I have a client that was interested in the new Kensington development in Carrollton and the waitlist is up to 4,000 people for 40 lots.
Real Estate Insanity in North Dallas
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Last: 3 yr ago by powerbelly
Jumping onto this thread late.... My wife and I have been in the market for a few months now. Insanity. We've seen probably 20 homes (pretty strict criteria for us, making the search even more difficult)... offered twice.
The most recent offer was this past weekend. Offered on a home in the north DFW 'burbs.... listed at $665K.
Didn't get it... the listing agent gave feedback indicating that they received 34 total offers.... 11 of which were $750K or higher. I'm confident it went under contract for at least $100K over asking. We thought were were competitive... not even in top 1/3.
When we started this process in the fall... homes were going for 5-8% over list on average based on the area and criteria we are looking at. Now it's 10-15% over... maybe higher. We live in crazy world.
Considering just installing a pool / covered patio oasis at our current home, doing some upgrades inside and staying put a few more years ;until our criteria loosen up. Not sure.
The most recent offer was this past weekend. Offered on a home in the north DFW 'burbs.... listed at $665K.
Didn't get it... the listing agent gave feedback indicating that they received 34 total offers.... 11 of which were $750K or higher. I'm confident it went under contract for at least $100K over asking. We thought were were competitive... not even in top 1/3.
When we started this process in the fall... homes were going for 5-8% over list on average based on the area and criteria we are looking at. Now it's 10-15% over... maybe higher. We live in crazy world.
Considering just installing a pool / covered patio oasis at our current home, doing some upgrades inside and staying put a few more years ;until our criteria loosen up. Not sure.
Friend of mine told me this morning his son and wife won the offer for their house located at Dallas Athletic Club in far east Dallas on 635. House has never been updated and will be demo'ed and gutted.
They paid $40k over list and "won".
They paid $40k over list and "won".
Sounds like they lostYouBet said:
Friend of mine told me this morning his son and wife won the offer for their house located at Dallas Athletic Club in far east Dallas on 635. House has never been updated and will be demo'ed and gutted.
They paid $40k over list and "won".
This thread made me reach out to my real estate agent friend and give me a ball park value if we sold.
Gonna straight up swap, you are looking at the new owner of the Bank of America building downtown.
Apparently Dallas is overrun with Butterfly Psychiatrist and pinky toe hair stylist that have 8 figure cash offers.
Gonna straight up swap, you are looking at the new owner of the Bank of America building downtown.
Apparently Dallas is overrun with Butterfly Psychiatrist and pinky toe hair stylist that have 8 figure cash offers.
riverrataggie said:
This thread made me reach out to my real estate agent friend and give me a ball park value if we sold.
Gonna straight up swap, you are looking at the new owner of the Bank of America building downtown.
Apparently Dallas is overrun with Butterfly Psychiatrist and pinky toe hair stylist that have 8 figure cash offers.
We've talked about doing this multiple times. The only reason we haven't is because we would be tempted to put it on the market with no place to land.
Plenty of places. Just not dallas. Hang it up. Go find 50 or so acres in the hill country. Get the ag exemption and property taxes go from a car a year to a case of beer.
riverrataggie said:
Plenty of places. Just not dallas. Hang it up. Go find 50 or so acres in the hill country. Get the ag exemption and property taxes go from a car a year to a case of beer.
Don't tempt me. Still tied here for wife's job...for now.
Chiming in on this thread I have been lurking on. Girlfriend is under contract at 11% over asking in Dallas at Frankford and Hillcrest area for an awesome house, and we feel we got lucky as hell. Got financing locked in RIGHT before the jump in rates (thanks Jay!). She had a friend who put in an offer yesterday for another house in the area. Listed for $800,000, her friend offered $925,000, winning bid was $990,000. Just. Ridiculous.
