The highest listed price on the MLS remains $43 million for an exquisite 6 bed, 8.3 bath estate with a 10-car garage on 1.84 acres in University Park. The highest closed property was listed at $10.375 million for a 6 bed, 6.2 bath with a 3-car garage and .53 acres in Highland Park.
Mortgage rates shot up almost an entire percentage point for an average 30-year fixed rate during June, but suddenly dropped on July 1. Since we have inflation during a recession, both will tug at the financial markets. Expect volatile mortgage rates for the near future.
Also prepare for luxury properties to sit more days on market and offers to be closer to or below the listed price. This is a result of inflation, recession, gasoline prices, interest rates and ongoing global unrest.
Properly priced premium properties promote promptness. The old adage still applies, “If you sleep on it, you may not sleep in it.” When a buyer finds a unicorn, they should offer what it is worth to them immediately.
There’s still a historic shortage of houses. The short-term economic factors such as interest rates can temper price increases, but it doesn’t resolve the underlying supply and demand. People need to buy and sell homes in all markets. The luxury market is not different when it comes to basic capitalism.
There are currently 44 Active luxury lease properties in North Texas with list prices of $10,000 or more per month. The highest listing price for a lease is a 6 bed, 5.2 bath with a 6-car garage and pool in Flower Mound for $30,000 monthly. There will be a rare open house at this lease property on Saturday before my open house in Plano. See both and tell me how the estate felt.
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
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