Prosper, TX

No surprise here, but the word on the street is that short sales and foreclosures aren't going away any time soon. We in the real estate community have been advised by a number of sources to prepare for another two to three years of the same battle we've been facing for the last couple of years. New waves of short sales and foreclosures trickling out from the banks slowly (which is good), but in a very disorganized fashion (which is bad).

So, is the news all gloom and doom? No. Surprisingly, this room full of over 100 Collin County Realtors was attending the National Association of Realtors training class on Short Sales and Foreclosures - What Every Realtor Should Know. And, the atmosphere was very upbeat and positive. Why? We know that the percentage of our market that has succumbed to short sale or foreclosure has been relatively small in comparison to the rest of the country. We know that we are blessed to have been one of the last regions to experience a downturn, and we see the signs of new construction and resale sales showing steady improvement all over the Dallas/Fort Worth Metroplex.

We do have some war stories. Don't get me wrong. We've seen our share of nightmares, and they take just as long to go away. We shared a few of those yesterday and commisserated. But, an interesting thing happened as we were wrapping up for the first break. The instructor asked if anyone knew of an area in DFW where we were seeing the short sales and foreclosure shrinking, resale home sales rising, new construction going up, and more buyers demanding distressed properties than we had available properties. The resounding 'YES' was followed by "Prosper".

I felt like Sally Field on Oscar Night...They get me, they really get me. My primary market is Prosper, TX. How many months now have I been blogging about the steady improvement in Prosper. How many months have I mentioned the new slab being poured and the builder specs that were selling? My peers see it. They know that if you come to Prosper, you've got to train your buyer clients that you're buying in a pretty balanced market. Those deep discounts aren't realistic any more. That ship has sailed.

As a Prosper resident and a Prosper Realtor, this was good news to me. And, you know I love to share the good news about Prosper, TX.

Have a blessed day!

Ronda

Agents are in listing mode. It's January. And, it's important as sellers in Prosper, TX that you understand positioning of your home on the market, and how not to mess up the neighborhood comps. Inviting agents into our area who don't normally service our area can create a big mess. Once you are listed, our hands are tied as to telling you that, so I'll tell you up front.

You must KNOW your competition in Prosper, TX. Are you dealing with strictly resale competition, or is there a new home builder who may also be vying for your buyer? It depends on the price point of the home. Are you being compared to short sales or foreclosure properties, or is your real competition the other occupied resale homes in your neighborhood? It depends on your neighborhood. Do you know for certain that your home is positioned well against the competition? Have you toured the closest comparative homes for sale? If not, you should.

Did you know that Lakes of La Cima just set a new high sale price in January? It's true. Did you know that the builders in Willow Ridge and Whitley Place are both going up on their prices as the last of their current spec inventory is sold? Also true. Do you know that every listing in Steeplechase does not necessarily have visibility in the MLS? Fact. Some of those homes are non-MLS listings. Unless the get drive-by traffic, they aren't really competition. They are invisible online. Do you know which of your neighbors are contemplating making a move this year? I may know something you don't know. (take it from me, I do!)

If an agent is not actively working in the immediate area, it is very difficult for them to stay on top of the activity happening in Prosper, TX. The Prosper resident Realtors benefit from more information, and invitation-only meetings, with the town leadership. Our charter is to build awareness for Prosper, and bring rooftops to Prosper, so that the planned commercial and residential growth (notice I said PLANNED - we know what it is!) can break ground. There are roads, neighborhoods, restaurants, and shopping (amazing shopping!) coming to Prosper. This growth will happen. But, if Prosper homes are listed and sold by Prosper agents, there is no telling how much faster that growth might occur. We are the ambassadors, the Peagles, of Prosper. The Economic Development Committee shares maps with us that show the plans to prospective buyers. Drew Watkins, Superintendent of Prosper Independent School District, has a fantastic slide show about the schools in Prosper. Just the other day, I had a client, who happens to play Major League Baseball, tell me that he had worked out with the Prosper High School Baseball team, and that the new facilities were nicer than SMU's facility. How cool is that? If I were not out, in Frisco that day, but talking about Prosper, I would not have heard this comment about the sports facilities. As it is, I was promoting Prosper, from Frisco, and now I have a great story to share with the next Prosper buyer I meet.

