The sellers of a $4.5 million McKinney estate found a buyer just before the auction date, ending a long stretch on the MLS.
A contract is pending for 2115 Paradise Ranch Trail, a four-bedroom, six-bathroom home on 10 acres with an agriculture property tax exemption. The sellers are classic car enthusiasts Don and Paulette Clark. A car showroom takes up half of the property’s 12,500 square feet, which made it difficult to price, said listing agent Holly Haven of eXp Realty.
“On traditional MLS and marketing, it was like finding a needle in a haystack to find that perfect buyer,” Haven said. “We also listed right before election time last year, so, being in real estate 20-plus years, I know that that can definitely slow down a market.”
Although the home is in a secluded area, more homes are planned for surrounding lots, which prospective sellers had to take into account, Haven said.
The auction was arranged by Florida-based firm Elite Auctions. The property spent over a year on the MLS before Elite accepted it and began marketing.
A local oil and gas executive bought the property with a cash offer, Haven said. The sale price wasn’t disclosed, but the buyer’s offer was “close to asking price,” Elite Auctions market director Alicia Chmielewski said.
The nearby McKinney National Airport also attracted the buyer, who has private planes, Haven said.
The luxury market is gradually rebounding from an exceptionally low period nationwide. Year over year, the median luxury home price rose 5 percent in September; however, September luxury sales are near the lowest levels on record, going back to 2012, according to Redfin.
Dallas tracks these national trends. The median luxury sale price in Dallas was up 6 percent in September — the highest price growth of any major metro in Texas — but the number of sales was down 4 percent.
“Here in North Texas, we’ve been in great shape. Now, things might not be going with multiple offers on the first day, like back in 2021. But at the same time, we’re fortunate to be here; we’re fortunate not to be in Austin,” Chmielewski said. “We still have a lot of businesses relocating here; we have a lot of executives here.”
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