What do people have against Dallas proper? (Garland, Mesquite: mortgage, townhomes)

[hamiltonpl]

If you will indulge me on an analogy:

My in-laws live up in Northwest Houston (north of I-10, but still inside the beltway). They bought there 20 years ago because the houses were affordable and clean. Their main street, Gessner, had lots of convenient shops, grocery stores, parks, etc. The school was a blue-ribbon, exemplary school. In their words, "it was Plano 20 years ago."

Today, driving down Gessner only about 20% of the signs are in English. There are hub-cap stores, used car dealerships, and taquarieas as far as the eye can see. The "affordable" apartments are now low-rent apartments filled with immigrants. (not that there's anything wrong with that, but it's a lot poorer than it used to be). Their homes are still fine. But because the area was so cheap -- when the inner-city began to gentrify, the poor folk moved out to the suburbs -- right next door to my in-laws. That's what's happening in Dallas. Inside the loop is the place to be -- and it will be for the foreseeable future. If they would have bought south of I-10, their house would easily be worth 4 times what it is today. Instead, their house has not increased enough to even match inflation.

That's another reason I think that Lakewood and the Park Cities will only increase in value over time. These areas are gentrifying quickly. It will push the poor folks out further and further.

[LOK222]

Originally Posted by Lakewooder

I'm constantly amazed at people passing up the chance to make real money on a house in these areas to go to a new builder house way out somewhere where they are actually going to lose money or be stuck for a decade waiting to break even.

some just dont like "ghettowood"

[Lakewooder]

My theory is that a lot of the growth in Frisco and such is fueled by people leaving the inner-ring suburbs -- it's White Flight all over again. Just check how fast some schools have changed in the older suburbs. Recently the DMN had a large article about all the school changes in Carrollton-Farmer's Branch district.

So, people will keep running and losing big money out of their pockets on the way. Glad I've got property at Lake Texoma!

[Lakewooder]

LOK - enjoy "Fris-closure" while I laugh all the way to the bank.

[hamiltonpl]

Originally Posted by Lakewooder

LOK - enjoy "Fris-closure" while I laugh all the way to the bank.

Well played.

[GoPadge]

Now children, where are your manners?

[SepiaZelda]

Oh, I have a story for this thread. I have a friend who is moving here from L.A. with her new husband. His friends have told them that if they buy a home in "booming" Frisco that they will be able to sell it in two years and make a profit. I think they heard me laughing in Valencia, California.

[Lakewooder]

A good friend of mine lived on Marquita and her next door neighbors fell into the Frisclosure trap and moved up there. Well, they hated it. But they sold Marquita in the mid-200s and when they tried to move back Marquita was almost $400K!

[SepiaZelda]

I drove by a new house on Malcolm that is listed at $810,000 today. I was stunned!

Originally Posted by Lakewooder

A good friend of mine lived on Marquita and her next door neighbors fell into the Frisclosure trap and moved up there. Well, they hated it. But they sold Marquita in the mid-200s and when they tried to move back Marquita was almost $400K!

[GoPadge]

It's not impossible. I purchased and sold a home in Milford, TX (pop 685) in just over 24 months. I knew the buyer so we didn't user a realtor for the sale. We passed the savings on to the buyer and still had a profit of just under 2%.