I am not meaning to imply that an agent in Celina or Frisco cannot sell a home in Prosper, TX. I, too, work within a region that I establish for myself, and it begins in Prosper and branches out across the North Dallas suburbs. However, I have seen listings taken by agents who office over 50 miles away from Prosper. I have brought buyers to some of these agents, who admit to only visiting Prosper once, to put the sign in the yard and take a few photos. In this instance, I do suggest that in 2010, there is a better way to get a home sold. In 2010, we should focus on working with the agents who are focused on our own community. It's a win:win.

Have a blessed day!

Ronda

Just yesterday, I let you know that the entry-level price points, under $200,000, in Prosper, TX were actually quite lean. There are only 13 homes in that $129,900 to $200,000 range currently available in the North Texas MLS.

Today, I want to explore the luxury home market with you. Luxury homes make up the majority of the Prosper, TX residential real estate market. There are currently 81 properties classified as luxury homes (in Texas, that price point begins at a surprisingly low $350,000, which is actually an entry-level product in some regions of the country).

$350,000 to $400,000

The start of the luxury market in Prosper, Texas. There are 13 homes available in the MLS in this range right now. I would say that level of inventory is lean for the first quarter of 2010. But, I don't expect the numbers to stay this low. Prosper residential moves happen predominantly in the Spring and Summer months. From a selling perspective, there is no better time for you to list than right now if you are planning to sell in the $350k-400k price range. You have what is likely to be the lowest level of competition that you'll see all year long.

$400,000 to $499,999

Now, the market really gets into true luxury homes. These homes tend to be at least 4 bedrooms, at or above 3,500 square feet of living space, .30 acres of land, 3-car garage, and have study and gameroom, and possibly media room. In most cases, the level of finish-out in these homes is more upgraded than the builder basic options. And, the owners of these properties know that they are holding the keys to the most popular price point in Prosper, TX. There are currently 23 homes available in this price point. Neither lean nor saturated, this price point is balanced. Just enough offerings to conduct a tour of each home in under two days. It's very likely that any buyer in this price point may find just the home they imagined.

$500,000 to $599,999

With offerings of only 15 homes at the current time, the $500,000 to $599,999 price point in Prosper, TX is actually quite lean. This is the price point that hold the most opportunity through new build for those buyers who can wait 5-6 months. This buyer likes to put their own custom touches on a home and leans pretty heavily toward new construction. However, for those who don't like to wait, the resale opportunities will be much to their liking - upgrades, beautiful neighborhoods, post-2000 construction, nice yards, some acreage opportunities, etc... What isn't to like? There is a good balance between the resale and new in this price point, and I predict that both builders and owners will reap the benefits pretty equally.

$600,000 to $699,999

With only 5 homes in the MLS being offered in this price point, the competition is fierce. These 5 resale homes are competing with new construction over what may only be one to two buyers. The homes have to be unique in this price point, or they start to feel over-priced. Prosper, TX is filled with beautiful, brick, post-2000 built homes on .25 or more acres. Most of them have 3-car garages. The homes in the MLS above $600,000 need to have something going for them above and beyond the norm to draw in the buyer. A little more acreage. Maybe a 4th garage space. Possibly an outdoor kitchen. The home has to grab the buyer, or they're going to go build their home.

$700,000 to $799,999

There is a huge difference between what the $700k's buy you in Prosper than what they buy you anywhere else in Collin County, TX. Prosper's $700k market typically comes with at least an acre of land. There will be uniqueness to the homes, which aren't typically the first home an owner has ever built. There are only 9 homes available in this price point, all of which can be toured in a single home showing appointment. So, the direct comparisons will be made quickly. The owners in this price point come with ideas to make their home suit their personality. The homes I visit and list in the $700k's in Prosper, TX can best be described as having a casual elegance. Lots of wall space for artwork, sculpture, and other collections is typical. Outdoor living amenities are more prevalent. Garage - attached or detached - with even more bays (some 4, 5, 6, or more). The land and space between the neighbors is a big difference in this price point. More landscaping, strategically places for privacy, is also common.

