Found a new subdivision - Adams Estates in Flower Mound - thoughts? (Plano: real estate, apartment)

[pinipig523]

One of my coworkers pointed me to this developing subdivision in Flower Mound. 26 lots in a gated community, close to the corner of Flower Mound Road and Long Prairie.

Thoughts on this place?

I like the location, close to my work at TH Flower Mound Hospital just down Long Prairie. Close to Lifetime Fitness, Kroger, Sprouts... close to the new Whole Foods and Market Street that's opening up. Not too far from DFW - just straight down 2499 to 121... I can get there in 12-15 minutes.

Out of flight path, unlike the spots I was looking at in Southlake.

My heart is still set on Southlake... and I do find Park Cities/PH to be intriguing but costly.

Would I be making a mistake building a custom home in Flower Mound to the tune of $900K? Do you think I'm pricing myself out of the community? I really don't want to build if I won't be getting my money back 10 years down the line.

[ChristieP]

First, I think the whole gated thing is a waste. There's nothing to be afraid of in FloMo, so there's no need for a gate. That will be a turn-off for many people. Anyone who's ever lived in a gated apartment will tell you they are nothing but show and are a PITA.

Second, as others have said about Frisco and other similar towns, when you are still competing with new builds, you will not see any return on your investment. It's unlikely that FloMo will be built out in 10 years, and with DFW's notoriously slow appreciation rate, you will not likely see any profit when you sell. and yes, $900k is significantly higher than the average house in FloMo.

Why don't you just buy an existing home in Southlake?

[adixyz]

Originally Posted by ChristieP

It's unlikely that FloMo will be built out in 10 years, and with DFW's notoriously slow appreciation rate, you will not likely see any profit when you sell. and yes, $900k is significantly higher than the average house in FloMo.

FM is big and West FM is mostly empty which will take years to built but location like Adam Estate or anything within the areas already built out will always be preferred. FM have a big population of doctors and top executives. For houses above 750K here are the housing stats as of date between Southlake and FM.

Southlake : 82 properties on market, Avg. price: 1.42 million, Avg. price/sq. ft: 226
Flower Mound: 43 properties on market, Avg.price:1.75 million, Avg.price/sq.ft: 223

[adixyz]

Originally Posted by pinipig523

One of my coworkers pointed me to this developing subdivision in Flower Mound. 26 lots in a gated community, close to the corner of Flower Mound Road and Long Prairie.

Thoughts on this place?

I like the location, close to my work at TH Flower Mound Hospital just down Long Prairie. Close to Lifetime Fitness, Kroger, Sprouts... close to the new Whole Foods and Market Street that's opening up. Not too far from DFW - just straight down 2499 to 121... I can get there in 12-15 minutes.

Out of flight path, unlike the spots I was looking at in Southlake.

My heart is still set on Southlake... and I do find Park Cities/PH to be intriguing but costly.

Would I be making a mistake building a custom home in Flower Mound to the tune of $900K? Do you think I'm pricing myself out of the community? I really don't want to build if I won't be getting my money back 10 years down the line.

There are lots of high end communities in FM. Have your real estate agent take a tour and you'll be surprised to see how similar or better they are with Southlake. Compared to Southlake you get a lot of acreage in FM and you also pay less in property tax. For high end homes, there may not be much difference in the price/sq. ft and it depends on the custom upgrades.

I think if you built a custom home, it doesn't matter if its Southlake or FM or anywhere - High end buyers typically have their own taste and unless they like your custom upgrades they will not buy it or you might not get the price of your upgrades. Personally I prefer going for an existing home and avoid all the hastles of building.

[Texastopia]

I have no horse in this race but if you like SL than go with SL. If you like HP than Lakewood is not the answer, if you like West Plano than Allen is not the answer and if you like SL then FM is not the answer. You clearly like SL and have a budget for it, don't let extra square footage or brand new windows sway you. Second choice is just that, second choice. Go with you heart. If you want Louis Vuitton then a vintage one would be better than knockoffs or replicas. You can renovate or upgrade but you can't change location.