HouseDivided06 said:
Chiming in on this thread I have been lurking on. Girlfriend is under contract at 11% over asking in Dallas at Frankford and Hillcrest area for an awesome house, and we feel we got lucky as hell. Got financing locked in RIGHT before the jump in rates (thanks Jay!). She had a friend who put in an offer yesterday for another house in the area. Listed for $800,000, her friend offered $925,000, winning bid was $990,000. Just. Ridiculous.
Good lord.
[looks up realtor in contacts]
Fun thread to follow to see how intense the market is
Bought in Aug of '21 in WRE area for about 5% over asking. We were outbid on our first couple offers significantly, walked away from one that we felt pushed the 'best and final' button too many times, and then got lucky I guess.
Sounds like things have gotten even crazier out there.
Bought in Aug of '21 in WRE area for about 5% over asking. We were outbid on our first couple offers significantly, walked away from one that we felt pushed the 'best and final' button too many times, and then got lucky I guess.
Sounds like things have gotten even crazier out there.
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YouBet said:HouseDivided06 said:
Chiming in on this thread I have been lurking on. Girlfriend is under contract at 11% over asking in Dallas at Frankford and Hillcrest area for an awesome house, and we feel we got lucky as hell. Got financing locked in RIGHT before the jump in rates (thanks Jay!). She had a friend who put in an offer yesterday for another house in the area. Listed for $800,000, her friend offered $925,000, winning bid was $990,000. Just. Ridiculous.
Good lord.
[looks up realtor in contacts]
But you can buy with me and get that 2% back!
Ha. Curious...are you seeing any trend with people selling their homes who then go rent instead of purchase again?
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Haha actually have a few that have considered it given job relocations. But they also didn't want to rent and just be in the same position next year after the lease was up.
Wife had dinner with a friend tonight. They sold their house kind of on a whim to make some money thinking they would turn around and by something in same area (North Dallas).
Whoops.
Put an all cash offer in on a home that was $200k over asking plus 2 months rent free for current owners during transition and weren't even in top 5 offers.
WTF is happening. Good lord.
Whoops.
Put an all cash offer in on a home that was $200k over asking plus 2 months rent free for current owners during transition and weren't even in top 5 offers.
WTF is happening. Good lord.
HouseDivided06 said:
Chiming in on this thread I have been lurking on. Girlfriend is under contract at 11% over asking in Dallas at Frankford and Hillcrest area for an awesome house, and we feel we got lucky as hell. Got financing locked in RIGHT before the jump in rates (thanks Jay!). She had a friend who put in an offer yesterday for another house in the area. Listed for $800,000, her friend offered $925,000, winning bid was $990,000. Just. Ridiculous.
You go to Temple? Because you're on the J highway right there. Used to live right at the intersection.
I hope your wife's friend is really, really hot - 'cause she's dumb as a box of rocks.YouBet said:
Wife had dinner with a friend tonight. They sold their house kind of on a whim to make some money thinking they would turn around and buy something in same area (North Dallas).
She's not. Double whammy.wbt5845 said:I hope your wife's friend is really, really hot - 'cause she's dumb as a box of rocks.YouBet said:
Wife had dinner with a friend tonight. They sold their house kind of on a whim to make some money thinking they would turn around and buy something in same area (North Dallas).
YouBet said:She's not. Double whammy.wbt5845 said:I hope your wife's friend is really, really hot - 'cause she's dumb as a box of rocks.YouBet said:
Wife had dinner with a friend tonight. They sold their house kind of on a whim to make some money thinking they would turn around and buy something in same area (North Dallas).
Gross. One of those…
We have a few acquaintances that are/about to be empty nesters. One couple sold, made a ton, and now rents an apt at the Star. They love it. No maintenance, walk to restaurants, watch the cowboys practice.
The others now rent in shops at legacy. Also love it. Walkable and good sized 2Br/dual level.
With what's about to happen to property taxes, increases to natural gas, electricity prices spiking, insurance going up with "replacement values"… renting a nice apartment for $2,500/month doesn't so so bad.
