$800k+ Condos in West Plano

[CMC_TX]

Originally Posted by Renu.Uner

Willowbend has so many malls within 10-15 minutes drive which puts a limit on sales. However, no mall with Neimans, Dillard's, Apple, Macys, Sephora, Mac, Brook Brothers, UCOB, Lacoste, etc etc can ever be labeled as anything but higher end ... no matter how you slice it. Saks has been in trouble for a decade so that's a diffrent story. Willowbend supports its clientele very well and its more of a posh neighborhood mall not a destination mall.

By the way $800k condos don't go section 8, there will be plenty of people willing to buy or rent at a reasonable price. I didn't see any of the HW town homes selling for $250k or going section 8, this area is too hot for that. Worst case, developer can't sell fast so he folds but there'll be plenty of investors ready to snatch it. This location is too good to fail.

Yeah, I think the H-W community Willow Bend Park is great. Houses there wouldn't go below 500K. The only thing that development really has in common with what's being proposed for this project is they're both being marketed "lock & leave." So H-W's success doesn't really foreshadow anything for this weird urban type thing.

The only H-W project that had severe issues in the area is Villas of Lake Vista in Coppell, LISD schools & there were REO's there & the rest of the development was completed by CB Jeni, but that's about the only one I can think of.

[TR95]

OP probably has a stake in the development...No one really knows how Willow Bend Mall has done since the opening unless someone has seen the financial statements. It could have been in the red for years for all anyone knows. Just because there are now some high end stores, doesn't mean it has been profitable the entire time or even earning a reasonable return on investment.

Again, either someone knows something that we don't and Plano will turn into the next Century City, Houston Uptown/Galleria, or the project will be unprofitable trying to sell $800k+ condos. Just can't see it in the near to mid-term. Or some out of state or foreign investors will come in believing all the media hype about Plano being the next great thing and the investors/homeowners will get burned.

[Renu.Uner]

Its a pity that investors hire market research firms instead of just posting in this forum. Our "experts" would advice Toyota to take it easy and rent near downtown for a year before moving everybody.

[bencronin04]

Originally Posted by Renu.Uner

Its a pity that investors hire market research firms instead of just posting in this forum. Our "experts" would advice Toyota to take it easy and rent near downtown for a year before moving everybody.

I love when I get emails like this. PLEASE ADVICE!!!!

[Renu.Uner]

Originally Posted by bencronin04

I love when I get emails like this. PLEASE ADVICE!!!!

Aha! I forgot to mention complimentary grammar lesson. Buy one, get one free!

[aggie972]

Originally Posted by Renu.Uner

Its a pity that investors hire market research firms instead of just posting in this forum. Our "experts" would advice Toyota to take it easy and rent near downtown for a year before moving everybody.

That's like saying that the Knicks talent scouts know what they're doing, and all the fans should back off on voicing their opinions. That's no fun, and it's not true that every professional is competent or good at what they do.

[HockDad]

Originally Posted by TR95

OP probably has a stake in the development...No one really knows how Willow Bend Mall has done since the opening unless someone has seen the financial statements. It could have been in the red for years for all anyone knows. Just because there are now some high end stores, doesn't mean it has been profitable the entire time or even earning a reasonable return on investment.

Again, either someone knows something that we don't and Plano will turn into the next Century City, Houston Uptown/Galleria, or the project will be unprofitable trying to sell $800k+ condos. Just can't see it in the near to mid-term. Or some out of state or foreign investors will come in believing all the media hype about Plano being the next great thing and the investors/homeowners will get burned.

Whether a high rise will succeed I often believe depends on the traffic of the city and the area. For example, Fort Worth has substantially less traffic than Dallas. The downtown condo projects, with very few exceptions, have not done especially well, despite the fact that DT Fort Worth is pretty damn nice and oil companies are rocking. Why have they not done well? My theory is that few people working in DT Fort Worth have more than a 30 minute commute. (or, they have kids and have to live in the burbs for the schools).

Maybe Plano will be different, but I would rather be the second person to own a particular condo unit than the first. The first person is really rolling the dice here.

[neworchid]

I'm from CA, part of the Toyota employees relocating.... When I read the news about this condo project and the pricing, I went "WHOA - you've got to be kidding!" I told my office mates about this and we all laughed and shook our heads in disbelief. To whoever priced this project - Bad Idea.