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Austin stone house becomes available in the same 125-home neighborhood of Mayflower Estates

A spectacular home designed by Highland Park and Preston Hollow architect Hal Yoakum just came on the market, only one estate home away from the Bushes. 

While President Bush bought a good home, if only he could have waited.  This Austin stone home has a similar configuration but with more square footage, and is better sited on more land and is offered at a much lower price than where the Bush home traded.

The home has an informal and rugged feel, with stone or wide plank wood floors.  The 750-square foot informal living room with pecked cypress wood walls and a fireplace as tall as a person, expresses warmth and distinction.

Despite its informality, the home’s proportions and quality of finishes are stately. The 27-foot long dining room can seat 50 for a formal dinner. A master bedroom suite boasts a presidential sized office and equally lavish executive bathroom. The master bathroom has been recently renovated. A wall of windows and door look out to a totally private courtyard framed in green.   

On the second floor are two guest bedrooms and an enormous informal living area, a perfect recreation area.  Like the President’s house, this home has a minimally attached two-story guesthouse.  This one, however, looks over the large swimming pool with a diving rock and extensive gardens.  

This Preston Hollow Home is Larger and on More Land Than President Bush’s Home

The home is somewhat larger than the Bush home, and sits on a considerably larger lot – 1.288 acres – with phenomenal views of the ascending 50 acres of treetops of the two adjacent estates. Offered at $2,695,000, it’s remarkably less expensive than the home the President purchased a few months ago.

One of Original Grand Preston Hollow Houses Designed by Highland Park Architect Hal Yoakum

This Austin stone home designed by Highland Park architect Hal Yoakum is one of the one of the early grand houses built in the Preston Hollow estate area, located right in the heart of Mayflower Estates.  The home’s style and elegance complements the country lane feel of this neighborhood. 

Home Surrounded by Neighboring Lakes, Greenbelts, and Estate Properties

Estate Property buffers view of nearby homes.  Only over a rear garden wall will you see a glimpse of a roof top of a nearby home nested down on a lower perch above the creek and a three acre private greenbelt accessed by a foot bridge. 

Across Hollow Way, there’s a stunning view of a small private lake, with swans and ducks, surrounded by expansive lawns and extensive acreage filled with private gardens.  On the other side of the home is one of architect Cole Smith’s favorite homes that he designed. Within this small neighborhood, you have some of the most prominent Dallas families in both large and very subtle homes.

Mayflower Estates Home Exudes Value

This home represents such an excellent example of Mayflower Estates. The place is large, graceful and subtle, with glass windows and doors looking out over what seems like endless pathways, courtyards and small gardens.  For more information on this early estate home with real value go to Featured Listings.

Daria and Daria Place, the streets that will be gated off from the public, for the George and Laura Bush home, have long been the forgotten streets of the Preston Hollow estate area.  The value of the land on Daria and Daria Place as indicated fairly accurately by the Dallas County Appraisal District is approximately one million dollars an acre.  This is considerably lower than the $2.5 million to $3 million an acre that Preston Hollow lots have recently sold for in Preston Hollow.

Reasons Why Land Prices on President Bush’s Street Have Been So Low

There are several reasons the prices are so much lower on the “Darias” – short dead end streets – than on the other streets of the very desirable neighborhood of Mayflower Estates or in the general Preston Hollow estate area.

Daria Close to Tollway

Daria and Daria Place are right next to the Tollway which historically is a less desirable place to live than next to a meadow, forest or lake or in areas that are not associated with noise and pollution.

Public School at Entrance of Daria

Schools within walking distance of a home can be an asset to a neighborhood, especially if the school is in Highland Park.  However, in the estate area, where a large number of children attend elite Dallas private schools, a public school is mostly associated with the cars, buses, and noise, it contributes to the immediate neighbors.

Daria Place Not Intended for Mansions

The Daria lots were carved out of the back of the adjacent estate property over 50 years ago.  Large lots accommodated substantial houses but this development was never intended for significant estate homes or architect-designed homes that are so often found in the other parts of Mayflower Estates and Preston Hollow.

