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Real Estate Insanity in North Dallas

18,333 Views | 128 Replies | Last: 3 yr ago by powerbelly
YouBet
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9:58a, 3/2/22
AG
4708 Willow Ln, Dallas, TX 75244 | MLS #14745091 | Zillow

Look at this. I've driven by this place a few times. It's a spec home that is new. Some random ass realtor called Baja Savage is selling this. Never seen or heard about that realtor before. Total outlier in our area.

Anyway, they are wanting $3.2M for this which is 1.5-2x the price in sq footage for most houses near them that are comparable in size. Plus, this house is directly on Willow which is the busiest East-West artery in this neighborhood that connects Midway and Inwood.

I'm just flabbergasted by this and had to post about it because it is the most egregious outlier I've seen lately.

In other news, I noticed Zillow has started recalibrating the valuation mess they created. Our home is now $250K less in value than it was last month. Lol.
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Coates
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In reply to YouBet • 11:52a, 3/2/22
Odd. My home just went up $250k.

We have a couple contractors that bought some old homes in our neighborhood asking double per sq ft than comps. They've been sitting for month.

Meanwhile housed are selling for double per sq ft that we bought for 3 years ago. Insane and would love to cash out but the wife would have my testicles if we moved again.
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LSB_2002
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12:02p, 3/2/22
AG
Bet that place sticks out like a sore dick
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PlanoAg98
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12:09p, 3/2/22
AG
Collin County appraised by house in 2021 for $444,553.

Zillow Zestimate is $629,600.

https://www.zillow.com/homedetails/2212-Old-Orchard-Ct-Plano-TX-75023/26592388_zpid/
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YouBet
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In reply to Coates • 12:12p, 3/2/22
AG
Coates said:
Odd. My home just went up $250k.

We have a couple contractors that bought some old homes in our neighborhood asking double per sq ft than comps. They've been sitting for month.

Meanwhile housed are selling for double per sq ft that we bought for 3 years ago. Insane and would love to cash out but the wife would have my testicles if we moved again.
It's very odd. We went from being the most expensive house on the street to several houses suddenly passing us in value...by a good amount. Like $200k in some cases.

It's almost like they just reshuffled the deck in our area.
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752bro4
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12:51p, 3/2/22
AG
75230/75225:
Quick look shows 3 single family homes under $1M that aren't pending/under contract, and those 3 have been on the market for 2, 5, and 15 days respectively.

Zillow has my house at +51% in 5 years, and my rent house +59% in 1.5 years, both in 75230. That's probably an understated value on my homestead and slight overstatement on rent house.

A couple of years ago, I had the opportunity to buy 2 duplexes in this area, and a cash buyer got them before I could get it together. About $1.2 for both properties. Zillow shows each at about $1-$1.1M now. Hurt to miss that one, pal.
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planoaggie123
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2:30p, 3/2/22
AG
I haven't researched but I occasionally take Royal Lane from 75 to DNT....there are a lot of those white stucco modern homes that look awful which I have no doubt belong to some SPV or law partner that cost $2M+ and built poorly on top of facing Royal Lane....
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Enviroag02
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2:49p, 3/2/22
AG
We built our house in Rockwall County in 2017 for $525k. Zillow now estimates $863k. I'm considering to sell everything and get an expedition vehicle to overland full-time.
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Buford Tannen
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3:24p, 3/2/22
AG
It's happening in Fort Worth too. I've made 40% on my house in less than 2 years, and Tanglewood is going for $100k+ over asking within days....
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Teacher_Ag
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4:46p, 3/2/22
AG
We sold our home in the Panhandle and relocated to McKinney in 2020. Super unlucky timing.
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YouBet
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In reply to planoaggie123 • 5:10p, 3/2/22
AG
planoaggie123 said:
I haven't researched but I occasionally take Royal Lane from 75 to DNT....there are a lot of those white stucco modern homes that look awful which I have no doubt belong to some SPV or law partner that cost $2M+ and built poorly on top of facing Royal Lane....
Probably more than that. That stretch has some absolutely insane homes on it.
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planoaggie123
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In reply to YouBet • 5:13p, 3/2/22
AG
Maybe so....i was trying to be "conservative"....usually I am driving by so at best its a glimpse but the homes look awful vs what they likely cost....maybe a situation of people with more dollars than sense...
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NomadicAggie
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5:27p, 3/2/22
AG
Bought in 2018 when we moved to the area for $768k. Zillow now says it's worth $1.28M. We live in the suburbs. This is not sustainable.
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mAgnoliAg
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6:34p, 3/2/22
AG
Zestimate on our house is 40.5% higher than what we paid for it in august 2020
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YouBet
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7:08p, 3/2/22
AG
On Zillow, take your home value with a grain of salt. They overvalued the hell out of many homes with their notoriously bad algorithms. Lost their ass on it.

