Dallas Luxury Real Estate

Kathy Myers and Lacy Schultz recently sold the Volk Estates residence of Trevor and Jan Rees-Jones

From Staff Reports

Update, 6:00 pm: Yes, we know this is the beautiful home of Trevor and Jan Rees-Jones, who have amassed a swath of properties, more like a compound, really,  in Highland Park not too far from this listing. They also sold their penthouse at the Ritz. We are working on getting you the vitals, like selling price (hint hint: the home is valued in DCAD at $13,500,000) and the buyers. Cheers!

If 2017 seemed to be a “wait-and-see” year for luxury buyers in the $10 million-and-up range, 2018 is proving to be an “all-in” year. Case in point: Last week’s off-market sale of 6700 Turtle Creek Boulevard.

Kathy Myers and Lacy Schultz of Dave Perry-Miller Real Estate were the listing agents for this impeccable 1.7-acre Volk Estates property that had been on the market for $15.9 million, and sold for an undisclosed amount.

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Hicks Walnut Place

Luxury home sales in Dallas-Fort Worth were hot, according to the latest report from the Texas Association of Realtors.

Demand for high-end dirt in Texas was quite robust in 2015, according to the just-released 2016 Texas Luxury Home Sales Report from the Texas Association of Realtors. Dallas luxury home sales and Fort Worth high-end real estate sales grew by 12.4 percent from January to October 2015, with 1,088 homes priced at $1 million or more selling during the period.

“Texas’ economic prosperity continues to make luxury home sales one of the strongest sectors of the Texas housing market, particularly in the $1 million to $1.5 million range,” said Leslie Rouda Smith, luxury Realtor with Dave Perry-Miller Real Estate and chairman of the Texas Association of Realtors. “In some neighborhoods, the lot alone is well worth $1 million and up.”

Ain’t that the truth! Dallas dirt is getting tremendously expensive, especially in the custom homebuilding market. Buyers and clients should expect the lot purchase to take up a greater share of the budget from now on as land is growing more scarce.

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Floor plan three in the Long Lake development. Photo: Scott Hogg

A rendering of residential floorplan three in the Long Lake development. All renderings courtesy of Scott Hogg

All eyes are on the fiery hot North Texas real estate market, even from 7,000 miles away: A luxury new housing and commercial development in Corinth is underway, backed by an entrepreneur based in Beijing, China.

The Long Lake development is located about 34 miles from downtown Dallas, in Denton County. This 107-acre enclave will have 91 acres dedicated to 99 single-family homes, ranging from $1.1 million to $3 million and up. In its center is a 15-acre lake, and commercial development is planned for later phases.

The development is backed by Lelege USA, a corporation focused on real estate development and management in DFW. It is owned and chaired by entrepreneur Long Zhang, who also owns Lelege Group (Beijing Capital Group Investment, Ltd.), a multibillion-dollar corporation headquartered in Beijing. Lelege Group is a diversified investment firm with worldwide branches engaging in real estate, mining, wealth management, high-tech IC foundry, pharmaceuticals, and cultural art collections. It has total assets of over $3 billion under management and nearly $2 billion in services and management.

“There is a lot of Chinese investment money moving in the U.S. and [Zhang] has looked in the hot real estate markets,” said Scott Hogg, Vice President of Investor Advisory Services, Virginia Cook, Realtors. “He found this property in Corinth up on the lake and had a vision of developing something where they could invest in million-dollar residences in the U.S.”

A rendering of floorplan eight in the Long Lake development.

A rendering of residential floorplan eight in the Long Lake development

Phase one is underway, with 11 lots for sale. The two builders currently working on the development are Ron Davis Custom Homes and Bella Vida Custom Homes. The project is slated for completion in early 2018.

“They will break ground on the property as soon as we get the first lot sold,” said Hogg. “We are marketing these homes and we have clients looking at Ron Davis and Bella Vita model homes that can be built in Corinth. Lelege has their own in-house builder, as well, with a group of architects and house renditions, and all of those come from Tsinghua University.”

Houses in the gated community will be offered in three ranges. At the top, with lot prices of $1.02 million and home prices of $3 million and up, the houses will be 9,200 square feet and larger on 3.93-acre lots. In the mid-range, lot prices will be $385,000 with houses priced $1.5 million and up, with 6,500 square feet of interior space on a 0.71-acre lot. The low-end of the range offers $230,000 lots and $1.1 million homes with 5,500 or more square feet sitting on half an acre.

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The spec house at 6115 Desco Dr. will look similar to this. Photo courtesy Shoot2Sell.

