U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Thread summary:

Relocating to Dallas: realtor, market, real estate, neighborhood, downtown.

 
Old 02-02-2009, 08:30 AM
 
47 posts, read 87,657 times
Reputation: 18

Advertisements

Hello all,

I just read a very interesting thread below and I thought I would post my questions along the same lines. My family and I are relocating to Dallas. We found a house that we really like but we are afraid of a few things as far as resale value

1. It is about 2 blocks from e. Mockingbird. Would the noise factor turn lots of people away?

2. It has a master upstairs (now we personally like this since we will be closer to our kids, 18 mos and newborn). Why do people hate this so much?

3. The garage doors are on the front of the house. The garage is under the media room. I have not seen many new constructions arranged like this so I was curious as to what people thought about this

Also, along related lines and perhaps more meant for our relator friends. What % of the total house cost have people been offereing under the listing price given the economy? This house has been on the market over 1 yrs and has already dropped about 15% from the original listing price.

Thanks all

-W
Reply With Quote Quick reply to this message

 
Old 02-02-2009, 09:36 AM
 
30,073 posts, read 47,320,143 times
Reputation: 16023
having a garage door facing the street is usually indication of older home or narrow lot like a patio home or zero-lot home, or not having alleys behind house which many subdivisions in Dallas do--most people would give that design a minus vs plus...but it depends on the neighborhood as well---if it is the ONLY house with that feature definite minus---but if all other houses are like it--then you just deal with it...

the post I think you read had good input about why some houses will sell if master is up vs others--
if you have small children then that design probably does work better for you--
another reason why the master is up is probably the main floor is not large enough to accommodate it plus other rooms that are down...
it is all about how large the "footprint" or ground floor/foundation is...

you don't mention price---obviously the current price is still too high for the house's condition/location otherwise it would have been bought...on a 200K house 15% reduction would bring it to 170--what is price per sq ft in relation to other comps in neighborhood--it could still be overpriced...maybe sellers made remodeling efforts and want to see payback that puts it priced higher than other homes w/o remodeling--maybe they remodelled it with features that are not that well-done or attractive--that means they just lost all that money and won't see return--but they might not recognize/accept that reality...

You can offer anything YOU think a house is worth--your realtor may not like it or recommend it but you can do it---YOU make the offer
the sellers might not even respond if they are insulted that it is so low--but you can come up to higher offer if they trash the first...

regarding Mockingbird--just depends on where probably--how noisy is it--have you been there at different times of the day/night and just sat outside in your car with the windows rolled down to see how noisy it would be in say the back yard? How easy is it to get in/out of the neighborhood to go to work or shopping or whereever--is that street a cut-through TO Mockingbird--that is definite negative because it would have higher traffic flow than other streets that are not cut-throughs...
Reply With Quote Quick reply to this message
 
Old 02-02-2009, 10:06 AM
 
Location: The Big D
14,874 posts, read 37,253,110 times
Reputation: 5787
See comments in Dark Red below.


Quote:
Originally Posted by Waleran View Post
Hello all,

I just read a very interesting thread below and I thought I would post my questions along the same lines. My family and I are relocating to Dallas. We found a house that we really like but we are afraid of a few things as far as resale value

1. It is about 2 blocks from e. Mockingbird. Would the noise factor turn lots of people away?

East or West of 75? I'm going to assume it is east of 75/Central. Depends how far away it is from 75 and the clubs along Greenville Ave how bad the noise will be. Just a description of "2 blocks from E. Mockingbird" does not give a lot of help in the area. What zip code is it in?

2. It has a master upstairs (now we personally like this since we will be closer to our kids, 18 mos and newborn). Why do people hate this so much?

I don't care for them and I had a 2 year old when we moved into our 2-story house w/ the master down. LOVE having it down as it makes it much quieter for the entire family. Usually the only peope that will settle for the master up are those w/ VERY YOUNG children or no children at all. Anyone w/ older children or empty nesters are not going to want the master up. Another reason I like the master down besides the noise and overall convienence is that if my kids have friends over and they are upstairs playing while I'm downstairs working or in the kitchen is I KNOW they can't go in my room. If it is upstairs they can sneak in there all day long and you would not know unless you kept the doors locked. I prefer my room to be seperate for noise and this reason as well.