Why the President Bush Gates Change the Dynamic, Focus, and Desirability of the Neighborhood

No matter where President and Mrs. Bush might have purchased a home, the value of the homes around it would have gone up.  The President Bush gates on Daria compound the escalation in land prices the Bushes would normally bring to a street.  The Bush gates on Daria change the impression of the street and force people to re-evaluate their previous impressions of Daria and Daria Place.

Why Neighborhood Gates Create So Much Value

Homebuyers like the privacy, security, and exclusivity gated communities provide.  Gated neighborhoods are rare in older established neighborhoods because gated neighborhoods require developers to acquire enough land to create private streets that are owned by the homeowners association.  As a result, there are only a few gated neighborhoods in Preston Hollow.

Los Arboles is Most Prestigious Gated Neighborhood in Preston Hollow

The most prestigious gated neighborhood in Preston Hollow is Los Arboles, shown above, which enjoys magnificent estate homes on one-acre lots, small lakes and winding streets. Glen Lakes is another prestigious gated community with lakes and smaller lots.

There is little opportunity for new gated neighborhoods because golf courses and all the other low hanging fruit for developers has already been bought up for development.  Now it almost takes a presidential decree to obtain permission to put up gates on a public street.  This limited supply of gated neighborhoods is the reason for the sales success of one-acre lots in the new gated development at the intersection of Royal Lane and Inwood Roads.  This 30 acres of land had originally been assembled at $1,000,000 an acre as an estate property for Kenny Troutt.  He sold it to developers who then gated the neighborhood and sold $3 million one-acre lots to spec builders who are offering homes for sale up to $11,500,000.

Real Estate Community Slow to Recognize Positive Change in Neighborhoods

One reason that the land prices on President Bush’s street and neighborhood will go up so rapidly is that the real estate community is usually behind buyers in recognizing the real value of a neighborhood that has had positive change.  After years of dismissing or ignoring a neighborhood, it is hard for real estate agents to then look at the neighborhood objectively or recommend it to clients.  As a result, it often takes years for the real estate community to change their perception of a neighborhood.

University Park Neighborhood Close to Central Expressway

This was true on the University Park blocks close to Central Expressway.  These blocks suffered from the perception of Central Expressway noise, pollution and one-story from rent houses.  The prices on these blocks remained low for a long time after Central Expressway had been lowered, a sound wall constructed, small linear parks installed along the wall and many of the rent houses replaced by very nice two-story homes.  Eventually the homes in this new lovely environment gained parity with other University Park locations.

Turtle Creek Park

Another example of the real estate community hanging on to old impressions is the Turtle Creek Park neighborhood.  The prices of this Turtle Creek neighborhood were low because the real estate community associated the neighborhood with trains running along the Katy Trail instead of joggers on the Katy Trail that replaced the railroad tracks.

Cochran Chapel

Estate homes and estate lots that were also discounted on Cochran Chapel because this street was on the west side of Midway even thought it was just as convenient to downtown, the private schools and as beautiful as Bluffview found on the east side of Midway.

Highland Park Acreage Addition

Even the prices of the Acreage Addition in Highland Park lagged behind the rest of Highland Park because it was on the northern boundary of Dallas.  Eventually these beautiful homes on elevated lots commanded as much or more than the rest of Highland Park as buyers recognized the beauty of the land, and became more aware of the spectacular homes and neighborhoods in Dallas that had become so popular adjacent to the Acreage Addition.  A whole new perception of Dallas benefitted all of Highland Park, especially the Acreage Addition.

President Bush Gates Will Accelerate Change in Perception of Daria Place

For years the real estate community has dismissed Daria Place as being too far north, not in Preston Hollow, too close to the Tollway, having out of date houses, too close to a public school and difficult to find.  All of these perceptions will change as people will take a fresh look at the gated neighborhood for the home of President and Mrs. Bush.

President Bush Gates Will Change Perception of Tollway

While the homes on Daria and Daria Place will still be close to the Tollway, once the gates are installed the neighborhood will be seen in a new and more favorable light.  All of a sudden it will occur to people that large Tollway sound walls have been installed, reflecting noise away from the homes on Daria.  Current emission standards have eliminated much of the previous haze that hung over the street and nearby homes.  Neighborhood gates also have a way of making people forget about traffic.  The gated development, The Creeks of Preston Hollow,  at Inwood and Royal is a good example.  The traffic at this busy intersection of Royal and Inwood is still just as close, but somehow a gated neighborhood makes a person feel removed from any unpleasantness of the world around them and are willing to buy a $10, 000,000 home.

