Thoughts on Building in East Plano Lennar (E Plano Pkwy & North Star Road) (Dallas: rentals, crime)

[ddavid1101]

Hi everyone,


We have been looking mainly in Allen and West Plano (west of Toll way) for quite some time but the commute is a bit too long even though we love the neighborhoods. We are looking for low 400s.

My wife just started her job near the State Farm / Telecom area and I have been working near Galleria Mall. We noticed there are a couple of 10 rated elementary schools (we have 2.5 year old toddler). We drove the area and there are pockets of builders including Lennar(360K+), Grand(500K+), David Weekley(450K+ Gated), Megatel(400K+ 6 rated school), there are existing gated homes by Toll Brothers that are 2-3 years old that are selling for 475K-500K.

The area is ideal as commute for wife would be 5-10 minutes and 30-40 minutes for me. We think Lennar would be ideal as they are also offering 6% off so the ideal floor plans base price would be 380-400K. But there's a train track that have 3 trains a day and there's also a trailer park at the other side of the tracks along with a newly built Masque. Im Chinese and Im not sure if there's a sizable chinese population in East Plano as there is in Allen and West Plano. Who are buyers in East Plano? The area does not seem to appreciate in value as fast as say Allen or W Plano. We have also seen David Weekley continue to reduce pricing every couple of weeks but they just opened.

Our priority is commute and school. We plan to be there for say 5-7 years. We want new/newer because less maintenance etc. It is our first home and we have only been in DFW for the past 4 years (we were in NYC before).

Any thoughts around the area, builder, crime future etc?

[UnfairPark]

That's a good value if commute and schools are important to you, not as desireable as West Plano but prices are very reasonable. You may not want to buy near train tracks, religious centers or trailer park but people who live there don't complaint about those things so must be not as bothersome as it may look on surface.

I would recommend checking out existing homes around Stinson Elementary School as well. It's a good area, excellent school, diverse, near shopping, short commute for both of you, awesome parks, value appreciates at a steady level, family oriented and had much better builders than Lennar. It's an upscale and popular pocket of Richardson. Most homes are from 2000's, have new roofs/gutters due to a hailstorm, at most you'll have to update a fridge or change an A/C or a water heater but all in all, better construction quality and bigger lots.

[ddavid1101]

Originally Posted by UnfairPark

That's a good value if commute and schools are important to you, not as desireable as West Plano but prices are very reasonable. You may not want to buy near train tracks, religious centers or trailer park but people who live there don't complaint about those things so must be not as bothersome as it may look on surface.

I would recommend checking out existing homes around Stinson Elementary School as well. It's a good area, excellent school, diverse, near shopping, short commute for both of you, awesome parks, value appreciates at a steady level, family oriented and had much better builders than Lennar. It's an upscale and popular pocket of Richardson. Most homes are from 2000's, have new roofs/gutters due to a hailstorm, at most you'll have to update a fridge or change an A/C or a water heater but all in all, better construction quality and bigger lots.

Yep. drove by Stinson Elementary. Slight better than the designated school for Lennar build site. Less subsidized lunch %. Not many rentals around and very nice parks surrounding the residential area feeding to it. Great looking area. Older, prob late 90s early 00s. the Toll Brothers gated homes feeds there too. Drove in to that tiny gated community and it was very good looking but 475-500K. I think I'll check out some open houses in the area next weekend. We drove by and felt like we were in Allen/W Plano. Stinson is in the center of all that goodness and I feel like Lennar is at the edge of it all.

[DitsyD]

Originally Posted by ddavid1101

Hi everyone,


We have been looking mainly in Allen and West Plano (west of Toll way) for quite some time but the commute is a bit too long even though we love the neighborhoods. We are looking for low 400s.

My wife just started her job near the State Farm / Telecom area and I have been working near Galleria Mall. We noticed there are a couple of 10 rated elementary schools (we have 2.5 year old toddler). We drove the area and there are pockets of builders including Lennar(360K+), Grand(500K+), David Weekley(450K+ Gated), Megatel(400K+ 6 rated school), there are existing gated homes by Toll Brothers that are 2-3 years old that are selling for 475K-500K.

The area is ideal as commute for wife would be 5-10 minutes and 30-40 minutes for me. We think Lennar would be ideal as they are also offering 6% off so the ideal floor plans base price would be 380-400K. But there's a train track that have 3 trains a day and there's also a trailer park at the other side of the tracks along with a newly built Masque. Im Chinese and Im not sure if there's a sizable chinese population in East Plano as there is in Allen and West Plano. Who are buyers in East Plano? The area does not seem to appreciate in value as fast as say Allen or W Plano. We have also seen David Weekley continue to reduce pricing every couple of weeks but they just opened.

