This is our third listing in a row to go into title within a day or two of hitting the MLS, but this one’s a little different from the others. The first two were traditional newer generation homes in Fairview with Lovejoy ISD, but this home is basically being purchased on land value.
With Fairview lot prices in the $450’s in the newer, ultra high end developments like Tranquility Farms and Oak Meadows, it’s starting to make sense to buy an older home and take it down. The great thing about this lot is there is no HOA so the buyer doesn’t have to be as conforming with out buildings, fencing, etc.
Of course, buying like this only makes sense if the value in the home itself is negligible when compared to the value of the land. This home was built in 1950, so it would take some major renovations. Investing that kind of money into an older home would bring the price up to the same as newer homes already more highly finished out. Unless there was some other reason (like lack of an HOA) is usually makes more sense to buy the newer home. Every property stands on its own and the buyer has to make those decisions.
Prices in Fairview and Lucas aren’t in the same league as what’s been happening in the Park Cities and Preston Hollow for decades, but I’ve sure seen them escalate greatly out here in the past 17 years. One thing I feel sure of, home and land prices will continue to rise because this is a relatively small market as compared to Allen, Dallas, Plano, etc. With one acre minimum zoning there are only so many homes that can be built on the remaining land. When these towns begin to approach 100% completion, you’ll really start seeing the prices go up and that will precipitate even more older homes being taken down.