This past week I closed almost $24 million in luxury home sales.Included in this number was the sale of a 19,000-square-foot Italian-style mansion in Highland Park, a 13,000-square-foot Santa Barbara-style home in the gated Creeks of Preston Hollow neighborhood, and a Bluffview estate property totaling almost 6 acres with an exquisite Antebellum-style home and an exceptional Modern residence that at one time served as the guest house for the larger Southern mansion. It was a week to remember!
Looking at the broader picture, my experience in June points to the significant positive momentum in the upper-end of the luxury housing market in Dallas. While home sales in the $1- to $2 million range have remained strong in Dallas (relative to much of the remainder of the country), home sales above $4 million had seen a decline in 2009. The below numbers from North Texas Real Estate Information Systems paint an improving picture of the luxury market in Dallas and North Texas as a whole:
Year-to-date sales of homes priced from $1 million to $3,999,999 have increased from 246 in 2009 to 312 in 2010. That’s a 21% YTD increase in this critical luxury price point. Illustrating the growing strength of the higher-end luxury housing market is the jump in sales above $4 million in 2010. This year, so far, 11 homes in that lofty price point have sold in North Texas. During the same period last year, that number was 5. Remarkably, we had five such sales in June alone.
Posted by:
Dave Perry-Miller
