As we move into the 2024 luxury real estate market, Alex Perry, the top luxury agent in Texas, according to the RealTrends/Wall Street Journal rankings, contends that Dallas is undervalued — so there’s nowhere to go but up.
“Pricing at $1,000 a square foot for new construction of prime real estate of the Park Cities, Preston Hollow and other parts of this city is cheap when in some parts of California, it starts at $500 to $1,000 a square foot, just for just the land,” Perry said.
Alex Perry Looks Ahead
Although hesitant to cast market predictions too far into the future, Perry noted real estate already has started strong for 2024, with Allie Beth Allman & Associates posting more than $161 million in sales in January, its second-best in the brokerage’s history.
Perry expects the next few months to follow suit, with the needs of buyers, both local and out-of-town, continuing to outpace the inventory of move-in ready, new construction homes for sale in DFW.
“What’s exciting is we have plenty of room for more growth,” he said. “All the things that are happening in our great city just allows us to see what our true potential is.”
The Dallas luxury real estate market is in a unique position among other global luxury markets, in that homes are still affordable. Perry said you’ll pay a fraction of what you’d pay in California for a home in the Park Cities or Preston Hollow, the location of some of the best properties in the whole state.
Perry makes a distinction between luxury homes and estate homes, noting that estates generally are bigger homes with more acreage – legacy properties.
But luxury homes are about quality, and not always about price point. Luxury finishes are extremely important to today’s buyer.
Most buyers can spot cheap design; consider that when upgrading or building. Make sure your plans include the Phantom screens on the patio, the Level 5 finishes on the walls, a catering kitchen, a pool, the slate or metal roof, and a state-of-the-art audio-visual system.
Move-in ready condition is vital.
Perry said his local buyers are much more comfortable spending a higher price for the perfect home, and he chalks that up to continued migration from California to Texas as well as a post-pandemic hunger for legacy properties.
As out-of-town buyers have caused home prices to rise steadily, Dallasites are ready to spend more on larger, better-appointed homes.
“If you trust the agent you’re working with and you buy in a market that I consider to be undervalued, in time you will have a choice as to whether to stay in your home or sell it at an attractive profit,” he said. “That’s the value of your investment in Dallas.”
Connect with Alex Perry at (214) 926-0158 or dallasaddress.com.
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