East plano vs south Mckinney, new homes vs pre-owned (Dallas: fit in, apartment)

[Ciscogeek]

Hi Everyone!
I am really so much confused that I havent slept for the last 2 days very well and have spent most of my time weighing what to select from east plano vs McKinney and then new home vs pre-owned at both of these.
Need ya'll's wisdom to help me make an informed decision.

I am an Asian-indian and a quality education is the top-most priority for selecting a neighborhood. Diversity comes 2nd, commutable distance (<45min, <25 miles) from downtown Dallas comes 3rd, and best resale value of my 1st home comes the 4th, spacious-open floor plan comes 5th. Ideally, i want something under 250k but a better resale carrying, closer to downtown Dallas, less money towards gas, be able to spend more time with my family, can make me spend upto 300k for this 1st house.

I have two daughters, one is now 4.5 years old where the youngest is now 7 months. I work at downtown Dallas and i have to be on-site 5 days a week and sometimes more. Currently, I live in an apartment by 75@lovers and commute has been sweet. But now we need better schools, more breathing space, but still within driveable distance to downtown during rush hours and something that carries a greater resale value.

I am interested in a 4 br, 3 bath house with an open floor plan.

American Legend Homes are starting a master planned community (Barcelona) at 121/stacy in a week or so with new houses starting from 285k for 2200 sq. ft. With an extra br and bath, it might go upto 300k. Barcelona will have Frisco Isd and a new HS, Independence HS, scheduled to open this fall.
I also found Highland homes building a new community villas at spring creek by E. Parker/jupiter. Highland homes for 4br, 3bath (2200 sq. ft.) is coming out at 328k.

East plano is nowhere what West plano is, but still schools are good, and diversity is great and commute seems to be better for downtown Dallas. Plano East is more built-out than McKinney, therefore I feel my house will carry better resale value in east plano than McKinney. But East plano close to HW 75 looks too old and highland homes only building 65 houses in this pocket doesnt sound very promising because surrounding neighborhoods are too old by K avenue and I think these old neighborhoods can scare awar potential buyers. Better area there starts further east(hills of spring creek, lakeside.) Even though, i personally loved the look and feel of McKinney and especially Barcelona being built right at 121/stacy, just 5 minutes from HW75, but the daily commute to downtown Dallas and then McKinney not yet even 45% built out worries me. What if for some reason, we will need to sell our McKinney house, buyers will never want to pay 300k for my pre-owned when they can find a new home with warranty and builder's incentives for almost the same price I will be asking for my house.


I can also look for pre-owned houses in both places but i havent seen too much benefit in going for a pre-owned at both locations.

What do you all recommend? Personally, i want to stay under 270k, but dont have money to upgrade a pre-owned. That is why I want to go with a new but 300k in McKinney close to 75 doesnt seem to be a wiser investment from resale/commute PoV and 330k for east plano seems to be out of my budget.

Help me where to move and how to stay within my budget but still be able to meet my priorities.

Keep it all coming.

[jcl_cls02]

Sounds like Plano is the right place. Have you ever considered Allen?

[veuvegirl]

Check out Allen, the market is very competitive right now. Although I think your commute from McKinney and Allen may be longer than 45 minutes.

[ChristieP]

Have you considered Richardson? It has all of the things you are looking for, and is closer to downtown Dallas.

[Renu.Uner]

East Plano hands down. They are PISD and come with exclusive option of three gifted Academies. That area is nice and Oak Point/Bob Woodruff is a natural blessing. Much better location compared to Mckinney. If you keep up with news or go to that area then you'll notice that Plano city is reviving older parts and down town. Imho its a better choice for living and for future ease of resale. You can use DART as well.

North East Richardson feeding to PISD is another great option. Personally, I like newer 75082 area very much. Its a unique pocket with Richardson location and Plano schools.

[MckinneyOwnr]

Based on what you say is most important to you, I'd pick Plano for your situation. I've lived in Plano for 20+ years and have now lived in McKinney for 4, near the area you are asking about. With Plano, while the resale in East Plano probably won't appreciate as much as that particular area of McKinney, you also have to weigh that against a better school system and better commute from Plano.

