Friday Four Hundred: It’s Flipping in Lochwood With Winning Results

I am constantly amazed at how fast some homes in East Dallas neighborhoods are selling. Apparently, this great success is also catching the attention of investors who are buying up properties thirty or forty years into their lives and turning them at a breakneck pace.

So, you’ll start to see more and more homes like this one at 11515 Lochwood. The neighborhood is full of “For Sale” signs and the trucks of contractors.

And with all the remodeling, prices are heading to the heavens, too. Just a couple of years ago you could get a completely decent home in this neighborhood for $325,000. This property is on the market for $410,000. Boggles the mind, doesn’t it?

Once you look inside you kind of understand why this home is priced in the $400s. From new floors to custom trim and new electrical throughout, it’s been reimagined as a trendy transitional — a style most buyers are head-over-heels for. I’m not in love with the painted fireplace (it really kind of bugs me, actually), but I do like how they’ve opened the den up to the kitchen and brought in some really classy molding and light fixtures.

It’s not huge at 2,100 square feet, but with four bedrooms and two and a half baths, it’s big enough for a family with a couple of kids. Also, it’s priced at $195 per square foot, which is pretty great for a home in East Dallas. There is a significant stumbling block, though. Lochwood is a pretty busy neighborhood thoroughfare. It’s just down the street from a large commercial development, which is a bonus for those who want to live the car-free life, but there is a lot of traffic. On the upside, you’re only a couple of blocks from the Lochwood Library, but you’re also just a couple of blocks from a big multi-family development, too. I wouldn’t be surprised if this home, which has been on the market for 62 days and has already been reduced by a whopping $39,000, will sell for closer to $380,000 due to its location.

There is great value in the kitchen, though, which features Carrara marble countertops, new custom cabinetry, stainless steel appliances, and a free-hanging modern vent hood. The under-mount microwave is a bit awkward, though. I get the idea of opening up the space underneath the microwave, but it looks strange just dangling there. A built-in space or an appliance garage would have been a better idea.

I do love the size of the master suite, which clocks in at 16 x 15 and has marble counters on the his-and-hers vanities. The master bath has a shower/tub combo, which is OK, but not ideal when you’re considering a home at this price point and at this location.

 Of course, the big upside to this property is the tidy backyard and full custom fence. The covered back patio is great for spring and early fall, and it provides just enough room for the kids to run amok without dealing with the crazy maintenance of a larger lawn.

What do you think? Will this home sell in the $400,000 range, or is it wishful thinking?