$800,000 to $1,000,000

The 8 homes in this price range will usually be toured together. The buyer isn't usually as concerned with the price of the home as they are with finding the RIGHT home. In many cases, this buyer will lean toward resale, to not have the inconvenience of waiting for a build job. If they can get 80% or more of what they want from a resale home, they'll just buy it and contract for the other 20% of the amenities they want to be constructed. It is very common to have additional showings after the initial tour, so that the interior designer or the building contractor can come through to give their thoughts. This buyer knows what they want, and is the most likely to turn around within the first five steps inside the home and stop the tour. If they cannot see the potential to make the floorplan fit their needs, they don't typically waste their time touring the rest of the house just to see it. Not a lot of gray area with this buyer.

Over $1,000,000 in Prosper, TX

7 homes are offered in the MLS today, along with dozens of custom build jobs. The most customized, the most inclusive of the original owner's personality and style, and the most aware of their own price placement in the community. If they feel their home is worth $6.5 million and not comparable to a home priced at $2.1 million, they have the reasons why at-the-ready. More likely to have been involved with every aspect of the building of their custom home, this owner gives a better tour of their home than any real estate agent. It's very likely that we ask the owner to take charge and give the tour to the prospective buyer. And, they love to talk about their house. It was a labor of love. They want the RIGHT buyer for their home. They know their buyer can have their pick of custom builders, and they know there are specific reasons why the buyer may be more interested in buying resale. I encourage open communication between these sellers and buyers. They can typically create their own gain:gain. I end up as note-taker and offer drafter of what end up being very equitable contracts. Sometimes, it's an agent's job to know when we're better off getting out of the parties' way and letting them help to create the deal that works best for them.

I hope you found my recap of Prosper's luxury market helpful. There may be 81 total homes available that are classified as 'fine homes', but there isn't a way to lump them all into one category and treat them the same.

Have a blessed day!

Ronda

There's been a lot written about our little hamlet of Prosper, TX. Much of it has focused on our average home price being somewhere in the mid-$300k's. That leaves buyers with the impression that we don't have an affordable entry-point, and some buyers who might want to live in our area shy away without a look. It's a shame, because, although limited, the homes in our entry-level price points start as low as $129,900, which is a typical Dallas/Fort Worth suburban home price.

There are currently 13 homes under $188,000 in the North Texas MLS, but they range in style and size quite dramatically. This creates an environment where there is something for everybody:

1970's and 1980's resale homes - with only about 1500sf of living space in these 3-bedroom homes, but with suprisingly large .40 acre lots.

1990's resale homes - we've only got one right now, but it's going to be a quick sale. It's an 1800sf home on 1.5 acres, and it's listed at $185,000. Seriously? An acre and a half of land in the middle of Prosper, Texas for $185,000!! That's a steal!

2000-2008 resale homes - in the master-planned community of Artesia. This was a Centex development until it was sold off last year. Unfortunately, it was such an attractive community that it was demanded in the multi-state, multi-community sale. New development has not begun this year in Artesia, so that brings all buyers in this price point of home to the resale offerings.

2009 new construction - Yep - new construction in Prosper, TX below $200,000! Glenbrooke Estates is a new community on the Prosper/Aubrey border between Hwy 380 and First Street. Prices begin in the $140,000's.

So, no more comments like 'I'd love to live in Prosper, but I just cannot afford it". Don't assume. Just ask.

Have a blessed day!

Ronda

When you move into a new home, it's just presumed that you know to check the website of the town if there is something amiss on your street. The builder doesn't tell you what to do about that when they do their walk-thru on your new home. And, it's easy to miss at resale.

In Prosper, TX before the street light burns out, it begins to blink on and off. It isn't a fast blink. The light will go out, and then it will start up again slowly. After a few weeks to a month, that light is likely to go out for good.

The street light across the street from my own home in Prosper just went out, so I had to research this for myself. I thought I'd share the information with you, so you know exactly what to do when the lights on your street need replacing.

On the website for the Town of Prosper, http://www.prospertx.gov there is a link to Public Works. That link advises that you can fax a request to the Public Works Department to replace a street light that has burned out. The fax number is 972-347-3579.

Be on the lookout for burnt-out bulbs in our community. If you see one, turn it in and keep our Town properly lit.

Have a blessed day!

Ronda