What Denton County luxury home development signals about North Texas real estate market
DENTON COUNTY (CBSNewsTexas.com) - A new luxury home development is coming to North Texas, and you won't find the $3+ million custom builds in Highland Park or Southlake, but in a small town in Denton County.
Eighty-seven acres in Bartonville, near Argyle and Lantana, will soon be the site of 38 luxury homes.
"These homes are totally custom-built homes, so people can go wild with what they want to do," said Swapnil Sharma, a real estate agent with Compass.
Sharma knows the price in this particular location might surprise people but says it's proof of just how strong the North Texas real estate market continues to be.
"A developer putting their money in an area like Bartonville shows that developer sentiments are still high and they're still trying to get the land and start building something," Sharma said.
Realtors are seeing demand at all price points, despite the high interest rates.
According to market data from NTREIS, in the past 90 days, 1,733 homes in Dallas-Fort Worth have sold in less than 10 days.
"So that says a lot because in the last 90 days, we've had record high-interest rates," said Jay Marks, owner of Jay Marks Real Estate. "Obviously the higher the rate, people can afford maybe not as much of a home. However, it has not stopped the sales happening."
Marks says Denton County is highly sought after, from cities like Flower Mound and Lewisville to even further up north.
"You see a lot of development, builders paying attention, and schools, businesses, restaurants all on the uptick," said Marks.
That means families are still close to all the amenities they want, often while enjoying larger lots and a more rural atmosphere.
"There are some lots here where you can have horses, which is so unique – you don't find it anywhere else – and that's the difference between Denton County and the other areas we see," said Sharma.
That difference is proving to be a draw. Twenty percent of the lots at the Eagle Ridge development in Bartonville have already been sold.