The Dirt In Highland Park Has Appreciated Over 500% Since 2006

4311 and 4321 Lakeside Dr., both listed at approximately 1.17 acres, have just been hoisted on the market for a mind-boggling $16,225,000 and $15,100,000, respectively. Something about this new listing just isn't adding up. Literally. Nearly everyone knows the piece(s) of land I'm talking about. The gorgeous treed corner lot where Lakeside Dr., Preston Rd., Oaklawn Ave. and Armstrong Ave. all meet. Or some of you many know it as the piece of land across the street from where Dallas Cowboys owner, Jerry Jones, lives.

So, the short history of these lots is they were both comprised of 4310, 4311, 4320 and 4330 Lakeside Dr. and they were all four listed for sale together in the MLS back in 2004 under one address, 4311 Lakeside Dr., for $7,500,000. The entire property eventually sold after a whopping 673 days (almost 2 years) on the market for a meager $6,025,000. While the property's owner is listed in the tax rolls as the Town of Highland Park, I seem to recall chatter that a neighbor who lives on Armstrong purchased the property to make sure the property sold to a nice individual that would want to build a HUGE single family residence on the property, as opposed to a church or some other commercial development. But who knows if that's true or not. I certainly don't.

Anyway, a few days ago I saw a couple new lots listed for sale in Highland Park with the addresses 4311 and 4321 Lakeside Dr. And then I see the redonkulous list price! I quickly whipped out my trusty TI-82 calculator to discover that the appreciation rate from $6,025,000 in 2006 to over $31,000,000 in 2010 is a nonsensical 520% appreciation rate over 4 years.

Sure this piece of land is desirable, but $6M to over $30M in 4 years for the same exact piece of dirt? Am I missing something here?

6155 Palo Pinto Ave. Dallas, TX 75214

I'm testing my iPhoto slideshow software. Let me know what you think.

The song is Home by Michael Buble. (See what I did there?)

Attention Investors: Florida Mega-Mansions Hit Auction Block

From CNNMoney.com,

"These luxury homes were languishing on the market, or in builder inventories, as Florida real estate imploded. Now Sotheby's is hoping to auction them off at an event on March 28. The owners no doubt have their fingers crossed."

Yikes.

If You Had $45 Million+ to Spend on a Home

Which of the following 2 homes would you buy? Let's see,



La Reve in Cumming, GA for a cool $45 million.

or



Champ d'Or in Corinth, TX for a few more bucks at $72 million?


Hmm. That's a toughy.

Is There Such a Thing as Too Much House?

Certainly not in Texas. I mean c'mon. But in Boca Raton, FL a hot off the presses millionaire, who raked in his cash using the ever popular get-rich-quick formula of man forms company, company does ridiculously well, corporation offers zillions to buy it, man lives happily ever after swimming in his riches (Right Larry Lacerte?), built a lavish estate fit for a king and days after moving into the 23,000 square foot behemoth they put the home on the market for a blistering $24.9 million. According to the Wall Street Journal article,

"The 23,000 square-foot mansion is done in French-Country-Manor-style (this being the Florida beach), with four kinds of rare onyx in the bedroom, music piped underwater in the resort-style pool, a computerized television system holding 850 movies and hand-shaved walnut floors. The doorknobs and hinges alone cost $160,000.

Yet when Dru and his wife and kids moved in, they discovered a problem. It was too big. So days after moving in, they put it on the market.

"They’re from the Midwest,” Gerard Liguori, the home’s broker, told [WSJ]. “When they moved it they felt it was just too large for what they were comfortable with."

Amateurs. I'm sure here in Dallas we would shame them back to where they came from. We can't seem to get enough house around here. But I have a feeling they put the home on the market because they spent too much money on the underwater speaker system in the pool. It wasn't too long ago a "little" home on Strait Lane had 2 separate owners that spent beyond their means and had to sell before they ever saw their dream home realized.

Thanks to Cooper Smith for the linkage.

Ever Wonder Where Billionaires Live? Check it out.

George Lucas' crib in Cali.


This is where Oprah Winfrey hangs out. Also in Cali.

