Dallas' Preston Hollow area is one of the most prestigious neighborhoods in the city, with grand new and older homes built on spacious lots. Homes are selling in the million dollar ranges, which is giving hope to the rest of the city that the local housing recession may be ending.

"Preston Hollow is a high-end neighborhood with larger lots, and it can be very private," suggests Realtor Nora Ling Lane. "This is definitely not a starter area."

Lane advises, "Supply of homes is up and activity has picked up dramatically in North Dallas. Out-of-town buyers are moving here at a consistent rate. Consumer confidence is stable and interest rates are still very low. It is a good time to buy because interest rates are still at an all-time low. There is an abundant number of homes in the upper end price range $1,000,000 and up, and great choices for buyers."

"Preston Hollow has lots of trees and beautiful homes, with a mix of new construction as well as older homes," says Realtor Blake Eltis. "Summer is in full effect. It is hot! The Dallas real estate market is hot, too."

Offers Eltis, "The housing market in Dallas is on the rise back up. Homes are being listed and sold everyday. Homes in good condition and in prime locations are selling fast. There is a large supply of homes on the market. Although interest rates have risen, they still remain at a 30-year low. Now is a good time to buy. Do your homework, learn the neighborhoods that interest you, and offer a fair price. There are still deals out there to be had."

Says Realtor Linda Lanham, "Consumer confidence seems to be climbing as jobs are increasing in North Texas. Interest rates are bouncing around a little and it is motivating smart buyers to get into their dream home before the cost of money changes. Homes that are priced according to their condition and the inventory level in their area are selling very quickly."

She adds, "Some areas with excessive inventory are experiencing pricing problems. The Internet is giving out-of-town buyers a great opportunity to view all areas and select where they wish to invest and live. Sellers seem to be more realistic about the fair market value of their property and do not wish to have their home languish on the market."

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Published: August 10, 2004

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