaven? The lots are smaller but most of the homes are in Coppell ISD. You should be able to find some homes within your budget - will have to sacrifice on the square footage. Also can look at Bridges at Las Colinas (Meritage Homes) and Parkside Memorial Place (Plantation Homes).

Goodluck on the home search. If you are considering other areas besides the irving / coppell area feel free to message me and I can certainly try to help.

[Grh04]

465K for a 3300 sq ft house with Irving schools vs. 476K for a 3100 sq ft house with Coppell schools (Bridges at Las Colinas), is there really a comparison?

[khan_p2014]

After factoring in all the pros and cons, I decided to go for the home in campion hollow phase 2

1) Coppell ISD way more competitive than CFBISD and way too costly than homes in this community. To Grh04 comments, the house of same size in coppell is at least 100k more. Bridges at los colinas starts at 520K base and after adding all upgrades it goes upton 550k and still CFBISD. Belmont lending , in coppell isd ,starts at 510K base for 2850 sq by David weekly and goes upto 565k for similar house as campion hollow model with all upgrades included for 465k (sq footage 3700 sq feet).
Why pay more and get in a competitive school environment, loose opportunity to get my son in top 10% rule and get in UT Austin.

2) Found real feedback about CFBISD middle and high school teachers (Bush and Turner high school specifically ) quite different than what is online and the education really good with opportunity to get my son in Biomed/Metsa academy provided by Turner high school

3) Be in the center of DFW with quick access to airport and freeways, avoid traffic and pay money on tolls

4) Enjoy the natural trails behind the community

Thanks to all in this forum for their feedback and guidance