Frisco, TX (PRWEB) October 23, 2013
The impending economic impact of the Dallas Cowboys moving their headquarters to Frisco and building a new practice facility in one of the most rapidly growing cities in the nation cannot be understated. Nor can the ripple effect that this move is already having on the Frisco real estate economy, for both commercial and residential ventures. And the mid-October news that renowned architectural firm Arthur Gensler Jr. & Associates Inc.—which has done work for the Detroit Lions, L.A. Dodgers and New York Mets—has been chosen to take on the project only adds to the prestige of what will most likely go down as North Texas’ biggest real estate story of the year. This latest bit of news also comes at a time when Frisco home values only continue to grow, and market records are being set seemingly every week through early fall.
Prudential Texas Properties reports that an October 14 Frisco real estate report from California-based analytics tracker Altos Research saw the city’s 90-day median list price hit an all-time high of about $416,000. This is up from under $375,000 at the beginning of the year and is a $100,000 market jump from as recently as October of 2011. Furthermore, the area’s more-immediate seven-day average continues to grow steadily at a time when most national markets have seen either downward trends or plateauing following the hot first half of 2013. The seven-day median list price for the October 14th report came in at $419,900, which, outside of a one-week anomaly between February and March, is also right on par with all-time Frisco market highs.
Click here for a 60-second Frisco home market update.
Also supporting the fact that this market is continuing its hot streak into the later months of the year is declining inventory available on the market. Altos reported 671 Frisco homes for sale as of the October 14th report. This comes about a week after the market hit an eight-month inventory low of 660 properties for the week of October 7th. It’s also down from 725 available properties on July 8th and closer to 800 in April.
As for the details on the practice facility and entertainment complex that is creating a buzz amongst Frisco home owners, The Dallas Morning News recently reported that the project is slated for completion by July 31, 2016. The luster of this massive project is only added to by the fact that the Gensler firm is currently completing work on one of the most storied sports venues worldwide, the Roland Garros Stadium in Paris. And seeing as the deal for the Cowboys practice facility was brokered along with the Frisco Independent School District, this means that Frisco youth will be practicing and holding sports events in an arena constructed by the same folks responsible for the new look of the French Open. Not only should Frisco home owners be happy about the continued value their homes are accruing, but also about the great opportunities for the local economy and family living that this rapidly escalating project is providing to the area.
“The buzz is reaching fever-pitch in Frisco as local home owners experience continued market growth from what seems like a ripple effect of the year’s most talked-about North Texas real estate venture,” says DD Flynn, VP of Marketing with Prudential Texas Properties. “The future of this rapidly developing city could not be more exciting.”
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