University Park and Highland Park are townships located in the heart of Dallas, Texas, just north of downtown Dallas and between two busy highways. With their own award-winning school system, police and fire departments, and using water and electricity services from Dallas, Park Cities residents live in a price-protected low-crime bubble.

Highland Park was developed by the same architect and planner who designed the streets along with many homes in Beverly Hills in California. Famous streets include Beverly Drive, Armstrong Parkway and Lakeside Boulevard which is resplendent with azaleas every spring.

University Park has more smaller homes and lots, an accommodation for the early residents associated with Southern Methodist University. Many older homes have been torn down and replaced with new mansion-sized homes, many as close to lot borders as building codes will allow.

Because of the desirability of the area, the Park Cities offers more new homes for sale than most other Dallas neighborhoods, and many builders will build to suit.

"Highland Park is like a small town in the middle of a big city," says Realtor Nora Ling Lane. "Lots of trees, five minutes from downtown and the best schools in Dallas."

Advises Lane, "There is a good supply of homes currently in Highland Park and University Park. With interest rates still attractive, activity is up especially in the $500-1,000,000 price range. Consumer confidence is back in the Park Cities. Spring is here and the market is hopping. It's still a great time to buy. Prices are staying steady."

Adds Realtor Irmgard Arthur, "After a slow fall, the market picked up considerably in the spring. Buyers are out there not only looking, but also buying because of the low interest rates. More homes have come on the market but a glut in inventory is not expected in the near future. Builders cut down on new housing starts a year ago, anticipating a slowdown in 2001 - therefore new home prices are holding steady."

Prices are probably as favorable as they are ever going to be, due to the continuing demand to own a Park Cities home.

"The $1million to $2 million range is probably the slowest price range," says Realtor Tom Rhodes, Jr. "The interest rates have helped keep our market alive. The prices are down approximately seven or eight percent from last spring. If the price is right, the property will sell."

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Published: June 7, 2002

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