I was recently asked why Tarrytown home values are so high compared to essentially the same 3000 square foot house just north of there in the Beverly Hills / Highland Park area north of Camp Mabry. Great question, here are my thoughts:
I think it's mostly a matter of prestige and luxury brand recognition first, then proximity to downtown second. The schools are essentially neck and neck. Highland Park area is Highland Park Elementary and Tarrytown is Casis Elementary - both rated Exemplary by the Texas Education Agency. The two high schools, Austin High School and McCallum High School are both equally ranked as Academically Acceptable.
Tarrytown is just higher cost real estate...the average listing in Tarrytown is about $900k and the average listing in Highland/Beverly is $725k, like you said, for about the same sized properties (avg 3000 sf). If you look even further north, the area between 2222, Spicewood Springs, Mopac and 360, the average property listing goes down to $585k. When you get over to areas like Davenport, Eanes, etc you start getting significantly larger homes (avg 4000 sf) plus the rock star status Eanes school district, newer homes, etc and so the real estate goes back to about Tarrytown prices per square foot (+$300/sf).
Again, I think it's mostly the Tarrytown luxury brand name recognition...the majority of the people who call me to look for a house start with a popular neighborhood in mind: Travis Heights, Hyde Park, Spanish Oaks, Bouldin, Zilker, Eanes ISD, Rollingwood, Barton Creek....I think there are just fewer people specifically looking in Beverly Hills / Highland Park. Too bad since you can get so much more for your money there!
The fact that there are 5 active listings on Lucas Lane right now is an unfortunate coincidence for those trying to sell there.