I look at their values with amusement at this point. Realtor.com may be a bit more accurate. It's always been more accurate for our home vs Zillow.

On the home in my OP, that's the actual sale price they are trying to get which is ridiculous. No way they get that unless they hook some dumbass out of California.
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Red Pear Luke
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In reply to Teacher_Ag • 9:32p, 3/2/22
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AG
Teacher_Ag said:
We sold our home in the Panhandle and relocated to McKinney in 2020. Super unlucky timing.


Any luck on finding anything yet? Hoping for good things for y'all, but the Prosper area is a booger bear right now.

Saw this listing today for $1M and I, as both a local and realtor, am flabbergasted at the asking price of almost $300/sf for a 3bed/3bath. No pool or anything.

https://www.zillow.com/homedetails/621-Sunbury-Ln-Prosper-TX-75078/125235861_zpid
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YouBet
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In reply to Red Pear Luke • 9:38p, 3/2/22
AG
Red Pear Luke said:
Teacher_Ag said:
We sold our home in the Panhandle and relocated to McKinney in 2020. Super unlucky timing.


Any luck on finding anything yet? Hoping for good things for y'all, but the Prosper area is a booger bear right now.

Saw this listing today for $1M and I, as both a local and realtor, am flabbergasted at the asking price of almost $300/sf for a 3bed/3bath. No pool or anything.

https://www.zillow.com/homedetails/621-Sunbury-Ln-Prosper-TX-75078/125235861_zpid


Insane.
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Red Pear Luke
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In reply to YouBet • 9:43p, 3/2/22
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AG
YouBet said:
Red Pear Luke said:
Teacher_Ag said:
We sold our home in the Panhandle and relocated to McKinney in 2020. Super unlucky timing.


Any luck on finding anything yet? Hoping for good things for y'all, but the Prosper area is a booger bear right now.

Saw this listing today for $1M and I, as both a local and realtor, am flabbergasted at the asking price of almost $300/sf for a 3bed/3bath. No pool or anything.

https://www.zillow.com/homedetails/621-Sunbury-Ln-Prosper-TX-75078/125235861_zpid


Insane.


Yup. And then there's this little nugget dropped today

https://www.reuters.com/article/usa-property-poll/u-s-house-prices-to-rise-another-10-this-year-reuters-poll-idUSKBN2KZ1IL
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Texker
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9:59p, 3/2/22
AG
I don't look at Zillow. Signing up for an online offer from Opendoor and getting updated offers every couple of weeks has been fun entertainment.
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duck79
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10:11p, 3/2/22
AG
Bought our house in Prosper in December 2019. Zillow estimated 54% higher than what we paid and our realtor who lives a few houses down actually estimates about another 75k on top of that. Crazy
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TommyBrady
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12:46a, 3/3/22
AG
Wanted to move to Prosper/Celina. Looks like I'm gonna be priced out…is there anywhere near Celina that hasn't gone completely crazy price wise?
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akaggie05
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In reply to planoaggie123 • 1:06a, 3/3/22
AG
planoaggie123 said:
I haven't researched but I occasionally take Royal Lane from 75 to DNT....there are a lot of those white stucco modern homes that look awful which I have no doubt belong to some SPV or law partner that cost $2M+ and built poorly on top of facing Royal Lane....


Also keep in mind that the October 2019 Dallas tornado plowed right down Royal between 75 and the tollway. My parents live along that stretch and missed getting their place leveled by a margin of about 150 feet.