Modest Houses on Daria Will Help Accelerate Increase of Land Prices on President Bush’s Street

Land prices go up more rapidly in neighborhoods where there are low contributing values to the existing structures.  This allows for the rapid turnover of the modest houses that are replaced by expensive estate homes.  Homeowners much prefer building or buying an estate home in a neighborhood that already has estate homes or where there is an expectation that the original modest neighborhood homes will soon be replaced with expensive estate homes.

President and Mrs. Bush Moving to Daria Place Will Accelerate Objective Look At Real Land Values on this Gated Street in Preston Hollow

An objective look reveals Daria and Daria Place are located in Mayflower Estates, the most prestigious neighborhood in Preston Hollow; the one-acre lots on these short streets are adjacent to the 15 acre Phillips estate and the 25 acre Hicks estate, the most expensive and important estate home in Dallas; the existing Daria houses valued at $1 million are way under the current price of $2.5 million – $3 million that the  Preston Hollow one-acre estate lots are currently selling for, making it relatively easy to purchase and tear them down for new estate homes; and the neighborhood benefits from President George Bush and Laura Bush being a Daria Place neighbor.  Sure, there are some people who have an aversion to Republicans, but there are still several million people in the Dallas area who would enjoy being neighbors of George and Laura Bush.

With the Gates, Lots on President Bush’s Gated Street Will be Worth $2,500,000 to $3,000,000

In the last month, estate lots in Preston Hollow have sold for $2.5 million to $3 million.  The location, exclusivity and prestige associated with Mayflower Estates and President Bush will bring lot values up to at least the lot values found in the other prime Preston Hollow neighborhoods.

President and Mrs. Bush Moving to Mayflower Estates

George and Laura Bush are moving to Mayflower Estates, a little known Preston Hollow estate area neighborhood of just over 100 houses.  The neighborhood’s anonymity is understandable, but still remarkable considering it is the location of the two largest estate properties in Dallas – the Hicks Estate on 25 acres and the Phillips Estate on 15 acres.  What better place to enjoy some degree of privacy than a neighborhood so discreet that a 25 acre estate goes unnoticed.

Why Mayflower Estates Goes Unnoticed

The Tollway is a boundary on the east which prohibits any access in that direction, and Walnut Hill Lane is on the south which only allows access from Gaywood and Holloway that loop across each other.  The access from the north is too confusing to explain.  As you can see, Mayflower Estates deviates from the standard Dallas grid.

Mayflower Estates Vague Borders

Here you will find three small lakes and winding, looping, tree-lined streets and cul-de-sacs with a substantial creek meandering through them.  This beautiful environment deliberately leaves vague boundaries.

Mayflower Estates Homes Have the Greatest Range of Ages, Styles and Prices.

Well-known neighborhoods are the easiest to understand.  They have a definite age, look and price that the real estate community can peg for their buyers.  Mayflower Estates on the other hand has the greatest range of prices, age of homes and styles in the city.

The Crespi Estate, now the Hicks Estate, was designed by Maurice Fatio, the leading New York and Palm Beach architect in 1939.  This classical French style estate home remains the most impressive in Dallas and yet right behind these 25 acres on a cul-de-sac are 1960s homes built on one-acre lots close to the Tollway that are the least expensive homes in the Preston Hollow estate area.

Important Architects Designed Homes in Mayflower Estates

In the heart of Mayflower Estates on Gaywood there is one of the most important modern homes built in Dallas on 2.63 acres designed by architect Scott Lyons and then a few doors down you have important eclectic style homes designed by Cole Smith and Wilson Fuqua, and a midcentury modern home designed by a protégé of Frank Lloyd Wright and a John Astin Perkins designed home on 1.28 acres.

Good houses have been designed in every decade since 1939.  The most desirable estate lots are found here because of the extraordinary setting.  The values range not only from $1 million to $100 million, but the square footage prices range as well from $200 per sf to well over $1,000 per sf.

