Preston Hollow Real Estate Values: Homes in Preston Hollow are among the most expensive in the state and have continued to increase in value in recent years. Currently houses range from $800,000 tear-downs up to $40,000,000 estates.
The most expensive estate in the greater Preston Hollow area, a $45 million mansion, caught fire while still under construction. George Perrin, the original owner of the house and the founder of PageNet, combined several lots to produce what would have been the biggest house in Dallas. Perrin eventually abandoned the project.
The most expensive home currently available in the Preston Hollow area is the Park Lane estate owned by software company founder Larry Lacerte, which is priced at $40 million.
Preston Hollow is located 6 miles (9.7 km) north of Downtown Dallas. Preston Road is the main arterial road of the area. Terry Box of The Dallas Morning News said in 1987 that the corridor Preston Road travels through, between the Northwest Highway, and the LBJ Freeway, is referred to as the “golden corridor” of Dallas due to its wealth.
Lisa Tanner of the Dallas Business Journal said “The lines that define Preston Hollow are somewhat blurred.” She said that Preston Hollow has been commonly defined as being bounded by the Northwest Highway to the south, Royal Lane to the north, and Hillcrest Road to the east. She said that there were several “western measures.” Mary Jacobs of The Dallas Morning News said that area real estate agents usually define the boundaries of Preston Hollow as the Northwest Highway, Royal Lane, Hillcrest Road, and Midway Road. Roland Anderson, a resident quoted by the Dallas Morning News, said that real estate agents use the name in the broadest manner possible because they believe the name has “panache.” He added that, in the words of Jacobs, “Preston Hollow is really an amalgamation of neighborhoods.”
Areas Within Preston Hollow
The area belonging to the former Preston Hollow town is now known as the “Estate area.” The area is in western Preston Hollow. Tanner said that the estate area is east of Midway Road and west of Preston Road. Jacobs said that the estate area is bounded by Preston Road, Walnut Hill Lane, Midway Road, and the Northwest Highway. She added that “The so-called estate area on Preston Hollow’s western side boasts large lots with grand entrances, rolling hills and winding streets, and is home to some of the most luxurious mansions in Dallas.” Walnut Hill was the northern boundary of the former Preston Hollow municipality. Terry Box of The Dallas Morning News said in 1989 that the area north of Walnut Hill was “less prestigious” but “still affluent, with well-maintained upper-middle- and middle-class neighborhoods stretching to Royal Lane.”
Nancy Moore of the Morning News said that the boundaries of eastern Preston Hollow were Northwest Highway, Royal Lane, Preston Road, and Hillcrest Road. Most of eastern Preston Hollow is under the jurisdiction of two homeowners associations: Preston Hollow East and Preston Hollow North. Eastern Preston Hollow is divided into several lots. The houses in eastern Preston Hollow include 1950s ranch houses and newer, larger houses. The newer houses have 6,000 square feet (560 m2) or more space. Kay Weeks, a realtor of Ebby Halliday Realtors and a resident of Preston Hollow, said that over a 20 year period until 2009 many former middle class areas became wealthier. Since newer houses in Preston Hollow opened, the land value increased. Many 1-acre (0.40 ha) lots, as of 2009, were selling for $1 million or more. Some such lots in popular locations had a value of $2 million. The newer houses are McMansion style houses. Preston Hollow North’s boundaries are Preston Road, Hillcrest Road, Royal Lane, and Walnut Hill Lane. Preston Hollow East consists of the single family houses in an area bounded by the Dallas North Tollway, Hillcrest Road, Joyce Way, and Del Norte Lane.
In 1924 Ira De-Loache bought a 56-acre (23 ha) farm in 1924. Preston Hollow’s first lots were carved out of the former farm parcels. De-Loache and Al Joyce developed Preston Hollow, with development largely occurring in the 1930s. Initially Preston Road was the area’s only connection to Downtown Dallas. Terry Box of The Dallas Morning News said that the Northwest Highway “was nothing more than muddy right of way.” The area that would later become Preston Center was a Dairy Farm in the early to mid-20th Century.
The developers intended for Preston Hollow to be what Box said was “more than a flatland suburb on the fringes of a new and growing Dallas.” Doctors, entrepreneurs, industrialists, lawyers, and oil businesspeople moved to Preston Hollow. Many built country-style estates that housed horses and stables. A private school which later became St. Mark’s School of Texas opened in the area.
Incorporated as a municipality in 1939, and provisioned by the Preston Road Fresh Water Supply District, the North Dallas town of Preston Hollow was named for the deep wooded area with creeks and hollows extending westward from Preston Road. The bramble in the area was unique in the Dallas area and all home builders in the area were to preserve it as part of the covenant.
