Thread: Higher End Properties Continue To Move

The “South of LBJ” Dallas, Texas market continues to defy national “doom and gloom” statistics, at least in Park Cities and Preston Hollow.

The average sales price per square foot in Preston Hollow is up 17% when comparing the summer market months of May through July 2007 to the same period a year ago. Square footage prices jumped from $209 to $245. This translates to an average sales price in Preston Hollow just under the million dollar mark at $998,045.

The Park Cities market realized a 9% climb during the same periods. Average price per square foot is currently at $395 translating to an average sales price of $1.65 million. So the high-end market continues to expand.

This increase in overall numbers has been interesting to observe over the last couple of years. The higher end market, commonly referred to as the “luxury market” continues to increase at an increasing rate. I believe this will continue as we see more and more inherited funds coming into this market as the greatest savers in our nation’s history pass on leaving literally trillions of dollars to greatest spenders on our planet, and assuming nothing will be done to take away current tax free capital gains benefits on primary residences.

The lower end of the market began to flatten in 2006, and the arrow now points downward throughout 2007, while mid-range properties continue to move at about the same pace as 2006.
Interest rates, as always, influence activity, but there has not been too much volatility in this arena as overall the 30 year fixed rate benchmark today is around 6.61% and has fluctuated less than a half a point since January 2006.

The outlook for Park Cities and Preston Hollow here in the Dallas area is solid!

At Wynn, "We Are About RESULTS, Not Reasons!"