Prosper home values (Plano, Denton, McKinney: sales, apartment complexes, insurance)

[Capitalprophets]

For people who bought homes for around $400K for 3000 sqft in Prosper and are holding on thinking those homes will be worth 1M+ one day. How much of that really holds true? IMO, all the news regarding developments is already out which hyped the market and overwhelmed the housing market in that area. This would be the time to cash in on your investment.

What are your thoughts?

[TeamLynn]

I think many will be forced to sell unfortunately when they can't afford the taxes or insurance on $1mil.

[Leonard123]

I would be surprised if you could buy any house in Prosper that big for less than a million right now. That time has already come.

I doubt that people were moving there for investment purposes at the time you could buy at that price. I would imagine those people would want to flee the traffic, congestion, and dense development that has come and will continue coming to the area. When you could buy at that price, it would have had to have been extremely rural and far out.

[NP78]

Originally Posted by Leonard123

I would be surprised if you could buy any house in Prosper that big for less than a million right now. That time has already come.

I doubt that people were moving there for investment purposes at the time you could buy at that price. I would imagine those people would want to flee the traffic, congestion, and dense development that has come and will continue coming to the area. When you could buy at that price, it would have had to have been extremely rural and far out.

Only about 1/3 of the current listings in Prosper are over $1M. It’s about the same as West Plano and Frisco.

[NP78]

Originally Posted by Capitalprophets

For people who bought homes for around $400K for 3000 sqft in Prosper and are holding on thinking those homes will be worth 1M+ one day. How much of that really holds true? IMO, all the news regarding developments is already out which hyped the market and overwhelmed the housing market in that area. This would be the time to cash in on your investment.

What are your thoughts?

It’s basically the same as anywhere else in DFW. Values have risen rapidly but that’s true of all of DFW. Will it continue? Heck if I know.

I do think Prosper will be just fine in the long run as a relative location in DFW. There is just so much development investment in Frisco and Prosper is well situated to be associated with that.

There was a time when Prosper was developing with large lots but that is history now as the overall housing stock/mix will end up much closer to Frisco. Not a bad thing, but Prosper wasn’t, and never will be, the next Southlake as some boosters had hoped.

[Leonard123]

Originally Posted by NP78

It’s basically the same as anywhere else in DFW. Values have risen rapidly but that’s true of all of DFW. Will it continue? Heck if I know.

I do think Prosper will be just fine in the long run as a relative location in DFW. There is just so much development investment in Frisco and Prosper is well situated to be associated with that.

There was a time when Prosper was developing with large lots but that is history now as the overall housing stock/mix will end up much closer to Frisco. Not a bad thing, but Prosper wasn’t, and never will be, the next Southlake as some boosters had hoped.

"Lots of development investment" doesn't necessarily mean anything for the long-term. That has been true of lots of other parts of the metro area historically, and it did not work out well. Adjacent parts of west McKinney that aren't new are already in serious decline. People only like Prosper because the houses are new and big, and people misinterpret the marketing and sales and development plans as something unique.

No one wants to acknowledge Frisco only amounted to anything because of Stonebriar Mall. Without Stonebriar, the city would never have amounted to anything more than Little Elm or McKinney. The other stuff that followed only came because of Stonebriar and its popularity. Prosper never had anything like that.

I don't anticipate any imminent decline in any of these areas, but give it a while.

[panacea1982]

I think Prosper will be fine. A lot of high paying jobs in West Plano. A lot of workers working in West Plano live in Frisco/Prosper/Celina. As long as more jobs are coming to West Plano/Frisco, Prosper will be fine.

[callmebutter]

I have one of those 400k 300 sq ft houses in prosper area. my area was about 410-470k when built. Those same homes are sitting on the market now for 30+ days and selling for less than list price or being pulled off the market to later in spring

At the height of Covid and the home buying craze there were a few homes getting in the 900's but those were more like 4k sq ft. with pools.

I would expect to sell for 700 range. I never expect to get anywhere near $1M - too much infill still to be had that people could buy new and get more SF. i think a slim chance it could get to $1M done depending on how the next 5-7 years go development wise. I think the areas east of legacy and west of preston will do much better because they dont have to commute on 380 to get down the tollway.

[CMC_TX]

Originally Posted by NP78

It’s basically the same as anywhere else in DFW. Values have risen rapidly but that’s true of all of DFW. Will it continue? Heck if I know.

I do think Prosper will be just fine in the long run as a relative location in DFW. There is just so much development investment in Frisco and Prosper is well situated to be associated with that.

