Highland Park land prices highest in HISTORY!

5330 Lobello, 9516 sf, 1 acre

Available: $4,395,000 -- Private Listing, Kim Gromatzky, Dave Perry-Miller & Associates

Land values in University Park have increased 25% in the last year, with another 10-15%, according to Brian Hagen, appraiser with DW Skelton's office.  East of Hillcrest is an extremely active area, with 70' lots commanding $60-80/sf, or $850,000 minimum for a lot.  In Highland Park, prices are the highest in HISTORY, at $8-10 million for an acre (if you can find it), or $230/sf!!!  Half acre HP lots, says Hagen, on Crescent, Armstrong and Stratford, are getting $4-5 million, with 4 recent sales.  The French street lots are trading for $150-170/sf.  A 50' lot on Harvard will bring $100-125/sf. Four or five builders are putting up specs in the $2 million range, and several are going under contract before they are built. There are a few specs in the $5 million range coming on as well.
Currently, there is 1 NEW HOUSE in HIGHLAND PARK.  That's it...

Private sales have accounted for 80% of land sales in the Park Cities, particularly in the $4 million plus range.  There have been more hip pocket sales in the last 12 months than in the last 5 years.
ON FIRE MARKET!