My property tax/insurance nut is $1,900/month :/
Exact scenario we've thought about doing. We have no kids so this could make sense for us. This was why I asked the renting question earlier to Red Pear.ChoppinDs40 said:YouBet said:She's not. Double whammy.wbt5845 said:I hope your wife's friend is really, really hot - 'cause she's dumb as a box of rocks.YouBet said:
Wife had dinner with a friend tonight. They sold their house kind of on a whim to make some money thinking they would turn around and buy something in same area (North Dallas).
Gross. One of those…
We have a few acquaintances that are/about to be empty nesters. One couple sold, made a ton, and now rents an apt at the Star. They love it. No maintenance, walk to restaurants, watch the cowboys practice.
The others now rent in shops at legacy. Also love it. Walkable and good sized 2Br/dual level.
With what's about to happen to property taxes, increases to natural gas, electricity prices spiking, insurance going up with "replacement values"… renting a nice apartment for $2,500/month doesn't so so bad.
My property tax/insurance nut is $1,900/month :/
Looking at about the same numbers on property tax/insurance. And then cut out the pool service, lawn crew, variable home repairs, security, etc. Would save enough money that it's extremely tempting.
It makes zero sense for us to change houses because we are locked in at a good rate on mortgage and to get equivalent to what we have now would require us to move way out into the suburbs. Nonsensical.
What I hadn't thought about is looking at that area to rent. I've looked downtown and in uptown and $2,500 per month doesn't get you jack **** down there. Might be same up there but haven't looked.
SoupNazi2001 said:YouBet said:Exact scenario we've thought about doing. We have no kids so this could make sense for us. This was why I asked the renting question earlier to Red Pear.ChoppinDs40 said:YouBet said:She's not. Double whammy.wbt5845 said:I hope your wife's friend is really, really hot - 'cause she's dumb as a box of rocks.YouBet said:
Wife had dinner with a friend tonight. They sold their house kind of on a whim to make some money thinking they would turn around and buy something in same area (North Dallas).
Gross. One of those…
We have a few acquaintances that are/about to be empty nesters. One couple sold, made a ton, and now rents an apt at the Star. They love it. No maintenance, walk to restaurants, watch the cowboys practice.
The others now rent in shops at legacy. Also love it. Walkable and good sized 2Br/dual level.
With what's about to happen to property taxes, increases to natural gas, electricity prices spiking, insurance going up with "replacement values"… renting a nice apartment for $2,500/month doesn't so so bad.
My property tax/insurance nut is $1,900/month :/
Looking at about the same numbers on property tax/insurance. And then cut out the pool service, lawn crew, variable home repairs, security, etc. Would save enough money that it's extremely tempting.
It makes zero sense for us to change houses because we are locked in at a good rate on mortgage and to get equivalent to what we have now would require us to move way out into the suburbs. Nonsensical.
What I hadn't thought about is looking at that area to rent. I've looked downtown and in uptown and $2,500 per month doesn't get you jack **** down there. Might be same up there but haven't looked.
What always holds me back from living in an apartment, condo anymore is potentially having jerk neighbors. Hate the idea of shared walls with strangers these days.
Yes, that would be a con.
We drove up to Legacy area yesterday and looked around. Found two places we would consider. Both are as expensive if not more than most anything we've seen downtown with obviously way less to do from a walkability standpoint, so ruled that area out already.
If we were to uproot and rent, it really only makes sense to go to uptown or downtown. And I'm just not sure the cost difference is enough to go through the hassle of moving locally. We aren't going down there if we can't get an excellent view with acceptable square footage. And Im not living in a place where everyone is in their 20s and 30s.
That limits us to expensive rental RE.
Just put an offer on a condo in New Orleans Garden District area. Starting out as investment property but we shall see where things go.
If this real estate and property tax nonsense doesn't get in control well got a plan B.
If this real estate and property tax nonsense doesn't get in control well got a plan B.
I love that area of Nola
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