There was a time when Prosper was developing with large lots but that is history now as the overall housing stock/mix will end up much closer to Frisco. Not a bad thing, but Prosper wasn’t, and never will be, the next Southlake as some boosters had hoped.

Agree, you are spot on when you say it wasn’t and never will be another Southlake. That was always odd to me that a handful of people tried to get that narrative to gain traction…I guess for their own egos.

Prosper has already eclipsed Southlake in terms of population & has at least 10 larger apartment complexes. Southlake doesn’t permit apartments.

That said, I think with the tech employment centers at 121 & DNT & other large employers such as Toyota, there won’t be some housing correction there…it will be fine, just like all the other rapidly developing areas in northern Collin county.

I wouldn’t personally want to get in & out of there or live in a perpetual traffic jam, even if it was just driving from Prosper to Legacy, but clearly others have no issue with it or pretend to have no issue with it…to each their own!

[Fiber Guy]

LOL! West Prosper & North Frisco are gonna shock all you NAYSAYERS! Legacy Pkwy(new six lanes open now) runs North of Panther Creek Pkwy & through the Fields Project(10 Billion $$$$$ Development) soon to continue North of Hwy 380 headed further North & will cross First St. in Prosper(construction already in progress). From there Legacy Pkwy will continue further North toward Frontier Pkwy & will then be at the doorstep of the latest newest community in Celina, TX, MOSAIC(1 mile from the DNT). The DNT will soon start construction from North of HWY 380 into Celina, TX.(being talked about as possibly being the "next Frisco, TX.)
BTW, Fields Project has (2) new East to West thoroughfares from the DNT the PGA Pkwy to Teel Pkwy open now & the Fields Pwy & the DNT(open shortly from the DNT) soon to cross Teel Pkwy West to Hwy 423. So Prosper will soon have (3)(DNT included) North to South arterial thoroughfares connecting West Prosper to South Frisco & into Plano, TX. & Hwy 121. Several Toyota employees already drive Hwy 423 South to Toyota's HQ located at Hwy 121 & the DNT, their drive is much easier with much less traffic than using the DNT.

NAYSAYERS, LISTEN UP! Zachry Construction the BEST HIGHWAY road builder in TEXAS is the sole PROJECT MANAGER & HIGHWAY CONSTRUCTION BUILDER for the Hwy 380 expansion from the DNT toward Denton, TX. In addition Zachry will build (3) Flyover/Overpasses over & along Hwy 380 East to West of the DNT at Legacy Pkwy, Teel Pkwy & Hwy 423/Gee Rd. Hwy 380 at Teel Pkwy abutts the new Frisco PGA HQ get the picture? Possibly other Flyover/Overpasses may be built along Hwy 380 from Hwy 423/Gee Rd. West toward Denton, TX. So that covers (3) arterial roads going South from Hwy 380 to Hwy 121 toward Frisco, TX. & Plano TX. Legacy Pkwy, Hwy 423 & the DNT. In addition on the Eastside of Prosper from the DNT there are (3) arterial roads already open going North to South into Frisco & Plano, TX. from Hwy 380 that cross Hwy 121, Preston Rd., Coit Rd. & Custer Rd.

So NAYSAYERS your comments about traffic woes & potential traffic gridlock along Hwy 380 are the same unimaginative remarks we've been reading about from some forum members for the last 10 years! Stay where Y'ALL LIVE NOW, we are doing just fine without Y'all's guidance! LOL!
We just keep doing things right up here! LOL! Study Irvine, California because Prosper, TX. & Frisco,TX. may be very similar in time! Southlake, TX. WHO? LOL!
Remember, I've mentioned City Manager George Purefoy of Frisco from 1987 to 2022(now retired), he is the ARCHITECT(his Development & Planning Staff are the SMARTEST GUYS IN THE ROOM IN NTX) of all this, along with Prosper, TX.'s City Council their Building & Development staff, Hunt Realty & Fehmi Karahan President of the Karahan Companies & the Fields Project Leader of the 2800 acre Fields(including the Universal Kids Park & North Texas University). Put all this together & it is the BIGGEST DEVELOPMENT ever done by Frisco, TX.! WOW!
Yep, things don't look very rosy for Frisco or Prosper! Remember it's called CAPITALISM!

This is why New York Bankers are starting to call "TEXAS THE FINANCIAL CAPITAL OF THE SOUTH!"
THINK! DFFW MEANS? LOL! :-)
www.zachryconstructioncorp.com