Most Expensive Homes In North Texas

Here is the list of the most expensive home sales for 2011 in North Texas. Not surprisingly, the Park Cities (as Highland Park and University Park are collectively known) delivered 4 of the 10 most expensive sales, with the Preston Hollow area only accounting for two.

#10 - 1745 Turbeville Rd. (Hickory Creek)

List Price - $5.6M.

Sold Price - Not Disclosed

#9 - 4636 Chapel Hill (White Rock Lake)

List Price - $5.995M

Sold Price - Not Disclosed

#8 - 10340 Gaywood Rd. (Preston Hollow)

List Price - $6.495M

Sold Price - Not Disclosed

Only 26 days on the market!

#7 - 6900 Baltimore Dr. (Uber Swank Volk Estates in University Park)

List Price - $6.99M

Sold Price - $6.5M

Only last 14 days on the market!

#6 - 9338 Meadowbrook (Preston Hollow)

List Price - $6.795M

Sold Price - Not Disclosed

#5 - 6815 Baltimore Dr. (Volk Estates Lot in University Park)

List Price - 6.99M

Sold Price - $6.5M

Only 27 days on the market!

#4 - 3816 Turtle Creek Dr. (Private street that overlooks Turtle Creek)

List Price - $7.9M

Sold Price - Not Disclosed

#3 - 3711 Lexington Ave. (Highland Park)

List Price - $8.5M

Sold Price - Not Disclosed

Only 27 days on the market!

#2 - 3851 Windsor Ln. (Two Adjacent Lots in University Park)

List Price - $9.6M

Sold Price - Not Disclosed

#1 - 1850 Turbeville Rd. (Hickory Creek)

List Price - $15M

Sold Price - Not Disclosed

Sales Statistics For January thru May: A year-over-year comparison

I wanted to see how the YTD (Jan. - May) sales numbers for 2011 compared with last year's sales numbers. And since we all know there was that little "Buyer's Tax Credit" thing that falsely inflated our sales numbers for 2010, I went back to 2009, as well. So take a look and let me know what you think.

The first thing that sticks out to me is the 9% drop in the number of sales for Area 12 from '09 to '11, yet during the same time Area 12 has seen roughly a 25% increase in average sales price. This is intriguingly coincided with an almost 20% increase in DOM. I'm at a loss as to how to explain this. So perhaps some of you stats geeks out there can help out.

Area 12 (East Dallas/Lakewood/White Rock Lake)

Year # Sales Sales $ $/sf DOM

'09 707 $221,465 $118 98

'10 751 $229,455 $124 93

'11 648 $276,756 $134 117

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Area 11 sales have increased over 50% during this same time period in 2009, yet from '09 to '10 the sales prices dropped 14%, only to increase slightly in 2011. Maybe this means North Dallas and Preston Hollow hit the bottom? If so, aren't you mad you missed out on some great deals?

Area 11 (North Dallas/Preston Hollow)

Year # Sales Sales $ $/sf DOM

'09 152 $842,824 $217 137

'10 217 $728,165 $187 162

'11 232 $761,022 $192 146

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Sales in the Park Cities have increased a stunning 80% since '09, with a modest 8% increase in average sales price. This seems like a solid upward trend. This seems much easier to interpret than the other two areas.

Area 25 (Park Cities)

Year # Sales Sales $ $/sf DOM

'09 161 $1.049M $292 136

'10 275 $1.072M $298 143

'11 291 $1.133M $309 127

Conservation Districts vs. McMansions: Which is Better?

These two homes are located on Richard Ave. in Vickery Place. There are many more homes that looks just like these scattered throughout Vickery Place yet the Conservation District doesn't seem to do anything about it.

In the never ending debate over which is better, bulldozing old homes to make way for McMansions or encouraging renovation of older homes with "character", there never seems to be hard data to clearly support either side. What I will say - bluntly, cuz that's how I roll - is that Vickery Place should have NEVER been allowed to be a Conservation District.

You tell me, are these homes increasing Vickery Place's property values more than if a $500K+ McMansion were to be built on the very same lots? (Yes, I know a builder can still build in Vickery Place, but not without a bunch a red tape and getting approval from a biased Board.)

If you think McMansions ruin property I suggest you talk to residents of Preston Hollow, Park Cities, Lakewood and Lakewood Heights. They don't seem to be complaining too much about their property values.

My Bad. Revised Park Cities Sales Stats

Turns out I didn't look very closely at the closing dates of the properties. Big thanks to Britt Fair for noticing there was not 1 closing in February on the CMA even though you can see I included the month of February in the search criteria up top. I just got off the phone with our MLS folks and apparently the term we use when you search for homes in Highland Park ISD was changed (there are 3 Highland Park ISD search terms in our MLS for some reason) which is why no closings showed up for the month of February. Completely my fault. Isn't technology fun? If I worked for a news station I would totally be fired. So here are the real 2008 sales stats. Lakewood and Preston Hollow stats were not affected.

Number of homes sold: 44 (60)
Avg. price/sf: $365.71 ($363.07)
Avg. sales price: $1,487,885 ($1,594,985)
Avg. days on market: 117 (75)

*2007 statistics for same time period in ( )

So that is only a 27% drop in number of homes sold and a 7% drop in price.

Park Cities Sales Stats Year-to-Date

Number of homes sold: 17 (60)
Avg. price/sf: $361.34 ($363.07)
Avg. sales price: $1,474,997 ($1,594,985)
Avg. days on market: 108 (75)

*2007 statistics for same time period in ( )

So far in 2008 only 17 homes have sold within HPISD. You know I'm not one for doom and gloom news but I'm shaking just getting out my calculator because it ain't gonna be pretty. That is a 72% decline in number of homes sold compared to the same time period one year ago. Please don't tell Steve Brown about this. Don't believe me? See 2007 here and 2008 here. And we even had one more day in February this year. Ouch! What gives? DOW got everyone down? Pun intended.

EDITOR'S NOTE: I realize that there will probably be a few closings that were not input into the MLS last Friday so I'm sure there will be a few that hit the MLS Monday and Tuesday. But it still won't be close to last year's numbers.

Top 10 Highest Sales in North Texas for 2007

This is somewhat anti-climactic seeing as how 6 of the top ten sales were undisclosed. But their last asking prices combined for a total of almost $83 million which is impressive in and of itself. Five out of the 10 are located in Preston Hollow and 4 came from Park Cities. Take a look at some pictures of these manses here. I don't know much about any of the people who purchased these homes but I do know that the man who purchased the $22 million home on Vassar runs a hedge fund (natch) and he and his wife are in their early 40's. As for the other 9 luxury buyers I'm pretty much in the dark. Anyone?

Selling Solo is a No, No!

There is an awesome article in the Park Cities People about For Sale by Owners. Part of the reason I think it is so awesome is because it includes some insightful snippets from yours truly. So go here, take notes and pass this along to your friends who are thinking about selling their homes by themselves.