3. The garage doors are on the front of the house. The garage is under the media room. I have not seen many new constructions arranged like this so I was curious as to what people thought about this

Your probably looking in an older area and the lots are much smaller and the only "alley" is a public right of way easement. Is this house one of the new builds mixed in with older homes that don't have a garage at all or a detached garage? The lot is most likely much smaller than most suburban lots so the garage MUST be in the front for access and to have one at all. Which relates to why the master is probably up. Small lot = smaller footprint to build within = required or desired rooms that MUST be down (kitchen, living, garage, etc) = master would have to go up. If you were in the suburbs I'd avoid a front entry. Older homes or newer homes in the close in areas of Dallas most likely will not have a rear entry garage and most people realize this.

Also, along related lines and perhaps more meant for our relator friends. What % of the total house cost have people been offereing under the listing price given the economy? This house has been on the market over 1 yrs and has already dropped about 15% from the original listing price.

Hmm, on the market for over a year and they have dropped the price already about 15%. First thing I'd do is go to Dallas Central Appraisal District and look up the value they have placed on it. Also look at the history and see if it has been going up, down or stayed the same. Loot at the value of the homes around it as well to get an idea for what the neighborhood is doing. Also, the DCAD will be updating their records soon to reflect 2009 values. If your not in a hurry and no other offers are likely on the house your interested in and you don't mind a little gamble.............. you can wait to see what the DCAD puts as the 2009 value. What to do w/ the DCAD values? Most of the time in a NORMAL market around this area the DCAD value is ROUGHLY about 10% lower than what one can get on the open market. Every now and then it will be much higher if the area has seen a HUGE upswing in development. Which is probably not likely now or in this area if it is an established area and the house being on the market for over a year. Your realtor should be able to give you comps of what has sold in the area similiar to what you are looking at. If you go to DCAD and the value they have is much lower than what the list price is and the comps support you putting in a lower offer.......... put one it at what your comfortable with and have the info to back it up: comps and DCAD values.

Thanks all

-W
Hope that helps
Reply With Quote Quick reply to this message
 
Old 02-02-2009, 10:25 AM
 
30,073 posts, read 47,320,143 times
Reputation: 16023
as point of reference for new construction in older neighborhood--
we have friends and the guy is a builder--he bought a lot in nice neighborhood in Colleyville where houses were about 15-20 yrs old--nice, well-maintained homes in good ISD--double lot on cul de sac street had a tennis court for house whose owner went into bankruptcy--home was foreclosed--new owner sold off lot for profit...

our friend built very nice 4300sq ft house and there are homes that large or larger in the neighborhood== exterior was good meld for neighborhood style--build nice house--quality features like real wood floors/granite counters/good vinyl windows when some of the original homes have not been updated that much inside--put in nice pool/patio area--he got valuation for the mortgage at over 620K but needless to say he did not have that cost in the house because he did not get his builder's profit/commission...
they were waiting to get that when they sold after the two-year-cap gains timeframe passed...
but in that time, the house on one side of them has really deteriorated because couple divorced and it is going into foreclosure--listed at a discount from comps--other house sold to people who are real party animals and have friends parking/visiting for long hours--nuisance factor...
HIS valuation/market analysis has dropped every year since the house was finished because the comps of the houses in the neighborhood are slipping...they are afraid if they don't sell it this spring/summer they will not see any profit from the house...
so while I can't speak to your exact situation--to me--buying a tear-down and building new construction in area that has not come UP to your price point is really a losing proposition...unless you are not the typical buyer--you buy for the house/location and you can stand to have your market valuation slip a little (or a lot) since you don't plan on reselling any time soon...
Reply With Quote Quick reply to this message
 
Old 02-02-2009, 10:40 AM
 
Location: Texas
8,668 posts, read 20,316,305 times
Reputation: 21296
I'm not sure about the noise level/location. So I won't comment. I will chime in and tell you that the master upstairs IS a deal-breaker for many people for various reasons. My husband & I are in our early 50's and he has "knee problems." So a master upstairs would be automatically "out" for us. We wouldn't even consider it. Health reasons are a common deal-breaker on that for many people 50+. The house next door to us has the master upstairs and it was almost a deal-breaker even when it did sell~the couple, I think, initially rejected it but ended up taking it because they specifically desired this neighborhood. (Their initial rejection was also due to health reasons.)