The new construction intermingled with the original mid-50s ranch style houses is... interesting. There was already a lot of heavy renovation and/or teardowns happening there, but the tornado just accelerated it.
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planoaggie123
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In reply to akaggie05 • 6:07a, 3/3/22
AG
Right. I know why there is new construction….it's the type that shocks me. Just does not look high quality and has a good chance of looking and being terrible in 10 years while costing millions.
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wbt5845
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6:27a, 3/3/22
AG
My Zestimate is up $26,000 in the last month.

I know realtors hate Zillow and look down on it. Accountants hated Excel for the same reason - it mechanizes their job. No idea how good Zillow is, but it seems to at least give a top end to what one may get.
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MGS
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7:05a, 3/3/22
Just for fun, I decided to check my house and four or five with the same floor plan in my neighborhood in Zillow. The houses had identical square footage and lot sizes, and the highest valued house was over $200K more than the lowest, with the others scattered somewhere in between.
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planoaggie123
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7:51a, 3/3/22
AG
I see that Zillow/Trulia are exactly the same so assume they maybe have same source....Redfin about $80K lower...Realtor.com is the lowest at about $140K lower.


We have a home coming up for sale on our street in the next few months. One of my daughters classmates. They are waiting for school to get out. Looking forward to see what they get as it is relatively comparable...that will help me determine which of the sites tends to be more correct in estimating value.
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YouBet
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In reply to wbt5845 • 8:36a, 3/3/22
AG
wbt5845 said:
My Zestimate is up $26,000 in the last month.

I know realtors hate Zillow and look down on it. Accountants hated Excel for the same reason - it mechanizes their job. No idea how good Zillow is, but it seems to at least give a top end to what one may get.
Did you read about their fiasco in 2021? They way overvalued homes because their algorithms were trash and completely lost their ass in their buying and selling service to the tune of $800M+. They halted that service late last year.

Since then, they have completely reshuffled values in my pocket - all houses in our area have completely changed. It looks as if they have just reset everything to a new algorithm that frankly looks more realistic now...at least in my area.
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rsf0626
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9:59a, 3/3/22
Anyone trying to buy a home rn (especially millennials) is ****ed. Rent is skyrocketing and houses are unaffordable. Its very discouraging

rsf0626
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powerbelly
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In reply to wbt5845 • 11:02a, 3/3/22
AG
wbt5845 said:
My Zestimate is up $26,000 in the last month.

I know realtors hate Zillow and look down on it. Accountants hated Excel for the same reason - it mechanizes their job. No idea how good Zillow is, but it seems to at least give a top end to what one may get.


Accountants don't hate excel and nothing zillow does automates a realtors job.
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DallasAg2
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11:03a, 3/3/22
AG
I am trying to sell a house in Bedford. Clearing the house out now.

https://www.zillow.com/homes/813-San-Marcos-Ln-Bedford,-TX-76021_rb/29099257_zpid/
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Jeff99
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In reply to powerbelly • 12:12p, 3/3/22
LOL - If accountants hate Excel, it's because it's not automated enough.
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YouBet
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In reply to powerbelly • 12:31p, 3/3/22
AG
powerbelly said:
wbt5845 said:
My Zestimate is up $26,000 in the last month.

I know realtors hate Zillow and look down on it. Accountants hated Excel for the same reason - it mechanizes their job. No idea how good Zillow is, but it seems to at least give a top end to what one may get.


Accountants don't hate excel and nothing zillow does automates a realtors job.
Yeah, that's a new one.
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wbt5845
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In reply to powerbelly • 1:36p, 3/3/22
AG
powerbelly said:
wbt5845 said:
My Zestimate is up $26,000 in the last month.

I know realtors hate Zillow and look down on it. Accountants hated Excel for the same reason - it mechanizes their job. No idea how good Zillow is, but it seems to at least give a top end to what one may get.


Accountants don't hate excel and nothing zillow does automates a realtors job.

I said "hated" - past tense - when Excel first came out, they hated it because they thought it would take away their jobs.
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Superdave1993
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In reply to DallasAg2 • 1:59p, 3/3/22
AG
That is too funny. My parents were the original owners of 817 San Marcos. If I remember correctly they paid like $35 K to have it built. The builder actually lived next door on the other side.
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DallasAg2
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3:19p, 3/3/22
AG
@superdave1993 -
What are the odds? You knew me then. My parents built the house in 1971.
Yeah, our house was $30k.
Your house just sold this year.
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