Should I buy in Cedar Crest (Akard townhomes) (Dallas, Irving: real estate, foreclosure)

[simply_jams]

Hello..
I am interested in buying a townhome/loft in the Cedar Crest portion of downtown Dallas. I absolutely love the townhome; it is actually what I want. However there is a BIG BUT.. it’s in a sketchy part of town. Moderator cut: not allowed O)) And I've read this forum enough to know that there isn't a positive view of this area ("Southside Lamar/Cedar) on this forum. But I wanted to get some opinions.

Price: its priced perfect for me (169k), I've thought about uptown or even east dallas (by Baylor hospital) but for what I want (attached garage/ two stories/”newer”) I am quickly priced out. And the HOA is low.

Area: I am familiar with the area, I've actually volunteered at a couple soup kitchens down there so I know there are lots of homeless in and out...but I was hoping that neighborhood would change with the new development projects. (ie.. the NYLO hotel, The Beat Condo’s). This place is also really close to the Cedars station so that I can catch the train to work)..

I am not as concerned with crime as much I am with resale...


What do you guys think??.. Should I take a chance or stick with uptown/deep ellum. (btw: I looked at a place in the suburbs (Irving) and it was so vanilla literally and I couldn’t do it.

Oh yeah..more about me.. I am 30 years old, female, professional, no kids. I currently rent in a loft downtown and I work downtown. I am from a pretty urban area in California and have some street smarts. But I dont want to make a bad financial decision!!
Thanks in advance

[TurtleCreek80]

How long do you expect to buy & hold this condo? Condos are NOTORIOUSLY bad buys in Dallas unless you buy in a premier neighborhood/ building. They just don't appreciate much and even if HOA's start low, one future assessment can kill your resale chances & put an even bigger dent into the amount of money you'll pull out when you sell. (I speak from experience and I bought in a good building/ good location on Turtle Creek).

If you're planning to sell in less than 7-10 years, I'd just rent and keep saving money until you can afford a single family home in a neighborhood you can afford & want to live in. There are some great in-town neighborhoods where you can get a home for $180-220k range....more than what you can currently afford, but probably not out of reach in the next few years.

Just my $.02.

Oh, and the Cedars neighborhood- I think it's great! There's a certain type of person (cross between a bohemian/ artist and an "urban pioneer") that loves a neighborhood like the Cedars and wants to live there and be a part of a niche community. There just aren't many of those people on City Data.....more on the Unfair Park blog

[dallas90210]

If you know several forms of karate, frequently wear a bullet proof vest just for the heck of it, plan on NEVER having kids and are licensed to carry a concealed handgun (and do so)...then definitely...buy a town home in that area.

Seriously speaking though - that area is on the edge of Fair Park....one of the worst neighborhoods in the entire Metroplex. That majority of that area is very poverty stricken, has lots of homeless people, lots of crime and lots of drugs. I would avoid it like the plague.

Uptown and/or Deep Ellum would be a far better choice.

Good luck!

[TurtleCreek80]

Originally Posted by dallas90210

If you know several forms of karate, frequently wear a bullet proof vest just for the heck of it, plan on NEVER having kids and are licensed to carry a concealed handgun (and do so)...then definitely...buy a town home in that area.

Seriously speaking though - that area is on the edge of Fair Park....one of the worst neighborhoods in the entire Metroplex. That majority of that area is very poverty stricken, has lots of homeless people, lots of crime and lots of drugs. I would avoid it like the plague.

Uptown and/or Deep Ellum would be a far better choice.

Good luck!

Moderator cut: Off-Topic

The Cedars and Fair Park are TWO COMPLETELY DIFFERENT NEIGHBORHOODS SEPARATED BY A FRIGGIN' FREEWAY. They're 4.1-ish miles apart from each other, hardly "on the edge of Fair Park".

Goodness!!

[simply_jams]

Thanks for the reply and comments!

