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Buying a townhouse in Plano?

I've heard and read in several places that condos and townhouses are a bad choice in the Dallas area because they don't hold value or appreciate. Is that a fair assessment? We're looking at North Plano townhouses (along the tollway) in the low 200s.
  • January 09 - Dallas
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Answers (8)

I strongly disagree that they are a "bad investment" across the board. As others have mentioned, the ones at Shops at Legacy are in high demand. I also recently listed a townhome in central McKinney (just North of Plano) that had a contract on it in 3 days and almost 20 calls about it. HOA fees and amenities can vary widely and are something to consider.
There are quite a few 1970's condo/townhome complexes in Dallas that haven't been updated and are looking a little tired. Those are the ones that haven't increased as much, but even they have increased SOME.
You really can't go wrong in Plano.
  • May 05
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I am looking to buy a condo in uptown area.  I  am looking to live their for about a year and most likely rent it out after.  I am a little concerned, since average day to leasing is about 80 days in that region.  What do you think of this strategy?
  • April 21
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Profile picture for Olga911
Shops at Legacy area and Old Downtown Plano have great resale. Plano is centrally located, has lots of big employers offers public transport and schools are awesome so it's very different than other suburbs.
  • January 11
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Not true.   Prices are up about about 17% this year in Dallas if not more.  From what I see about 25%.
http://www.dallasnews.com/business/columnists/steve-brown/20130822-condo-and-townhouse-sales-catch-fire-in-dallas-areas-surging-market.ece

Now 3-4 years ago that was a different story, or if you bought at the peak in 2007 or 2008, we're just now getting back to even in many cases, but that is the same with homes in many areas as well.

Plano is a great place to live if that's where you work or play.   If you work in downtown and like the urban lifestyle, I'd selectively buy downtown, but there are other places as well.

If you see any online that you would like to see in person just let me know.
  • January 10
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Profile picture for Rhonda Croney
What are your goals?  How long do you plan to live there before you move? and are you able to buy in for less than the appraised value?  Knowing the answer to these questions will help you decide if that townhome (or any property) is right for you.
  • January 10
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What you heard is correct.  They are generally a bad investment.  However, you have to look at the entire picture, primarily the HOA dues.  Those are not tax deductable and they could be in the hundreds a month.

If you were to take those HOA dues and apply them towards the sales price of  a house, you'll be in a much better position.  A SFR is a much better investment than a condo or townhome.

That said, there are always exceptions.  Are you are referring to those along Hedgecox/Rasor?

No matter what you decide to go with, make sure your Realtor runs a market analysis of the area and explore your options for a SFR.

Naima
  • January 09
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It all depends on the location and you have chosen a great location. Anywhere north of Beltline Rd all the way to Frisco is a great place to buy townhome as you can always rent them out later and there is always a demand. If you desire mortgage financing i am here to assist you. My information is located within my profile. Good luck and get approved prior to speaking with a builder or Realtor.
  • January 09
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It is all subjective and depends. Pick any 1 Realtor and work with them only. Condos are a great buy with long term benefits.
  • January 09
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