Buying in Oak Lawn? (Dallas, Spring: foreclosure, condos, townhomes)

[bchaney16]

We are looking to buy a place in Dallas. The first area we considered was North Oak Cliff but we are now looking at Oak Lawn. I like the idea of OC because land value is still low and there is development on the horizon. OL seems like it has already been developed so the land value is already sky high.

(edit) Do you think that land value in Oak Lawn has peaked?

[TurtleCreek80]

Originally Posted by bchaney16

We are looking to buy a place in Dallas. The first area we considered was North Oak Cliff but we are now looking at Oak Lawn. I like the idea of OC because land value is still low and there is development on the horizon. OL seems like it has already been developed so the land value is already sky high.

Is it a bad idea to buy in Oak Lawn now that land values seem to have peaked?

Land values in Oak Lawn haven't "peaked." Yes, they're higher than many areas around the DFW area, but do you really think that a dense urban neighborhood just 2 miles from downtown in a metro area larger than Rhode Island and with 7M residents is at its "peak" and will only go down from here? Think again.....

Between the two, buy where you want to live. They are both vibrant neighborhoods to enjoy now and will probably make you some money if you plan to buy & hold for 5-10 years. Now if you're a short-term speculator, good luck timing any market, including these two.

[bchaney16]

Originally Posted by TurtleCreek80

Land values in Oak Lawn haven't "peaked." Yes, they're higher than many areas around the DFW area, but do you really think that a dense urban neighborhood just 2 miles from downtown in a metro area larger than Rhode Island and with 7M residents is at its "peak" and will only go down from here? Think again.....

Between the two, buy where you want to live. They are both vibrant neighborhoods to enjoy now and will probably make you some money if you plan to buy & hold for 5-10 years. Now if you're a short-term speculator, good luck timing any market, including these two.

Good to hear. I guess my question should've been "do you think values have peaked?". I was just looking at the land valuation on some tax records and value has tripled or quadrupled from '05 to '09 and now seems stagnant. That may have to do with the economy in general though. Thanks for the help.

[ETex2]

Depends on what you want to buy, and what kind of lifestyle you live, etc..

[TurtleCreek80]

Originally Posted by bchaney16

Good to hear. I guess my question should've been "do you think values have peaked?". I was just looking at the land valuation on some tax records and value has tripled or quadrupled from '05 to '09 and now seems stagnant. That may have to do with the economy in general though. Thanks for the help.

The market has been slow in Oak Lawn the last few years because so much of 75219's housing stock is condos. In Dallas, condos are the last properties to rise in value and the first to go down. Also, as condos / duplexes/ Multi- family splits 1 lot between 2-300 units, each unit's value is much more in the structure vs the land. And between structure and land, land is the only part of the value that increases without improvements.

There is still a lot of development / redevelopment in Oak Lawn. Lincoln Properties bought the shopping center at Blackburn & Oak Lawn out of foreclosure and has plans to make it a West Village type development with housing, possibly a Central Market, and other commercial. There are still old original $300-600k value homes being torn down and rebuilt as 4 x $400-600k townhomes.

[RonnieinDallas]

Originally Posted by bchaney16

Good to hear. I guess my question should've been "do you think values have peaked?". I was just looking at the land valuation on some tax records and value has tripled or quadrupled from '05 to '09 and now seems stagnant. That may have to do with the economy in general though. Thanks for the help.

Are you looking at houses or a condo in Oak Lawn? There aren't many single family homes left in Oak Lawn. A few older homes on Bowser and Holland. Then there's Perry Heights which is gorgeous but super expensive. West of Maple there are quite a few single family homes, but that area of Oak Lawn is still in transition. I think Maple Springs(75235) is a safe place to buy, it has some really cute 1920s and 1930s bungalows, and people take care of the neighborhood. Most of the houses in that area have pretty big back yards too.