All that said, some people don't mind, but they seem to be in the minority right now. So carefully consider that...

Now...the garage doors on the front of the house, I personally would have no problem with because the city I grew up in, virtually ALL of them were designed that way. So it seems "typical" to me...but others may feel differently.
Reply With Quote Quick reply to this message
 
Old 02-02-2009, 01:06 PM
 
24 posts, read 54,341 times
Reputation: 12
I can comment on the master bedroom upstairs point.

Personally "to me" it makes sense to have all bedrooms on one level and other living areas on another, and especially so when you have young children obviously.

However, having lived here in Dallas for many years I know this to be a huge negative for resale - it is just not a popular option here. Like many have said, once kids grow older, the arrangement is not as favorable. Many like to not have to climb stair as they age too on a daily basis. Many like the separation etc etc.

I know that a home in our neighborhood was originally bought/built by the original owner for around 240K and then ended up selling for around 185K because of the master being upstairs. the owner ended up desperate to sell and the home just wasn't selling because of that feature. On a home in that price range, it was a huge hit.On the other hand, the new owners got an awesome deal. They will probably not be as concerned about reselling their home, because the original owner already took the hit.

I have heard many times from realtors that the master on second floor is not a desirable feature. But for the right price there's always a buyer. And if you get the house on a great deal already, chances are you won't be re-selling it for a loss later.
Reply With Quote Quick reply to this message
 
Old 02-02-2009, 09:39 PM
 
Location: Dallas/Fort Worth, Texas
4,142 posts, read 13,475,194 times
Reputation: 2556
Quote:
Originally Posted by Waleran View Post
Also, along related lines and perhaps more meant for our relator friends. What % of the total house cost have people been offereing under the listing price given the economy? This house has been on the market over 1 yrs and has already dropped about 15% from the original listing price.
Your Realtor should do a market analysis of the neighborhood that will show you what the value of the house is, then you decide how much it is worth to you and make an offer accordingly. Doing a history on the house is a must to if you have a buyer's agent. In most instances we can tell how much a home was purchased for & how much is owed on it. "negotiating power"

There is no specific percentage that you can use. Real Estate is very neighborhood specific. I have a client that have worked for for a few weeks recently in an area and 4 out of 6 homes he liked sold for OVER the asking price... then you see that one house that has been around for almost a year... I wonder what the reason is.

About the other concerns. Mockingbird is a long road and 2 blocks seems like it's not too close to the immediate noise. Are the windows double pane to block some of that noise? Master up is usually a downside but since it's closer to downtown, you are not going to have as much of an issue as the suburbs with the typical home with the master down and everything else upstairs.

Garage in the front means a bigger backyard too. Media room over the garage is where you want it to be. You won't be keeping anyone up with the noise!

Naima

Last edited by nsumner; 02-02-2009 at 09:48 PM.. Reason: typo
Reply With Quote Quick reply to this message
 
Old 02-03-2009, 09:07 AM
 
47 posts, read 87,657 times
Reputation: 18
Thank you all for the info. It is brand new but it is one of the few that is brand new in this part of lakewood. We really do like the house but are concerned about resale if for some reason we hate our jobs and want to leave! Again, thank you for the advice, we will have our relator do a more thorough market analysis.

-W
Reply With Quote Quick reply to this message
 
Old 02-03-2009, 10:32 AM
 
30,073 posts, read 47,320,143 times
Reputation: 16023
maybe you should not rush into getting a house if you aren't sure you will like your jobs...
Reply With Quote Quick reply to this message
 
Old 02-03-2009, 12:14 PM
 
16,092 posts, read 36,571,224 times
Reputation: 6277
Perchance is this house on Santa Barbara? I really don't think Mockingbird Lane would be a detracting factor as you can't even get on the street directly from there...the garage door has to be on the front as behind is a former railroad track which will someday be a trail (it is grade-separated by around 20 feet) now as for my knees..! Resale in Lakewood has been very good, especially in Lakewood Elementary. Some people don't like the new homes but many do - in that part of Lakewood you would have more people who like the newer homes. I would expect more of the homes in the former small F&J development nearby and off Fisher (which has quite a few estate-size horse stabled mansions) will continue to be redeveloped with more and more expensive homes - some people tried to get restrictions passed on home sizes but it failed.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top