We've just closed on 585 Stinson Rd in Lucas. The property was listed at $1.849 million. We feel it was a very fair price and I'll share why.
The home is on 10 acres. It's a true estate property. Homes on tracts of this size just don't come onto the market very often, at least this close in. Two acre lots in Lucas are starting at around $250K, so large tracts like these are usually divided into smaller parcels and sold off.
Although the home is 27 years old, it's structurally very sound. It has "good bones" as we like to say and has been wonderfully maintained by the seller. The seller may or may not do some updating, but they have a solid home to start with. The seller's added a new roof prior to closing so it's good to go for a long time, or at least until another Texas hail storm comes through.
The home is set way back from the road with a long concrete driveway. Laying that much concrete at today's prices along with utilities would be a very expensive cost in any other home. This is why you see so many homes on large acreage sitting close to the road.
The property is already iron pipe fenced for horses and that's a LOT of fencing. Again, at today's prices, the cost would be enormous.
The home is also set within a copse of mature trees which affords total privacy in the back yard and pool setting. You'll notice most of the homes in Lucas on larger tracts have very little privacy on all sides. In fact, here's an example on our other Stinson Road listing. It will take some landscaping and possibly a pool to create this same ambiance. Remember, this was all crop land before residential came in so mature trees usually only exist around running creeks and dry creek beds.
Believe it or not, this home is only about 7 minutes from retail and entertainment both in Allen and Fairview. Looking at the aerial you'd never know it, but it's a quick drive to almost anything you'd want.
And finally, the home is in Lovejoy ISD, one of the perennial top three public school districts in the entire state of Texas. Year in and year out, it's right there with Highland Park and Carroll ISD. Lovejoy homes will always carry greater values than homes within the other area school districts. It's just the way it is.
The Story Behind the Sale
This transaction went very smoothly until the very end. And when I say very end, I mean the day before closing. The buyer and seller both felt like were through with the negotiations when some surprises popped up but Heather Poehler did a great job holding it together. But this is a classic example of why I always say a deal is never a deal until the property has closed and funded. Anything can happen on a transaction at any time.
If you'd like to see more of the home before we take the pictures down, here's the LINK