The market for lots is very brisk across North Texas. You have to be quick and well networked to find the best opportunity, because most are being sold pre-market and many are going to builders.
The inventory of residential lots is very low in Dallas, especially for larger lots in prime neighborhoods. You can still scrape and build, but you’re going to pay a premium for those lots and compete against multiple offers.
4808 Drexel Drive | Highland Park | Listed for $4,900,000
Competition for lots seems to be less intense in Preston Hollow and the city of Dallas portions of Highland Park ISD; inside the Park Cities, the competition is very intense.
5214 Royal Lane | Preston Hollow | Listed for $1,895,000
It’s indicative of our market as a whole – not enough inventory but plenty of buyers out there. Because of that, we are beginning to see builders doing more teardowns in neighborhoods where you can find older homes that can be reimagined.
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President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with seven offices in Dallas, Fort Worth, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.