It is no wonder that the Dallas Business Journal chose the Highland Park estate home at 4400 Belfort Place to feature. Dallas loves business, not just the money element, but who is contributing, what resonates with Dallas, what is the market?
The home at 4400 Belfort Place answers a lot of these questions. Journalist Alexa Reed looks at why there is a strong market for a Highland Park estate home offered for sale at $34.5 million, and why it is considered to be such a good value.
The Value of 4400 Belfort Place Starts with Blair Pogue
The story of why 4400 Belfort Place is a good value starts with Blair Pogue, the owner of Blantyre Homes, who had the vision to develop a Highland Park estate home that would appeal to the Highland Park homeowner and that would elevate the architectural landscape. Blair Pogue grew up around the corner from 4400 Belfort Place and has been friends with potential buyers of this home for years. He understands the rarity of one-acre estate lots in Highland Park and he secured one of the best lots in Highland Park. This lot is very wide with expansive frontage along the gently curving Belfort Place. Sited on the corner, this Highland Park estate home also relates to Armstrong Parkway, which provides another formal entrance into the home’s motor court. The large live oak trees of Armstrong Parkway almost interlock branches with the giant live oak tree on the front corner of 4400 Belfort Place, extending the sense of endless nature when looking out the windows or looking from one of the bedroom balconies.
There is an Abundance of Highland Park Estate Home Builders but Only One Blair Pogue
Home Developer Blair Pogue of Blantyre Homes has unique qualifications. He is the only home developer to develop an inspired Highland Park estate home on an approximate acre of land that is available to purchase. He has the background and commitment to aesthetics and quality necessary for a Highland Park homeowner to forego spending four or five years designing and building a home for themselves.
Why Does this Highland Park Estate Home at 4400 Belfort Place Resonate with Both Neighbors and Homebuyers?
Beyond the fabulous Highland Park site, why is this home resonating with the neighbors, community and potential buyers? Both neighbors and buyers love that the home looks like it might have been in place over 100 years, and yet it is fresh as it interprets several centuries of Spanish Revival architecture for the 21st century. Just as the Spanish Revival style appealed to the avant-garde and affluent in the 1920s, the Spanish Revival style continues to appeal to the avant-garde and affluent today. This Spanish Revival style home encompasses Mediterranean and Spanish Colonial Revival styles. It has distinct rooms that are open to each other, creating views across the home and into nature. The artisanship and detail create continuity from the Zebrawood library to the elegance of the marble and carved stone in the formal spaces. This Highland Park estate home at 4400 Belfort Place has a great presence from the street, but its undulating barrel tile roof and gorgeous chimney caps create an inviting and enchanting home.
The Dallas Business Journal Looks at Why the Highland Park Estate Home at 4400 Belfort Place is a Good Value at $34.5 Million
The Dallas Business Journal also looks at why the home at 4400 Belfort Place is a good value at $34.5 million. While this price is slightly higher than the typical large new builder homes priced at $25 million to $30 million, this home has another level of quality and is still priced similarly per square foot to the other luxury homes in Highland Park.
The Potential Inventory of One Acre or Larger Lots for Highland Park Estate Homes Has Evaporated
What is least understood about the Highland Park real estate market is how few large lots there are in Highland Park. Homebuyers and realtors all know that very few lots are ever for sale in Highland Park, but almost everyone underestimates how many large lots exist that are either on the market or off the market. There are only 36 one-acre or larger lots in Highland Park, far fewer than the number of current Highland Park homeowners who can afford a $20 million or higher-priced one-acre lot. But beyond this small number of larger lots, one has to evaluate how many of these lots can ever be developed for a new home. It is unlikely someone would want to pay the price of a one-acre lot if it already had a 15,000 square foot home on it that would have to be torn down. There are only a handful of “smaller” homes remaining on one-acre or larger lots, and those are generally historically significant homes in which the homeowners have spent millions in renovation, making them economically unattractive to tear down. Besides, it would be aesthetically egregious to tear down these architecturally significant historic homes to build a new home.
What Would a Buyer Have to Pay for a One-Acre Lot to Lure Someone Out of their Home?
If someone was bound and determined to buy a one-acre or larger lot in the next year to build a new home, how much would that buyer have to pay a homeowner to lure the homeowner out of their home? It is an interesting question. At what price would one bet they could obtain a one-acre or larger lot over the next 12 months? Some savvy real estate authorities have suggested that it would be difficult to find a one-acre or larger property in Highland Park to purchase over the next 12 months for $20 million. Regardless of the projected value of the land, even if modestly evaluated, it would make up almost half of the listing price for 4400 Belfort Place.
Today Can a Home of this Quality be Built for $1,500 Per Square Foot?
Over the last four years, as the Highland Park estate home at 4400 Belfort Place was efficiently and meticulously built, the price of materials and labor has soared. Can a home over the next four years be built for $1,500 a square foot? Even if one assigned a value of $1,400 per square foot to design, build and landscape this home, the cost would be approaching $20 million for this 14,000 square foot home. The projected cost of replicating this home in the future far exceeds the listing price of 4400 Belfort Place.
Economic and Aesthetic Review of 4400 Belfort Place Concludes Favorably
An economic and aesthetic review of this property brings one to a clear conclusion that this architecturally significant home at 4400 Belfort Place is economically a good value. The design is meritorious, the price is under the replacement cost, and the convenience of a new home of this quality is of the greatest value. A Highland Park homeowner does not have to extend the time and energy and patience for four or five years that it would take to design and build a new home that has the appeal of 4400 Belfort Place.
