Posts Tagged ‘luxury homes’

Luxury Home Sales in the Dallas-Fort Worth Area Continue to Show Signs of Improvement

Friday, May 14th, 2010

The better part of this year has seen modest gains for lower priced homes; however, luxury homes continued to struggle as more and more buyers chose less expensive homes because of lending restrictions or budgetary restrictions.

Waiting out the Recession

In addition, many luxury home buyers in the Dallas-Fort Worth area remained on the sidelines as they waited for the fallout from the recession and subsequent housing slump. There is no doubt that fear played a big part in the decision for many individuals not to purchase Highland Park luxury homes.

However, as the economy improves the real estate market gains momentum, it now appears as if the luxury market, including Highland Park luxury homes, are now enjoying the same gains as lower priced homes in the market.

A Surge in Luxury Homes Sparks Excitement

A surge in high-end, or luxury homes, in the Dallas-Fort Worth area, just in the Park Cities area alone, has allowed many Highland Park luxury home sellers and agents to sigh with relief. In fact, pre-owned home sales in the Park Cities area alone jumped more than 80 percent in the first quarter of this year; home sales also jumped more than 50 percent in North Dallas.

Most experts and analysts agree that the jump in luxury home sales is a very positive sign for the upcoming summer months. In short, luxury home buyers are finally giving themselves permission to act, thereby boosting the market considerably.

Sales of million-dollar homes, like Highland Park luxury homes, increased 23 percent year over year and sales of homes priced from $800,000 to $900,000 were up 56 percent during the same time period.

Comparing home sales of Highland Park luxury homes from just a year ago, when financing was extremely difficult and consumer confidence was in the gutter, is tremendous. The pickup clearly signifies a renewed level of consumer confidence; however, analysts point out that recovery, although very welcomed, will be a slow process.

It is also important to point out that luxury homes, like Highland Park luxury homes, likely saw an increase in sales because of the government tax credit and the low home prices. Homes prices in Highland Park, for example, were seven percent less than they were from just a year ago.

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Where do Luxury Homes stand in this Challenging Housing Market?

Thursday, January 14th, 2010

If you’ve been sitting on the sidelines waiting for the prime opportunity to snatch up a real estate deal of a lifetime, you may want to stand up now.

Through all of the doom and gloom of the current housing market in Dallas, there’s one positive sign that most economists and real estate agents seem to be forgetting: now is a fantastic time to buy the home of your dreams.

Superb Real Estate within Reach

The Highland Park luxury real estate market, for example, is chocked full of exceptional homes that are much, much less than they were just a couple years ago. Can you get a steal in Highland Park? Perhaps not. But may you finally be able to afford a Highland Park home that, up until a couple years ago, was out of reach? Quite possibly.

The Highland Park luxury real estate market has more than a few homes priced to sell. If you have the money to invest into Highland Park luxury real estate, now may be your time to own a piece of prime real estate.

Nationwide Numbers

The change in luxury real estate is taking place all over the country. For example, the largest 20 metro areas in the United States sold 2,800 homes for more than $1 million in July of 2009, which was a staggering 50 percent decline from July 2005. Overall homes sales were down about 27 percent during this period, in comparison, according to the National Association of Realtors.

Home sellers of luxury homes priced $2 million or more were cutting the prices of their properties by about 14 percent in August, while the average homeowner cut prices by just about 10 percent during this time.

What does this mean for you, the buyer?

Well, to put it into perspective, you can expect to get about 20 percent more home for your dollar than just two years ago.

Home loan rates remain low, which is also an incentive to get in on that piece of Highland Park luxury real estate.

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Architecturally Significant Homes Continue to Dominate Highland Park

Tuesday, October 6th, 2009

Highland Park, like many suburbs of Dallas, is well known for its upscale surroundings and estate homes. However, what separates Highland Park from many of the surrounding communities is the presence of some of the most architecturally significant homes in Dallas.

From estate homes to historic homes, there is a great array of architecturally significant homes which feature an unsurpassed level of architectural quality and significance. Therefore, it certainly comes as no surprise that homes in Highland Park are highly regarded as some of the finest homes not only in Dallas, but the entire state of Texas.

There have been many new home construction projects over the last, few years, but there are just as many historic homes which have been completely renovated, as well. Many of the smaller homes of Highland Park have also been leveled to make way for larger estates.

Perhaps it’s the convenient location to Dallas that has made Highland Park so desirable, or perhaps it’s because of the surrounding beauty that has prompted so many architects, home builders and buyers to build architecturally significant homes amidst the tree-lined streets and lush lots.

From the inception of Highland Park to the current time, many of Dallas’ most renowned architects have chosen Highland Park to complete their vision. As a result, this Dallas suburb features eclectic architectural styles such as English, French and neoclassical styles.

From restored historic homes to newer homes with an historic feel, the multi-million dollar properties of Highland Park are nothing short of spectacular.

Neighborhoods in Highland Park

  • Old Highland Park – Bounded by Mockingbird Lane, Katy Trail, Armstrong and Preston Road
  • Highland Park West of Preston – Bounded by Preston Road, Fairview, the Tollway and Mockingbird Lane
  • Highland Park North of Mockingbird – Located on the University Park side of Mockingbird Lane
  • West Highland Park – One-hundred-acre neighborhood with homes from the 1940s and 1950s. Located west of the Tollway.

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Why Luxury Real Estate in Dallas is More Attainable than Ever

Friday, October 2nd, 2009

All those overpriced Dallas estates may not be so overpriced anymore. Take Highland Park, for example. It is now not uncommon to see estates – many of which have been sitting on the market for well over six months now – to be going for much, much less than their original sales price. Luxury real estate owners are now relenting and lowering prices; and not just a little.

There’s one thing for certain when it comes to Dallas luxury real estate: pricing is king. Dramatic price cuts on some of the most highly desired properties in Dallas may just do the trick for many would be buyers.

North Dallas and the Park Cities neighborhoods clearly reflect this dramatic downturn in prices, where shaving $1 million off the price of a house is no longer out of the question.

In fact, more than 25 percent of the homes have seen a reduction of about 8 percent.

This poses quite a problem, given that luxury real estate sales in the Dallas area – specifically, homes priced over $1 million – have fallen by more than 40 percent this year.

Luxury real estate sales in the Park Cities neighborhoods have fallen by 35 percent since the first, eight months of the year while, overall, sales of Dallas homes have fallen about 19 percent. Sales in North Dallas are down nearly 22 percent.

Much, much tougher lending standards have thwarted many buyers from purchasing luxury properties in Dallas, and the weak economy has scared off the rest.

A drop in household wealth, combined with lenders demanding only the most flawless credit scores, has weeded out the majority of buyers in the Dallas area. It only makes sense, as well, that most buyers eligible for luxury real estate have seen their investment portfolio dwindle down over the last year.

In fact, many industry experts have seen the credit market for high-end properties all but disappear, thereby leaving many of these luxury homes sitting on the market.

Bad for sellers; quite the opportunity for buyers. Buyers are calling the shots and are now in the driver’s seat when it comes to their luxury real estate purchase in Dallas.

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