North Mckinney?? Opinions pretty please :) (Frisco, Eldorado: sale, to rent, new house)

[cyrece]

We are considering putting in an offer on a new construction home, but I have reservations on the area. Its just north of 380. We're brand new to the area and need some advice. I've driven around at night, school letting out, etc. It just seems so rural and I wonder about resale and if it will be a good environment.

Thanks a million!!

[MckinneyOwnr]

There's newer construction still going on south of 380 if you're worried about resale, what's the budget?

In the next couple years I think you're going to see a LOT of retail and things built all along 380. Once the Walmart opened at 380/Custer, that seems to have gotten the ball rolling on a lot of development around there.

As far as resale, I think you'd be better served to buy south of 380, unless you plan on living there for a decade or more. There are new developments going up along Hardin/Virginia, there's Silver Oak estates, and a brand new development going up right off Orchid Ln/Eldorado, right by the church.

For a bit higher budget, there's the area south of 380/Custer, Estates of Verona, and another development directly east of that development which I do not remember the name of.

Hope this gives you some more ideas.

[cyrece]

Its literally .5 miles north off of 380/Hardin. This one would be about $95/sq ft, we offered lower and cash and they pretty much went for it. And no, we only want to be there about 3 years or so (probably the max).

[TurtleCreek80]

Originally Posted by cyrece

Its literally .5 miles north off of 380/Hardin. This one would be about $95/sq ft, we offered lower and cash and they pretty much went for it. And no, we only want to be there about 3 years or so (probably the max).

If you only plan to own 2-3 years, you really need to rent. You're likely to lose money or at best break even on the sale once you pay realtor commissions and closing costs.

If you insist on buying, new construction in a far flung part of an exurb is about the absolute worst decision you can make. You need to buy an existing home in a fully built out neighborhood. Look further south in McKinney or Frisco. If not, you're going to have a hell of a time selling because every buyer either wants to buy a brand new house or get a big discount on an existing one (when the subdivision is still building out phases).

[MckinneyOwnr]

Originally Posted by TurtleCreek80

If you only plan to own 2-3 years, you really need to rent. You're likely to lose money or at best break even on the sale once you pay realtor commissions and closing costs.

If you insist on buying, new construction in a far flung part of an exurb is about the absolute worst decision you can make. You need to buy an existing home in a fully built out neighborhood. Look further south in McKinney or Frisco. If not, you're going to have a hell of a time selling because every buyer either wants to buy a brand new house or get a big discount on an existing one (when the subdivision is still building out phases).

OP is a realtor, commissions won't be a factor.

The rest of your post has some merit, but McKinney is one of the hottest suburbs going right now. If it weren't for the builders around here charging an insane amount of $/sq ft, I don't think she'd have a problem at all breaking even in a few years time, and most likely would see some appreciation.

That being said, OP, with a short time frame for living in this home, you're better served buying new construction in one of the areas I mentioned before. At this point in time, I can practically guarantee you won't lose money on the purchase, as fast as homes have been selling around here. Most neighborhoods in McKinney have been able to command $100/sq ft pricing for used homes, so if you're buying new for less than $95, I wouldn't worry about resale at all.

[cyrece]

This is a closeout community, there are only 5 or so houses left. No, def buying, I wouldn't waste $$ to rent. And yes, I am a Realtor, just not here yet : ) I guess that's why I'm 2nd guessing everything b/c I'm not familiar with the area enough yet.