McKinney July 2021

MCKINNEY EDITION

2021 R E A L E S T A T E E D I T I O N

ONLINE AT

VOLUME 7, ISSUE 4 ! JULY 19 " AUG. 22, 2021

McKinney supply for homes not meeting demand

Buildout BOOMING The city of McKinney reported a total of 991

75 5

BY MATT PAYNE

active construction permits so far this year. In 2020, there were 1,548.

380

IMPACTS

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A limited home supply and red-hot demand over the past year have led to an imbalanced housing market in McKinney and elsewhere in North Texas with no signs of slowing down, according to local real estate professionals. Local sources believe factors behind this market dynamic include a prepandemic interest in the Dallas-Fort Worth region that was exacerbated by the global health crisis. The nationwide shortage of build- ing supplies and buyer-friendly ! nancing options have also heavily a " ected McKin- ney real estate, sources said. Realtor Christine Hogan with The CONTINUED ON 16

VIRGINIA PKWY.

REAL ESTATE EDITION 2021 SPONSORED BY • Trinity Falls

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Active construction key:

Single family Single attached family

SRT TOLL

N

As of July 6

PERMIT PROGRESSION

3K

2.5K 2K 1.5K 1K 500 0

SOURCE: CITY OF MCKINNEY ! COMMUNITY IMPACT NEWSPAPER construction already rival permits issued in 2020. Permits issued so far this year for single-family

SNAPSHOT

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2017 2018 2019 2020 2021

JOB LISTINGS

Newmural to join growing collection in public spaces

EMPLOYMENT

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BY MIRANDA JAIMES

Recognizing the arts as a way to enhance the community, the city of McKinney is looking to install a vast new mural on its downtown silos. It will add to the number of murals cur- rently in the city. The city has tapped Australian art- ist Guido van Helten to create a mural on the silos and grain elevator on CONTINUED ON 18

LOUISIANA ST.

A newmural east of Hwy. 5 is coming to McKinney, adding to the number of murals McKinney currently has, including this one on Guava Tree Cuban Cafe & Cantina. (Miranda Jaimes/Community Impact Newspaper)

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MCKINNEY EDITION • JULY 2021

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Owners John and Jennifer Garrett launched the ! rst edition of Community Impact Newspaper in 2005 with three full-time employees covering Round Rock and P " ugerville, Texas. We have expanded our operations to include hundreds of employees, our own printing operation and over 30 hyperlocal editions across three states. Our circulation is over 2 million residential mailboxes, and it grows each month with new residents and developments.

HIGHLIGHTS FROMTHISMONTH

FROMVICKI: Read about how the unemployment rate has changed in the past year (see Page 23) as well as which industries have job openings. We are also piloting a new Job Listings section in an e # ort to connect local employers and job seekers (see Page 22). You can share feedback or interest by emailing me at vchen@communityimpact.com. Vicki Chen, GENERALMANAGER

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FROMMIRANDA: In this issue, we explore the super- hot real estate market we ! nd ourselves in. This edition is full of useful information, such as the front-page story that examines contributing factors to today’s real estate climate and how long experts predict McKinney will see this sort of competition among buyers. We hope it’s informative for you. Miranda Jaimes, EDITOR

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MCKINNEY EDITION • JULY 2021

IMPACTS

Businesses that have recently opened or are coming soon, relocating or expanding

1

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E. LOUISIANA ST.

WALKER ST.

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LAMAR ST.

Atomic Mis ! ts

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LOGAN ST.

LOGAN ST.

LOGAN ST.

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HUNT ST.

10

MCKINNEY RANCH PKWY.

HERNDON ST.

STACY RD.

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E . V I R GI N I A S T .

W. VIRGINIA ST.

SRT TOLL

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Old Settler’s Aquatic Center

COLLIN MCKINNEY PKWY.

