Southlake Estate Among Top 10 Listings in Texas

The Lone Star State’s top 10 listings are usually dominated by Dallas estates, but a Southlake mansion has made the latest list.

The seller, Grapevine businessman Monty Patterson, is asking $8.75 million for the five-bed, seven-bath house at 1711 Maranatha Way, according to the statewide list from Houston Association of Realtors, which covers July. It was built in 2017, and Michael Hershenberg of the Hershenberg Group has the listing.

The 8,000-square-foot home on 3.7 acres straddles Southlake and Westlake in a suburban stretch of Tarrant County that’s one of the most affluent areas in the state.

“It’s pretty uncommon for property to be built on a couple of acres in Southlake,” Hershenberg said.

The home is the only property among the top 10 not in Dallas County or Harris County, and it comes to $1,100 per square foot at its asking price.

The gated property includes a sports court, a heated pool, a barn and a six-car garage. The house boasts a wine cellar and four stone fireplaces.

Schools, space and airport access are big draws for the property, according to Hershenberg — not to mention its proximity to Vaquero Golf Course. The house is 13 miles from DFW International Airport and within Keller Independent School District.

This listing is part of an uptick in luxury offerings Hershenberg typically sees around this time of year as wealthy clients seek year-end tax advantages. The majority of closings come in the second half of the year, he said.

Plus, “People are trying to get settled before school starts,” said Erwin Nicholas II, a Houston-based agent who specializes in luxury homes.

In addition, homes of this size in the Southlake-Westlake area are freeing up as empty-nesters move to properties that are easier to maintain, according to Hershenberg.

“These owners purchase homes and move to something a little bit more turnkey. Sometimes you don’t want to spend your retiree years maintaining a five-acre estate,” Hershenberg said.

Mid-market buyers might be standing on the sidelines waiting for interest rates to fall, but that’s not the case for the luxury sector where many buyers pay in cash.

The luxury market in North Texas is coming out on top. Last year’s Compass luxury report reported the brokerage sold 13 homes for more than $10 million in Dallas-Fort Worth last year, compared with five in Houston and zero in Austin.