need Dallas people input re: lakewood property (Pasadena, Meadow: days on market, for sale)

[Mom2dl]

we're a family nearing our move to Dallas. Our kids are 2 and 4 so are target is a good elementary school (and with the high likelihood we'll stay longer, good middle and high schools). My husband has narrowed our search to Lakewood and has gotten 3000sqft 1970s remodeled 3/2 home on 3/4 acre in Lakewood proper. At least, the offer of 699k has been accepted. Being an outsider, I now feel the jitters about this purchase. With the market these days and in consideration of the area, is this about right, too high, good deal?

[TurtleCreek80]

I don't have enough info to give a good answer. $233/sf is higher than some other Lakewood proper homes I am familiar with that haven't sold after 3-6 months on the market, but those homes aren't on a .75 acre lot which certainly "ups" the $/sf. I'm assuming your realtor provided you with recent (90 days) SOLD comps in Lakewood proper to help navigate you towards your $699k offer, right?

[lakehighlands]

I am quite certain I know what house you are referring to. 200 days on market and one price reduction?

The living areas are large, the kitchen has been nicely updated, and the backyard and pool area are wonderful.

It's difficult to say what that house would sell for if it sat on an average lot. There are numerous homes below that price point in Lakewood proper, but not many sit on a 3/4 acre creek lot.

Send me a message if you have any other questions. Congrats!

[TurtleCreek80]

Originally Posted by lakehighlands

I am quite certain I know what house you are referring to. 200 days on market and one price reduction?

The living areas are large, the kitchen has been nicely updated, and the backyard and pool area are wonderful.

It's difficult to say what that house would sell for if it sat on an average lot. There are numerous homes below that price point in Lakewood proper, but not many sit on a 3/4 acre creek lot.

Send me a message if you have any other questions. Congrats!

LH- thanks; that made it easy to find!

OP- Blunt assessment:
THE BAD -70's soft contemporary is about the least desirable architecture type in Lakewood. I don't know if you've had the chance to visit or if your hubby is doing it all, but the neighborhood is filled with 1920's &1930's Tudors and Spanish Eclectics, 1940's Traditional 2-story brick homes (very common in Dallas post-war) and 1950's sprawling ranch homes. There are now some new 2000's McMansions as well as real Mansions. There is one pocket that was develpoed in the late 1960's-early 1970's (maybe 10 square blocks out of 200-300 blocks in the neighborhood) and that's where your home is. So it's just not the kind of architecture most people moving to/within Lakewood are seeking. That explains the 200 DOM- these homes are never a quick sale due to fewer buyers.

THE GOOD:
1. Walking distance to Lakewood Elementary- very desirable!!!
2. Backyard has pool AND big yard- very rare under $850+ in Lakewood.
3. To die for lot! Even with a 1-story home, that yard is huge. Very unique and desirable feature.

THE UPSIDE:
When you eventually go to sell your home, you can dual market it as either home for sale OR what I think will eventually happen --> .75 acre lot for custom build for sale. There is a .25 acre lot for sale on Nonesuch (more desirable Lakewood street south of your home) for $589k. I wouldn't be surprised to see you eventually sell (5-10 years or more out) for close to $1M.

My assessment: if you love the home and feel like you are stable enough to be there 5+ years, go for it! Buyers need to be aware of potential resale issues, but those shouldn't drive your decision unless you get relo'd frequently....then I'd look at a more universally appealing home.

[Lakewooder]

If this is Bob-O-Links it was developed in the mid-70s and there were still a few homes being built into the early 80s. It was a former nine-hole golf course. The builders were pretty good for the most part. O.W. Smith built some rather plain houses but they are very strong - he was involved also in building some other sections like Caruth Terrace and University Meadows. His are all pier and beam foundations. That price is somewhat high for that area but you really can't go wrong if it's a creek lot in Lakewood. This would be much larger than the usual lot for that development. Quite a bit of new construction just south of there. I would probably try to compare the prices on the other side of the little lake off Alexander for this - but that would be a frustrating exercise as these are unique properties in an area of unique properties.

[Mom2dl]

Yes LH, it was easy to spot;we've monitored properties for 6 mos now. I felt it was originally priced high, kitchen was small : ( but loved the lot,the trees, the pool and the potential. Didnt expect they'll take it because we saw comps in that price range. Initially set budget at 600k but after househunting, we knew we had to go up. my husband's reqt is a pool (bec you need $50k at least for a nice pool and landscape).He was set to get some property in Pasadena, but it got sold sooner than we went there. We loved a spanish eclectic house but lot sloped down plus it's near gaston; saw a hutsell but floor plan is iffy and has no lot;same w/ lakewood blvd props. westlake properties were nice with one 0.3acre but >50% of it is in front. ultimately, the lot infront and back won us over.
So future plan is to make it a 4/3 . inspection should give us a better idea. thanks for the input!

[nsumner]

That home was on the market last year in the spring for 60 days then took it off the market. He was asking 900K. Wayyy overpriced. Doesn't surprise me that he jumped on a price of 699K. He is a good builder so I'm sure that he used the best material and finish out on his own home.

Lots of similar size in the area haven't sold for more than 375K in the last 5 years, unless you count a couple that had great views of the lake.

Expanding it to a 4/3 is a great idea but the home is already over 3400sf, be careful not to overbuild, you may not get your investment back. The room dimensions are a bit odd. The study is 20 X 16 yet the formal dining room is only 12 X 10. Typical of contemporary homes.

Naima