E . L O U I S I A N A S

COURTESY CITY OF MCKINNEY

W. LOUISIANA ST.

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way, McKinney. McKinney City Council approved plans for the store at its May 18 meeting. The shell building at this ad- dress will be converted with about 3,000 square feet going to the grocery section. The remaining 2,000 square feet will be allocated for the restaurant, which will serve Indian fusion cuisine such as chick- en tikka kati rolls, buttery chicken tikka burgers and paneer tacos. An estimated opening date was not announced. www.thedesidistrict.com 8 Mad for Chicken is preparing to open a new location at 216 W. Virginia St., Ste. 102, in downtown McKinney. Mad for Chicken will take the former space of Butcher Board. The restaurant will have its grand opening and o $ cially open to the public July 23. The Korean-inspired restaurant will serve soy-garlic fried chicken, sandwiches, quesadillas, bulgogi bowls and various other dishes. 972-372-0685. www.madforchicken.com 9 OsteoStrong is set to open in late summer at 5531 Virginia Parkway, Ste. 300, McKinney. The wellness center focuses on 5

TM; © 2021 COMMUNITY IMPACT NEWSPAPER CO. ALL RIGHTS RESERVED. MAP NOT TO SCALE N

NOWOPEN 1 Kustom Kulture boutique Atomic Mis- ! ts opened June 13 at 208 E. Virginia St. in downtown McKinney. The store features themed items and accessories that evoke rockabilly, punk, tattoo culture and pinup motifs and serves as a one-stop shop for alternative fashion. 469-907-1313. www.atomicmis ! tsboutique.com 2 Storming Crab held its grand opening in McKinney on June 19 at 2045 N. Cen- tral Expressway, Ste. 700, in the former Fuddruckers location. The restaurant o " ers Cajun boiled seafood that includes craw ! sh; shrimp; crab legs; and oys- ters with potatoes, corn and sausage. Storming Crab also has a full bar with handcrafted cocktails. 469-905-5888. https://mckinney.stormingcrab.us 3 The Fit Pelvis opened its ! rst brick- and-mortar facility May 1 at 101 W. Louisiana St., Ste. 205, McKinney. The Fit

Pelvis o " ers physical therapy and well- ness services, Dr. Katy Girlinghouse said. Services at the facility address pelvic pain and urinary, bowel and sexual concerns. 214-600-8168. www.the ! tpelvis.com REOPENINGS 4 After temporarily closing following damage from February’s winter storm, Old Settler’s Aquatic Center at 1101 E. Louisiana St., McKinney, reopened July 1. Damage from the winter storm has been repaired, and the pool is operating with a full sta " and under normal hours, per a city news release. 972-542-2516. www.mckinneytexas.org /609/old-settlers-aquatic-center 5 After closing in January due to a ! re on New Year’s Eve, Hutchins BBQ in McK- inney is looking to reopen in August. The restaurant, located at 1301 N. Tennessee St., sells barbecue and sides as well as

smoked meats. 972-548-2629. www.hutchinsbbq.com

6 After sustaining damage from the winter storm in February and closing a large part of the facility for nearly four months, McKinney Family YMCA held a grand reopening June 14. The facility had been closed since February to complete repairs and renovations. Crews have replaced most surfaces in the building from # oors to ceilings, according to a McKinney Family YMCA news release. New exercise equipment was also brought in, and spaces for group exercise classes were renovated. McKinney Family YMCA is located at 300 Ridge Road, McKinney. 972-529-2559. www.ymcadallas.org/locations/mckinney COMING SOON 7 Desi District , a high-end grocery store and restaurant, is planning to open a location at 5400 Collin McKinney Park-

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Roll On In had its soft opening May 11 in McKinney. (Courtesy Roll On In)

FEATURED IMPACT NOWOPEN Two new businesses, sushi restaurant Roll On In and Buzzed Bell Creamery, are now open at 7001 S. Custer Road, McKinney. Roll On In had its soft opening May 11, and Buzzed Bell Creamery opened June 22. Roll On In o ! ers a menu that includes sushi burritos and bowls as well as appetizers such as pork dumplings. 214-892-5257. www.rollonin.com. Buzzed Bell Creamery uses liquid nitrogen to serve ice cream and shakes and o ! ers an espresso bar with

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strengthening bones, muscular strength and balance through technology while reducing joint and back pain. Treatments are personalized for members and can be catered toward athletes, those with osteo- porosis or anyone wanting to improve their bone health. 469-625-2900. www.osteostrong.me 10 A studio specializing in running and walking classes is set to open at 3935 S. Lake Forest Drive, Ste. 105, McKinney. Stride’s classes will cater to all ages and ! tness levels and aim to reinvent the de ! - nition of a runner through strategically de- signed programs taken at the client’s pace. Stride expects to open to the public July 31, though the studio is accepting member- ships now for preopening discounts and early access to the studio. 469-815-7812. www.runwithstride.com/location/mckinney RELOCATIONS 11 Tarot & Tea held a grand opening June 11 for its new o $ ce at 6130 Alma Road, Ste. 4, McKinney. Tarot & Tea is a metaphysical shop o " ering psychic readings, crystals, candles, oils and metaphysical supplies. The business was

