Oak Lawn/Uptown Move - thoughts on market (Dallas, Lewisville: for sale, apartment)

[zerophin]

Hello all

I may be relocating for a new job very shortly here in Dallas and have more or less decided on the uptown/oak lawn area. Job would be further north up near Lewisville but a 30-45 minute reverse commute isn’t a big deal (and I generally will be commuting before/after rush hours). Partner and I do not have kids so schooling is a non-factor. We spent a weekend in uptown as part of the interview process and felt it was a good fit.

Done a ton of research and think I’m down to a few key questions:


1. Debating the whole rent first or buy now option. Concern on the buy-side is if we have to move again within 24 months the economics would be unfavorable. I can do the math to figure out break-evens but the wild card is will the property be more likely to appreciate, stay flat or lose value in this area. Any thoughts on how the townhouse market in particular is trending? I know nobody has a crystal ball

2. Leaning toward a townhouse if buying as I think it’s a better fit and I think it’ll be more liquid than a condo if needed to sell. Is it logical to assume townhouses are easier to sell if needed in this market? I am a little worried by all the inventory I see out there, some sitting for a while.

3. Have broken the area up in my head to 4 sections … State Thomas, Uptown between Blackburn and Knox East of the Trail, Oak Lawn North of Lemmon (up to about Prescott) and Oak Lawn South of Lemmon. Any real downsides or other non-obvious factors I should think about in these sections? I see homes in each of those sections that I would like.

4. Budget wise can justify something up to $550,000 but am mindful of value. I see a pretty wide range of prices between $300,000 to $600,000 and I’m worried about overspending. Example, 4024 Buena Vista St @$595,000, 4023 Travis St at $498,000 and 4018 Travis St for $395,000 – all these within a rough block of each other similar sq footage.

5. I guess I should think about M-Streets too if buying? Is there really a big “pro” to doing that in my situation versus a townhome on the other side of the highway?

Anything else I should be thinking about I appreciate all your help in advance, and I really enjoyed the town when I visited!

Regards

[TrueDat]

This area will continue to appreciate but, if you're only here a couple of years as you indicate you might be, I'm not sure it's going to appreciate enough to make it worth your while to buy. Personally, I would rent first to see if I really like the area/job, etc. and not be locked into something right away.

But, yes, all things being equal, a townhome would probably move faster than a condo. As for M Streets vs. Uptown, you're going to have more families in the M Streets area -- especially now that a lot of the skankier bars have closed on Lower Greenville -- than in the heart of Uptown where it's more about singledom. But both are nice areas. I love the North Oak Lawn area and don't think you can wrong there.

[bencronin04]

Depending on where you are looking on the M streets is a big factor. The closer to Greenville the more trash in your yard, late night loudness and crime you are going to see. My parents have a house in the Oaklawn/Turtle Creek/Highland Park area(basically right where they all meet and love their place.

[RonnieinDallas]

I'm not knowledgable enough about the market to give my advice, but I am totally envious of your situation, and budget!

4024 has a pool! Wow, I've never seen a town home with a pool. Out of the areas you listed I think Prescott and Lemmon is the best. If you like Oak Lawn, I would look at Perry Heights before the M Streets, but theres not a lot to choose from(small neighborhood). Nice quite streets, and close to highways and in walking distance of restaurants and whole foods!

Good luck, hopefully tc80 can give some advice

[jdallas]

Blackburn and Knox is going to be quieter and have better guest parking options than State and Thomas. If there's a chance you may need to move again in a couple years, you will likely lose money on the property unless you are comfortable keeping it as an income property. Taxes alone in those areas will tip the scales in favor of renting if you may need to relocate within a few years.

[zerophin]

Originally Posted by TrueDat

This area will continue to appreciate but, if you're only here a couple of years as you indicate you might be, I'm not sure it's going to appreciate enough to make it worth your while to buy. Personally, I would rent first to see if I really like the area/job, etc. and not be locked into something right away.

My 'gut' tells me to rent first as well, but given where I'm seeing rents for similar places exceeding $2,500 it starts to result in a pretty quick break-even if values remain flat (based on 15 not 30 yr). Trying to stay between 2,000 and 3,000 sq ft to match our current home so harder to find a lower priced rental (and don't really want to be in a big apartment building per say).

thanks

[Willsson]

Those are four good section delineations. I'll comment only on Oak Lawn, north and south of Lemmon.

The north secton, north of Lemmon to the Highland Park boundary will be the more 'sedate' of the sections. I had a condo there and made a hefty profit after five years, during which the county appraisal of the properties was increased. Purchased in 2001 @ 78k and county appraised at 75k. Sold in 2006 for 109k (just before Countrywide collapse), now appraised at 114k. Taxes = $3,110. So at least I got back my HOA assessments. You'll like that area, fairly quiet and safe.

South of Lemmon is directly beneath the Love Field jet path - Cedar Springs to the southwest runway, Lemmon to the northeast runway. And they will land 747's there. Depending on wind direction, you will find it necessary to suspend conversation or pause any TV viewing. That is, if you want to hear what was said. Otherwise, it's a good neighborhood with lots of activity. Streets are packed with weekend night parking for the clubs on Oak Lawn, Caven Clubs and other entertainment venues.

[zerophin]

Originally Posted by Willsson

Those are four good section delineations. I'll comment only on Oak Lawn, north and south of Lemmon.

The north secton, north of Lemmon to the Highland Park boundary will be the more 'sedate' of the sections. I had a condo there and made a hefty profit after five years, after which the county appraisal of the properties was increased. Not saying those are related actions but.... You'll like that area, fairly quiet and safe.

South of Lemmon is directly beneath the Love Field jet path - Cedar Springs to the southwest runway, Lemmon to the northeast runway. And they will land 747's there. Depending on wind direction, you will find it necessary to suspend conversation or pause any TV viewing. That is, if you want to hear what was said. Otherwise, it's a good neighborhood with lots of activity. Streets are packed with weekend night parking for the clubs on Oak Lawn, Caven Clubs and other entertainment venues.

Great color, thanks. So staying north of Lemmon eliminates the air traffic noise from Love Field then? I think the more sedate side would better suit us. Glad to hear you made a hefty profit on your condo

[bencronin04]

Originally Posted by zerophin

Great color, thanks. So staying north of Lemmon eliminates the air traffic noise from Love Field then? I think the more sedate side would better suit us. Glad to hear you made a hefty profit on your condo

It won't eliminate the noise all together, but it reduces it greatly as it is not a direct path. I know of a lot that is possibly for sale in the area but not on the market on a small quiet cul de sac. PM me for more info if interested.

[Willsson]

Thankx

The three northern most streets in the North Oak Lawn are Herschel, Prescott, and Hawthorne. There are also the nicest and most quiet streets in that area. The properties on the north side of Hawthorne abut Highland Park.

These streets extend from Lemmon Ave to Oak Lawn Ave (becomes Preston in HP), and curve at about half way through. They are fairly quiet with no need for traffic that isn't residentially local. Some very fine old duplexes in the area as well. Try a google map street view for an idea of the area.

At that mid-way curve, there is an elementary school building - Irma Rangel - which locals use as a dog park. I don't think it's a school any more, just offices now. It could be a good idea to follow up on bencronin's PM.