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Old 07-29-2015, 08:36 AM
 
447 posts, read 375,683 times
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All,

I live in Frisco area. House appreciated quite a bit from when we moved in already (one of the reasons we bought it).

What are some places around metroplex that are still fairly close to downtown (1hr away is fine) that you can get a DECENT size property (.25 acre at least) for a fair price that hasn't exploded yet? If possible more West than East.

I still can't sell for another year due to captial gains tax, but want to keep it in the back of my mind.... even though all of these places could be completely different next year. This next house would be the house we have our first child (or children in). So we are at least 5 years from school at that point.

I would love to stay around $300k if possible (probably not).
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Old 07-29-2015, 09:21 AM
 
8,252 posts, read 9,004,117 times
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Quote:
Originally Posted by gocubs418 View Post
All,

I live in Frisco area. House appreciated quite a bit from when we moved in already (one of the reasons we bought it).

What are some places around metroplex that are still fairly close to downtown (1hr away is fine) that you can get a DECENT size property (.25 acre at least) for a fair price that hasn't exploded yet? If possible more West than East.

I still can't sell for another year due to captial gains tax, but want to keep it in the back of my mind.... even though all of these places could be completely different next year. This next house would be the house we have our first child (or children in). So we are at least 5 years from school at that point.

I would love to stay around $300k if possible (probably not).
How long have you lived in the house?

You may be way ahead of me here but I can't tell for sure from your post.

Tax Savings on Capital Gain of a Principal Residence

1. Call a CPA who specializes in tax avoidance.
2. Ask her/him precisely how much longer you need to live in your home to meet the 2 in 5, "use rule". Once in you've lived in your home for two years and assuming your home is your primary residence you are good to use the 250k (500K per married couple) capital gains gains exemption.
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Old 07-29-2015, 09:28 AM
 
447 posts, read 375,683 times
Reputation: 273
Quote:
Originally Posted by EDS_ View Post
How long have you lived in the house?

You may be way ahead of me here but I can't tell for sure from your post.

Tax Savings on Capital Gain of a Principal Residence

1. Call a CPA who specializes in tax avoidance.
2. Ask her/him precisely how much longer you need to live in your home to meet the 2 in 5, "use rule". Once in you've lived in your home for two years and assuming your home is your primary residence you are good to use the 250k (500K per married couple) capital gains gains exemption.
Moved in Sept 2014.

It's not that we want to move right this second, however, we would consider within that 1.5-2 year timeframe.

At some point, I want to cash this puppy out and downsize or move further out for more bang for my buck (if possible). Not to mention, if any RE bubble comes upon us (knock on wood).
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Old 07-29-2015, 09:40 AM
 
Location: Prosper
6,268 posts, read 12,840,491 times
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I'd stay put. Frisco is still appreciating, and for what you'll lose in listing fees, realtor commissions, inspections... It doesn't make sense to move to another area while your values are still going up where you are.

However, if you're looking for the next area that hasn't exploded yet, it's probably Prosper, or some parts of the Colony. Buying now would get you in before all the commercial and retail goes up along 380, and before that huge development from Jerry Jones takes off along Preston. A little further down the timeline, and it'll be Little Elm.

But if you wait a year and a half, you may be too late. Prices are already appreciating here too, and you wouldn't be able to purchase at $300k now, and certainly not in another year and a half.
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Old 07-29-2015, 09:41 AM
 
1,017 posts, read 1,141,207 times
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Pull up google maps and look 15miles+ north/northeast/northwest of Frisco

I'm surprised you bought in Sept 2014 and think appreciated so much that you want to "cash out" in the next year. You haven't even owned it for 1 year yet

How about me? What should I do with my Frisco houses that I bought 10 years ago...I mean...it's appreciated oh so much *sarcasm*
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Old 07-29-2015, 10:04 AM
 
447 posts, read 375,683 times
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Quote:
Originally Posted by unknown00 View Post
Pull up google maps and look 15miles+ north/northeast/northwest of Frisco

I'm surprised you bought in Sept 2014 and think appreciated so much that you want to "cash out" in the next year. You haven't even owned it for 1 year yet

How about me? What should I do with my Frisco houses that I bought 10 years ago...I mean...it's appreciated oh so much *sarcasm*

House is currently worth $45k over what I paid... If current trend continues, it should be worth $60k-$75k by the time I could move. Decent chunk of appreciation right there. Granted closing costs and all the other fees would eat away at it a bit.

I don't understand why such a sarcastic post. You sound a bit bitter.
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Old 07-29-2015, 11:12 AM
 
3,327 posts, read 5,118,366 times
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Quote:
House is currently worth $45k over what I paid... If current trend continues, it should be worth $60k-$75k by the time I could move. Decent chunk of appreciation right there. Granted closing costs and all the other fees would eat away at it a bit.
I wouldn't necessarily assume the appreciation trend will continue into next year, but we did see 15-20% appreciation on our home (purchased in 2012) over the last year, so I don't see a $45k appreciation as crazy
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Old 07-29-2015, 11:45 AM
 
Location: plano
6,493 posts, read 8,044,932 times
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Supply and demand drive prices. Demand will grow until 2017 due to the Toyota and liberty mutual jobs happening then. Supply should be higher too as more land is devolved in frisco in response to the announced jobs and overall demand.
Interest rates likely will rise into the next two years so hard to predict where the net impact on prices will land but I lean toward rising prices for frisco homes through 2017.
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Old 07-29-2015, 12:09 PM
 
447 posts, read 375,683 times
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Quote:
Originally Posted by Johnhw2 View Post
Supply and demand drive prices. Demand will grow until 2017 due to the Toyota and liberty mutual jobs happening then. Supply should be higher too as more land is devolved in frisco in response to the announced jobs and overall demand.
Interest rates likely will rise into the next two years so hard to predict where the net impact on prices will land but I lean toward rising prices for frisco homes through 2017.
Great. If I plan to sell my place in Sept 2016, I should hit the "peak" of the Frisco area, assuming this theory is correct.
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Old 07-29-2015, 12:41 PM
 
1,230 posts, read 2,118,183 times
Reputation: 717
Quote:
Originally Posted by MckinneyOwnr View Post
I'd stay put. Frisco is still appreciating, and for what you'll lose in listing fees, realtor commissions, inspections... It doesn't make sense to move to another area while your values are still going up where you are.

However, if you're looking for the next area that hasn't exploded yet, it's probably Prosper, or some parts of the Colony. Buying now would get you in before all the commercial and retail goes up along 380, and before that huge development from Jerry Jones takes off along Preston. A little further down the timeline, and it'll be Little Elm.

But if you wait a year and a half, you may be too late. Prices are already appreciating here too, and you wouldn't be able to purchase at $300k now, and certainly not in another year and a half.
Agreed....Prosper under $300,000 in Prosper ISD is a rarity...
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