Up and coming / Gentrification in Dallas
Dallas, TX · Member since 2015 · 21 posts · 3 votes
Hello all, I am interested in getting everyone's thoughts on the up and coming areas of Dallas that will end up being A or high B areas neighborhoods. Simply put, I've heard just about every area of Dallas is "up and coming" or being gentrified but I personally don't think all will successfully flip. I'm asking from the perspective of looking for a personal SFR in a nice area with a better shot at appreciation, not from a rentals perspective.
I've heard Trinity Groves, the area east of 75 that's south of the M streets and North of Deep Ellum, and several others. The area I'm most intrigued about is Elm Thicket with $1m houses popping up on streets that are predominantly ~$150-$300k houses.
Thanks!
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See agentsElm Thicket is pretty hot....cheap neighborhood next to super expensive neighborhoods and good demand drivers from Medical Center area nearby.
You're right about some of the other areas....West Dallas West of Trinity Groves is probably ripe...I'd say all the way from downtown to loop 12.
Casa View is probably ripe or anywhere along Garland Ave along White Rock Lake.
Bishop Arts area has been talked about for years.
There seems to be some activity on East side of 35 at about Jefferson/Davis in south Dallas.
I would also take a look at the Cedars area south of downtown....lots of big smart money there....Mark Cuban, Jim Lake, Jack Mathews, Mike Hoque.
You might also look at train/rail stops in better locations. I'm amazed at the amount of apartment development at the stops for example in Farmers Branch, Richardson, Carrollton, Lewisville, Plano. That's always happened in other cities that I remember, but wasn't sure it would happen in DFW area. Still early, but seems to be happening.
I think lots of things could happen in Farmer's Branch. Great location. Lots of older housing. Lots of big lots.
Hi Michael,
It’s a great question and if somebody can support their opinion with data that would be great to see.
My wife and I bought with the same goals a couple years ago. We’re in the East of 75, South of M Streets area. We love the location and there’s a beautiful new renovation going up just about every day. I expect the area between Ross and Fitzhugh to be substantially developed/“gentrified” over the next few years. The only problem is I think this is fairly well known and the growth expectations are priced in. IMO, proximity to Greenville, Uptown, Deep Ellum, White Rock make this the best location of the three you mentioned. Of course that’s subjective.
You’ll likely find better deals in Trinity Groves area, but I think you’ll be waiting longer for the area to flip.
I’m not as familiar with Elm Thicket. We did look at a few houses when we were buying our primary, but for lifestyle/walkability reasons, decided on the area we’re at now. Couldn’t be happier with our choice.
Good luck with your decisions and I hope this helps from a local perspective.
Ryan
Elm Thicket is pretty hot....cheap neighborhood next to super expensive neighborhoods and good demand drivers from Medical Center area nearby.
You're right about some of the other areas....West Dallas West of Trinity Groves is probably ripe...I'd say all the way from downtown to loop 12.
Casa View is probably ripe or anywhere along Garland Ave along White Rock Lake.
Bishop Arts area has been talked about for years.
There seems to be some activity on East side of 35 at about Jefferson/Davis in south Dallas.
I would also take a look at the Cedars area south of downtown....lots of big smart money there....Mark Cuban, Jim Lake, Jack Mathews, Mike Hoque.
You might also look at train/rail stops in better locations. I'm amazed at the amount of apartment development at the stops for example in Farmers Branch, Richardson, Carrollton, Lewisville, Plano. That's always happened in other cities that I remember, but wasn't sure it would happen in DFW area. Still early, but seems to be happening.
I think lots of things could happen in Farmer's Branch. Great location. Lots of older housing. Lots of big lots.
@Ryan Dierker - Thanks for the reply. I was just looking in the area you live yesterday and do really like it. I've lived here my whole life and after spending time over there, I agree that it's the best of the three. I'm still very intrigued with Elm Thicket... give it a quick Google if you ever get bored. Mind if I ask what type of unit you're in over there? Seems to be a bunch of townhomes which I like.
@Bruce Lynn - Agree on Farmers Branch. I went to middle school over there and it's crazy to see how much parts of it are already starting to change especially up near 635.
I've also been very intrigued with the Cedars area South of downtown in the past.. It fell off my radar until you mentioned it. It seems to have great potential but also seems like it would require quite a bit of energy to flip. Which brings me back to my original thoughts - It feels like all of Dallas immediately surrounding downtown is looking to gentrify and become higher end, which really doesn't seem logical or feasible given the need to have housing for all income levels. I don't know the politics behind everything going on but it almost seems like the city / developers are going to spread themselves too thin and end up a mixed bag of developments, some of which I believe will fail.
@Michael Flood So far we have seen that in Irving. If I remember right there were about 5 apartment complexes torn down in South Irving. I understand why people thought they were blighted. They were not the nicest places probably, they might have had more crime and more issues than the upscale apartments in Las Colinas, but they were affordable to many. There is a need for workforce housing. So where do all the people in those apartments go? It would be nice if everyone can afford to live in a high rise with dog wash, a fancy gym, and have Saturday afternoon fancy pool parties, but that is not the reality. Some people need more affordable places to live. I think about the landlords the city of Dallas gave such a hard time to in West Dallas. The properties often weren't pretty. They often weren't in good repair but I think there is always a balance. Realistically they probably can't or don't want to put the money in the houses the city wanted them to. So one of the alternatives is to just tear them down and sell the lots so we can put up $400-$500,000 homes as a replacement. Drive down Hampton South of 35 and you can see the results. So where will the people who can afford $700/month live. Not in those homes.
I know people are trying and they mean well, but I also love the story of the Irving Housing Authority who build some "affordable" houses that they couldn't sell for a year or two or maybe longer because no one qualified to buy them. One day I went to a presentation where it looked like there were 3 or more professional people who worked for the city who run some kind of grant program for lower income people to help them buy a house. When I looked at the program I'm thinking wow...great program...but who qualifies. Virtually no one. If you make too much money, you can't qualify. If you make in the guidelines you don't qualify for the mortgage. I asked how many people were successful that year and I think they said 3 families. Wow...so you have 3-4-5 people on staff at the city, each probably making 40-50,000/year and add 40-50% on top of that for benefits and you helped 3 families buy homes. Might as well fire everyone and give everyone who applied $5000-$10,000-$20,000 down payment assistance. I am not putting down the employees...great people...helpful people....well meaning program...but it is not working. I'm sure many other cities have the same programs/issues.
Sorry you got me started on one of my pet peeves.
@Michael Flood. Of course. We're near Exall park in one of the newish (2016/2017) townhomes developments. I think we're near the top of the market in this area and I haven't seen much appreciation based on the few sales by original owners. Longer-term, as the new commercial and upscale apartments are completed, Uber moves in, Ross gets revitalized from downtown to Greenville, I think there's still lots of tailwind for the area.