[Ciscogeek]

@jcl-cls02, veuvegirl:
Initially, I looked at Allen 75013 area which is assigned plano isd and the houses built in late 90s are big and sound affordable but are without open floor plans. Montgomery farms is nicer but way too expensive.

@renu-uner:
I looked at that area of east plano and that is also where I discovered highland homes building only 65 new houses. Dont you think old homes surrounding K avenue will scare away potential buyers?
Secondly, should I go with a 2500+ sq.ft house built between 2000-2006 listed at 280-300k or am I better off sticking to highland homes new home with even 2200sq.ft at 330k? Which one is a better investment from best value of the money and from the resale perspective?

@McKinneyOwner:
Do you think that investing 300k for merely a 2200sq.ft in McKinney with frisco ISD at 121/stacy a safer investment? Dont you think that considering McKinney will take at least 15 more years to build up and potential buyers of your house will always either find a new builder offering incentives/warranty or a larger older house b/w 250-300k? I am worried, if interest rates start going up, say 5.5 or above, i might experience significant depreciation in my 300k house and being a seller during those times will be nerve-wracking. Cant afford to lose any money as it took a while and countless sacrifices to save every penny I have for this downpayment. Simply, cant afford any such losses.

[Renu.Uner]

I recommend look near Otto Middle School, homes aren't too old, schools and location are great. Homes near Plano East Senior are good as well. Highland Homes is a great builder but that location isn't that great.

McKinney is far and schools lag behind others. You'll find more indian/Asian in better school districts like ****.

[MckinneyOwnr]

Originally Posted by Ciscogeek

@McKinneyOwner:
Do you think that investing 300k for merely a 2200sq.ft in McKinney with frisco ISD at 121/stacy a safer investment? Dont you think that considering McKinney will take at least 15 more years to build up and potential buyers of your house will always either find a new builder offering incentives/warranty or a larger older house b/w 250-300k? I am worried, if interest rates start going up, say 5.5 or above, i might experience significant depreciation in my 300k house and being a seller during those times will be nerve-wracking. Cant afford to lose any money as it took a while and countless sacrifices to save every penny I have for this downpayment. Simply, cant afford any such losses.

All of Southwest McKinney right now is a pretty hot area to buy in. You have easy access to 121 and 75, and the intersection of Custer/121 is where McKinney, Allen, Frisco, and Plano all meet. So, you are close to lots of retail and restaurants all along 121, and very close to 121/Preston/Stonebriar area.

My response was simply based on your stated priorities... Resale value came in 4th for you. Buying a new home, most new homes I've seen actually go down a bit in value for at least the first few years, because you're paying a premium for new construction.

That premium decreases every year the home gets older, and usually home values don't appreciate enough to compensate for that in the DFW area. No matter where you buy, slow steady appreciation is the name of the game when it comes to home pricing around here.

Unless you got lucky and bought at the low point of the housing bust (2010/2011) then you're going to have to wait a long time for your home to appreciate enough to cover a realtor's commission if you decided to sell.

If you like the McKinney area and want a bit more bang for your buck regarding a house vs Plano, then don't buy new. My neighbor down the street is currently selling their home for $295k... it's 3600 sq ft. Zoned for McKinney schools, but that is on par with Frisco schools.

[keribeth818]

For your criteria, I would probably go with Plano, but I would double check what schools that neighborhood is zoned to. The Frisco schools may be better. PISD as a whole is rated highly but it really is different from one school to the next. Diversity and commute are hands down better in the Plano location.

Someone suggested going out towards the high school. That's where I currently live and it takes me 10 mins just to get to the highway in the morning. It is a pretty area, though and most folks that come here marvel they had no idea East Plano was this nice. At Parker and Jupiter you are much closer to the highways, restaurants, and shopping. Stacey getting to 75 can be a drag, as is the commute into Dallas. Add onto that the construction on 75 that is making its way south from Virginia to Spring Creek, I think you will hate your commute but folks do it.

If resale is last on your priority list, then I think you have to go with the house tht is going to be better for your family and your sanity.