Highland Park Values (Dallas: real estate market, movers, homes)

[daltexhornfan]

Question for any experts on this board: do you know what rate homes in the Park Cities increase at? I was told 3-5% a year, but I don't know how accurate that is. Any thoughts? Thanks in advance for the help!!

[LongHornGuy86]

That sounds about right. I always wondered why homes in HP were more coveted than Preston Hollow. I thought HP was the best Dallas had to offer until I drove through Preston Hollow.

[daltexhornfan]

it's due to the school district. Preston Hollow is DISD.

[Dallaskid]

HP has been going up 10-12% a year for awhile now.

[momof2dfw]

According to an article in the most recent DMagazine on Dallas real estate the Park Cities are "HOT": "As always. Median price jumped 14 percent, to the highest in the area, at $830,000. Teardowns and new additions continue to increase value. And the school district is a draw."

The Park Cities has always been attractive to the upper end Dallas businessman and his family along w/ the "movers and shakers" in Dallas. Reason being as a native from my vantage point I'd say close proximity to: downtown Dallas, higher end shopping, restaurants and entertainment. Then throw in the great lots w/ large trees, quiet streets, beautiful homes that always increase in value, architectural gems (no tract homes here), growth is pretty much built out barring teardowns, good schools, etc. Yes, it is going to be on the upper end of the real estate market. Preston Hollow is also a magnet for the same people but those that chose to live in PH on one of the great grand estates on acreage send their kids to private school. If you want them in public you live in the Park Cities otherwise it is a draw but I'd personally take one of the large estates in Preston Hollow. The property tax rate is another good thing that makes the Park Cities attractive. They have one of the lowest rates in Dallas County yet they have one of the better school systems. Hmmm, wonder why? Because whenever ANYTHING came up they APPROVED IT!!! They did not wait till roads were in such a state of disrepair and it would cost 50% more (or more) than if they would have planned ahead. Whenever they saw an upcoming need in the schools and a bond elections came forward, they approved it. Goes to show it pays in the long run to prepare ahead.

[cdelena]

Originally Posted by momof2dfw

...
They have one of the lowest rates in Dallas County yet they have one of the better school systems. Hmmm, wonder why? Because whenever ANYTHING came up they APPROVED IT!!! They did not wait till roads were in such a state of disrepair and it would cost 50% more (or more) than if they would have planned ahead. Whenever they saw an upcoming need in the schools and a bond elections came forward, they approved it. Goes to show it pays in the long run to prepare ahead.

I would say that the reason they have a lower rate is because they have MUCH higher average valuations. As a result the gross amount of tax collections is high enough to get things done and still keep the rate a bit lower than the surrounding area.