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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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Market Update: DFW Lot Prices Climb as High as $100+ Per Foot

March 21st, 2013 | by The Update
DFW-Lot-Prices-Climb-as-High-as-100-Per-Foot-6806-Tulip-Lane-featured.jpg

Gorgeous mature oak trees populate this lot at 6806 Tulip Lane in Preston Hollow, which is listed as a building site by Cathy Orr Barton.

The issues with low inventory of homes for sale has a flip side: Lot prices continue to increase drastically, and builders are look for land, said Bryan Hagen, an appraiser with Dallas’ DW Skelton & Associates.

“It’s so hot in University Park, now it’s moving into Devonshire,” Hagen said at a recent meeting of agents at Briggs Freeman Sotheby’s International Realty. “Six months ago, builders weren’t buying lots in Preston Hollow or Devonshire.”

Lots are going for $100 per square foot and up north of Lovers Lane between Preston Road and Hillcrest Road – and they’re not even premium lots, Hagen said.

But the most significant jump in land value has been 100-foot lots in Preston Hollow, which are selling for about $38 per square foot. Builders had been out of that market for several years, Hagen said, so “that’s a good sign.”

In Highland Park, half-acre lots that can carry a $4-6 million house – in good but not excellent locations – are trading for $150 a square foot, and going as high as $170. Two builders have purchased lots and are planning homes in $6 million range.

In Highland Park West, premium lots are going for $60 per square foot.

In this brisk market, lot location within a neighborhood sometimes doesn’t affect the price per square foot as much as it once did. For appraisal purposes, the fifth lot in from busy street has historically been considered “normal” – or not subject to appraisal reductions.

But Hagen said lots that usually would be discounted because of proximity to a busy street like Inwood receive multiple offers now, so the reduction isn’t as much or at all. “If you have a good property, chances are, there could be none,” he said.

Agents at Briggs Freeman Sotheby’s International Realty are reporting strong sales for premium lots:

Premium lots listed by Briggs Freeman Sotheby’s International Realty also include:

Despite the low inventory issue, the DFW real estate market remains strong. In the second week of March, Briggs Freeman Sotheby’s International Realty:

  • listed 28 new properties,
  • put 53 deals in the title company, and
  • closed another 33 deal.

Those transactions totaled more than $114 million dollars’ worth of business.

Click here to search for premium lots for sale across the Metroplex, listed by Briggs Freeman Sotheby’s International Realty.

Click here to see beautiful luxury homes and premium residential lots for sale throughout Dallas-Fort Worth and beyond.

Click here to connect with a luxury real estate expert at Briggs Freeman Sotheby’s International Realty.

 

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