[SouthernBelleInUtah]

Originally Posted by Texastopia

I have no horse in this race but if you like SL than go with SL. If you like HP than Lakewood is not the answer, if you like West Plano than Allen is not the answer and if you like SL then FM is not the answer. You clearly like SL and have a budget for it, don't let extra square footage or brand new windows sway you. Second choice is just that, second choice. Go with you heart. If you want Louis Vuitton then a vintage one would be better than knockoffs or replicas. You can renovate or upgrade but you can't change location.

Excellent point!

[pinipig523]

Originally Posted by Texastopia

I have no horse in this race but if you like SL than go with SL. If you like HP than Lakewood is not the answer, if you like West Plano than Allen is not the answer and if you like SL then FM is not the answer. You clearly like SL and have a budget for it, don't let extra square footage or brand new windows sway you. Second choice is just that, second choice. Go with you heart. If you want Louis Vuitton then a vintage one would be better than knockoffs or replicas. You can renovate or upgrade but you can't change location.

Problem is that I have ZERO lots or subdivisions to build in Southlake. ZERO.

Carillon is out. There are no new subdivisions for custom homes... I would have to buy a lot and demolish the house which is a pain. It's easy if there was a subdivision where I could buy a lot and have a builder build a custom home for me... but in Southlake at this time, there are ZERO new custom subdivisions. And to make matters worse, I don't have a lead on a lot either.

I've had Larry Stewart Custom Homes search for a lot for me in SL and there are none.

The closest open lot I got is in Westmont in Colleyville or Leyton Grove in Colleyville...

Originally Posted by ChristieP

First, I think the whole gated thing is a waste. There's nothing to be afraid of in FloMo, so there's no need for a gate. That will be a turn-off for many people. Anyone who's ever lived in a gated apartment will tell you they are nothing but show and are a PITA.

Second, as others have said about Frisco and other similar towns, when you are still competing with new builds, you will not see any return on your investment. It's unlikely that FloMo will be built out in 10 years, and with DFW's notoriously slow appreciation rate, you will not likely see any profit when you sell. and yes, $900k is significantly higher than the average house in FloMo.

Why don't you just buy an existing home in Southlake?

We're still looking at existing homes in SL - we have tours to homes like twice a week for several weeks now... still haven't found the one.

[pinipig523]

Originally Posted by ChristieP

First, I think the whole gated thing is a waste. There's nothing to be afraid of in FloMo, so there's no need for a gate. That will be a turn-off for many people. Anyone who's ever lived in a gated apartment will tell you they are nothing but show and are a PITA.

Second, as others have said about Frisco and other similar towns, when you are still competing with new builds, you will not see any return on your investment. It's unlikely that FloMo will be built out in 10 years, and with DFW's notoriously slow appreciation rate, you will not likely see any profit when you sell. and yes, $900k is significantly higher than the average house in FloMo.

Why don't you just buy an existing home in Southlake?

Gated thing... not my choice, but what can I do.

Regarding FM build out... this area of central FM is almost all built out. What's not is West FM.... and that'll take some time. However, the area of central FM is so much better than being 3 miles west on Cross Timbers away from Long Prairie.

I have toured down Wichita Trail and along Tour 18... too far for me and I don't like the extra drive.

[Morgan427]

I live in Flower Mound and no, I wouldn't build a 900k house in that location. Maybe if it was your forever/dream house but not if you want to sell in 10 years. It's a good location, we have friends building there right now, but they are spending a little over half of that. I would either build there and not spend nearly that much or find an existing house in Flower Mound.

[pinipig523]

Originally Posted by Morgan427

I live in Flower Mound and no, I wouldn't build a 900k house in that location. Maybe if it was your forever/dream house but not if you want to sell in 10 years. It's a good location, we have friends building there right now, but they are spending a little over half of that. I would either build there and not spend nearly that much or find an existing house in Flower Mound.

When you say there... do you mean in Adams?