MOST EXPENSIVE DALLAS HOME SALE IN MAY 2010
One positive note about the Dallas real estate market is it looks like luxury end housing is finally getting the financing it deserves. Overall, there were 65 home sales for over a $1M that closed. A 14% increase over last year.
4237 Armstrong Way in Highland Park was originally listed for $11,499,000. over a year ago, last list price was $7,995,000 and it sold for an undisclosed price, on May 12. Totally renovated 1926 Tudor.
This just shows the available opportunities and how buyers determine the value. Prices have come down way down and that’s why the Park Cities is experiencing greater activity the last two months. Location and schools have a lot to do with that as well as security. Some things never change and never will. Area 25 which is the Park Cities experienced a 61% increase in sales from a year ago, average price is also up 17%.
Hit bottom and cycles back up. There are still lots of great buys and prices to be had, inventory is still high at 12 months, down 32% from last year but still a good selection to preview. Just as there is a lull right now in the market other areas that have been soft are showing a rebound. Thank goodness!
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