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.
Last year alone, the value of lots in University Park rose 25 percent, Preston Hollow by more than 20 percent. “This year the market for lots in the Park Cities and Preston Hollow continues to be very strong,” says Bryan Hagen with DW Skelton Appraisers. “Builders are buying $2-, $3- and $4-million lots and they’re going to start spec’ing $7-, $8- and $9-million houses.”
8210 Chadbourne Road | Building lot in Devonshire | Listed for $539,000
The inventory of residential lots is very low in Dallas, especially for larger lots in some of the prime neighborhoods. You can still scrape and build, but you’re going to pay a premium for those lots and compete against multiple offers on all of them. 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.
8091 Eagle Mountain Circle | Fort Worth | Listed for $1,400,000
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.
Click here to take a look at a wide range of available residential building lots across DFW.
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For more luxury homes throughout the Metroplex, see briggsfreeman.com. 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.