Kings Garden or Grayhawk

[TurtleCreek80]

Originally Posted by dunkky

turtlecreek80, do you know how one can obtain those numbers? I like to get that stats for the community i am interested in.

Dallas - Fort Worth Foreclosures for the first half of 2010
Dallas - Fort Worth Foreclosures for 2009


Dallas Morning News publishes an "interactive" foreclosure map every six months. Above two are for first half of 2010 and all of 2009.

You search by zip code, and then can manually adjust to look at each neighborhood, block by block, on a map.

[dunkky]

thanks!

[kreeyax]

Originally Posted by TurtleCreek80

While renting is possibly more than a mortgage payment, for a (for example) $200k home, you also have to consider:
-property taxes @ approx $3,700/ year ($306/mo)
-home insurance @ approx $2,000 per year
-plus HOA fees (anywhere from $50-$300/mo)
-plus maintance & repairs (good budget is 1% of home value per year = $2,000).

That's easily another $700-900 or so per month you have to come up with ON TOP OF the mortgage payment.

In the short term (3-4 years), it is probably safer to rent until you can afford a more stable neighborhood.

You're forgetting realtor fees and closing costs, which can be $15K-$25K easy on both the sale and buy end combined. That alone may average out to $400/month. Renting is definitely the way to go short-term.

[mvnagn]

So I am going to do some more research on renting..anybody know of a good property management company?
Still looking for some answers to the questions about whether there are any neighborhoods that are holding their value (We were also looking at Heather Ridge) and what is the consensus on Lone Star Ranch?
I have really listened to what you have all said and I am taking it all into consideration. I would prefer not to rent if possible. I just don't want to have to move the kids around twice. I do feel that buying in either Grayhawk or Kings Garden would be a mistake, but would like to know about any other communities that WOULD be good..price range is up to $250,000.

[TurtleCreek80]

For up to $250k, there are many neighborhoods in Plano and Richardson that offer very stable - even desirable- real estate AND exemplary schools. Will the be brand new? No. Will they be wonderful family-centered communities that haven proven the test of time? Yes.

[TurtleCreek80]

The other BIG problem I see with your plan is the goal of owning for 3-4 years, then trading up. It's unlikely that ANY $250,000 home in DFW (anywhere in DFW) is going to appreciate 10% in tue next 3 years- and that's what you would need to gain in order to break even when selling (6% realtor commision + 3-4% of home's value in closing costs). The age-old rule of thumb is that if you're not planning to buy and hold a property for 5 years, you have basically no chance to make money on the sale. Less than 3-4 years and you'll have to bring moneyto the closing table or lose a good chunk of your down payment. I am in year 4 of owning my place and I have still not made back the value my condo lost since the 2007 peak. I am probably $10-15k under where I bought, which means if I sold tomorrow, I'd have to bring almost the entire realtor + closing costs to the table IN CASH and I'd lose most of what I put down. I'm not planning on selling anytime soon, nor am I in a particularly "bad" neighborhood as far as declining values. I've lost about 5-7% since 2007....not terrible at all....but I'm still not in a good position to sell nearly 4 (!!!) years after buying. What will you use for down payment for your "forever" home if you have to dip into savings to sell the first home? Food for thought...

One last thought: why can't you rent the same home for 3-4 years in lieu of buying a "starter" home? Most landlords would be thrilled to have one good long-term tenant and you wouldn't have to move your kids around.

[nsumner]

There are currently 74 foreclosures on the market in the entire city of Frisco as of today. Of those, 4 in Grayhawk and 1 in King's Garden. The source that DMN uses is mainly Foreclosure Listing Service, a paying site that uses any home that is in default and had a NOD as a foreclosure including HOA foreclosures, many of the homes listed don't get foreclosed on because the owners either did a loan modification, caught up on their payment or did a short sale. This skews the real numbers big time for people trying to get accurate data.

There were 25 foreclosures for the entire 2010 in Grayhawk and NONE in King's Garden. A total of 300 sold foreclosures in Frisco for 2010.

If you are planning to move up to a neighborhood along Teel, such as Pearson Farms, Lone Star or Village Lakes, and if you want to choose from the 2 neighborhoods you mentioned, I would lean towards Kings Garden. You can always keep the home as a rental, homes for rent are on the market less than 48 hours in there. It's a start up neighborhood, good schools easy access to the tollway. I always have to take application forms with me when I show leases in that part of Frisco.

Naima

[TurtleCreek80]

Naima,

Whether the homes actually went all the way through foreclosure or worked out a deal with the bank, don't you think it is an indication of potential/ likely financial instability? That's my logic, but maybe as a Realtor you have a different take? Just curious to hear your thoughts.

[momof2dfw]

Originally Posted by TurtleCreek80

Naima,

Whether the homes actually went all the way through foreclosure or worked out a deal with the bank, don't you think it is an indication of potential/ likely financial instability? That's my logic, but maybe as a Realtor you have a different take? Just curious to hear your thoughts.

My thoughts exactly. They are in "distress" and that is the bottom line. They are one small string away from being foreclosed on and it could go either way. And when do HOA foreclosures not count? This to me is very telling as well. This means that a lot of the homeowners are not paying their HOA dues either and the entire community will suffer. The common areas will not be as well kept, dues may have to be increased to cover the loss of revenue from those not paying and the expense of having to foreclose on properties.

When people are in distress and barely making it to keep their houses they are going to let other things go like yardwork, upkeep, basic maintenance of the house and property, etc. They are also going to become a bit "detached" and might not be doing as much volunteering in the local schools and won't be helping out there for fundraising events that help cover many basics at the elementary level like an art teacher and supplies, educational field trips, new updated playground equipment or Phys Ed supplies, etc.

[Kathryn1205]

I live in Hillcrest Estates, 1936 square feet home. Moving to bigger house late 2010, early 2011. We paid $131K in 1998. House across the street same size recently sold for $185K, and that's about what we're expecting.