UNIVERSITY PARK, Texas — A 1920s mansion in the exclusive Volk Estates area of University Park in Dallas has sold for $21.5 million — one of the biggest home sales in the city in at least the past decade.
This mega-sale closed in late January to a buyer relocating to Dallas from California, said Alex Perry of real estate firm Allie Beth Allman & Associates, who represented the seller.
“1.8 acres in University Park, and especially Volk Estates, which is the estate part of University Park, really makes it special,” Perry said in an interview with the Dallas Business Journal. “You have the gated entry, which is grandfathered in, the tennis court grandfathered in, and the fact that you have old meets new.”
The house on Hunters Glen Road was built in 1927, but the interior was completely remodeled in 2012-13, so it feels like a less-than-10-year-old home, yet the leafy grounds and the Georgian-style home’s design and construction give it a classic, authentic look and feel, Perry said.
The Volk Estates home’s grounds are made up of an array of private gardens and courtyards, as well as a putting green and tennis court surrounding the grand three-story home with columned entryway.
The home sale was the biggest in Dallas since the Crespi Estate in Preston Hollow sold at auction for $39.2 million in February 2018, Perry said.
Affluent California buyers are pouring into the high-end market in the Park Cities, Preston Hollow and other top neighborhoods, contributing to a severe shortage of houses in the $5 million and up range, Perry said.
“There's a huge, huge shortage of inventory,” he said. “It's not just out-of-towners. It's also people in Dallas who are looking to change addresses for your more spacious home, or more luxurious home or different address for one reason or another.”
The Volk Estates mansion closed in four months which, given its price tag, is a testament to the strength of the high-end market, Perry said.
“If I had 30 or 40 $5-million-plus properties and I had the time in the day, I could sell them all at market price,” Perry said. “By market price, I mean at the price they should sell at. I literally could sell them in a day.”
To see photos of the mansion, click here.