California Gold Rush! or dust....

During the past 6 years, as realtors we have dealt with many relo's and investors from California and the climate has changed. Dallas is the only southwest city that has not exploded like east & west coast markets, (11% under valued) new building and lots of land has kept that in check. What amazes me is the rush of people into this market, that do not understand it, every city....Community has its own dynamics. Texas will not let you borrow 125% of the value of the home, that is trouble....as long as things go along fine and you have the appreciation to cover, all is well and good, people that took the equity out to do deals are going to be hurt. The same frenzy has happened in Dallas to some extent, can Dallas become a real urban center???....not with a city council form of govt. They have been trying for years. There is no real cohesive city plan, the beautiful arts district is happening because quite frankly, the old money of Dallas wants it and spent their own money to do it, with very little bond money from the city. Prices in Park Cities, Uptown, Preston Hollow and surrounding neighborhoods have escalate 25% or more past couple of years, you need to spend a $1m to get something that is new, $700K-$900K to get an updated ranch from the 50's and then unless you are in the Highland Park school district, you are going to have to spend 20K a year per child for private school. People have bid up & up when they really didn't have to, so the California syndrome that exists in that beautiful state, exists here in certain pockets.

So...areas that are north of LBJ, now are experiencing a price appreciation because it is still close in to the city, if you work there. Plano is going to be the next explosion in appreciation, 20 miles north right off the tollway, luxury suburban living at its finest, great schools, restaurants, shopping, & MAJOR Corps. that are based here that Dallas lost. Plano spends your tax dollars wisely, we have no state income tax, but our property taxes are 2.25%, we have Parks & Land to roam, homes built between 1985-2006. Lots of family friendly activities...a great place to call home. If cost of living is eating into you in California, Plano is a great place to buy before the next wave....
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