Compared with the gold standard of today’s housing market, even the ’80s- the golden years of Dallas real estate-look tarnished. Interest rates may be on the rise, but property values have skyrocketed-if you own a home, you’ve likely earned 15 percent in the fast year while snoozing in your bed there every night.
The closer “in” you live, the better, and the more your property has appreciated. Uptown, north of the West End, and up to the border of Highland Park is good news-solid gold news.
“It’s the total opposite of three years ago,” says Dallas appraiser D. W. Skelton of Skelton & Associates, “People wanting starter homes used to be running to find new construction in the northern suburbs. But that commute is now too long. Growth is coming to the inner city, and young people are buying up the M Street cottages as fast as they list ’em.”
The hottest part of town? Uptown. Close behind: Preston Hollow, Devonshire, Estate Acreage Areas, Bluffview (dream on). Park Cities, anything inside LBJ, M Streets, Coronado and Hollywood Heights. All the way to Oak Cliff, values are skyrocketing.
But there’s a small, dark cloud outside this golden lining – those pretty McMansions going up around your 1950s ranch house might be elevating your property value, but you are only dirt rich: Go tell the tax man that while your land value is up, your dwelling value is down. (Throw in a few comparative lot-value sales and you might succeed in tempering your tax rate.)
So, what’s out there? Lots of high-end homes, newly constructed faux chateaux, spruced-up 20-year-old homes, and a few acreages that might break your piggy bank -be prepared to scrape the old house off the lot. New construction in Dallas? Expect to spend $900,000 or more to get “everything.” The biggest inventory concentration is at “lower” price points-$150,000 to $500,000.
D shopped neighborhoods all across Dallas-Fort Worth to determine the extent of the Midas touch. Shine on.
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