The Dallas Luxury Market is on Fire: Look What You Missed!

It’s astonishing how fast homes are moving in the Dallas luxury market. This contemporary Mediterranean estate is a prime example of what’s happening. It was only on the market for six days — at $5.295 million. The clear message is money is not an issue.

This time spent sheltering in place has offered reflection. Working from home has been embraced. Online homeschool is now a globally accepted alternative to a brick-and-mortar education. What does this allow us?

Freedom and choice.

Running our own businesses from home means we can live anywhere. Commuting, international travel, and not seeing your family much have all vanished. So has a lot of stress. We can now concentrate on our lives and our homes in a whole new way. That’s why our Dallas luxury market is on fire.

I had a chat over the weekend with Dave Perry-Miller’s Ryan Streiff, the listing agent for this gorgeous contemporary Mediterranean estate, about our Dallas luxury market.

Real estate is always a safe investment. The time we’ve spent sheltering in our homes has emphasized their importance. The estate property market has escalated in demand because it offers a safe-haven.

People from other markets, like New York, that were contemplating a move are now making that move sooner. They want to get away from congested cities and have space. That is driving demand in the Dallas luxury market. At the beginning of the pandemic, many people pulled money out of the stock market and decided to upgrade to a larger home, often with detached structures that provide a place to get serious work done from home. People have been drawn to gated estates with this mind shift in what a home, security, and privacy mean.

From Idle to Sold in a Flash

Even estate properties that had been on the market for some time are now selling.

I did a quick search on Realtor.com and found the gorgeous $10.5 million estate at 5100 Park Lane is pending, 10714 Lennox Lane at $4.495 million is under contract, 5909 Desco Drive at $4.2 million is pending, and so is 9915 Avalon Creek Court at $3.525 million. Some of these have been on the market for well over six months. Others, like 9423 Alva Court at $5.295 million are contingent after mere days.

Don’t get me wrong. If you are still sitting there with a dated, vacant, poorly photographed property, you’ll keep sitting.

The Dallas luxury market buyer base is one that expects a move-in ready home. Potential buyers are looking online and editing out properties that don’t meet their requirements. Visual presence is critical. Hire a great staging company and a great photographer, because now that the first impression is exclusively online, it’s never been more vital.

If a property needs updating, do it. This contemporary Mediterranean estate blew off the market in six days, not only due to a great Realtor and to the space it affords but also because it was expanded and remodeled.

The brilliant custom builder Robert Elliott once lived next door to this grand estate. I like to think the home’s history is one reason he and the owner opted to preserve and protect rather than tear it down. I count only four previous owners from the build date in 1951. A quick history lesson is in order.

Judge John Mead lived here until about 1979. His wife, Shirley Phillips, was heiress to the Phillips East Texas oil fortune. As a Domestic Relations Judge, Mead got to see it all. He was the judge who granted a divorce to Troy P. Philips, the husband of the infamous stripper Candy Barr. If you don’t know the name, start Googling!

Remember Monuments Men with George Clooney? You may not realize the Renaissance man behind the movie and the book is none other than Robert Edsel, who also lived in this contemporary Mediterranean estate.

If walls could talk!

John Mathes, the son of legendary television manufacturer Curtis Mathes, is the lucky seller. There is still an original Curtis Mathes tv in the house. Mathes split up the original five acres and sold half to Robert Elliott. Elliott built a dream of a family compound then sold it to philanthropist Lisa Blue Baron. By the way, she has Harold Leidner working on the most beautiful landscape plan, so whoever purchased this home will enjoy that view!

Elliot completed the expansion and remodel of the house for Mathes in 2014. The stunner you see today has six bedrooms, eight bathrooms, and two powder baths. I think it’s the bedroom with the custom slide from one of the two playrooms that sealed the deal.

If you’ve ever wondered what makes a home an estate, it’s land.

This estate sits on 2.45 acres and has a soccer field. This is undoubtedly the ultimate family estate at 4055 Cochran Chapel Road. You may have missed this one but I have complete faith that Streiff can find your dream home. Give him a call soon because, as I said, the Dallas luxury market is on fire!