What is Going on With Luxury Real Estate in Dallas?
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It’s been a minute since I last updated you on our crazy luxury real estate market. When the new kid on the block, this dramatic Italian Renaissance mansion, popped up last week at 4000 Euclid for $32.5 million, it got me thinking. The Dallas MLS currently has four properties over $20 million listed. If you know what’s going on behind the scenes, that is the tip of the proverbial iceberg.
Sources consistently tell me that a staggering 50% of our luxury real estate sales are conducted off-market, with prices surpassing those seen on the MLS. For those eyeing a build in the Park Cities, the going rate is approximately $2,000 per square foot. As a luxury buyer, securing a property now is a wise move, as prices are projected to soar.
This recent addition to our luxury real estate landscape is what we need to see more often in Highland Park. If you are going to tear down a historic home, at least build one back that is reflective of the true nature of the neighborhood. Nothing says Highland Park better than classical architecture by a well-known architect like Robbie Fusch.
“We rarely get to do a courtyard house, Fusch said. “It’s unique because it has an almost 60-square-foot octagonal courtyard. Because it was on two streets, we had just the front yard set back, so we had to turn our back on the north face because it was the garage area. Creating the quadrangle allowed for protection from the street. The side door on Highland Drive is probably one of my favorite entrance areas. This was a fun project. We had great clients who let us have pretty free rein.”
This Italian Renaissance mansion took about five years to build. Drawing up to 800 sheets of architectural plans, assembling the team, scouring Europe for antique fireplaces, and waiting on the luxury materials that go into a home of this caliber all take time.
With our current availability of luxury real estate, why wait? Knowing homes like this Italian Renaissance beauty with 24,000 square feet (that includes a 4,600-square-foot, air-conditioned basement, and a five-car garage) will take you five years, maybe more, to build, it seems clear existing luxury real estate is the easier path and the right time to buy is now.
Briggs Freeman Relator Jason Garcia has 4000 Euclid Ave. available for $32.5 million.
