Looking to purchase condo at Lake Highlands - thoughts? (Dallas: real estate market, renters)

[movingtodallaswoo]

I posted a thread earlier and have taken everyone's advice to heart. I found a condo that fits all my requirements! The unit is off Skillman, between Church Rd and Walnut Hill Ln in the White Rock Elementary district. From my research, I hear mixed reviews about the area. I've read that the condo is across the street (Skillman) from Merriman Park (a great place to live) and the Elementary school (and subsequently that area) has great scores. For what it's worth, I am a 28 years old, single (no kids either), male professional from the Midwest.

With that being said, I have a few questions
-Is the area REALLY as dangerous people claim to be? Does its close proximity to Vickery Meadow have any effect on the crime in Lake Highlands?
-I will be commuting for my 8:30 to 6 job at North Dallas Parkway and I-635, would I be fighting traffic?
-Anyone know if the Lake Highlands Town Center will be finishing anytime soon?

Thanks!

[esk1]

I use to live a little bit north of there, I don't know that specific area well enough. Its definitely a rockier area, its up to you how much you can give/take of that. My suggestion would be drive the area at all times for a few days and see what it looks like. My problem as a single male living there wasn't necessarily my personal saftey as the neighborhood itself I was in was fairly low crime is was just all the odd problems you have. People walking down your alleys and getting into things they shouldn't, gun shots at night, Loud Music from cars and bass. I also had a lot more close calls when it comes to car accidents in that area for some reason. My biggest complaint however was there really wasn't a good way to get to and from home for me without passing lots of "loiters" for lack of a better term and sketchy looking areas which got old over time, and it wasn't something you wanted guests driving through to get to you. Where your talking about is a little bit better than where I was but its stuff worth thinking about.

Just out of curiosity what are your requirements? If your looking for a condo and where your working for sub ~200k there are a few other areas that come to mind first like Inwood and Lovers which would be a better commute (however tolls if you took DNT)

[TurtleCreek80]

I don't know as much about the condo complexes in LH as I do about the residential neighborhoods. The general word on the street is that the Multi-family units are bad news. YMMV but I think it would be a tough property to sell in a less than seller's market.

For your commute question, you should NOT ever get on a highway to make that commute. Just cut cross town on Forrest (can take Skillman north to Forest & then over to Inwood. Turns into Dallas Parkway. Will be far faster than commuting on 75 to 635.

No clue about LH Town Center.

The other poster's idea about condos at Inwood & Lovers is a much better purchase, IMO.

[Brookside]

Originally Posted by movingtodallaswoo

I posted a thread earlier and have taken everyone's advice to heart. I found a condo that fits all my requirements! The unit is off Skillman, between Church Rd and Walnut Hill Ln in the White Rock Elementary district. From my research, I hear mixed reviews about the area. I've read that the condo is across the street (Skillman) from Merriman Park (a great place to live) and the Elementary school (and subsequently that area) has great scores. For what it's worth, I am a 28 years old, single (no kids either), male professional from the Midwest.

With that being said, I have a few questions
-Is the area REALLY as dangerous people claim to be? Does its close proximity to Vickery Meadow have any effect on the crime in Lake Highlands?
-I will be commuting for my 8:30 to 6 job at North Dallas Parkway and I-635, would I be fighting traffic?
-Anyone know if the Lake Highlands Town Center will be finishing anytime soon?

Thanks!

I like Lake Highlands too. But I don't know if I would buy a condo there. Have you done your due diligence on the condo and the building as people advised you to do in the other thread?

If it's cheap, it's probably for a reason. Older condos tend to have really large assessments/maintenance fees coming up (i.e, owners have been notified that they will be assessed $10, 000 for a new condo roof at the end of the year, so they put the unit on the market and hopefully sell before the assessment is levied. Just an example). Or the unit you buy may in fact be in arrears on dues and assessments. (I don't know if the disclosure rules in Texas allow for this, but I had a friend who found out prior to closing on a condo that the owner owed about $6,000 in HOA dues and maintenance etc. and that she would be liable for this amount after closing. She understandably backed out of the deal).

Another thing to consider are the number of renters versus owners in the condo building. High percentage of renters versus owners generally drives down the value of the condo overall. If that's the case, you won't be seeing much appreciation.

Just be very, very cautious. You seem very intent on homeownership - I would advise saving up the money until you can afford a single-family home somewhere. Just my 2c.

