Nineteen homes have sold there in the past 6 months. The average sales price is $246,155. Average Days on Market (DOM) for these properties is 88 days. That's in line with the norm for the Dallas area. Of the 19 sales, only 2 were home owners, the rest were builder sales. It's very true what everyone's saying here about being in competition with the builder. I have a new home sales background and understand the dynamics of buying in a new home community extensively.
For one of the owner homes, they only discounted by about $1,500 on a $150,000 home and sold in 47 days. The other was around a $350,000 home and they discounted about $10,000 to sell it and sold it in 139 days. The builders have knocked down some of the prices by more than $30,000, so if you're considering moving to this community, you'll want to think about living there at least as long as the builders have built out the neighborhood. It's still holding at $125.59 per square foot.
Please take a look at my blog for some of the concerns other home buyers have run into when purchasing from a new home community. We would love to help you with your new home purchase in Frisco if you aren't already working with someone.
Steve and Mary's answer is right on target. When considering a home in any subdivision that is still developing, resale homes will always be competing with the builders. Builders are focused on cash flow and keeping their machine running so they will always undercut their own previous sales to stay in business during the tougher times.
You might consider Heritage Ranch in Fairview. Heritage Ranch is an active adult, 55+ community with a 24-hour guarded gate entrance, scenic ponds, wooded trails and natural creeks lined with century old trees. Heritage Ranch Golf Club, an Arthur Hills designed 18-hole championship golf course with rolling hills and a signature hole with a breathtaking natural limestone waterfall is the backdrop for this community. The 24,000 square foot luxury Country Club has an outdoor swimming pool, indoor pool with heated spa, 4 tennis courts, restaurant and lounge, business center, library, billiards, state of the art fitness center, arts and crafts room, performing arts theater and banquet facilities.
There are currently 25 homes on the market with prices ranging from the $159,000 to the $599,000. In looking at resale in the community, 25 homes have sold in the last six months. Homes averaged 165 days on the market in Heritage Ranch where the builders have closed out their construction. While the average days on the market is longer than the average of 146 for the entire Fairview area, it is more a reflection of the
limited number of buyers for an active adult community and current market conditions.