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Sell house in Cultural District Now? Or Wait?


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#1 mikematt80

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Posted 23 January 2008 - 10:26 PM

I have a house for sale at 3736 Collinwood Ave. 76107. Corner of Collinwood Ave and Owasso just west of Montgomery off I-30. Here's my Craigslist posting with details and pictures:
http://dallas.craigs.../548413313.html

With all of the development going on west of downtown along 7th St. and Camp Bowie, do you think I should hang on to this house for another year or two? I've seen some new residential development going on in the Cultural district as well. I'm just interested in getting others thoughts about selling now vs. waiting and selling later. Thank you for your advice.



#2 PLS

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Posted 24 January 2008 - 10:17 AM

imho, you are in the path of redevelopment, but its at least 2 years away. right now the redevelopment (and real lot value) is north of camp bowie near the country clubs. based on the price you are looking to sell for alone, i would say wait a while. buyers in that price range are having a tougher time getting financing than any others, and i don't think you're going to see heavy investor traffic that far south just yet.

i'll be interested to see what others say though...

#3 bhudson

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Posted 24 January 2008 - 11:29 AM

You might check forum rules, on many forums such as this, you would be bumping up against rules restricting business solicitation. More appropriate would probably have been to ask the question more vaguely with price range, and link to pix, but not the listing...

That said, I agree with PLS. You are in the area between Montgomery and (what I regard as) Arlington Heights proper, an area dominated by the houses similar to yours. This area looks like an up-and-comer in the redevelopment game, so I think it is inevitable that property values there will rise. The area also has excellent location going for it, but IMO the style of houses is a stumbling block. However, I will say after looking at the pictures, you may very well have the nicest example I have seen. These houses may have a future after all! That is my long winded way of agreeing with PLS: you have this house on the market before its time. But, we're really just crystal-ball gazing. Personally, I don't think I'd hold it just out of hope that redevelopment will affect the price, but whatever my carrying costs were would affect that decision.

Some unsolicited advice: I don't see the house in MLS, and in the current market, you're seriously handicapping yourself by marketing your house as you've chosen to. I understand the motivation for not wanting a realtor, so I won't get into that argument, but having a FSBO, not listed in MLS, in today's tepid RE market... is like hoping somebody will find an amber colored needle in a haystack while not intentionally looking.

I will drive by and check it out, though, it looks interesting.

#4 mikematt80

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Posted 24 January 2008 - 11:51 AM

Hopefully I'm not violating any rules, and if I am, I apologize and will remove the post. I did read the rules first, and here's the one that I'm trying to follow, as I'm looking for advice from people that know the area.

4. Personal and business advertisement is allowed only through the inclusion of website link in the member profile. Marketing and/or advertising any commercial product, service and/or application by creating thread topics or repetitive mentions is prohibited. With site administration approval, community service/improvement promotions may be presented.

I really do appreciate the feedback though.

#5 bhudson

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Posted 24 January 2008 - 01:01 PM

Well, certainly don't delete it. You're right, it's probably fine...

How did you come to own this house? Did you do the work? I'm glad to see someone taking a chance on one of these houses. I think it looks pretty sharp if the pictures are representative. I'm usually one to look past current condition to see a house's potential, but I have to admit, these houses with their plain style and typical condition are usually a challenge for me.

#6 mmiller2002

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Posted 24 January 2008 - 01:08 PM

I sure hope the development boom busts a little. My pocketbook can't take the tax increases. My appraisal has gone up 94% since 2002 alone. I own my house and don't intend to sell anytime in the forseeable future, so it doesn't do me any good. When we first bought the house in the mid 80's the appraisal went down a little. That was nice.

#7 mikematt80

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Posted 24 January 2008 - 01:15 PM

QUOTE (bhudson @ Jan 24 2008, 01:01 PM) <{POST_SNAPBACK}>
Well, certainly don't delete it. You're right, it's probably fine...

How did you come to own this house? Did you do the work? I'm glad to see someone taking a chance on one of these houses. I think it looks pretty sharp if the pictures are representative. I'm usually one to look past current condition to see a house's potential, but I have to admit, these houses with their plain style and typical condition are usually a challenge for me.



Bought it in 2006 and completely renovated it. All the work was professionally done with the appropriate city permits. I see a lot of natural turnover going on in that neighborhood with a lot of young couples moving in. Obviously, it's a lot more affordable for younger people than the north side of Camp Bowie.

#8 Bernd

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Posted 24 January 2008 - 02:24 PM

QUOTE (mikematt80 @ Jan 24 2008, 12:51 PM) <{POST_SNAPBACK}>
4. Personal and business advertisement is allowed only through the inclusion of website link in the member profile. Marketing and/or advertising any commercial product, service and/or application by creating thread topics or repetitive mentions is prohibited. With site administration approval, community service/improvement promotions may be presented.


This isn't in your member profile or signature, and you created a thread for it. I think you may have broken the rule, but I'll defer to an admin...
The future "best blog" in Fort Worth.

#9 John T Roberts

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Posted 25 January 2008 - 10:12 PM

This is a case that is borderline. If you had posted the photographs instead of the Craigslist posting, it probably wouldn't have broken any rules. From your thread title and from the first post, it appears that you are asking forum advice, rather than selling your property to forum members. I'm going to let it stay, unless there is a huge outcry to remove it.

#10 76107

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Posted 27 January 2008 - 05:03 PM

Its is a cute house. If you can't sell it, given its location you could always try renting it out for short periods of time to fancy dancy cutting horse people. I know the city doesn't like it, but if its for a month or more, or even a couple of weeks, you aren't really running a hotel. I think that there's going to be a great market for well furnished, centrally located rental property in the next few years. People are remodeling, getting divorced, building from the ground up, etc.

An additional observation...Not to be unpleasant about it, but your house didn't sell after six months on the market, when marketed through a realtor. Now you're trying to get more money for it a year later, without realtor involvement. As a bit of free advice, worth exactly what you're paying, usually the reason houses don't sell is because they're either priced wrong or there's something wrong with them. Taking this into consideration, I don't know that a year after the fact I would try and get more money for something that hadn't drawn a buyer at less. The house is nice enough. Price it to move, lease it, or be willing to carry it until a buyer comes along at your price.




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