Expert Advice: Is Interest in Land Growing in North Texas?
September 11th, 2014 | by Michelle
Whether you’re talking about sprawling ranchland, urban sites for luxury high-rise projects, or residential lots, interest in (and competition for) land in Texas has built steadily over the past several years.
It makes sense – especially when it comes to ranch and land, Texas has plenty of it. With a growing economy and highly rated quality of life in North Texas, we’re seeing a great deal of interest in land at all levels. We asked our expert agents at Briggs Freeman Sotheby’s International Realty to give us some insight into the trend.
A: We have experienced more than a year of intense competition for residential lots in many popular neighborhoods. And the real estate market is strong enough that builders are some of the most vigorous bidders for those lots. We’re seeing more spec houses being built – and that’s something we really haven’t witnessed since the market peak. That’s why it’s so important to know the neighborhoods well – to understand which lots or potential teardowns might come on the market.
A: My focus is on the sale of ranchland, pasture, recreational properties, agricultural farms, timber and hunting acreage, and we have seen interest growing across the board. Texas is one of the most popular destinations for ranch and recreational buyers, and we are definitely in the business of helping people achieve financial success through their purchases. Texas has a large inventory of historic and iconic ranch properties, and we see interest from regional, national and international buyers through the Sotheby’s International Realty network.
A: Interest in land is growing for several reasons. First, our population is increasing because of job growth tied to the attractiveness of Texas in general and specifically the Dallas-Fort Worth area. With concerns over government debt and the stock market peaking, many people are seeking tangible investments to add to their financial portfolio. Ranches and land have a record of appreciation and growth, and they are good investments in your family and friends. An investment you can truly enjoy.
A: From a developer’s standpoint, I’m seeing multiple existing and new clients looking for parcels of land to develop in the DFW area. Especially with in-fill land close to Downtown, I’m seeing multiples clients looking for land to develop, from new homes for the down-sizer buyers to high-end multifamily buildings to luxury high-rises. There is definitely a low-inventory issue in some areas within the market, and I get calls almost every day from developers.
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Click here to see the latest in real estate news. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with six offices in Dallas, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.