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As seen in the Dallas Morning News:
Market analysts note that real estate market cycles generally last about seven years. Right now, we are about a year and a half into an upward cycle – with prices still very much in line with value.
According to a recent Case-Shiller Home Price Index, Dallas home prices have cleared their pre-recession levels, up 1 percent from where they were in June 2007 with total pre-owned home sales up 19 percent over the same time last year. The rising market means you can still buy low and watch your investment grow as the market rises.
All across North Texas, from estates and ranches to vertical neighborhoods, established communities and resurging pockets, buyers are looking to find value now and growth in the future.
- The area has seen high-rise sales increase 64 percent over the same period of 2012 for total sales of $700 million. Sales prices in the same timeframe rose by more than 38 percent.
- Since May 2013, there have been 40 luxury high-rise sales over $1 million. Museum Tower generated six sales over $2 million in just the past three months.
- Recently, Facebook “likes” for our Update Ranch & Land page grew from 3 to 3,000 in just three weeks, an indication that buyers are looking to Texas’ agricultural properties for a smart place to put their money.
- Our agents are currently representing more than $118 million in listings that range from recreational ranches, to crop land and large cattle operations.
- Homebuilders are returning to the Park Cities to keep up with the rising demand of buyers looking to build their dream homes.
- Luxury options, from single-family to high rise, are drawing buyers to Uptown, Oak Lawn and Turtle Creek where they enjoy being close to arts, entertainment, shopping and dining
- Neighborhoods to the east, from the M Streets, to Lakewood and White Rock Lake continue to attract buyers who want hiking trails, biking and sailing in their back yard.
- First-time homebuyers are going to neighborhoods like Midway Hollow and Greenway Crest where they can get great values in a convenient location.
- Dallas homebuyers are showing confidence in moving up. Estate neighborhoods, such as Preston Hollow and Bluffview are welcoming buyers, and agents have already sold 13 properties valued at $4 million or above this year.
- Luxurious vertical estates and exquisite penthouses are also selling well in Dallas County, with Uptown and Downtown neighborhoods creating new opportunities for treetop living among arts and entertainment.
- The strong estate market is not limited to Dallas County. In Tarrant County, homes in Southlake and Westlake, named two of the nation’s most affluent communities by U.S. News and World Report, are seeing strong sales in the $3 million and above category.
Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homes, ranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.