750 Elk Ridge in Fairview was listed at $999K and just sold. Erin Hickman did a great job pulling this deal together as always.
This is beautiful home is situated on one of the three premier streets in Oakwood Estates. The reason I say "premier" is because those are short cul-de-sac streets, heavily wooded, and on a hill. Streets with elevation changes are not unheard of, but rare in Fairview and Lucas.
The home is gated and sits on a very secluded 1.5 acre lot. It was built for entertaining with a huge open floor plan. I love the beautiful mesquite hardwood floors along with the pool and outdoor living area that look out over the rear acreage.
The Back Story
This one really surprised us. As nice as the home is, it just kept getting passed over time and time again by buyers. The number one reason? It only has three bedrooms and there really wasn't a practical way to add a fourth.
Lovejoy ISD is a family community and four bedroom homes are the norm. Many of the newer homes coming out of the ground today have five bedrooms so we were competing with all those homes with buyers. But that's only part of the story.
I was out here when the Oakwood streets were being cut in out of the woods. When those new homes came in, it was the place to be. For years we had buyers tell us they only wanted to be there and asked us to let them know when a home came up for sale.
Fast forward to today. There has only been one Oakwood Estate sale over the past year. As popular as this development has always been, it's just amazing for me to see that.
Is this all the result of Covid and the three month shutdown? I really can't say that because the high price point new custom home sales are booming in Fairview. The problem is many of these Oakwood homes are at the age where they need some extensive updating.
If a seller isn't going to update their home themselves before putting it on the market, they have to price it so a buyer can take the project on without being upside down for years. The beautiful lots and ambiance of Oakwood Estates won't override that fact.
But there is also some positive news for Oakwood Estates. Right now there are four homes in title, including our listing at 410 Oakwood Trail. If these all close and maybe even a couple more by the end of the year it will look more like a typical selling season for this beautiful development.