LH Press Library
Lake Highlands Makes Forbes’ Best Neighborhoods List
Community ranks third in nationwide round up
Lake Highlands People, by Taylor Clary
March 24, 2006
According to Forbes magazine, Lake Highlands is one of the best neighborhoods for prospective homeowners.
In its “Best and Worst Neighborhoods to Buy a Home,” published March 10, the international magazine ranked Lake Highlands’ 75231 ZIP code as third-highest in home appreciation since 2003.
Researchers gathered information on median home prices for every ZIP code in the country. Forbes reported 75231 had a total price appreciation of 125.3 percent from 2003 to 2005 and the average Lake Highlands home sold for around $234,000 in 2005.
Sean Christopher, executive vice president of the Lake Highlands Area Improvement Association, was a little surprised to see his community rank so high on the list.
‘This is really great news for the neighborhood,” he said.
“People generally look at Lakewood and North Dallas, but I think this article is going to bring a lot of attention to Lake Highlands and people are going to start looking here more for homes?’
Former District 10 City Councilman and Lake Highlands resident Alan Walne attributed the increase in home appreciation to home buyers turning to Lake Highlands as newer and better kept, but comparably priced, alternatives to Lakewood and other North Dallas neighborhoods.
“People are buying houses in Lakewood for the lot and then tearing down and rebuilding. I think people are starting to say, ‘I’m going to pay the same amount and get a quality neighborhood, close proximity to downtown, a viable school district, and more house for the money I aim spending in Lake Highlands?”
But, Peggy Hill of Virginia Cook Realtors is concerned about the accuracy of Forbes’ numbers. Hill questions not only how the magazine arrived at the 125.3 percent, but also the 7 accuracy of the magazine’s article that reported prices dropped by 60 percent in the last quarter of 2005.
“I think Lake Highlands belongs on the list. I think we are the most unknown, wonderful spot in Dallas,” she said. “I just don’t know where they got their numbers. We’ve had really great appreciation but I don’t know if it’s 125 percent, but I know there was no 60 percent decrease.”
Hill added, “The market is wonderful and hot and better than in the last five years. We don’t have enough properties to go around.”
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