The spec house at 6115 Desco Dr. will look similar to this, also built by LRO Residential Development.

Spec homes are a sign of strong builder and bank confidence in a market, as they are created without any specific buyer in mind, just the belief that one will be interested once it is completed. The higher the price tag, the higher the stakes.

In our inventory-parched market, homebuilder Les Owens, President of LRO Residential Development, has that confidence in the Dallas market, even at multi-million-dollar levels. He’s starting two spec houses this month, one in Preston Hollow for $3.15 million, and another in Devonshire for $2.2 million.

Both houses are available for customization, but Owens is breaking ground now and says he will complete them in late summer/early fall this year.

As we reported earlier this month, luxury home sales in Dallas-Fort Worth skyrocketed in 2014—those with prices of $1 million and up grew 15 percent year-over-year, the second highest sales volume in Texas (bested only by Houston).

Luxury home sales in DFW represented 1.2 percent of the market, and top-performing luxury brands are seeing more multi million-dollar sales in areas that have strong resale value and high existing demand.

“Established neighborhoods and homes of significance in coveted areas such as Highland Park, Preston Hollow, Greenway Parks, and The Volk Estates are desperately pursued, and the quality of the design continues to be a driving factor,” said Caroline Summers, a Briggs Freeman Sotheby’s agent. Jump to read about the houses and see photos!

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Photo courtesy of Ray Bodden

Photo courtesy of Ray Bodden through a Creative Commons license

Texas is the place to be for economic prosperity and job growth, which in turn has made our real estate market one of the best in the nation, according to the 2014 Texas Annual Housing Report, released this week by the Texas Association of Realtors.

Nearly every area of real estate in the Lone Star State continues to get bigger and better, some of it astoundingly so, the report shows. Most notably, growth has happened in luxury home sales, international home buying, relocation activity, condominium sales, and remodeling trends.

“It’s a great time to live in Texas. The high demand for Texas real estate is not being fueled by speculation and investment activity—it’s driven by the thousands of people who move to the Lone Star State daily,” said Dan Hatfield, chairman of the Texas Association of Realtors. “People are moving to Texas from across America and around the world to take part in our state’s booming economy, business-friendly environment, and quality of life.” (more…)

Swananoah Front

Homes priced at $1 million or more are moving like hotcakes in Texas, according to the 2014 Texas Luxury Home Sales Report from the Texas Association of Realtors. The figures, assembled using data from the Real Estate Center at Texas A&M University, show that every Texas metro area posted double-digit growth in luxury price ranges.

Dallas posted a 22 percent increase in luxury home sales for the period between January and October 2013, the report shows, with Austin posting a whopping 55 percent increase (no wonder Trulia is calling our capital city way overvalued). Houston came in second with a 46 percent increase in luxury home sales, and San Antonio posted an 18 percent increase.

“Data from the Texas Luxury Home Sales Report shows that million-dollar homes are playing an increasingly important role in the Texas housing market,” said Dan Hatfield, chairman of the Texas Association of Realtors. “The housing slump is behind us and as Texas’ economy and population continue to accelerate, we’re going to see increasing development and demand in larger, higher-priced homes with luxury amenities.”

So, what’s driving the increase? It’s mostly thanks to the influx of high-paying tech jobs in Austin, and in Houston it’s likely due to oil and gas wealth moving into the area. For Dallas, a brisk job market driven by a healthy financial sector, as well as oil and gas wealth, could be fueling the luxury real estate market. The increase in sales definitely shows appreciation, though, and it makes you wonder just how many of these $1 million-plus properties are second homes or even investments.

“It’s common for luxury homes to have a significantly longer sell time and higher housing inventory than the average home simply because the pool of interested homebuyers is so much smaller,” said Jim Gaines Ph. D., and economist with the Real Estate Center. “However, this data still indicates strong demand, particularly in Austin, where homes of $1 million or higher are close to 10 percent of all active listings and are selling in less than six months, and in Houston, where housing inventory is only 7.4 months.”

Here’s the Dallas-Fort Worth market breakdown from the report:

In the Dallas-Fort Worth area, 809 luxury homes were sold between January and October 2013. Luxury home sales made up 1.1 percent of the total housing market and experienced a 22 percent increase in sales compared to the same period in 2012. This is slightly higher than the 19 percent year-over-year increase of the Dallas-Fort Worth housing market as a whole. As of October 2013, there were 922 active luxury home listings, 4.1 percent of all active listings on the market. The housing inventory for a luxury home was 11.4 months, 8.4 additional months than that of the Dallas-Fort Worth housing market at large.