Located approximately five miles north of downtown Dallas, the Park Cities of Highland Park and University Park offer their residents distinctly beautiful houses, charming and prestigious neighborhoods, and an incredible natural setting that features the picturesque parkland that runs along the banks of Turtle Creek.
The Park Cities constitute DFW's most exclusive luxury home enclave. Only about ten percent of the Park Cities pre-owned homes sold are priced at less than $500,000, and anecdotal evidence suggests that many of these transactions are to acquire lots on which new homes can be constructed.
The Park Cities
area also has the distinction of both having the most luxury mansions and the most established luxury neighborhoods in the metroplex. Recently sold pre-owned luxury homes selling for $500,000 or more brought an average $382.70 per square foot and were on average 45.3 years old. Newly constructed luxury homes sold for an average of $385.80 per square foot.
Note: Not all houses offered for sale are listed on MLS. Sales price and age of homes sold information provided above is for properties listed on the MLS only.
Source: North Texas Real Estate Information Systems Inc. - home sales information for 12 months ending March 31, 2008.
The DFW luxury home market softened significantly in March with all major market indicators turning negative. For prospective buyers, probably the best news is the average price ... (more)
