DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
One of the most expensive homes for sale on White Rock Lake comes with unique features such as a horse stable, and its listing price was recently cut by nearly 20% in a sign of how the Dallas housing market is shifting.
The home at 4231 W. Lawther Dr. sits on nearly 4 acres overlooking the lake. It boasts five bedrooms, five bathrooms and three half-bathrooms across 11,915 square feet.
The three-story home features a gourmet kitchen, multiple living areas, a game room, a gym, a 2,775-square-foot basement, covered parking for 13 cars, guest quarters and a pool house. The three-stall horse stable comes with fenced-in grounds for riding.
But its greatest amenity is likely its prime location along the closest lake to Dallas' urban core — three large terraces providing sweeping views of White Rock Lake.
Co-listing agent Mark Godson with Compass said the home takes you away from the bustle of Dallas, despite being just 18 minutes from the heart of downtown.
"This home is not like being in Dallas; to wake up and see White Rock Lake is liberating," Godson said. "The open water and the light give a tremendous feeling of calm."
The property hit the market in August for an initial asking price of $13.98 million. Since then, the asking price was cut by about 18% to $11.4 million, or about $957 per square foot.
"It’s a sign of the times," Godson said. "And we have a motivated seller."
The Dallas-Fort Worth housing market has seen a slowdown in sales and softening prices. The median price across the Metroplex was $390,000 in September, down 1.3% year-over-year, according to data from MetroTex Association of Realtors.
4231 W. Lawther Dr. is on the edge of Lakewood, an affluent pocket of Dallas. Homes currently on the market range from $750,000 to around $5 million, according to Zillow. Only one other nearby property is listed in the same eight-digit range as the home on Lawther Drive.
The home on Lawther Drive is a unique melding of old and new, featuring homages to the prior structure on the property, including the original entryway flooring and brick walls throughout parts of the home.
"The Dallas real estate market is unique compared to other parts of the country," Godson said. "The high-end market is growing and we are seeing more and more over $10 million homes being built and sold across Dallas, not just the Park Cities."