previously located inside Frisco’s Stone- briar Centre mall. 214-938-3127. www.tarottea.co NAME CHANGES 12 Global Innovation Platform, an en- ergy, microgrid and sensor tech company, announced it has changed its name to EnXchange e " ective June 14. The com- pany is located at 400 W. Virginia St. in McKinney and produces sensor technol- ogy that collects and analyzes building management system data to produce insights across energy, air quality and occupancy metrics. www.enxchange.io IN THE NEWS 13 Visit McKinney debuted a new web- site in mid-June after soft launching its new branding, according to a Visit McKinney news release. The new branding will be featured on Visit McKinney products, social media accounts, videos and the organiza- tion’s weekly newsletter. The organization’s Visitors Center is located at 200 W. Virginia St., in downtown McKinney. 214-544-1407. www.visitmckinney.com

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MCKINNEY EDITION • JULY 2021

TO " DO LIST

July & August

COMPILED BY BROOKLYNN COOPER AND KAUSHIKI ROY

LIBRARY EVENTS JULY 20 So You Think You Can Draw John and Judy Gay Library is hosting a recurring event for elementary children on July 20 and 27 and Aug. 3. This program will help children learn drawing techniques. All skill levels are welcome. Free. 4 p.m. 6861 Eldorado Parkway. 972-547-7323. https://mckinneytexas.org/2057/ calendar-programs AUGUST 11 True Crime Book Club John and Judy Gay Library presents the True Crime Book Club. This event will be online via Zoom. Free. 7-8 p.m. 6861 Eldorado Parkway. 972-547-7323. https://mckinneytexas.org 11 Reluctant Cook Designed for adults who dislike cooking, this workshop at the John and Judy Gay Library will teach attendees how to cook quick meals. Free (registration required). 4-5 p.m. 6861 Eldorado Parkway. 972 ! 547 ! 7323. https://mckinney texas.org/2057/Calendar-Programs

JULY 20 TRIVIANIGHT

McKinney residents age 21 and up can put their knowledge to the test at this BYOB event on the patio of the Recreation Center at Towne Lake. $10 per team. 6-8 p.m. 2001 S. Central Expressway, McKinney. 972-547-2690. www.mckinneytexas.org/578/ Activity-Guides 25 LIVEMUSIC SESSION The Celt Irish Pub will host its free Live Music Session from 3-6 p.m. The theme will be traditional Irish music. Drinks and food will be available for purchase. 100 N. Tennessee St., McKinney. 972-562-2929. www.theceltmckinney.com AUGUST 03 MCKINNEY ISDNEWTEACHER BREAKFAST The McKinney Chamber of Commerce is inviting members to join the chamber as it hosts a breakfast to welcome new faculty and sta ! , as well as celebrate principals and teachers of the year. Superintendent Rick McDaniel will provide updates for the upcoming school year. Those interested in providing goody

AUG 02

BLOOD DRIVE MEDICAL CITY MCKINNEY

The American Red Cross will host a blood drive at Medical City McKinney in order to help the shortages of blood for hospital patients. Free. 9:30 a.m.-3 p.m. 4500 Medical Center Drive. 972-547-8000. www.medicalcityhealthcare.com (Courtesy Red Cross)

person. Noon-7 p.m. 202 S. Chestnut St., McKinney. 318-527-9221. www.mckinneysipandstroll.com 12 LUNCH BUNCH TRIP A traveling group for senior citizens will visit Hutchins Barbeque for its monthly Lunch Bunch trip. $5 for members, $10 for nonmembers (register by Aug. 10). 10:30 a.m.-3 p.m. 1301 N. Tennessee St., McKinney. www.mckinneytexas.org/ DocumentCenter/View/27362/Trip-Flye

bags for the event can sign up online by July 30. 7-9:30 a.m. Registration is free. McKinney High School, 1400 Wilson Creek Parkway, McKinney. 972-542-0163. www.mckinneychamber.com/events 07 SIPS OF SUMMER Presented by the Luxe Premier Realty Group, Sips of Summer will feature a walk through downtown McKinney with 20 di ! erent beverage stops. The beverages will include margaritas, craft beer and summer spritzers. $30 per

Find more or submit McKinney events at communityimpact.com/event-calendar. Event organizers can submit local events online to be considered for the print edition. Submitting details for consideration does not guarantee publication.

