It didn't take long before prices were back to 2007 levels! But, of course in the Park Cities, they never took a nose dive like the rest of the nation. Highland Park and University Park together make up The Park Cities. Both locales, surrounded by the city of Dallas, share a border and contain some of the most valuable real estate in the Metroplex. Well known for its small town feel in the middle of a big city, both areas boast everything from some of the best schools in the country to the most organized local government, including responsive police and fire departments.
No doubt, this area continues to be the place to invest your money! The average price of around $1.5M is selling within a week of hitting the market, if not before as a “hip pocket”. In a recent office meeting, DW Skelton and Bryan Hagen, the leading Dallas appraisers for this area (DWSkelton.com), spoke to us on the increasing values in Park Cities and surrounding areas. We learned that University Park is leading the market in land values, up 25% to 40% over the last 1.5 years. “There has been a significant jump over the last several months. 70’ lots are trading as high as 2007-08 prices”, says Hagen. Prime streets are averaging $125-$130/ft. The 50 ft. lots are selling for around $95/ft.
In Highland Park, it is hard to use price per ft. according to Skelton. “$225/ft. is the highest in price in the last 1.5 years. $8 to $10.5M an acre. Land is appraising for $160 to $165/ft”, says Skelton. They went on to say that the French streets, 4200-4400 blocks, are selling for $115 to $135/ft.
One of the most prestigious areas within the Park Cities is a neighborhood called Volk Estates which has large estate lots, extraordinary architecture and house many of the movers and shakers who live in Dallas! These values range from $6.5 to $6.7 per acre or $150 to $165/ft. Dallas largest sale to date has recently closed in Volk Estates for over $16M…..not a bad place to live!
University Park has a population of around 23,000 residents and Highland Park has around 8,700. Both locales have their own police and fire departments.
Other amenities include....
• Multiple parks with tennis courts
• Average prices range from $1.5-$5M
• 4 elementary schools (two in University Park and two in Highland Park)
• 1 junior high and 1 high school for both locales.
• Parent participation in coaching and working in the school cafeterias.
• HPISD rated exemplary.
• Proximity to downtown about 7 minutes.
• Community –oriented neighborhood with little transition
• Small town feel in the middle of a big city
• Great place to plant family roots
If you’re looking for a place to park your money….Park Cities is the place to invest….it’s the best of times, even in the worst of times!
