New construction question in Southlake (Highland Park: real estate, new house, buy)

[neilkhan786]

Originally Posted by I Luv Las Colinas

Some of those Winding Creek spec homes are 1.6-1.7 million, which is amazing.

I think those Highland mobile homes will eventually go away, but who knows how it will take. Some brave soul built a large house (6000-7000 sq feet) right behind those mobile homes off Highland. The custom home's driveway is right next to the mobile homes and the mobile homes are between the custom home and Highland. It's a new world.

I looked at the winding creek and shady oaks homes. Looking to buy in Southlake. Any suggestions who else should be considered?

What are your thoughts about investing in southlake? They keep saying there is no land, but all i see is land there. Do you think home prices will increase after you spend $1.5M on a house there?

[synchronicity]

Originally Posted by neilkhan786

I looked at the winding creek and shady oaks homes. Looking to buy in Southlake. Any suggestions who else should be considered?

What are your thoughts about investing in southlake? They keep saying there is no land, but all i see is land there. Do you think home prices will increase after you spend $1.5M on a house there?

My Magic 8 ball says the future is cloudy, but all of DFW is growing dramatically, so I'd expect over the long haul home prices will increase. That said, DFW home prices are generally less volatile than in other parts of the country, so they appreciate at a lower rate but also don't decline as far in a downturn.

(I know many people on this forum complain about increases in home prices in the area, but if one looks at the data those increases are lower than in most other major metro areas the last 3+ years.)

Southlake's remaining open space is being gradually (and not-so-gradually) developed. Current population is ~28K and final build-out is estimated at ~35K. Between schools and shopping, it will probably remain "in-demand" for the foreseeable future.

That said, there does seem to be a disconnect between the prices of new builds and that of existing construction. You may want to look closely at existing homes and see if they make more sense in terms of value received at a given price point. Yeah, everyone wants "new", but the shiny houses today will just be "not new" 5+ years from now. Trends and fashions in housing change, but good location on a nice lot are always in demand.

(As an FYI, I was walking around the under-construction Highland Oaks development yesterday, and there sure seems to be a lot of noise from 114.)

[neilkhan786]

Originally Posted by synchronicity

My Magic 8 ball says the future is cloudy, but all of DFW is growing dramatically, so I'd expect over the long haul home prices will increase. That said, DFW home prices are generally less volatile than in other parts of the country, so they appreciate at a lower rate but also don't decline as far in a downturn.

(I know many people on this forum complain about increases in home prices in the area, but if one looks at the data those increases are lower than in most other major metro areas the last 3+ years.)

Southlake's remaining open space is being gradually (and not-so-gradually) developed. Current population is ~28K and final build-out is estimated at ~35K. Between schools and shopping, it will probably remain "in-demand" for the foreseeable future.

That said, there does seem to be a disconnect between the prices of new builds and that of existing construction. You may want to look closely at existing homes and see if they make more sense in terms of value received at a given price point. Yeah, everyone wants "new", but the shiny houses today will just be "not new" 5+ years from now. Trends and fashions in housing change, but good location on a nice lot are always in demand.

(As an FYI, I was walking around the under-construction Highland Oaks development yesterday, and there sure seems to be a lot of noise from 114.)

Great Feedback. Thanks and it is inline with my thoughts.

[ParkerPal]

Originally Posted by neilkhan786

I looked at the winding creek and shady oaks homes. Looking to buy in Southlake. Any suggestions who else should be considered?

What are your thoughts about investing in southlake? They keep saying there is no land, but all i see is land there. Do you think home prices will increase after you spend $1.5M on a house there?

I think prices should go up in Southlake but new construction values are artificially inflated due to demand so be careful. What happened to your Highland Park plan? What turned you away? Where is your work? If commute is doable then checkout Normandy Estates, they have really nice builders there.

http://normandyestates.com/builder-profiles/

[neilkhan786]

Originally Posted by ParkerPal

I think prices should go up in Southlake but new construction values are artificially inflated due to demand so be careful. What happened to your Highland Park plan? What turned you away? Where is your work? If commute is doable then checkout Normandy Estates, they have really nice builders there.

Builder Profiles for Normandy Estates in Plano TX

The kind of house we want in HP are costing $3M plus. I talked to a few builders and I just don't think now is the time to buy/construct new there. I rather live a bit far for a while and then eventually buy once the market hits low in the future (2-5 years).

Southlake is a good option but as someone noted here, the new construction are way too over priced. I am getting some pretty good deals on the old inventory. I have no idea about how much the builder matters and would love to hear feedback.

[ParkerPal]

Sounds like a good plan but keep in mind that selling a house within 2-5 years is usually a loss and then you'll have to move kids away from schools and friends and extracurricular activities.

[mSooner]

I rather live a bit far for a while and then eventually buy once the market hits low in the future (2-5 years).

I wouldn't assume that is going to happen. And if it does happen, it isn't just Highland Park that would go down...you'd likely be selling at a loss too

[neilkhan786]

Originally Posted by mSooner

I wouldn't assume that is going to happen. And if it does happen, it isn't just Highland Park that would go down...you'd likely be selling at a loss too

You are right. Its a matter of affording a 5%-10% loss on a $800k property Vs on a $3M property.

[neilkhan786]

Originally Posted by ParkerPal

Sounds like a good plan but keep in mind that selling a house within 2-5 years is usually a loss and then you'll have to move kids away from schools and friends and extracurricular activities.

Agreed.

[nawvtanzi09]

Here are two communities that seem to be more reasonably priced for new home communities in Southlake -

Southlake Glen (Toll Brothers) - Its slated to open by end of this month, probably safe to assume by December. Prices should be HIGH 600's+

Ridgeview (Khov) - This community is already up and running and has a model you can view. Prices start from 640's+