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2 Virginia Parkway widening Crews will construct additional vehicle lanes along Virginia Parkway from just west of Custer Road to Virginia Parklands Boulevard. Work includes construction of right turn lanes at Custer Road for both directions, westbound Cranberry Lane, westbound Virginia Parklands Boule- vard, and westbound St. Gabriel Way. Construction began in early July and is expected to be completed by next spring. Due to the signi " cant number of trees in the existing median a # ected by this construction, a total of 189 new trees will be planted as part of the project using the city’s reforestation fund. During con- struction, drivers should proceed through the work area with caution and expect longer than usual delays through the end of construction, Ataie said. Timeline: July 2021-spring 2022 Cost: $3 million Funding source: city of McKinney 3 Ridge Road extension This project will construct a new mas- ter-planned segment of Ridge Road from US 380 to Wilmeth Road as a four- lane divided roadway. Work includes a gateway bridge over Wilson Creek and a multilane roundabout at the intersection of Ridge Road and Wilmeth Road. The roundabout intersection will provide a long-term bene " t to intersection safety as well as reduce travel delays during non-peak hours, Ataie said. Construction of these improvements will start in late July and will have a very limited e # ect to adjacent roadways with the most signif- icant e # ects at Wilmeth Road and Ridge Road beginning late this summer as the roundabout construction begins, Ataie said. Construction will be completed in two phases—with Phase 1 connecting Auburn Hills Parkway to Wilmeth Road— and is estimated to be completed in early 2022. Phase 2 will connect US 380 to Auburn Hills Parkway and is estimated to be completed by late 2022. Timeline: July 2021-late 2022 (both phases) Cost: $18 million Funding source: city of McKinney OUISIANA ST. 75

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1 Stacy Road widening Crews are working to widen Stacy Road between Custer Road and Ridge Road. Stacy will be widened with an additional vehicle travel lane in each direction along this area. Work includes intersection improvements and a new tra ! c signal at McKinney Ranch Parkway. Construction has been underway since November with immediate focus on the areas east of Alma Drive in anticipation on completing those improvements prior to the start of the 2021-22 school year. Work through the summer will include paving of the new travel lanes with intermittent lane closures adjacent to work areas. Drivers should proceed through the work area with caution and expect longer than usual delays through the end of the proj- ect, McKinney’s Capital Improvements Manager Nick Ataie said. Timeline: November 2020-late summer 2021 Cost: $6 million Funding source: city of McKinney

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ALL INFORMATION ON THIS PAGE WAS UPDATED AS OF JULY 1. NEWS OR QUESTIONS ABOUT THESE OR OTHER LOCAL TRANSPORTATION PROJECTS? EMAIL US AT MCKNEWS $ COMMUNITYIMPACT.COM.

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MCKINNEY EDITION • JULY 2021

PARKUPDATE

C E L E B R A T I N G O V E R 3 0 Y E A R S I N T E X A S

Historical structures atMyers Park—like this con ! nement building and granary—are set to be restored as part of a reconstruction e " ort. (Matt Payne/Community Impact Newspaper)

$750K to address foundation, structure failures atMyers Park

BY MATT PAYNE

Park—the con ! nement building and granary—are set to see restorations as part of the e " ort. In addition, two sections of road at the park will be converted to concrete. Judy Moody, Myers Park manager, said the projects will help preserve the aesthetics and safety of the complex. “We are in need of some buildings gaining some new lease on life,” Moody said. “And those were the major projects we put up that are de ! nitely in dire need.” The park sits on more than 158 acres and has seven di " erent facil- ities. Moody said Myers Park hosts about 35 to 40 events each month. Some structures in Myers Park date back to the late ‘60s, Moody said. The center was originally created as the Collin County Youth Park in 1969, according to the county website, and acreage was donated by John and Winnie Myers. “They’re old facilities, and so it’s just time that they need some atten- tion,” Moody said. “We’re thrilled to be able to see these facilities get new life to keep on what we’re doing.”