Prominent People Enjoying Secluded Mayflower Estates Neighborhood

There are many high profile streets in Dallas and Highland Park.  Strait Lane, Park Lane, Swiss Avenue and Beverly Drive quickly come to mind.  The residents of Mayflower Estates are high-profile people who enjoy the relative obscurity of the beautiful and hidden neighborhood of Mayflower Estates.  Besides Tom Hicks there is Ruth Altshuler, the former chairman of the SMU Board of Trustees; Robert Wigley, the former vice-chairman of E.F. Hutton; Robert Murchison, a successful investor; Ron Vargo, the former CFO of EDS who helped negotiate their sale; John Runyon, a prominent young art dealer; and Bud Smith, prominent in business and politics.

Mayflower Estates is a Favorite Neighborhood

Mayflower Estates has always been one of my favorite neighborhoods and a neighborhood in which I have sold many homes.  The neighborhood’s many prominent citizens love the relaxed atmosphere of this hidden and disguised neighborhood, as will President and Mrs. Bush.

As a real estate broker in Dallas, Texas, the question inevitably comes up, where are the president and first lady buying a home in Dallas?  More often the question comes in the form of “Is it true the President and Mrs. Bush have purchased a specific property?” and then they state the location of a mansion or an incredibly expensive lot.  Often, any question gives way to a statement:  “I understand the Bushes are moving to such and such house.”  Their confidence in the specific location of the President’s new home comes from knowing people in high places or from a Realtor or from what they have read or heard.  For several years, I have commented that I had no idea where President and Mrs. Bush will be moving, but have mentioned I did not think the rumor of the moment was accurate because the President and Mrs. Bush had not started looking for a house yet. 

President and Mrs. Bush Have Chosen Home

In September the search became much more public with the President and First Lady mentioning they were actively looking for a house in Dallas.  The inquiries I received from the local and national media became more frequent.  I have continued to dispel rumors that did not seem likely, always with the caveat that I have never asked the President or First Lady or any of their friends or any officials in high places which home they might purchase.  More important, no one has told me which house they are buying.  So my thoughts on their next house is just based on President and Mrs. Bush’s public comments and my knowledge of the real estate market in Highland Park and Preston Hollow.

Criteria for Dallas Estate Home

• First, the President and Mrs. Bush have said very specifically they are moving to the city of Dallas which rules out Highland Park.

• They already have a large piece of property and home in Crawford, not far from Dallas, so it makes sense for a Dallas residence to be smaller and easy to manage.

• Mrs. Bush has shown a great deal of interest in architecture from her work in restoring the White House and she has always had a great interest in art.

• The Secret Service surely needs some sort of accommodations close by.

• A secluded street offers less intrusion and more protection.

• Estate properties surrounding the home would also provide more privacy and protection than small clustered homes.

• Any home will be presumably modified, but a home ready to move into would be a great advantage to a family that has very busy lives.

• They lived in Preston Hollow previously.

• From their house in Crawford and previous home, the President and First Lady have excellent taste, avoiding extraneous architectural exuberance.

Why the Above Preston Hollow Home Could be the Next One for President and Mrs. Bush

The casual photograph of the home above is the type of home that would fit the above criteria.  On a secluded street the home is attractive in an understated way.  It is between 4,800 and 5,800 square feet on a standard size estate lot, so it is substantial but not in any way ostentatious.  In fact, it would be one of the smaller homes in the estate area.

As many Preston Hollow homes, this home also enjoys a separate living area and quarters linked to the garage and house which might be convenient for the Secret Service.  The home also enjoys the benefit of large estate properties in close proximity increasing privacy and is also close to a modestly priced home that most likely will end up being purchased and used for the Secret Service.

In the last six months this home appraised for approximately $2.6 million which would make it on the low end of the home prices in the estate area.  This particular house has been cleverly renovated, introducing a more contemporary aesthetic, making it perfect for the President and Mrs. Bush’s art collection and yet it has traditional lines that create a pleasing environment for antiques.

My discussion of this home is only as a point of reference for discussing what type of home President and Mrs. Bush have purchased in Dallas.  I am confident that wherever they move to in Dallas they will be greeted warmly and make a great contribution to the city.

