Luxury Homes Preston Hollow -- Deals Abound!

     Great press on the Dallas residential market is permeating the media -- 17% fewer properties on the market than September 2011, 3.8% price increase average, tight markets in Preston Hollow, Park Cities in Lakewood, with less than 3 months supply.
     Terrific news for the market and for Sellers in this new Sellers' market!  A closer examination will tell us that, for properties above $3 million, Preston Hollow is a BARGAIN and is a Buyers' market.  There are 31 listed currently on 1 plus acres, definitely down from 50+ a few years ago, and many of these are fine, quality properties in great locations.  Buyers can find luxury homes in the $350-$450/sf price range.  The market is averaging a little over 1 luxury sale per month.

5330 LOBELLO, HIP POCKET LISTING ON 1 ACRE, $4,395,000, 9516 SQUARE FEET, BUILT 2007, REMARKABLE HOME!

     The odd quirk is, there have been two sales, both Dave Perry-Miller & Associate listings, that sold close to list in the $550-$725/sf range this year; one on Park Lane, new construction, sold in less than 2 months, and the other, on Strait Lane, was an off market sale.  Crazy times! Great being in Dallas!