600-700K, would you buy a small house in University Park or a nice house in Colleyville/ Southlake (Dallas: sales, townhouse)

[styron]

Quick question - what is SFA?

[jennifw]

Originally Posted by styron

Quick question - what is SFA?

Single Family Attached. Not sure how it differs from a duplex.

[TurtleCreek80]

Originally Posted by jennifw

Single Family Attached. Not sure how it differs from a duplex.

A duplex is one structure divided in half. In the Park Cities, at least, you cannot buy "half" a duplex. You buy the whole structure and then rent one or both sides/levels out or have the option to remodel into a single family home.

SFA's are two independent structures that sit side by side on the same lot and have adjoining firewalls (what makes if look like a duplex to you). With SFA's, you only buy one (or visually "half") and there is no way to combine them to make a bigger single family home.

[mSooner]

Didn't know that! Thanks TC!

[dwayne00]

WAIT! Ok I'm not from Dallas but is UP that expensive to where 600-700k won't get you much of a home?!!!!

[TXNGL]

Originally Posted by dwayne00

WAIT! Ok I'm not from Dallas but is UP that expensive to where 600-700k won't get you much of a home?!!!!

Yes. I've seen some very small homes, some would be considered "cottages" listed around there, but that's it.

[dwayne00]

Originally Posted by TXNGL

Yes. I've seen some very small homes, some would be considered "cottages" listed around there, but that's it.

OMG that's crazy!!!!!

[TurtleCreek80]

Originally Posted by dwayne00

WAIT! Ok I'm not from Dallas but is UP that expensive to where 600-700k won't get you much of a home?!!!!

Yes. It's routinely on the same "most affluent neighborhoods" list with Chevy Chase MD, Greenwich CT, and the elite/expensive Westchester Co and Long Island NYC suburbs.

America's Most Affluent Neighborhoods - Forbes


Until the market softened in 2008, you could barely buy an empty lot in HPISD for $1M. The real estate market is HOT again and things are going quickly. For a SFH that doesn't need $50-100K of work, the "entry level" listing price right now is about $950-975k. That gets you around 2500-2700SF, 3-4br, 2-3 bath home that's been updated.

There are currently 210 Single Family homes on the market in HPISD. The price breaks down as follows:

Under $750k -- 28. Note there is something "WRONG" with most of the these homes- either it's marketed as a teardown/ as is or it's on a really busy major road or it is the last home before the highway. Any good ones in this range are snapped up within hours of hitting the market.

$750-999 -- 31
$1-2M --- 88
$2-3M -- 29
$3-4M -- 10
$4M+ -- 24

Of the 210 SFH's for sale right now, 72% are listed at over $1M. 30% are over $2M. Only 13% are under $750k.


This is what leads many families to look into the SFA dwellings, where one can typically buy a less than 15 year old home, 3000+SF for under $800k. The downside is no yard and less privacy than a SFH.

[TXNGL]

Originally Posted by dwayne00

OMG that's crazy!!!!!

The Park Cities are simply a very wealthy enclave, almost no crime to speak of and incredible schools. I said in another post that I'd pick them over Southlake, but that is only because of location, trees, and the charm of an older neighborhood. I really have no desire to be in either place, just my personality.

[skids929]

If I weren't from Dallas I would choose Southlake since there is more old money and old Dallas mentality in UP/HP than in Southlake. Just my personal preference, not lobbing stones at either place, I just think an out of towner would fit in better in Southlake than the Park cities.