What's in a name? When it comes to real estate it can make all the difference - sometimes. And other times it makes no difference at all.
So when does the neighborhood name have an impact on the value of a home? If the neighborhood is popular and established (like Preston Hollow), living within the boundaries of that neighborhood can bring a premium price over areas just a few blocks away. The name itself carries a prestige that influences buyers and increase the demand and appeal for living there. And the residents living there become attached to the name as part of their own identity.
Sometimes an existing neighborhood becomes rebranded as a 'new' development. Uptown in Dallas is the perfect example of a successful transition of old to new. So is the Arts District and still-developing Design District. There are others area in and around Dallas that have had failed attempts at trying to recreate an existing neighborhood.
Both cities and their residents take the naming of their neighborhoods seriously. Try saying you live in Preston Hollow when you're west of Midway Road and you'll quickly be corrected. Or just attempt to stick the words Houston or Norman on a Dallas area community and I'll guarantee you a strong reaction.