When you're searching for nice, wooded, empty lots in Fairview or Lucas, Texas, you won't find any. I can guarantee that. But you will see them on many of the expensive homes we sell, so where are they? Let me explain why.
Hardly anyone knew where Fairview, Texas, was (even people living in Allen, right across the street) until the early 2000's. Ironically, Central Expressway (Hwy 75) runs right along its western border. There wasn't even a sign announcing you were in Fairview until the Village at Fairview started construction in the early 2000's. But once people started getting off on Stacy Rd to see what was going on, they discovered Fairview and Lucas, located a bit further down the road. That's when they started buying the lots and developments with the great lots. Those lots went first, and within about ten years, there were none left.
Simply put, there aren't any "special" empty lots left in these two towns. But you'll still be paying around $750K for a plain, featureless, two-acre lot in Lucas or a one-acre lot in Fairview without trees. That's how strong demand is for these towns.
You can still find a few lots that back up to a creek or swale with some trees in the back, but they're not what anyone would call "wooded". If you want a wooded lot in Fairview or Lucas these days, you have three choices: 1) buy an older home on a nice lot that's already been updated at a high price, 2) buy an older, dated home in need of extensive updating and maybe enlargement, and then take the project on yourself, or 3) buy an older, dated home on a great lot and forget about updating it. Tear it down, and build a new home.
A major renovation can easily run $300K to $500K, or more, especially if you're adding square footage to the home, a pool, fencing, or other features. We get calls from investors every week asking if we know of any homes priced low enough to support a renovation, but such homes don't come to market very often. The owner has to be ready to sell and understand that all the value lies in the lot, not in the home. That can be a tough conversation with someone who's lived in a home for many years and is emotionally attached to it.
So, what do I consider a "special" lot? So special that it will entice a buyer to look past the condition and age of the older, dated home? Give me three of the five features seen below, and there will be plenty of buyers if the owner isn't completely out of touch with the market. Give me all five features, and I'd bet we'd end up in a bidding war, again, if priced fairly, regardless of the home's condition. Here you go ...
A Home on A One to Two Acre Lot
A Home Offering Complete Back Yard Privacy
A Privacy Gate
A Pond, With or Without a Fountain
Lovejoy School District
