where do the "early thirties professionals" live? (Dallas: sales, real estate)

[lh_newbie]

Originally Posted by MOD220

not allowed, or not advisable?

any good areas to swim (2-3 miles a time) in the Dallas area?

I knew some folks into triathlons that would swim in Cedar Hill State Park or Lake Grapevine - in fact, they used to coordinate with some kayakers for better visibility and support. But WRL is not advisable to swim in, not certain if it's not allowed or not.

For what it's worth, most folks in their 30's are either in Uptown or are in the burbs, though not so much in Southlake due to prices - generally speaking, if you are looking at $700K+, you aren't going to be in a neighborhood with folks your age in DFW, you're going to be in with the older crowd. I live in the 75231 area code of Lake Highlands. My wife and I just had our first (and only) kid-o on New Years Eve and I know the folks that live across the street from us recently had their 2nd and our immediate neighbors just turned 30. Homes range from $300-$500K. So if you are looking for a neighborhood with a good mix of folks "our age" (ok, so I'm 38, but that's not too far off) and include other young families, I do think Lake Highlands offers a good mix of people, good schools and yet have close proximity to places like Uptown/Knox Hendersen/Downtown etc. Heck, you could put that extra money into a retirement account and retire even earlier (yeah, I know I say that to everyone - lol). Keep in mind that a $1M home will have $22K/year in property taxes - for that reason alone, I refuse to follow the "rules of thumb" with buying a home that's 2.5-3x your yearly salary. But then, I'm pretty frugal.

Brian

[TurtleCreek80]

Originally Posted by MOD220

I'm familiar with PC, but how do Lakewood, Lakewood Heights and Lake Highlands compare?

random question - are there snakes in white rock lake? would love swim there for triathlon training, but sounds like every body of water in Texas houses snakes, which I'm afraid is too much for me to handle

No swimming in White Rock Lake. No motor boats, either. It is really shallow and only used for kayak/ rowing/ Sunfish-type sail boats.

Everyone has such a funny fear of snakes when moving to Dallas! Very few snakes here- they don't really like to be around people. You'll see the occasional 5" garden snake, but nothing too much crazier than that in the city.

Pull out your trusty google map of Dallas:
Lakewood "proper" is the area bound by White Rock Lake to the east, Mockingbird to the north, Abrams to the west, and Gaston to the south. The Lakewood Elementary School borders extend north to the DART tracks (few blocks north of Mockingbird) and south to where Brookside/ Valencia are south of the Lakewood Country Club.

Lakewood Heights is the area between Skillman & Abrams, south of Mockingbird, north of Live Oak. It is mostly zoned to Stonewall Jackson Elementary, which is exemplary and also feeds to Woodrow Wilson HS (same as Lakewood Elem). Lakewood Heights was a more modest neighborhood of 1910-1920's Craftsman and Prairie-Style homes, but has been over-run by tear downs and McMansions in the past 10 years. I believe there is some preservation force in place now, but the neighborhood has been architecturally ruined. Some blocks still look uniform & ok; many others are littered with 1,100sf bungalows next door to 3-story 4,300sf stone & brick McMansions (complete with requisite turrets) on 50' lots.

Lake Highlands is northeast of White Rock Lake. Schools are zoned to Richarsdson ISD (although in the city of Dallas), which is well-regarded. It is a more solidly middle-class area, with a ton of apartments (and low-income residents that come with them). A lot of apartments have been bull-dozed to clear way for a new Lake Highlands Town Center (shopping, restaurants, etc), but the economy has completely stalled the project and now acres of empty lots sit vacant. It's a nice neighborhood- the area just to the north of White Rock is a protected nature reserve. But - bottom line- it's not a neighborhood I'd send someone with a $700k-$1M budget (although you could spend $700k or so there). It's a great area for people with $200-400k looking for city living and good schools.

[jelf]

My guess is 200-300.

[MOD220]

I'm probably going to end up closer to $750k than $1M. I'd like a conforming mortgage, and kind of like the idea of a smaller house (under 4k ft.), as it will have cheaper utilities, less furnishings, etc.

I like Park Cities, but not sure I'd get much for $750k, and also not sure I'd want to be in the "Beverly Hills of Dallas." I didn't want to be in Beverly Hills while in So Cal, not sure I'd want that label here....yet again, sounds like an ideal setting for my wife to open the door and hit the shops with her stroller?

[TurtleCreek80]

Originally Posted by MOD220

I know the median average is always a bit lower due to renters, etc., but of the typical homeowner in PC, what would you guess is the average income?

$100 - $250k
$250 - 500k
$500k - $1M
$1M+

any guesses?

I'll look at Park Cities, seems like property taxes are actually higher in Lakewood, narrowing the price gap a bit. in looking at a map, Lakewood doesn't seem much further from Highland Park than University Park, yet everyone assumes UP and HP is a full walking area...am i reading this wrong?

