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Wave Goodbye to Affordable Homes in Dallas-Fort Worth


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#1 Austin55

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Posted 10 July 2017 - 04:12 PM

http://www.nbcdfw.co...-433575643.html

 

 



#2 rriojas71

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Posted 10 July 2017 - 06:14 PM

This news is going to relly hurt our competitive edge as far as attracting new residents and businesses to the area. That was the main reason we had tremendous growth. I knew eventually it was going to happen. It makes me worry about all these large apartment buildings being built all over the place and what the future of their potential may or may not be.

#3 Doohickie

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Posted 10 July 2017 - 08:43 PM

On the other hand, we're still very competitive with other markets.  People moving here from NYC, Washington DC, Chicago or L.A. will have no problem with the home prices.  I see it more as an issue with people who were raised here; they grew up thinking they could get into the market in the low 100s but that won't buy them much anymore.  Still, homes here are still more affordable than they were in Los Angeles 30 years ago when I moved from there.  Crappy fixer-uppers were pushing $200k.  Here at least for $200k you can find a decent home that's been upgraded in a nice neighborhood. 

 

A coworker who grew up in Los Angeles and moved to Ft Worth to attend TCU and has settled in here is closing on a house on Tex Blvd. in Ridglea Hills for $200k.  The neighborhood is frankly not one that you'd seek out ten years ago, but it's been invaded by flippers looking to buy low, fix up, and turn a quick profit and that area is on the upswing.  By his Los Angeles reckoning, this home is an incredible bargain.


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#4 JBB

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Posted 10 July 2017 - 09:53 PM

On the other hand, we're still very competitive with other markets.  People moving here from NYC, Washington DC, Chicago or L.A. will have no problem with the home prices.  

 

That was my thought when I read this article earlier today.  Outside of the most expensive neighborhoods around this area, prices are still very reasonable compared to some parts of the country.   And prices are still widely varied across the area.  I have a coworker that just bought 2400 square feet on 3/4 of an acre in Johnson County for quite a bit less than $250k.  That same set up in NE Tarrant would have gone for double that amount.  

 

Home prices where I'm at are insane right now.  We're looking to sell at some point in the next year and I'm fairly certain we'll clear $100k over what we owe.  If we decided to stay, we could easily do $50k in work on the house, but even without the updates, it has tons of upside - 4 bedrooms, split master, far off of the freeway, good schools, 50 yards away from Colleyville McMansions.



#5 Doohickie

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Posted 20 July 2017 - 09:46 PM

The house next door to me went on the market this week.  It sold 6 years ago.  Listing price in 2011:  $114k.  Listing now:  $180k.  That's over 50% in 6 years.


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