I remember being amused the first time my dad told me about the Three Rules of Real Estate: “Location, Location, Location!” I was somewhere in my teenage years and I thought of how clever it was, and it was very true in my native south Florida. But that doesn’t seem to hold here in Texas to my amazement. I’ve been scouting around for some investment properties around Dallas and Richardson (city immediately north of Dallas). What I’ve found is that Dallas is subject to some very serious “White Flight”.
I’d say it would actually be more accurate to describe it as middle class New Money flight. Some people here in Texas want new more than anything. More than location, more than convenience, more than community. I’ve tried to understand it and I don’t get it. While I want something convenient, with an established community, people here seem to just want brand spanking new.
I find it surprising that people seem to have this goal in life….to pay some asshole developer 150k dollars profit to turn a cornfield (green below)…

…into a zero-lot line house (the parking lot shapes above) in an insanely regular subdivision out in the middle of nowhere. Basically to air condition 3000 square feet of a 5000 square foot lot, with just enough room outside to park a couple of 40 thousand dollar trucks (that is a daily driver to work 30 miles away) and a big fucking stainless steel grill from the Home Depot and a few lawn chairs. Pink flamingos wouldn’t be far off, but I guess that market has gotten squashed by the post-911 American flag craze and rubber truck balls.
So I got to wondering, if you get one of these 2000 square foot McMansions for 200 grand….(Click on them for more info from Zillow.com)…

…What do you get for a million bucks? If the land value is practically zero, you should get a whole bunch…..well Here’s some of the ones I could find:

Not bad: 6000 square feet, 6br/4.5 bath and all a hop skip and a jump (32miles one way) away from downtown Dallas

Next up is so new, it doesn’t show up in the satellite photo, Old Sandy:

Okay, this one isn’t quite a million. Just a modest 785k today: A modest 8000 square foot property built in 2005 on the Appropriately named “Kings Lake Road”.
And finally here’s one from over to the West some: Coppell, Tx…(The above were in McKinney)

A comfy little 6/6, 7700sf on 2.0 Acres. Located conveniently 20 miles from downtown dallas and 30 miles from Fort worth.
Maybe I’m just saying this because I don’t have a million dollars to spare (or at all), but I think I can find better things to do with my money than that.
-Glen