Surge in Land Prices for Denton/Collin Counties
Posted on 20. Oct, 2009 by toniarney in Blog
DENTON, COLLIN COUNTIES (Dallas Business Journal) – Despite a slowdown in housing development, land prices are reaching historic highs north of the Dallas North Tollway in Denton County.
The area is in the direct path of growth, with easier access coming with the extension of the tollway, which is set to grow to six lanes from Hwy. 121 to US 380 around September.
Parcels, largely agricultural, in far northern areas, are selling for $75,000 to even $99,000 an acre — almost triple the prices from a decade ago.
Pricing on commercial land is also spiking, said Andrew Beckman of Dallas-based Glacier Commercial Realty LP. Selling for $1 to $1.50 per square foot just a few years ago, tracts now average $5 per square foot.
In 1963, long-time broker Morris Orr sold land in Frisco for $275 per acre. In the early 1990s, it sold for $35,000 an acre. If it were available today, Orr says it would list for $75,000 or more.
Today, all types of buyers are flocking to the market, including institutional and public buyers. About 20 percent of buyers in Denton and Collin counties are buying through a 1031 exchange tax format.
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