What does $1M buy you in HP/UP (Plano, University Park: new home, neighborhoods)

[GreyDay]

Looking around to the end before we take the final plunge into a new home.

We've run the numbers on public vs. private school, property taxes and resale issues. $25k/year x 12 years equals a 300k haircut on homes where we could do public school. But of course that tuition money is gone and hopefully you'd get it back in resale on the more expensive home.

If your budget was 1M and you had kids where would you take the plunge?

There's a cutting edge contemporary in Preston Hollow (I not my wife love) that's been on the market for 2 years. Tempted to make an offer, but worry that if we ever needed to sale, I wouldn't be comfortable with something that sat for so long.

[Big G]

Originally Posted by ganongrey

We've run the numbers on public vs. private school, property taxes and resale issues. $25k/year x 12 years equals a 300k haircut on homes where we could do public school. But of course that tuition money is gone and hopefully you'd get it back in resale on the more expensive home.

Eh, we've already concluded that you'll end up in private schools soon enough anyway. I wouldn't include that in your price/value analysis.

If your budget was 1M and you had kids where would you take the plunge?

Plano, of course- but it's pretty clear you're not looking for that.

... (I not my wife love)...

You can stop right there. Don't buy it.

[elan]

Two years is a lonnnnnnnnnnng time to be sitting on the market. Yep, I'd worry about that too. I would have to assume it's priced way to high.

I would do PH (maybe a different house, lol) and private school, but that's just me. You have to go with your gut feelings. Which neighborhoods feel "right" to you and the wife?

[elan]

You can always do a Kanye West Video themed man cave in whatever house you buy, lol.

[Spree]

Haven't you been down this path already? TurtleCreek gave you some good advice:

Leaving Uptown for Highland Park, University Park or Preston Hollow and need advice
//www.city-data.com/forum/dalla...sity-park.html

[GreyDay]

Originally Posted by Spree

Haven't you been down this path already? TurtleCreek gave you some good advice:

Leaving Uptown for Highland Park, University Park or Preston Hollow and need advice
//www.city-data.com/forum/dalla...sity-park.html

Just doing some last minute second thinking to butcher grammar completely in this sentence.

[nsumner]

Originally Posted by ganongrey

If your budget was 1M and you had kids where would you take the plunge?

I would go back to Southlake. We lived there for many years when we first moved from Chicago but the kids were very young then and I really wanted to live on the water, that was the only reason we left.

Naima

[TurtleCreek80]

I would pick HPISD, hands down, and would be willing to accept an older/ less than perfect home to be in the district....despite the $1M budget.

You also have to calculate the property tax difference- $16k-ish on a $1M HPISD home. $16k will only get you a $750k home in DISD (Preston Hollow) due to higher tax rates and fewer homestead deduction perks.

I absolutely would NOT buy a home that had been on the market for 2 years, regardless of location, without getting 25-30% off list price. Too much risk.

[mami2emily]

I thought you'd be all moved in by now!! Guess I'll beat you to it...we close on our UP home in a few weeks.

If you are going to fork over that kind of money on a home, I would go with the area that would all but guarantee a return on my investment down the road. Hands down it's HPISD.

[loves2read]

depending on commute--
Southlake
if you are pushing your price envelope to 1MM then you probably have more choice/options there than in the HP/UP area

if you are true BIG CITY person though Southlake won't work for you
and the issues of schools is moot if you are considering buying in Highland Park--what reason besides keeping up with the Joneses would make you choose private schools over HPISD--THAT is why you are paying that high house/tax price--
if you can't be comfortable doing that--you might as well buy cheaper home and commit to private school from the get go