Confused...do builders offer anything else beside alder... (Dallas, Colleyville: foreclosures, countertops)

[cordata]

If you like modern homes here are two developments to check out:

urbanreserve.net
Melrose Modern

Prices may be above $550K.

[leanne62499]

Thank you....melrose modern does build what I am looking for....but obviously I can not afford it  I will probably buy an existing home and remodel. I just do not understand why so few choices...it is not like that in other parts of the country. I am surprised that people accept that, since the market is tailored to buyers...supply and demand. I guess I am an odd one....maybe I should rethink my move
Modern design or not, I still believe that the prices are too inflated.
Thank you for all your responses. I will check out the builders that were suggested.

[leanne62499]

If you know a good custom builder, please suggest it.Thank you.

[cordata]

I would call both Melrose modern and Urban Reserve ... looks to me like both have lots available.

Let them know your budget, see what they say.

[TurtleCreek80]

Originally Posted by leanne62499

Modern design or not, I still believe that the prices are too inflated.

You have an out-dated view of Dallas housing prices. There once was a time when our prices were much lower than the coasts and you could get a big McMansion for a fraction of the price. Dallas - and all of Texas, really- has had the strongest home price rebound of ANY area in the country from 2011-2015. In mny of the northern suburbs, prices have risen by 10-20% annually over the last 2 years. There is still an extremely low amount of inventory to sell - around 2-3 months worth vs a healthy market at 6 months.

While falling oil prices will likely impact Houston and West Texas' real estate prices (somewhere between slowly down the appreciation rated and actually lowering prices), you're unlikely to feel any benefit of lower oil prices in the north suburbs of Dallas. Two main reasons: 1) oil is a very small employer in the DFW area around 5% and 2) Toyota's North American HQ is moving from CA to Plano, bringing 4,000 direct jobs and up to 16,000 indirect jobs (businesses that support Toyota's HQ, amongst others).

[leanne62499]

Ok...but the reality is that the prices are not warranted....I am just wondering how can people afford such prices...TurtleCreek80... You say that because Toyota is bringing in jobs....the demand is so big that prices are "inflated" and still people wait in line for whatever they can get? My comments were directed towards the lack of choices that seem to prevail regardless of the builder. So...are you saying that most people can afford a 550k mortgage and are happy to get what is offered? Unfortunately that is how the big housing bubble happen...people were force and lured into buying beyond their means. When I lived in SoCal several years ago, people were paying 700k for a house that 2 years later was valued at 300k...is that what is coming to TX? I hope not...��

[MurphyPl1]

NO ONE is forced to buy beyond their means. They CHOSE to and got burned.

[BigDGeek]

Originally Posted by leanne62499

Ok...but the reality is that the prices are not warranted....I am just wondering how can people afford such prices...TurtleCreek80... You say that because Toyota is bringing in jobs....the demand is so big that prices are "inflated" and still people wait in line for whatever they can get? My comments were directed towards the lack of choices that seem to prevail regardless of the builder. So...are you saying that most people can afford a 550k mortgage and are happy to get what is offered? Unfortunately that is how the big housing bubble happen...people were force and lured into buying beyond their means. When I lived in SoCal several years ago, people were paying 700k for a house that 2 years later was valued at 300k...is that what is coming to TX? I hope not...��

You don't have to buy a $550k house.

You can still buy a perfectly nice house in Richardson for less than $300k. It won't be new and it won't be custom. But to say that housing prices here are out of control because you can't find a perfect custom build on a large lot for $550k is an exaggeration.

I think people watch too much HGTV and read too much crap about out-of-whack median values in DFW, which are obviously dragged down by south Dallas and Dallas's blue-collar suburbs (like Garland and Mesquite, for example). People see a median value of $180-$250k and think they can get that in Frisco. This betrays a lack of understanding of what "median" actually means.

When did we cross the line into the assumption that in order for a house to be liveable, it has to look like someone's Pinterest fantasy board? When did we start assuming that we needed 800-1000 square feet per occupant in a house?

Land, materials, and labor all cost money. And all of these are strongly influenced by demand. Demand is high here so builders, suppliers, and laborers can all charge more.

Unfortunately for you, you've got a 2009 mindset. But this isn't 2009. This is 2015. The landscape has changed. You need to adjust your expectations.

[BigDGeek]

Originally Posted by MurphyPl1

NO ONE is forced to buy beyond their means. They CHOSE to and got burned.

Hear hear!

I bought in 2009. I got this house for less than $200k. Some people told me I was nuts for buying when I did. Who's laughing now? I have a 15-year mortgage at 2.75% and I could probably sell this house for $80k more than what I currently owe on it. This house will be paid off by the time I'm 50, and I can sell it for a profit anytime between now and my death, barring an economic catastrophe.

I was approved for up to $300k. I chose to spend $190k.

[leanne62499]

I agree...I was just wondering what do people do for a living to be able to afford such high prices�� my husband and I are both working and have above average incomes...still would not want to go above my 550 k budget...I guess we will have to be very careful and take longer to buy a house...which I dread. I was hoping to be able to build and get what I like for that price...I guess not.