HP and UP are adjacent. Lakewood is about 3-4 miles east....about a 7-12 minute drive depending on where in the Park Cities you start.

Census stats report avg income in UP as a little over $100k and close to $200k in HP, but that includes SMU students as well as retired people who bought their $1M homes for $75k and had their property taxes frozen in 1985.

I'd guess that avg is in the $200-300k range. Sure, some make millions and others are renting and making $125k or so.

[MOD220]

TC - what is the best way to search for homes in this area? I found a zip code map, but not sure if that is accurate enough since there's some overlap. $2-300k is much less than I expected

[TurtleCreek80]

Originally Posted by MOD220

I'm probably going to end up closer to $750k than $1M. I'd like a conforming mortgage, and kind of like the idea of a smaller house (under 4k ft.), as it will have cheaper utilities, less furnishings, etc.

I like Park Cities, but not sure I'd get much for $750k, and also not sure I'd want to be in the "Beverly Hills of Dallas." I didn't want to be in Beverly Hills while in So Cal, not sure I'd want that label here....yet again, sounds like an ideal setting for my wife to open the door and hit the shops with her stroller?

I think it will help to come and visit and see the neighborhoods and schools in person. Highland Park and Preston Hollow are really the "BH of Dallas" - that's where your Jerry Joneses, Troy Aikmans, Mark Cubans, Ross Perots, and other hundred-millionaires and billionaires live.

University Park is more where you find "working class" types- attorneys, doctors, professors, small and medium-sized business owners, some finance people, mid to senior-level managers at the larger companies HQ'ed in Dallas (AT&T, American Airlines, Neiman Marcus, Frito Lay, etc).

Moms are usually found running around in leggings and a Tory Burch cardigan and flats ....not a cheap outfit from Target, but a far cry from running errands in a $4,500 Chanel jacket (which you do find in HP/PH). Most of the super richy-rich families in HP send their kids to private school (again, Perots, Jonses, Aikmans), not HPISD. Those people technically live in the neighborhood, but they're not the neighbors you'll see at the UP Pool or the July 4th parade (they'll be in the Hamptons there with the rest of the world's elite wealth).

Hope this helps clear things up. Get hooked up with a good Park Cities realtor who can pull SOLD comps. You can expect most homes listed in $800k range to close in the $700's, and most of the $900k homes to close in the $800's in the current market. If you can move into the $850k range, you can get a really nice home these days. Friends just closed on 4300sf late 1990's home in UP, 4 bed/ 5 bath/ quarters over garage for $899k. Originally listed close to $1.2M last summer/fall.

[MOD220]

Originally Posted by TurtleCreek80

I think it will help to come and visit and see the neighborhoods and schools in person. Highland Park and Preston Hollow are really the "BH of Dallas" - that's where your Jerry Joneses, Troy Aikmans, Mark Cubans, Ross Perots, and other hundred-millionaires and billionaires live.

University Park is more where you find "working class" types- attorneys, doctors, professors, small and medium-sized business owners, some finance people, mid to senior-level managers at the larger companies HQ'ed in Dallas (AT&T, American Airlines, Neiman Marcus, Frito Lay, etc).

Moms are usually found running around in leggings and a Tory Burch cardigan and flats ....not a cheap outfit from Target, but a far cry from running errands in a $4,500 Chanel jacket (which you do find in HP/PH). Most of the super richy-rich families in HP send their kids to private school (again, Perots, Jonses, Aikmans), not HPISD. Those people technically live in the neighborhood, but they're not the neighbors you'll see at the UP Pool or the July 4th parade (they'll be in the Hamptons there with the rest of the world's elite wealth).

Hope this helps clear things up. Get hooked up with a good Park Cities realtor who can pull SOLD comps. You can expect most homes listed in $800k range to close in the $700's, and most of the $900k homes to close in the $800's in the current market. If you can move into the $850k range, you can get a really nice home these days. Friends just closed on 4300sf late 1990's home in UP, 4 bed/ 5 bath/ quarters over garage for $899k. Originally listed close to $1.2M last summer/fall.

how often do they reasses values for tax purposes? I've seen some houses that are at a $900k asking price, but $27k a year in taxes! nearly 3% and who knows what the sale price will be. tax assesors seems to notice markets that move up, then overlook market downturns...

[lakehighlands]

Originally Posted by MOD220

how often do they reasses values for tax purposes? I've seen some houses that are at a $900k asking price, but $27k a year in taxes! nearly 3% and who knows what the sale price will be. tax assesors seems to notice markets that move up, then overlook market downturns...

Properties are required by law to be appraised at least once every three years for property tax purposes. In popular/high end areas, expect to see the properties reappraised more often.

[galore]

White Rock Lake is way too wild and cold to swim in

http://www.youtube.com/watch?v=oie3dpbiujg