Beauty, Land

In the Market for Land – Hot Neighborhoods

10/31/2014

A rare opportunity to own a landmark property in Highland Park between Drexel and St. John, this unique acreage at 4808 Drexel Drive is crossed by Hackberry Creek and is one of a very few properties with its own spring fed pond. Listed for $4,900,000. Photo / Briggs Freeman Sotheby’s International Realty

Land prices in the area are the highest they’ve been in three to four years, says Bryan Hagan of D.W. Skelton & Associates. In fact, this summer the market saw a 7 percent increase in the number of home building permits issued in Dallas County.

Among the hottest areas for lots and scrape-and-build opportunities are University Park, where 50-foot lots are selling for about $800,000 (between Hillcrest and Preston) and 70-foot lots are going for upwards of $1.3 million along Caruth and Greenbrier.

4808 Drexel Drive in Highland Park

High demand has pushed land prices on landmark streets such as the French Streets and Lakeside Drive in Highland Park upwards for $230/foot.

5214 Royal

And in Preston Hollow, buyers are paying a premium for larger lots—over $2 million for an acre lot on a prime street. In less-desired areas, an acre lot costs about $1.6 million.

For more luxury homes, see briggsfreeman.com. Click here to see the latest in real estate news. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with six offices in Dallas, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.

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