Scott Felder Homes has been trying to get its $100 million single-family project at Legacy West off the ground since October, but it took Republic Property Group‘s help to get it done. The Dallas-based developer just closed on the 12-acre property that will accommodate 127 new homes ranging from 1,900 to 3,600 square feet, complete with rooftop decks to view the nearby $2 billion mixed-use development that just attracted JPMorgan Chase, Fannie Mae, FedEx, and myriad others.
It’s the latest in a growing list of projects slated for the Plano hub, and it surely won’t be the last. In fact, Legacy West and Plano are so hot they are practically scalding. Who would have thought that, after years of chasing the tails of Frisco, McKinney, and Allen, that Plano would see such a robust rebirth?
A big round of applause to Plano Mayor Harry LaRosiliere!
Scott Felder Homes, which has worked with RPG in several of its North Texas communities, will still build the project, and dirt will start turning as soon as possible, with new homes slated to go in by the end of 2016. Prices will start in the $500,000s, says RPG, though who knows how much they will go for once finished?
“We have found an excellent partner in RPG for this development,” says Bobby Ray of Scott Felder Homes. “We look forward to working with RPG not only on this project, but also with Light Farms in Celina and Phillips Creek Ranch in Frisco.”
But with just 127 lots in this single-family development, and 6,000 workers moving to the JPMorgan Chase office once completed, the demand for Plano dirt is only growing. Prices are going up, Realtors say, and it’s a frenzy.
“Yes, Plano is on fire. It is crazy,” says DFW Realties agent Sunny Chaparala. “Homes are selling even before they hit the market, and two or three offers on a home is considered low-interest.”
And the demand is not going unnoticed. Cash investors are combing the market, finding deals that will attract relocations and the move-up market in the area.
“The one segment that is almost impossible to get is ‘investment/rental’ homes,” Chaparala said. “They may not necessarily be rented at this moment, but people are seeing real estate as a good investment and homes with three to four bedrooms, two to three bathrooms, two-car garages, and a decent yard with price range of around $200,000 are going with multiple offers. Most of those offers are cash.”
Of course, that’s on the lower end of Plano, but if you go north, Chaparala says that investors are snagging $150,000 to $200,000 properties in similar shape throughout Frisco, Allen, and McKinney like designer duds on the clearance rack at Neimans.
But Plano, with it being the new hub for corporate relocations, and with its great school district and decent commute to Dallas, makes it very hot, Chaparala added.
And it’s only getting hotter.