Our priority is commute and school. We plan to be there for say 5-7 years. We want new/newer because less maintenance etc. It is our first home and we have only been in DFW for the past 4 years (we were in NYC before).

Any thoughts around the area, builder, crime future etc?

I don't know exactly the number of Chinese, but there must be some presence in the East Plano area.

There is Sacred Heart of Jesus Chinese Catholic Mission at FM544 and Los Rios.
One of the best casual Chinese restaurants in Dallas is Mr. Wok, located on FM 544 near Jupiter.
Welcome to Mr. Wok Asian Bistro

[lpepping]

I bought in this subdivision but in phase 2 so we are zoned for Stinson. My guess is that it is mostly Indian with a smattering of Chinese, Korean, Vietnamese, Hispanic, Muslim and white. Are they still offering design center credit?

The builder is ok. Don't count on them finding and fixing build issues. You and your inspector will need to point them out.

Other than that, the post build customer service has been great. Utility bills are low except for water but I believe that is due to having a sprinkler system.

[ddavid1101]

Originally Posted by lpepping

I bought in this subdivision but in phase 2 so we are zoned for Stinson. My guess is that it is mostly Indian with a smattering of Chinese, Korean, Vietnamese, Hispanic, Muslim and white. Are they still offering design center credit?

The builder is ok. Don't count on them finding and fixing build issues. You and your inspector will need to point them out.

Other than that, the post build customer service has been great. Utility bills are low except for water but I believe that is due to having a sprinkler system.

I just noticed south of the road is Stinson. you guys also have huge lots or for a good 1/3rd of the home with a lot backing to the school there. the Phase 4 lot I was thinking is facing Ratheon. But is a oversized corner lot.

Cary said 4% from builder and 2% if using their lender (which I assume will be high closing costs etc). Did you go with your own lender? This can be to pay for closing, reduce costs etc. But Cary's been slow to respond, I have to send chasers for every email I send and the incentives detail is not consistent. He said Lennar fiscal YE is end of Nov and best deals are prior to that time.

I was also interested in a Spec home due in Feb but he said no diff in spec vs build from scratch which was strange to me.

Where you able to negotiate anything more than what they provided as standard incentives?

[mikestrong]

Originally Posted by ddavid1101

I was also interested in a Spec home due in Feb but he said no diff in spec vs build from scratch which was strange to me.

Where you able to negotiate anything more than what they provided as standard incentives?

You dont get big inecentives on spec homes til they are about completely done(wtihin 30 days of completion). Thats normal at all builders.

Lennar doesnt negotiate(more then standard incentive) on builds other then maybe a little on lot premium. Almost finished or finished is where you can make out really well.

[lpepping]

Originally Posted by ddavid1101

I just noticed south of the road is Stinson. you guys also have huge lots or for a good 1/3rd of the home with a lot backing to the school there. the Phase 4 lot I was thinking is facing Ratheon. But is a oversized corner lot.

Cary said 4% from builder and 2% if using their lender (which I assume will be high closing costs etc). Did you go with your own lender? This can be to pay for closing, reduce costs etc. But Cary's been slow to respond, I have to send chasers for every email I send and the incentives detail is not consistent. He said Lennar fiscal YE is end of Nov and best deals are prior to that time.

I was also interested in a Spec home due in Feb but he said no diff in spec vs build from scratch which was strange to me.

Where you able to negotiate anything more than what they provided as standard incentives?

I'll send you a PM when I get a chance later today.

[ddavid1101]

Originally Posted by mikestrong

You dont get big inecentives on spec homes til they are about completely done(wtihin 30 days of completion). Thats normal at all builders.

Lennar doesnt negotiate(more then standard incentive) on builds other then maybe a little on lot premium. Almost finished or finished is where you can make out really well.

When you say really well. what % are you thinking? for Finished or almost finished(1 mo away).

[mikestrong]

Originally Posted by ddavid1101

When you say really well. what % are you thinking? for Finished or almost finished(1 mo away).

Sometimes a extra 3 to 4 percent on top of the regular incentive. Especially if its done.
Example. I had a spec in the upper 380s that was done. My regular incentive was 8k(thats just option, had more for closing cost thru out lender). The person put in a offer and ended up getting 24k off. It was a complete home in a community that is closing out. FYI