Townhomes in Las Colinas (Dallas, Irving: lease, mortgage, townhouses)

[hookem]

Hello,

We are deciding between a brand new single family home in a new community called Graff Farms by DR Horton in South Irving or a new townhome in Las Colinas. We know that the townhomes are a bit overpriced, of course due to the location. What we want to know is, are townhomes in Las Colinas really worth it when we could get a single family home for 30K less just 15 minutes drive away? We noticed that LOTS of townhomes are being built in the same area (Las Colinas/Valley Ranch) and we are worried that the resale value may be compromised later on (4-5 years from now). Any help in answering this is greatly appreciated.

[nsumner]

Hookem, I have 3 words for you: I really like Dr Horton but consider...

Location, Location, Location

[BstYet2Be]

Well, as they say, it's all about "location, location, location"! And, while there are various improvement projects and new building going on in the southern sector of Irving, the Las Colinas area continues to thrive and demand high numbers, and with the Dart Orange Line expansion coming directly into Las Colinas from downtown Dallas, with further expansion to DFW airport, I would expect that to continue, especially since it is fast approaching being 100% built out. So, is it worth $30,000 more? Absolutely!


DART.org - Orange Line Expansion Information

The Las Colinas Association

Las Colinas - Wikipedia, the free encyclopedia

[hookem]

Thanks for the reply. I realize that the location is not AS desirable as Las Colinas...there really is no comparison there! However, we have done lots of research and there are many projects in the works to redevelop and develop the surrounding area. It will probably take a couple years but we believe we can see the potential. Regardless, we still very much like Las Colinas (I work there) since its so clean and nice but feel the prices are inflated right now for what you get. Sigh..... this is such a difficult decision!

[nsumner]

Well, worse case scenario, if you buy the house and in a year you don't like the way the improvements are going, can you lease it to cover your mortgage and move somewhere else? May be it will turn out to be a good investment...

[akajamoore]

Hookem I sent you a friend request to see what your final decision was. My spouse and I are in the same situation...exact same. Any insight can greatly help.

Thanks

[Squirl]

I live in Las Colinas but have been very impressed with the renewal in South Irving. I am doing house flipping these days and have bid on a few properties in South Irving and have been outbid by other investors. South Irving is getting hot! I really don't think you can go wrong with either property. From an investment standpoint, I think probably LC will give you a more predictable ROI, but with the happiness factor of liking your home and the home-town feeling of South Irving, I'd say follow your heart and get the place you like best.

[Affirmed09]

I think the townhouses on Beltline and Walnut hill are worth it...they are the first neighborhood you hit after los calinas towards irving...they are still reasonable.
We dropped a few offers in las colinas and valley ranch because of sellers just not willing to negotiate on obvious things...some of these houses are still on the market not sold three months later so we are happy with our choice

[Squirl]

Affirmed, I certainly agree! Lovely townhouses at Las Brisas & Walnut Hill and they are well-priced. There's also a cute little gated community behind The Club townhouses near Story & Walnut Hill. That area is also looking up! I would do a flip at The Club townhouses in a heartbeat, which is an older community with very low priced townhouses between Story & Walnut Hill.....adorable floorplans and a pretty stable owner community. However Hookem wants a new house...and in North Irving the prices on new houses -- other than townhouses -- are out of reach for her.