[CMC_TX]

Originally Posted by movingtodallaswoo

I posted a thread earlier and have taken everyone's advice to heart. I found a condo that fits all my requirements! The unit is off Skillman, between Church Rd and Walnut Hill Ln in the White Rock Elementary district. From my research, I hear mixed reviews about the area. I've read that the condo is across the street (Skillman) from Merriman Park (a great place to live) and the Elementary school (and subsequently that area) has great scores. For what it's worth, I am a 28 years old, single (no kids either), male professional from the Midwest.

With that being said, I have a few questions
-Is the area REALLY as dangerous people claim to be? Does its close proximity to Vickery Meadow have any effect on the crime in Lake Highlands?
-I will be commuting for my 8:30 to 6 job at North Dallas Parkway and I-635, would I be fighting traffic?
-Anyone know if the Lake Highlands Town Center will be finishing anytime soon?

Thanks!

I agree with the Inwood & Lovers suggestion from the other poster. If you type in 75209 in Realtor.com, it should pull up the condos. The 2 I'm thinking of in a sub-200K price range are the red tiled condos on Greenway & a little further down Lovers, there is a complex on the South side of Lovers West of Providence.

The nice thing is you can walk to Inwood Village + you're right next to the tollway. Also, if you drink you are close to 2 of the best bars in Dallas, IMO.

I would say anywhere you buy, just be careful about the assessments. Most condo HOAs for these complexes are $250-350/month.

Also, I would look into the financial health of the HOA in terms of reserves. The last thing you want is for the HOA reserves to be at 60% funding, then something major needs to be repaired and they levy an assessment on the owners. Fiscally conservative HOAs target 80% funding.

[jennifw]

You have received some good insight on where to buy / not buy.

The LH Town Center has been "in the works" for quite a long time. I would guess atleast 6-7 years. I don't see it being finished anytime soon. The progress has been very slow.

Good luck.

[esk1]

The one I was thinking about is the complex right behind the new trader joe's (i think this is the red tiled one on greenway, they got a new roof in the last two years). There are a couple in that area which are great because they have easy access to uptown without the parking nightmares of uptown, but offer really good shopping and food nearby. I actually own a condo there as a rental property and I think a ~900 sq feet 1 bed room was going for like 110k-114k last I looked this past summer, a little bit more for a 2 bed. Make sure you look for special assessment history with more established condo's as some are not very good at managing their money while others are. That particular complex has never had a special assessment and only raised the monthly fees like once by a very small margin in the last 5 years, but there are plenty of good ones.

As far as condo values vs single family homes its true that they don't have the same level of appreciation, however because of their low barrier to entry they could end up being a better value for your long term financial output. I wouldn't really recommend buying a condo if your going to be paying the bare minimum mortgage payment monthly and not sure your going to live there > 5 years. However condos to offer a good opportunity to pay down an asset quickly that you can help turn into a much nicer second home (or rental property) if the time arises assuming your not stretching your budget as much as you would if you looked at single family homes and plan on paying extra principal monthly.

[movingtodallaswoo]

The reason I am not looking at a single family home is because I may relocate again to a different state within five years. Although I would love to have the extra space (who doesn't), I could not justify the added tax expense for the space when I really wouldn't need it (I would live by myself, besides visiting family/friends). I understand a condo would not appreciate as much as a home, and I am completely aware of it. On the flip side, at the prices I am seeing, I doubt it would depreciate any more even under the worst circumstances (I fear the Oil & Gas industry slow down may have rippling effects in the Dallas real estate market). Having owned both a home and a condo in the past, I definitely prefer condo living if possible. This is a cash purchase, and I would not require bank financing, thus I would not have to pay mortgage interest. I am looking for a two bedroom unit with a garage for under $100K, and that specific area has several.

[ChristieP]

Oil and gas industry has very little, if any, effect on the Dallas real estate market. Even in Fort Worth, that industry just doesn't have much of an effect on the economy here.

Just be prepared to have to bring money to closing when you do decide to sell.

[SandyJet]

Here are four things you should know before you seal the deal on a condo:

1. Your assessments "are likely to go up."
2. What the short range and long range financial condition of the association is.
3. The need for a special or additional assessment is around the corner after you close.
4. Some of the bylaw restrictions are being enforced and some aren't.