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!

(more…)

The inside has been renovated by Crest Custom Homes!

You’ve been looking for a home that is large and well-appointed and absolutely fresh inside, this beautiful home inside McKinney’s Stonebridge Estates will do just the trick. This home is a gorgeous custom property built in 2003 and just renovated by Crest Custom Homes with a brand new heated pool and spa, fresh paint inside, a beautiful kitchen, and a lovely master bathroom.

This brick and stone home is perfect for entertaining this holiday season, too, from the dramatic two-story entrance to the formals to the  butler’s pantry, wine room, and wet bar. Not only that, but you have a two private suites downstairs, one master and another for those VIP guests you wouldn’t dare set up in a hotel!

(more…)