Foreclosures in Kings Ridge, Plano, TX (Dallas, Carrollton: transplants, for sale, real estate) - Texas - City-Data Forum

charlie44 · 07-07-2007, 07:53 AM

There are now 15 foreclosed properties on the market in Kings Ridge, a subdivision in far west Plano, zip 75024. A half dozen of them are very close together, near the railroad track. All are mostly +$400k homes, with million dollar homes nearby. This seems to be the highest density of foreclosures in Plano. Does anyone know the reason? I see hints that there are foundation problems.

loves2read · 07-07-2007, 08:32 AM

looked at some of those houses on an MLS site--all pics show vacant homes--yet they are 3-4 years old...that is funny--I would assume that is a big buy-back from the builder--and you are right -- could be foundation problems--most of them said "slab" for foundation, only saw one with pier-beam notation...
some real estate agent is pushing a problem...

dgz · 07-07-2007, 09:08 AM

By foreclosing, because of structural damage, are you suggesting that people who have paid $400k+ for these properties can't afford to have steel piers put in and are walking away from them? Do the more expensive houses not already come with steel piers? It seems that given the inevitability of soil movement in this area, that this would be (or should be) an automatic feature/amenity when you buy a home in a certain price range. Also, if you're paying $400k+ for a house, is it really that difficult to pay another $25-$50k for the foundation repair?

Quote:

Originally Posted by charlie44

There are now 15 foreclosed properties on the market in Kings Ridge, a subdivision in far west Plano, zip 75024. A half dozen of them are very close together, near the railroad track. All are mostly +$400k homes, with million dollar homes nearby. This seems to be the highest density of foreclosures in Plano. Does anyone know the reason? I see hints that there are foundation problems.

momof2dfw · 07-07-2007, 09:36 AM

Quote:

Originally Posted by dgz

By foreclosing, because of structural damage, are you suggesting that people who have paid $400k+ for these properties can't afford to have steel piers put in and are walking away from them? Do the more expensive houses not already come with steel piers? It seems that given the inevitability of soil movement in this area, that this would be (or should be) an automatic feature/amenity when you buy a home in a certain price range. Also, if you're paying $400k+ for a house, is it really that difficult to pay another $25-$50k for the foundation repair?

The overwhelming majority of homes in the Dallas metroplex do not have piers under them and most do not ever need foundation repairs. Homes in the $400K price range are still built by tract home builders and they are not going to add the extra expense of piers under the homes. Most people do not understand that added benefit much less the expense of it. I've seen people walk away from homes that needed much less work and it is simply because they don't understand nor want to deal with it. BTW, I'd not do steel piers as I prefer concrete piers myself. Each pier typically runs about $1K a piece.

As for these particular homes. I can say one thing: Grand Homes. I did see one that just went up for sale this week on realtor.com in the high $200's and I have one thing to say to the seller: CLEAN OUT THE CLUTTER! OMGOSH, the stuff totally covering the kitchen countertops and on top of the fridge - YUCK! There was another one that was in the $400's that had WAY TOO MUCH clutter too and the baby blue and frilly stuff in the master is a HUGE turn off. I don't care for the frilly frou-frou stuff in my master bedroom and it sure as heck does not appeal to the male buyers. I do not know of these were builder buybacks as there are TONS of homes for sale throughout that area and they are not all Grand Homes. So that would be a tough call. Their marketing is what helped attract a different kind of buyer and many of their neighborhoods are having similiar issues w/ construction problems and foreclosures because the buyers could not afford the house once the payments doubled.

cheezits21 · 08-19-2007, 08:10 AM

I've heard that many of the foreclosures are a result of investors that were brought into the development by one or two realtors. They intended to rent and then quickly flip these homes for a profit. Ulitimately the plans failed when appreciation promised by the Realtors did not pan out and the investors walked away. Someone is going to get a bargain...even if it does mean hearing a train a couple of times a day.

galore · 08-19-2007, 09:00 AM

Quote:

Originally Posted by momof2dfw

Each pier typically runs about $1K a piece.

Not disputing that but LOL, what a profit margin !!!

In 2003, I built an (overengineered) foundation for a brick fence where each column sat on 10ft deep 18" wide concrete piers. Drilling for 25 piers was $500 TOTAL. And each pier cost approx. $60 in concrete. Concrete pump was $500 for all 25 piers. So each pier was approx. $100 + my DIY "labor", which consisted in holding/moving the pump hose from pier to pier (maybe 3 minutes per pier) and making the steel cages (maybe $5/pier in steel cost).

Granted, a home foundation pier might be longer/bigger but $1k/pier?! What a RIPOFF.

socketz · 08-19-2007, 10:03 AM

My friend at work lives in Kings Ridge and loves it there. She would have told me if she knew of any foundation issues. She said most of the people in that area are in the 200k family income range, many transplants and execs, so I'm not sure if the foreclosures are related to affordability - but you never know.

She did say to not buy with several blocks of the train tracks because the train that runs through there is extremely loud, but when I was looking, that was the only area I could afford.

Also, don't discount Plano schools. You don't get them in Kings Ridge (but you do in nieghboring Shoal Creek, which has excellent resale). I don't think this helps resale either. My friend said that all of her nieghbors send their kids to private school.

I like the area as well and even looked at a couple of rentals, but for the rentals I saw they were smaller homes and the owner wanted well over 3k in rent. So maybe the other poster is correct that there are investors that bought in there and didn't realize that 3k+ rentals just don't move that quickly here.

Personally, I love the area and think it's one of the most elegant areas in Plano (3rd behind Lakes of Willow Bend and Shoal Creek).

nhewitt · 11-06-2007, 01:32 PM

I'm glad I saw your comments on Kings Ridge. You seem to have more knowledge of the area.

Do you know what the foreclosures have been selling for? Do you know what the addresses are that are being foreclosed? Any other negatives about the area we should know about?

We are looking for a larger house due to a new baby. We love the area. We are concerned about the trains though.

MountainPharmD · 11-06-2007, 06:00 PM

Well first off they are priced from $140 per sq ft to $180 per sq ft. This is over priced even for far west Plano. Next problem is the kiss of death and that is they are built by Grand Homes. Of course the homes by Grand are built by the railroad tracks. Sounds like a area to stay away from to me.

P.Griggs · 03-28-2008, 08:49 PM

I can confirm that there are unequivocal foundation problems in this area. Ethical realtors will disclose this when you inquire about listings in this area. More junior agents trying to line up more closings will not. Houses that are 3 years old and less are being bought back by the builder and torn down to foundation to be rebuilt from ground up. If you bought here - foreclosure or not - without full disclosure contact an atty. Same clay soil problems as Castle Hills in N. Carrollton. Homeowners finally had to collectively file suit against builders. And there may be SOME residents who haven't experienced problems yet - but with the rains we have had in the area - no one will be without notice of the foundation issues soon! Some homes have had windows bust out. Caveat emptor!