You are probably wondering where the president is moving…

…so am I. This puts me in an akward position because as a real estate broker specializing in Highland Park, Preston Hollow and Dallas estate properties, I am often asked by friends and clients if I know where the President will be moving. Sometimes when I say no, I will be told by these same people where he is moving. Other times I get a strange look, questioning why I wouldn’t know, when everyone else seems to know where President Bush will be moving. Let me explain. When rumors first began, I spoke to the person who I considered closest to the President’s family and who I trusted most. I didn’t ask if the rumors of where he bought a home were true, but only if it was true that President and Mrs. Bush had already bought a property in Dallas.

Rumours proven to be untrue

I was told with certainty that they had not bought a property and had not yet begun to look. I decided then that eventually a rumor of a presidential purchase would be true, but I would rather be wrong once than wrong a dozen times jumping on every attractive rumor. That said, I think the President, at this time, may have already bought a property or is seriously considering his options. So I am going to do two things. First, share with you the least publicized rumor, one I heard 20 months ago, and my favorite, because it would have been a pretty good location for the President. This is a property on Meadowood, around the corner from Rockbrook. Here, there is a lot of land and a couple of structures that would work well for security. It is in Preston Hollow, his old neighborhood and where he lived when he launched his business and political success.

Dallas home most suited for George and Laura Bush

The second thing I will share is the property in Dallas that I think is best suited for George and Laura Bush.
In other words, if they were to call me and say, “We would like to buy a property in Dallas, what would you recommend?” After I assured them that it will be manageable for them to buy a property without word leaking, I would normally ask relevant questions about their lives, tastes, background, desires, previous homes, schools, interests, and family so I would have an intellectual and intuitive idea about what they would enjoy. Since this is the President and First Lady and we all know much about them, and since they are presumably busy, I would make the following recommendation right out of the chute.

Preston Hollow Estate Area

The house I would recommend is located in the Preston Hollow estate area on a hidden, little traveled street within a few blocks of major transportation arteries with quick access to airports, medical facilities or to Crawford.

Texas Modern

The home is architect designed which would be particularly attractive to Laura Bush as she is very interested in art and architecture.

The Texas Modern style, unassuming but aesthetically relevant, has over 10,000 square feet so it can handle fundraisers for the Bush Library, and is a gracious space for foreign dignitaries, or reunions for the extended Bush family.

Scott Lyons Architect

It has an architect designed 3,800 square foot guest house that would work perfectly for security detail or secretarial staff. It is built on bedrock with piers drilled deeply in the rock, in contrast to so many houses in Dallas sitting precariously on expansive Dallas soil.

Architect Scott Lyons, a protégé of David Williams and O’Neil Ford, designed the home, appealing to the indigenous qualities of early Texas homes. Scott Lyons is an architect responsible for some of the most important architect designed residences in Dallas, including the Highland Park home and the country home for the city’s leading philanthropists and civic leaders, Margaret McDermott and her late husband Eugene McDermott.

2.63 acres of trees, creek and lake

The potential Bush home sits on over 2.5 acres of land along a creek and next to a small lake. This beautiful site is also benefited by the neighboring 15-acre and 25-acre estate properties owned by supporters of the President. My thought is the neighboring estate owners would allow the President to develop an off-road biking trail through the woods of their property.

Ideal Space for Art Collection

The interior space is perfect for President and Mrs. Bush’s art collection. The ceilings are tall, walls of windows allow voluminous rooms to be filled with light, continuous interior and exterior walls of soft Mexican brick reflect the region, cross-cut white oak panels add warmth to the rooms and white gallery walls are ideal for the vibrant and colorful art collection by artist Pamela Nelson. This elaborately engineered and incredibly built home has been meticulously cared for by the original builder, who inspects the house twice a week to check on and maintain its condition. President and Mrs. Bush would enjoy this home, and their friends and family would enjoy them living here. It is a home that is pure Texas, modest but substantial, well-built and aesthetically refined, designed in an indigenous Texas architectural style, on plenty of land, and looking over ravines, creeks, lakes, and a distant view of residential private park land.

Can you think of a better home for George and Laura Bush?

There are many people who know the Bush’s better than I, but I remain confident that these people will agree that this would be the best home in Dallas for President and Mrs. Bush. However, so as not to close the discussion, I would love to hear from anyone who has an idea of a house that would be more suitable than the one that I have just discussed.