Believe it or not, even in this tight real estate market, if you have the right network, you can still find a lot to build on.
Given the scarcity of building lots in Dallas-Fort Worth, we asked our expert agents at Briggs Freeman Sotheby’s International Realty for the best advice for finding a place to build your dream home. Here’s what they had to say.
A: The residential lot market has changed with rising homebuyer demand. Lot prices are increasing, sometimes monthly, as existing inventory dries up to keep up with homes being built. It’s not uncommon for builders to charge higher lot premiums for the slightest size or view advantages. Another change is where the new homes are being built. Since most DFW central cities have little room for residential expansion, builders are buying up locations that normally would be hard to build on.
A: In areas such as Frisco, you can find many newer communities in which you can build on a lot. As you move closer to the center of Dallas, it can be a challenge to find a great lot at a great price. In areas with good schools, the lots come at a premium. That means Lakewood, Lake Highlands, Richardson and the Park Cities for public schools and Preston Hollow for private schools. Southlake also is a big attraction for schools.
5214 Royal Lane | Preston Hollow | Listed for $1,895,000
A: In the most desirable areas of the city, lots are difficult to find and there are multiple buyers, including builders, who are looking for the same thing. As agents, we are sending letters, making calls and looking under rocks to come up with properties for our buyers. If you are searching for a residential lot in this market, it makes a huge difference to have an agent with an extensive network.
A: Residential lots in good locations are becoming increasingly difficult to find, and they are going up in price. Competition for lots continues to increase in many neighborhoods across Dallas, and premium lots almost never make it to MLS. A strong Realtor will have relationships with builders and will network with other Realtors, increasing a buyer’s chances of finding an ideal lot – especially if it is not listed in MLS.
3400 Marquette Street | University Park | Listed for $999,000
Click here to see the latest in real estate news. 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.