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Old 06-16-2014, 07:41 PM
 
7 posts, read 14,882 times
Reputation: 15

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Hello all,

I am in my late 20s moving to Dallas soon and will be working in Coppell.

After paying NYC rent for the last 3 years, I am sick of throwing money away so I would really like to get into a Condo or Apartment home of my own on the North side of Dallas. I am okay living further away from downtown as I do like quiet living.

I am married and expecting so I am looking for at least 2 bedroom but ideally 3.

Being from Houston, Dallas seems on the expensive side for me so I do not even have a clue where to have my budget but I imagine a condo would be more affordable than a house.

I am in touch with a Realtor but she seems to only have access to older properties (70-80)

I am hoping for something newer no older than 2 decades on the north side such as Coppell, Frisco, garland, etc.

Please help me with any resources such as a realtor with experience in that area or a good website i could search for properties.

My budget is definitely in in the 100s and below hence I am not looking into homes.

Thank you
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Old 06-16-2014, 07:53 PM
 
12,198 posts, read 23,114,652 times
Reputation: 11182
Outside of the dense urban core of Dallas, condos are a TERRIBLE buy in Dallas. They are the first to go down in value in a bad market and the very last to go up in a good market.

Think about Dallas vs NYC for a minute --> Dallas' metro area has basically unlimited land, thus there isn't a lot of density in the suburbs (and much of the city itself). In Dallas, land is the part of your property that appreciated, not the structure itself. Therefore, homes (condos) that don't sit on much land don't ever appreciate in value. They actually go down over time because the structure is aging.

Another thing to consider with condos is how easy it is for the HOA board to defer routine maintance until they must levy huge mandatory assessments to whomever is living in the condo at that time. In older complexes, you're likely tiger whacked with large bills for roofs, retaining walls, HVAC, plumbing, and other infrastructure upgrades. In new complexes, you're facing decling values long-term. Neither is a winning scenario, right?

Just keep renting until you can afford a $175-200k range home. Then you start to have options in good areas with good schools around the metroplex. Renting isn't throwing money away; it's the price to put a much needed roof over your head and comes with a lot fewer headaches than owning....especially if the alternative is a value declining condo in the suburbs!!
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Old 06-16-2014, 08:01 PM
 
4,111 posts, read 5,707,752 times
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Condos are not a good buy in most of the country, except for a handful of cities like New York.

The largest and newest development in Coppell is Cypress Waters. It's located on Beltline between 121 and 635.

http://cypresswatersapts.com/default.aspx

If you just want a new apartment to live in, they are all over Grapevine, Coppell, Lewisville, and Carrollton.
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Old 06-16-2014, 08:43 PM
 
7 posts, read 14,882 times
Reputation: 15
I did not think of condos that way. Thank you very much.

I am guessing the same logic applies to town homes also?

What is the likelihood of finding under 200k house built in the 90s or newer or even new development on the northern suburbs of dallas?
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Old 06-17-2014, 09:32 AM
 
Location: Both sides of the Red River
780 posts, read 2,025,918 times
Reputation: 1100
My sister has a 2 bedroom condo just on the Addison/Dallas line and it has increased in value quite a bit. Granted she bought at the bottom of the market (early 2009), but it does happen. For the record, I don't disagree with the advice given that condos typically do not appreciate a lot in this part of the country outside of the densest parts of cities. Even if there were some for sale, I would be hesitant to purchase a condo or townhouse in Coppell, but the Addison/Tollway Corridor area could be doable in your price range.

I tend to think that people should buy what best suites their lifestyle and plan from there. I am assuming you are attracted to a condo or townhouse because it best fits your needs more compared to a SFH. If that's the case then go for it. Just make sure to put a lot down and don't expect to make a bunch of $$. Just my 0.02. Also, look into patio or zero lot line homes as well.
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Old 06-17-2014, 11:25 AM
 
7 posts, read 14,882 times
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i am actually a big lot plus garage space to work on my car. i was only thinking condo due to budget.

my real preference would be a newly built simple 4 bedroom in a suburban area which could usually be gotten for about 150 to 200 in houston where i am familiar with the market but just from my little research, dallas is an entirely different animal.

any idea what that kind of home averages in the northern suburbs?
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Old 06-17-2014, 04:08 PM
 
Location: Both sides of the Red River
780 posts, read 2,025,918 times
Reputation: 1100
Quote:
Originally Posted by viper3ez View Post
i am actually a big lot plus garage space to work on my car. i was only thinking condo due to budget.

my real preference would be a newly built simple 4 bedroom in a suburban area which could usually be gotten for about 150 to 200 in houston where i am familiar with the market but just from my little research, dallas is an entirely different animal.

any idea what that kind of home averages in the northern suburbs?
In that case, yeah just rent and save.

Someone with more knowledge of the DFW market could answer this better as I have only been back recently after a long absence. Just off of what I know getting a new 4 BR home in your range will be very tough to do in and around your workplace location of Coppell. If you were willing to get something older you may have luck in Garland, or closer in Lewisville or Carrollton. It really just depends on how far you're willing to drive.
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