Preston Hollow v. HPISD for Young Family (buying, construction)

[GreyDay]

Originally Posted by serger

well, ok, there is ONE under 300k in the whole district. And with this monthly HOA, it would be (roughly) like paying a mortgage on a property that's 100k more (say approx. 4.5% interest, 2% property tax)

Cheaper than prep school for two kids. Also the HOA is cheaper than paying for lawn, window washings, likely lower utilities and a much lower tax bill.

Not saying it's ideal but given a decent private school is 20k a year on the low end, it would be workable.

A single parent trying to stay in the district would likely feel otherwise about it.

[SVTRay]

Originally Posted by TurtleCreek80

There's a 2/2.5 listed at $265k for sale right now. The HPISD units only add about $50k in value over the DISD units. It's a steal and the only real negative is being so far away from the school campuses.

Thats about what people are spending for tear down homes. So if someone wants it, they better jump on it before they doze it.

[GreyDay]

Tear down home lots are pushing 7-800k for 60x 150 lots. This is a condo, actually a pretty nice looking one.

[SVTRay]

Originally Posted by GreyDay

Tear down home lots are pushing 7-800k for 60x 150 lots. This is a condo, actually a pretty nice looking one.

Than 265K is a steal when it comes to tear downs.

I wonder if that tear down range is relative to the area? Homes in our area run 1-1.2 Mil and a few have already fallen prey to the dozer. I'm not talking shacks and single story 1300 sq ft homes. These all 2700-3000 sqft multilevel homes thats been renovated and updated. It's kinda a shame to see one bull dozed to be honest.

[TurtleCreek80]

Originally Posted by SVTRay

Thats about what people are spending for tear down homes. So if someone wants it, they better jump on it before they doze it.

A tear down where- Lake Highlands? Lakewood Heights? A bad lot in HPISD is $650-700k+ right now, a good one (70' + in the fairway) is in the $1.2M range.

Plus, this is a condo association, so no one could spend $265k and bulldoze a single unit. I think there are 25-40ish units in that complex.

[SVTRay]

Originally Posted by TurtleCreek80

A tear down where- Lake Highlands? Lakewood Heights? A bad lot in HPISD is $650-700k+ right now, a good one (70' + in the fairway) is in the $1.2M range.

Oops, I thought you mentioned there was a home in PC for 265K? Sorry, I thought we was talking about PC/PH. I'm always so confused lol

Anyhow, they started bull dozen 1-1.2 homes in my area...dang construction is on my nerves!

[TurtleCreek80]

Originally Posted by SVTRay

Oops, I thought you mentioned there was a home in PC for 265K? Sorry, I thought we was talking about PC/PH. I'm always so confused lol

Anyhow, they started bull dozen 1-1.2 homes in my area...dang construction is on my nerves!

1. To find a $265k home in the Park Cities, you'd have to time travel back to the mid 1980's, and even then you'd be buying a 2200sf cottage.

2. They're bulldozing the 3000+SF, $1.2M homes because more people don't want old "small" homes anymore...even when they've been lovingly maintained and updated over the years. A builder can buy the lot for $1.2M, put a 6000sf x $300/SF home on it, and sell the whole thing for $3.5M+...a tidy $500k profit for builder and a humongous family home for 4 people who can't imagine living in a tiny 3000sf home together.....I don't agree with it but that's why it's happening.....there's demand for a product that doesn't exist in the 3000sf 1940's homes

[HockDad]

Originally Posted by TurtleCreek80

1. To find a $265k home in the Park Cities, you'd have to time travel back to the mid 1980's, and even then you'd be buying a 2200sf cottage.

2. They're bulldozing the 3000+SF, $1.2M homes because more people don't want old "small" homes anymore...even when they've been lovingly maintained and updated over the years. A builder can buy the lot for $1.2M, put a 6000sf x $300/SF home on it, and sell the whole thing for $3.5M+...a tidy $500k profit for builder and a humongous family home for 4 people who can't imagine living in a tiny 3000sf home together.....I don't agree with it but that's why it's happening.....there's demand for a product that doesn't exist in the 3000sf 1940's homes

Even if the family wanted a smaller house, there is another issue: the appraisal. My wife would love to buy a lot for 800k and then put a 4,000 square foot house on it. However, the bank would never loan us money because it would never appraise.

In your example above, if the builder buys the lot for 1.2 million and puts a 4,000 square foot house on it, there is no way that a bank would finance it because the price per square foot would be over $500.00.

[Dr. Jake Oil]

Originally Posted by HockDad

Even if the family wanted a smaller house, there is another issue: the appraisal. My wife would love to buy a lot for 800k and then put a 4,000 square foot house in it. However, the bank would never loan us money because it would never appraise.

In your example above, if the builder buys the lot for 1.2 million and puts a 4,000 square foot house on it, there is no way that a bank would finance it because the price per square foot would be over $400.00.

It is a shame that appraisers are so lazy and stupid that they can't separate lot value from house value to appraise on anything besides $/sq ft.

[synchronicity]

Originally Posted by TurtleCreek80

2. They're bulldozing the 3000+SF, $1.2M homes because more people don't want old "small" homes anymore...even when they've been lovingly maintained and updated over the years. A builder can buy the lot for $1.2M, put a 6000sf x $300/SF home on it, and sell the whole thing for $3.5M+...a tidy $500k profit for builder and a humongous family home for 4 people who can't imagine living in a tiny 3000sf home together.....I don't agree with it but that's why it's happening.....there's demand for a product that doesn't exist in the 3000sf 1940's homes

C-D won't let me give you any more reputation, so here's a post to say that I TOTALLY agree with your POV here. Look, I get that people can afford 6K sq ft homes in very nice areas, but why do so many people buy that? The trend (driven by developers but sadly pushed by homebuyers) is to buy the largest house that can possibly be shoehorned into a lot. Drives me crazy. And DFW being a higher percentage of newer construction means we see a ton of that.