In Dallas there are two interior cities -- Highland Park and University Park -- that by most are thought to be the pedigree addresses. It's where the most mansions are, the finest boutiques, like Chanel, are, and it's where the public schools are consistently top rated.
The cities share a no-nonsense police department that, by keeping its officers on the road -- most in very visible SUV patrol wagons -- it can't be anything less than obvious that those passing through had better not misbehave. That's a great benefit, both for residents and those who are visiting.
But over and above the prestige address, the biggest drawing card is the school system. Since few under achievers live in the Park Cities, the academic records of the Highland Park ISD are excellent. The cost of those schools is paid by tax dollars.
What parents are thinking about
Many Dallas parents would prefer for their children to not be enrolled in the Dallas ISD schools. There are an assortment of reasons. Many of those who can afford them, send their children to private schools. One friend told me that adds more than $30,000 a year to his family's cost of living.
What many are considering
So the economic trick becomes quite simple. If a family can live in a home in the Park Cities, they'll get great schools that are paid for with tax dollars, and they can then use the $30,000 for other things, like reducing their mortgage on their home, or to save for their children's college educations.
So in this latest poor economy, many homeowners in the Park Cities have, for one reason or another, wanted to sell their homes and move elsewhere, perhaps another city, perhaps because they are now empty nesters who no longer need their big, spacious homes.
The supply has far outweighed the demand. Consequently, we've seen a new wrinkle. People who are not able to purchase homes in the Park Cities are, instead, renting many of those homes that have not garnered buyers.
That way, the tenant and his family get to live in the Park Cities as well as send their children to schools in the Highland Park ISD, but without the cost of home ownership there.
The casual observer can easily miss the truth
So what appears to the naked eye as well as what shows in the Multiple Listing Service do not begin to quantify the number of Park Cities homeowners who would like to sell their homes.
What potential Park Cities buyers should do now
This trend is temporary, and because it's temporary, those who want to make Highland Park and University Park their permanent addresses should be negotiating their purchases now, now while there is a good assortment of homes available, when prices are more negotiable, and mortgage rates remain low.
How we can assist
We know this market well. It's our specialty. You're invited to explore how you and your family can become homeowners in these exclusive cities. *See comment below.
BILL CHERRY, REALTORS
DALLAS - PARK CITIES
*I have disabled comments on this post after four very vile and unsigned ones were posted. I accept disagreement. I do not accept disagreement from unidentified people, and under no circumstances do I accept ones with profane language. In this case, I removed those comments.