Building in Frisco or prosper ?? (Dallas, Plano: new home, neighborhoods, to buy)

[Shan1655]

We are new to TX and will be here for 4-5 years.

Looking to keep total spend under 1.4 to 1.5.... we have been told look in a
Gated area in Frisco or out in prosper.

Is one better than the other? With the 4-5 year stay would either. E a better choice? We've looked in Shaddock Creek estates and Newman village... both have lots available. Also checking out prosper this weekend... with schools, resale value, location... which areas seem to be a good bet and people are happy with ??

Thanks for any insight !!!

[stephwin]

Where is your job? I assume you have kids. Most people will tell you to go to Highland Park with that type of budget because the schools are phenomenal, even if you have to "settle" for an existing home. HP property also holds its value well.
Is there a reason why you are set on the northern suburbs?

I grew up in Prosper and I live in Frisco and I like both areas for different reasons, but I wouldn't recommend either place for someone working in Dallas, for example. Or someone that needs to go to either airport that frequently. If you work in Frisco I could see both locations working, but traffic is abysmal here.

[ThomasCrown]

The poster above is correct. Your job should determine where you buy, you'll want the shortest commute possible. There are neighborhoods in your price range all over the metroplex, so there's no need to limit yourself to a certain area if that's not going to be convenient for you.

I would personally choose to live in Prosper over Frisco, and my current home is in Frisco, valued at just under $1mil or so. Your money will go farther in Prosper than Frisco if that's where you choose. Both areas have several gated communities.

[CREW747]

Prosper in the following communities for new builds and pre existing in the roughly $800,000 plus range...

- Whispering Farms
- Whitely Place
- Gentle Creek
- Highland Meadows

[UnfairPark]

If you are only here for few years, why bother building new, away from work, in a newer area where hundred of new homes keep popping up to compete with used homes. Your budget can put you in a decent home near your work and offer excellent schools. Of course you won't be in higher end of the that area but that's an option to explore. Unless you work in Plano, Frisco and Prosper are going to be long commute from job hubs.

[TurtleCreek80]

Originally Posted by UnfairPark

If you are only here for few years, why bother building new, away from work, in a newer area where hundred of new homes keep popping up to compete with used homes. Your budget can put you in a decent home near your work and offer excellent schools. Of course you won't be in higher end of the that area but that's an option to explore. Unless you work in Plano, Frisco and Prosper are going to be long commute from job hubs.

I agree. With a 4-5 year timeframe, buy an existing home in a subdivision that is built out or almost built out. You DO NOT want to be competing with new construction in your same neighborhood when you go to sell in a few years.

Keep in mind the 10%+ appreciation rates DFW has seen the last few years are NOT typical and likely not sustainable. I don't know when the party will end, but my guess is it will definitely slow down in the next 4-5 years. "Slow down" could mean prices decreases or just a return to more historical growth rates of 3-4% per year.

I also would not buy a home that is 3-4X the median home price of Frisco or Prosper. You can get a gorgeous home for $750-800k, no need to push into the top 3% of home prices. Again, with such a short time frame to buy & sell, it's risky to buy a home that 97% of Frisco's residents can't afford. If there is any weakness in the market, the high end takes the brunt of the hit.

[CREW747]

Originally Posted by CREW747

Prosper in the following communities for new builds and pre existing in the roughly $800,000 plus range...

- Whispering Farms
- Whitely Place
- Gentle Creek
- Highland Meadows

I forgot to add Christie Farms as well...

Dave R. Williams Homes - News

[SouthernBelleInUtah]

TC80 is one of the most knowledgeable posters on the forum. She understands local trends and factors in making decisions like few others do. Listen to her!

[Shan1655]

Hi! Thank you! My husband works in Plano... so not a huge commute.

We don't really like the super traditional stuff in Stonebriar or Starwood- but just wanted to check on what the perception of Newman village is.... we like prosper but haven't been able to find a lot there ��

[HP48G]

Listen to TC80s wise words..
That kind of money should reflect a coveted location, built out land and limited opportunity to get in... none of which applies to Frisco or Prosper sprawling subdivisions.