I love the fact that Warren Buffet still lives in the home he bought in 1958 for $31,500. See the rest here.

You Be The Judge

I almost didn't post this because I don't want this agent to think I am picking on him. He's an incredibly successful agent and works with many professional athletes including Nolan Ryan and his family. So he knows what he's doing when it comes to selling high end real estate. But check out these pictures for his listing on Beverly Drive.

Front. Nice picture. No complaints here.

I'm pretty sure the kitchen is a little bigger than this. But from the picture you'll never know. Also looks dark.

Living room looks small because of the angle. Again, I'm sure it's not but pictures are all that people are looking at while online.

I'm not sure what this room is. Sitting room? Library? Whatever room it is it looks too dark.

Picture of a bed. Can't see the flooring and looks like a typical $150,000 home in Garland. This home is on Beverly Dr. people!

I'm really not sure what's going on with this angle. Is their headboard that ugly? I assume this is the master bedroom but you don't get the sense it's all that big in this picture. Do you?

Odd angle and again just doesn't do the space justice.

Seriously? You can't move a few things off the desk before snapping this shot? I have moved sofas, tables and beds in order to get the perfect picture. I don't think I'm being too picky here.

Gives a whole new meaning to the term "postage stamp yard". The lot is small (70x145) so I guess this is all you're going to get anyway. Not sure I would post this pic seeing as how buyers love them some backyard space.

My point in posting this particular listing is if you only had these pictures to look at (excluding the front picture and didn't know it was on Beverly Dr.) would you really think the asking price of this home is $3.4 million dollars and the home has over 7,100 sf? My clients call me hours after listing their home already telling me they want me to retake pictures of their guest rooms or living rooms because they don't care for the picture I took. And I'm completely fine with that because my goal is to make sure they are happy and content. But to be honest it doesn't happen often because I'm an awesome picture taker-er. Yet this seller is content with these pictures? Am I being too picky here? Compare with this picture and let me know which one you would prefer.

High End House Porn for Your Eyes and Watch Calculators

(Take note folks. This is an example of a GREAT real estate picture. 3507 Crescent Ave. if you really want to know.)

Currently there are 50 homes available for sale in the Park Cities and vicinity over $3 million dollars. What I find interesting is that 22 of these homes were listed between January 1st of this year to today. (Some might have been relisted but I did my best to weed those out)

Now for the math part. In 2007, 43 homes sold over $3 million dollars in the Park Cities and vicinity. That's roughly 3.5 homes each month. If that rate stays consistent for 2008 there are 14 months worth of inventory on the market. That's not too bad for such a high end price range considering there are some areas in Preston Hollow that have 20 months worth of inventory sitting on the market between $1 million and $2 million.

One Hyde Park in London: Not For Poor People

I really don't even know what to say about this ultra-ridiculous and mind-bendingly priced residential development in London overlooking 350-acre Hyde Park. Let's put it this way, if you're looking to drop $10 million on a home, you need more than 3 times that amount just to make an offer on one of these apartments. Yes, I just said apartments.

One buyer reportedly has an apartment under contract for a head popping $192,000,000. Crazy you say? But he's getting around 20,000 of penthouse space. That's worth it, right?

Anywhoo, the developer is boasting that they have 80% of the residences under contract at an average sales price of just over $39,000,000. I feel insignificant just typing that number.

Thanks to Your Mama, as usual, for this dee-licious information and make sure to go to One Hyde Park's website and let me know if you get approved to see some of their floor plans. They probably won't even call you back unless you got half a billion smackers in the bank.

No Love For This Home on Strait Lane

This home has been on the market since November of 2007 and I blogged about it back in January when it fell out of contract. The day before Valentine's Day the home went under contract again (V-Day gift for someone special?) and I quietly cheered this "little" house on thinking, "Good for you! You deserve someone special to fix and repair all 16,000 of your square feet." But the relationship was not long for this world and as of today the home has fallen out of contract yet again. I'm guessing the buyer's fear of commitment has a little something to do with it. I'm still rooting for this house to find it's soulmate though!