I think I already know my answer but was just looking for confirmation. While I love the townhome... location is number 1 in real estate.

I wasn't looking to make a huge profit, just break even when it was time to sell.

[simply_jams]

Also, to answer your question:

I plan on selling in about 5 years. I intially am only looking for townhomes because I do not want responsibilities of a single family home just yet. Once I have a family.. .I may move toward that direction. But for right now, schools are not an immediate concern (With the exception of better school districts equal value).

I plan to participate in a mortgage program that pays closing costs and no down payment...so I would just need the house to appreciate enough to recoup the cost associated with selling the place.

[ClarenceBodiker]

I can't tell you anything about resale value, but I can tell you that the Cedars is one of my favorite areas of Dallas with some of my favorite bars. Obviously, I wouldn't raise children there, but I wouldn't hesitate for a second to call that place home as a single person.

[TurtleCreek80]

Originally Posted by simply_jams

Also, to answer your question:

I plan on selling in about 5 years. I intially am only looking for townhomes because I do not want responsibilities of a single family home just yet. Once I have a family.. .I may move toward that direction. But for right now, schools are not an immediate concern (With the exception of better school districts equal value).

I plan to participate in a mortgage program that pays closing costs and no down payment...so I would just need the house to appreciate enough to recoup the cost associated with selling the place.

Bad plan, at least in the current r/e market. You'll need to gain about 10% to cover closing costs and realtors fees when you sell.....that will take between 5-10 years in a condo in that kind of neighborhood. You really need a down payment to help avoid bringing cash to the table when you sell if expected time of ownership is 5 years or less. Remember, you're barely paying down anything on the principal over the first few years of a loan. My first year, I paid down something like $1,200 towards the principal balance.

Honestly, I would just rent. The monthly carrying costs on that condo are probably around $1,675 ($1,100 mortgage, $375 property taxes, $200? HOA) and you can rent a 2 br with garage in the Knox-Henderson, East Dallas, Mansion, or North Oak Lawn neighborhoods for $1200-1500 range....you'd still. E coming out ahead since the couple hundred a month you'd save by renting would be more than the expected principal pay down + appreciation on a condo in a "C" location, plus you'd have more flexibility if you decide to buy a home, move out of Dallas, or meet Mr Right and want to buy something together.

[BigT3x]

Originally Posted by dallas90210

If you know several forms of karate, frequently wear a bullet proof vest just for the heck of it, plan on NEVER having kids and are licensed to carry a concealed handgun (and do so)...then definitely...buy a town home in that area.

Seriously speaking though - that area is on the edge of Fair Park....one of the worst neighborhoods in the entire Metroplex. That majority of that area is very poverty stricken, has lots of homeless people, lots of crime and lots of drugs. I would avoid it like the plague.

*sigh*

The Cedars is an up and coming area with LOTS of interesting things to do and even more in the pipeline. Plenty of people love the area. Dallas PD headquarters is right in the middle of the neighborhood so there is a heavy police presence. There is a true neighborhood vibe to the place. You really don't have anything to worry about.

Based upon the way the OP described herself, I think Cedars would be an excellent fit.

[trc_everything]

Originally Posted by dallas90210

Seriously speaking though - that area is on the edge of Fair Park....one of the worst neighborhoods in the entire Metroplex.

Uptown and/or Deep Ellum would be a far better choice.

Ummm...Deep Ellum is on the edge of Fair Park. In fact, Deep Ellum is married to Fair Park via Exposition Park. Your statement makes little sense.

To the OP - are there leasing options available for the townhouse? I understand, and agree with, your caution about getting excited and jumping on it. That is a fun area, but it's your future we're talking about.

I'm the same demographic as you, except male, and I bought a townhouse in East Dallas by Baylor. However, althought it is newer, it was a foreclosure and needed work (which I'm still doing), and has a ridiculously low HOA that only covers landscaping. I'm hoping I break even.