Million Dollar Question - Buy or Wait? 2022 Edition (Dallas, Fort Worth: cost, suburbs)

[axorb]

Originally Posted by Kenro911

Can someone walk me through the numbers on the person who bought 8084 Ingram Drive Plano, Texas 75024-7810.

750K for essentially a town home surrounded by apartments, not even zoned for some amazing school either. Whoever the seller is, they should wine and dine their Sotheby's realtor. Probably got someone international or I am missing something entirely. 750K for a 2300sqft town home in Plano? Literally surrounded by apartments and a courthouse.

I think because its close to legacy west. There are $1 million+ dollar townhomes right in front of the JP Morgan building, some of which have sold in the last month so i am guessing 750k is not that bad for folks who have money.

For example this one sold for 1.25 million : https://www.zillow.com/homedetails/7...49774361_zpid/ , granted its bigger in square footage but still

[DabOnEm]

Originally Posted by axorb

I think because its close to legacy west. There are $1 million+ dollar townhomes right in front of the JP Morgan building, some of which have sold in the last month so i am guessing 750k is not that bad for folks who have money.

For example this one sold for 1.25 million : https://www.zillow.com/homedetails/7...49774361_zpid/ , granted its bigger in square footage but still

Lmao Plano trying hard to be Irvine, California. You see these types of sales there. If you work nearby and want to walk to work the few times you have to go into the office, plus all the retail options at Legacy might make this an okay buy for some. But these townhomes aren't worth a mil IMO. In a normal market, they're $600k at best. Maybe I need to update the pricing structures in my head, but this is crazy to me. I'd much rather take that mil and find me a house in Collin County if I wanted to be in the suburbs that bad but to each their own.

[move4ward]

What can $1-1.25 million get in other cities?

[TurtleCreek80]

Originally Posted by Kenro911

Can someone walk me through the numbers on the person who bought 8084 Ingram Drive Plano, Texas 75024-7810.

750K for essentially a town home surrounded by apartments, not even zoned for some amazing school either. Whoever the seller is, they should wine and dine their Sotheby's realtor. Probably got someone international or I am missing something entirely. 750K for a 2300sqft town home in Plano? Literally surrounded by apartments and a courthouse.

Can’t speak to that specific purchase but those townhomes are GOLD. Would be great investment property. There is literally always some director level & up executive at one of the many HQ’s/major offices who needs short term rental while house hunting and/or waiting for family to finish school year and relo.

Some of those companies bought units in the townhome & high rises at Legacy West for corporate housing- Toyota, in particular.

Then, there are always people who want to live close to work. When I worked at Legacy, we always had a few younger single guys who wanted to bike/walk to the office. I can see their 30-something single selves buying these TH’s.

There is also a big lack of “wealthy empty nester” housing in West Plano / Frisco, where the parents can sell their 5k++ house with high maintenance yard/pool and still live close to grandkids. My friends’ parents had to buy a BIGGER house in Plano than they ever had in HP to be close to grandkids…they would have loved something like these!

[Kenro911]

Originally Posted by axorb

I think because its close to legacy west. There are $1 million+ dollar townhomes right in front of the JP Morgan building, some of which have sold in the last month so i am guessing 750k is not that bad for folks who have money.

For example this one sold for 1.25 million : https://www.zillow.com/homedetails/7...49774361_zpid/ , granted its bigger in square footage but still

Not really comparable. Those Town homes in legacy west are walking distance to both work and entertainment. The one I mentioned - is not a walking distance to anything.

Furthermore, you can buy a town home for 500-600K in Legacy 'east' which is just a bridge over legacy west and has its own stuff too.

[Kenro911]

Originally Posted by move4ward

What can $1-1.25 million get in other cities?

I mean, you can get something decent in NYC in Manhattan for 1.25m. Let alone places like Chicago - we're talking penthouse and same sqft in a condo.

Are we seriously discussing how a town home in a northern suburb of Dallas at 1.25 million is a good deal compared to the rest of the country?

[Leonard123]

Originally Posted by Kenro911

Can someone walk me through the numbers on the person who bought 8084 Ingram Drive Plano, Texas 75024-7810.

750K for essentially a town home surrounded by apartments, not even zoned for some amazing school either. Whoever the seller is, they should wine and dine their Sotheby's realtor. Probably got someone international or I am missing something entirely. 750K for a 2300sqft town home in Plano? Literally surrounded by apartments and a courthouse.

It has an ELEVATOR according to listing. I wouldn't be surprised if that cost six figures in and of itself. You would need one to live in that thing.

I remember when KHov had these in the upper $300s and low $400s as new builds in 2020. The townhomes closer in were even then close to twice as much, but it was a different subdivision, different surroundings, and a more expensive builder.

They refuse to call them townhomes because they aren't attached.

If that's not bad enough, KHov is building the same plans as specs in Rowlett and starting bidding in the $800Ks.

I can't imagine any empty nester would want one of those. That's the silliest suggestion I've heard. While I'm sure they would appreciate the elevator, they can get a nice small, single story condo or home in a quieter area for a lower cost. These are designed for people who work on site nearby in at the Legacy Mess. It's very clearly catered to younger single professionals.

Plano is not Irvine, and it never will come close.

[20Hope20]

This is one unique exception in Collin county eligible for such price tag on a townhouse and its a nice unit. That's why it got sold and this wasn't their only offer.

[numbersguy100]

Originally Posted by Kenro911

I mean, you can get something decent in NYC in Manhattan for 1.25m. Let alone places like Chicago - we're talking penthouse and same sqft in a condo.

Are we seriously discussing how a town home in a northern suburb of Dallas at 1.25 million is a good deal compared to the rest of the country?

Why are we still discussing this? The unit has found a buyer and the price point validated. That it doesn't appeal to YOU is irrelevant. TC80 has already described several plausible reasons a buyer might like it. Whether this is a good value relative to property in Manhattan is also irrelevant, since most buyers are not on the fence about whether they should buy a townhouse in Plano or a condo in NYC.

I personally don't think townhouses, condos, and rental apartments are going to overtake the suburbs any time soon in DFW. But that doesn't mean they can't occupy a niche at a decently high price point. The suburban monoculture of ONLY single family detached housing is over.

[Kenro911]

Originally Posted by numbersguy100

Why are we still discussing this? The unit has found a buyer and the price point validated.

So I guess Enron was also validated because people bought the stock? Tulip bubble? Anything? Just because something is validated in that instant moment, does not guarantee any future.