In the early 1930s during the Depression, Edward James Solon, the treasurer of Interstate and the partner who came with Karl Hoblitzelle from Chicago to Dallas, purchased the first Preston Hollow corner property at Douglas and Avrille Way. Mr. DeLoach was to build a Dillbeck designed house on the property. This Tudor styled home was considered the first of many large homes built in what is now termed the Old Preston Hollow area. Originally, there was one large house in the area further over by the pond near Avrill, but it was considered as having been part of the farm. In the 1930s jumping across NW Highway was considered going into the sticks and risky in terms of attracting the affluent during the Depression. Later many people said that E.J. Solon started the North Dalllas migration. Preston Hollow originally extended from east of Preston Road, slightly north of Walnut Hill Lane, west of Midway Road and southwest of Northwest Highway. In 1945 Preston Hollow residents voted to join the city of Dallas, and the municipality was annexed to Dallas shortly thereafter.
In 1956, the neighborhood association’s covenant stated that only white residents were allowed to live in Preston Hollow. This policy, though never legally enforced, and ruled unconstitutional by the US courts in the 1960s was repealed in 2000. That restrictive language is included in thousands of association covenants.
In September 2008, Preston Hollow returned to national headlines when New York Post gossip columnist Cindy Adams wrote a column claiming that U.S. President George W. Bush and his wife Laura Bush had purchased a home in Preston Hollow. Described as “a big house on five acres,” Adams also claimed that this house would have “horse stables, lake views, mountain views, golf club views” and that Preston Hollow is “a town outside Dallas.” Dallas media pointed out the significant factual errors in the column (perhaps, most glaringly, Dallas’s location in the Great Plains region of Texas, where no mountains exist) and noted that the real estate agent cited denied both the report or that she had ever been contacted by the Post.
Preston Center, a commercial area, is located in proximity to Preston Hollow. The development includes two 20 story office towers that opened during a construction boom of the late 1970s and early 1980s. As of 1989 many of the Preston Center buildings were partially vacant. During that year Terry Box of The Dallas Morning News said that the vacant buildings were “viewed as intrusive symbols of the city’s failure to control its growth” and “have come to exemplify much of what is wrong with North Dallas.” Around that time residents tried to pressure area politicians into making the development more low-rise and further removed from the Preston Hollow community.
The Dallas Galleria and the NorthPark Center are in proximity to Preston Hollow.
Preston Hollow has a wide variety of prominent residents including: Politicians – Former U.S. President George W. Bush, former Dallas mayors Tom Leppert and Laura Miller and her husband, retired Texas legislator Steve Wolens.
Business Executives – Ross Perot, energy tycoon T. Boone Pickens, former American Airlines chairman Bob Crandall, software developer Larry Lacerte, Stream Energy Chairman Rob Snyder, and investor Harold Simmons.
Sports & Entertainment Figures – Dallas Mavericks owner Mark Cuban, former Dallas Cowboys players Roger Staubach and Chuck Howley, Dallas Stars owner Tom Hicks, former Dallas Cowboys football coach Wade Phillips, golfer Lee Trevino, former Dallas Stars player Mike Modano, as well as British pop singer George Michael and his partner Kenny Goss.
Noted residents of Old Preston Hollow who are now deceased include ClubCorp founder Robert H. Dedman Jr., trial lawyer and Democratic Party fundraiser Fred Baron, Mary Kay founder Mary Kay Ash; and E.J Solon, first “Old Preston Hollow” home owner and Founding Treasurer of Interstate, twice knighted by the Pope for his philanthropic efforts in Texas.
Dallas Independent School District operates local public schools.
Elementary schools serving areas in Preston Hollow include John J. Pershing (in Preston Hollow), Preston Hollow (in Preston Hollow North), Walnut Hill, and Harry C. Withers.
Residents zoned to Pershing and Preston Hollow are zoned to Benjamin Franklin Middle School and Hillcrest High School. Residents zoned to Walnut Hill are zoned to Cary Middle School and Thomas Jefferson High School. Residents zoned to Withers are zoned to E.D. Walker Middle School and W.T. White High School.
As of 2011 most Preston Hollow residents send their children to private school.
The Roman Catholic Diocese of Dallas operates area Catholic schools. Ursuline Academy of Dallas, a Catholic girls’ high school, is located in the Estate area of Preston Hollow. Non-Catholic private schools within Preston Hollow North include St. Mark’s School of Texas (1-12) and Preston Hollow Presbyterian School (1-6).
Private Catholic schools in the surrounding area include, Jesuit College Preparatory School of Dallas (Boys, 9-12), Bishop Lynch High School (9-12), Christ the King Catholic School (K-8), and St. Rita Catholic School (K-8). Other private schools in the surrounding area include Episcopal School of Dallas (PreK-12), Hockaday School (PreK-12, Girls), Parish Episcopal School (PreK-12), and Good Shepherd Episcopal School (K-8).
Two co-ed, nonsectarian private schools exist in Dallas that do not require uniforms, the Greenhill School (boys and girls k-12) in Addison, and Lakehill Preperatory School in East Dallas, which both serve as an option for parents who want to send their children to schools not backed by a religious organization.
Preston Hollow Early Childhood Association is a private preschool group for Preston Hollow area parents of children from newborn up to 6 years of age. The group organizes playgroups, social events, and other activities to support families of young children.