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.

Want To Meet the True Top Producing Agents in the Park Cities and Preston Hollow? The Numbers Don't Lie

Over at Dallas Dirt Candy posted some production numbers for the Preston Hollow and Park Cities areas. To me her source's numbers were a little vague and didn't give the clear picture of who was doing what type of production. If you know me at all, you know I love me some numbers. I didn't look specifically at the companies but at the Top 50 producing agents. I find that just as interesting. So dig in, analyze, discuss. (Can you believe I came in above number 1? I needed my own line because I'm in a different league. This was so unexpected.)

Production in Park Cities and Preston Hollow only:

4407 Mill Creek Road in North Dallas

You must see this impeccably updated ranch home on a 120x125 corner lot. Centrally located just north of Hockaday this home boasts 2,718sf with 4 bedrooms, 3.5 baths and a 2 car attached garage. The 4th bedroom is split and has a private full bath. The open floor plan is accentuated by the many large windows in the front and rear of the home and the open wall between the formal living room and family room. The plantation shutters enhance the already stunning curb appeal while the 2 large trees and lush landscaping complete the picture. Looking onto the crystal blue pool in the rear of the home is the oversized master bedroom with plenty of closet space and an updated master bath with travertine floors, tumbled marble accents and a Jacuzzi tub. The crown jewel of the home is definitely the kitchen featuring granite counter tops, double ovens, butler's pantry, large breakfast area with floor to ceiling windows, built-in buffet and plenty of cabinet and storage space. And finally, you won't want to miss the pool in the backyard with a spa and waterfall for those hot summer days. Or enjoy the large covered patio on those cool, crisp Fall evenings. And of course there is plenty of grass space including a spacious side yard for play equipment, gardening, pets or any other uses you can think of. This home offers something for everyone and is in one of the most sought after and established neighborhoods South of LBJ.

4407 Mill Creek Rd. - $449,900

(Click on a picture for a larger view)


Front angle


Kitchen


Breakfast Area


Family Room


Formal Dining


Formal Living


Master Bedroom


Master Bathroom


Guest Room


Back Patio


Pool


More details:

Description: 4 bedrooms, 3.5 baths
Square Feet: 2,718
Garage: 2 car attached
Fireplace: Gas
Foundation: Slab
Utility: Full size with space for extra freezer
City: Dallas
County: Dallas
Zip Code: 75244
Schools: DISD
Year Built: 1966

To set up a viewing please contact Jeff Duffey. Cell: 214-507-2878 or jeff@duffeyhomes.com.

Preston Hollow Sales Stats Year-to-Date

Area 11 or "Preston Hollow" boundaries for real estate purposes are very broad and I realize that. So don't go telling me how the REAL Preston Hollow does not include Strait Lane. Just so you know, Area 11 is defined by the areas North of NW Hwy and South of LBJ; East of Midway and West of 75.

Number of homes sold: 58 (92)
Avg. price/sf: $241.76 ($207.23)
Avg. sales price: $998,662 ($828,641)
Avg. days on market: 89 (79)

*2007 statistics for same time period in ( )

Preston Hollow - much like the Park Cities - posted a 37% drop in number of homes sold but comes in strong with a 17% rise in average sales price. See 2007 and 2008 here and here. So what does this mean for you in 2008? Nothing. If you're thinking about selling your home in 2008 then you need to call me, or a Realtor you trust, and I will take a good look at your house and what's going on in your specific neighborhood. Then based on that information you should be able to get a good idea of what you will be able to sell your home for.

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?

Buy Me. Please! I'm in Preston Hollow

I was completed around January 2006 and have yet to find a buyer. I was originally listed in the MLS in January 2006 for $1.8 million for 10 months and no one wanted me. What's weird is that I was relisted after that for $1.975 million. Now I'm currently for sale for $1.895 million. So let me get this straight. No one wanted to pay $1.8 million for me in 2006 but they'll pay $1.975 million 10 months later? My builder should check out Jeff's post about seller greed. Oh, and someone please buy me!

See? I Told You So

This article from Realty Times discusses overbuilding right on the tail of my previous post about overbuilding in Preston Hollow. The take away line of the article is near the end.

"...homebuilding is still outpacing household formation, which means some areas will continue to have more new homes than they need. "

Yes Preston Hollow, we're talking to you.

Preston Hollow Has a Few Vacancies

Seriously builders. Stop! Right now in MLS Area 11, AKA Preston Hollow to area Realtors, there are 140 homes available that were built in 2005 or after. Moreover, there are 213 homes available over $1 million. The kicker is that only 15 sold last month. My fuzzy math tells me that is almost 15 months of inventory currently sitting on the market which is muy malo. But that's great compared with the 33 months of inventory that was available in September. Yes, you heard that right. What's even more disturbing is that 106 of the homes currently available were built in 2007, 22 homes built in 2006 have never sold to anyone and 5 homes built in 2005 have still not sold. That means that only 7 homes (give or take) actually have real owners that need to sell. Every other home is builder owned and most likely sitting there vacant.

The law of supply and demand says, and I repeat, when inventory is on the rise, prices go down. I have personally sold a few homes in Preston Hollow where the sellers have taken a loss at closing. In November of '05, '06 and '07, 119, 187 and 227 homes were available over $1 million, respectively. That is a 64% increase in the number of $1 million homes available since November 2005. With that said, prices should be going down, right?

In 2005 the average sales price for homes over $1 million was $1.614 million and in 2007 the average sales price is $1,898,966. That's about a 15% rise in sales price over 2 years. What does this mean for the future? I think unless some of these builders scale back, poor Preston Hollow's $1 million and up new and resale market is going to tank. (It already has if you ask some of the current sellers whose asking price is below what they paid in 2001) My advice to buyers right now would be to check out some of the 130 new construction homes and throw offers at these builders. Those carrying costs start to add up after 2 years sitting vacant!

Amazing Hip Pocket For Sale...Secretly of Course

(Not actual photo of course)




If you're in the market for a seriously amazing estate property in Old Preston Hollow built in 2006 on a .7 acre lot (closer to .9 per seller) let me know. Whose is it? Where in Old Preston Hollow, you ask? I'm not saying. But the sellers are willing to show the home to the right buyers and I can get you in. Once you see this 7,000+ sf home on this HUGE stunning lot and feel the heated marble floors in the master bathroom, you'll want to make and offer on the spot.