Just northeast of downtown Dallas, the area known as Lakewood is an enclave of homes bordered by the western portion of White Rock Lake. A unique set of factors has kept this area moving up in value, say local Realtors, including the preservationist nature of a majority of residents.

Contradicting the usual real estate wisdom that a neighborhood must have highway access and that new is better than old, Lakewood is somewhat insulated from its urban location, and residents put up with longer drives to get downtown just fine, thank you very much, in exchange for the joy of living in historically significant homes.

"The East Dallas neighborhoods of Lakewood and the adjoining M street, Hollywood Heights and C street neighborhoods are booming," says Realtor Brenda Wood. "It's an established neighborhood, with many rebuilt and remodeled homes."

"Superior location, mature trees and ownership pride are apparent throughout these revitalized areas," she says. "It's truly a unique area with homes showing character, architectural integrity and new amenities."

"Nestled against White Rock Lake, Lakewood offers large homes on spacious lots," says Realtor Paul Williams. "Each home is unique, and most date from the 1940's or earlier. Just miles from downtown Dallas, Lakewood offers easy access to White Rock Lake, Lakewood Country Club, the Dallas Arboretum, and much more. Price appreciation in the Lakewood and greater East Dallas area has been significantly higher than in the Dallas area as a whole. Given the uniqueness of the homes, lots, and area in general, Lakewood often seems unaffected by wider market trends. This means that prices generally continue to rise year over year and month over month."

Lake Highlands

"Located directly north of White Rock Lake, Lake Highlands offers neighborhoods with quiet, tree-lined streets. With access to shopping, freeways, light rail, and parks, Lake Highlands offers a suburban feel in an in-town setting," explains Williams. "Prices continue to increase in Lake Highlands, even though the number of sales has decreased slightly. Versus January 2004, sales in January 2005 were down 11 percent, but the average sale price increased by 13 percent. Sellers had to pay for this increase in price by accepting a longer time on the market: average days-on-market before executing a contract increased 41 percent from January 2004 to January 2005. Current sellers may benefit in the near term due to a decrease in the number of homes currently available for sale. Inventories dropped 11 percent in January 2005, meaning that each seller has somewhat less competition than before."

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Published: February 15, 2005

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