Money left over from completed projects in Collin County will help preserve aging facilities at Myers Park & Event Center in McKinney. County commissioners on May 17 approved a total of $750,000 to fund partial reconstructions and resto- rations. The aid, which comes from the county’s Parks and Open Space bonds, is a culmination of unused funds from county projects in 2007 that are now completed, according to county documents. “Some of the buildings have seri- ous foundation or structure failures,” a memo to commissioners from Clarence Daugherty, Collin County director of engineering, reads. “Fail- ures have reached a critical state.” The park is located north of FM 1461 and south of CR 168. Work at Myers Park will include foundation investigations and partial reconstruc- tions at the show barn and stall barn. The park’s amphitheater will also see a facelift to address a separating staircase and restroom foundation issues. Historical structures at Myers Myers Park&Event Center 7117 CR 166, McKinney 972-548-4100

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News fromMcKinney

COMPILED BY MIRANDA JAIMES

CITY HIGHLIGHT MCKINNEY A new tax credit, workforce housing multifamily project is looking at developing in the city. The property would be at the northeast corner of Wilmeth Road and Community Drive. About 10 acres of land at this site were already zoned for multifamily uses; however, at the June 15 City Council meeting, the applicant requested that about two more acres be brought in as part of the development, for a total of about 12 acres. On behalf of the applicant, Bob Roeder said his client is intending to obtain tax credits, saving the project money which will, in turn, be passed on through reduced rents. About 240 units would be available starting from about $900. Collin County Commissioners Court Meets July 19, 26, Aug. 2, 9 and 16 at 1:30 p.m. www.collincountytx.gov McKinney City Council Meets July 20 and Aug. 3 at 6 p.m. www.mckinneytexas.org McKinney ISD MEETINGSWE COVER

Steps examined to rename two city streets MCKINNEY City Council heard a presentation from sta ! about the potential steps to rename Throck- morton Street and Throckmorton Place on the east side of the city. In July 2020, the Throckmorton Statue Advisory board was assem- bled to examine the potential removal of the Throckmorton statue. The statue is located in front of the McKinney Performing Arts Center. Throckmorton served in the Confederate Army during the Civil War, and a number of residents asked for the statue’s removal. While the statue remains in place, the renaming of Throckmorton Street and Throckmorton Place was identi " ed by the board as an item for further discussion. Sta ! noted that street renaming can be bene " cial, but does present challenges to a ! ected parties.

City studies e ! ects of emission regulations MCKINNEY The city is conducting a study of emissions regulations for a potential commercial kitchen, or ghost kitchen, that sought permission to rezone land at Craig Ranch. The study was approved June 22 at the McKinney City Council meeting. The ghost kitchen would be located at CollinMcKinney Parkway and Piper Glen Road. Ghost kitchens operate with several kitchens, but only for to-go or delivery orders. Resident concerns cited that it was an inappro- priate use for that area, and the noise and pollution would pose a health and safety risk. Sta ! will present study " ndings to council at the July 20meeting.

LOCATIONS ALONG THE THROCKMORTONSTREETS residential properties 40 commercial and multifamily properties 23

historically signi ! cant places 2

5

THROCKMORTON PL.

380

THROCKMORTON ST.

N

SOURCE: CITY OF MCKINNEY ! COMMUNITY IMPACT NEWSPAPER

Residents would be responsible for some of the costs that come with renaming the streets, such as updating car registration, utility and insurance information. Financial e ! ects to businesses are similar. Sta ! said they will engage the public to inform and seek feedback from residents, businesses and property owners along the two Throckmorton streets.

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MCKINNEY EDITION • JULY 2021

2021 R E A L E S T A T E E D I T I O N

COMMUNITY IMPACT NEWSPAPER IS PROUD TO SAY THANK YOU TO OUR SPONSOR

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COMPILED BY MATT PAYNE

MARKET AT AGLANCE This year, homes are spending fewer days on the market and increasing in price. The 75071 ZIP code in McKinney had the highest number of homes sold, but the 75072 ZIP code had the highest percentage increase in homes sold.

MCKINNEY

75071

75070

75069

380

75

75070

75072

75069

75071

75072

SOURCES: COLLIN COUNTY ASSOCIATION OF REALTORS ! COMMUNITY IMPACT NEWSPAPER

121 TOLL

N

AVERAGE DAYS ON THEMARKET

June 2019-May 2020 June 2020-May 2021 AVERAGE HOME SALES PRICE

NUMBER OF HOMES SOLD June 2019-May 2020 June 2020-May 2021

June 2019-May 2020 June 2020-May 2021

1,427

1,705

+19.69% $259,000 $310,500

+10.3% $324,667 $358,118

75069

1,006

1,227

-22%

50

39

1,020

1,126

75070

-44.12%

68

38

75071

+14.93% $335,000 $385,000

+11.43% $349,990 $390,000

255

310

-48.72%

78

40

75072

+21.57%

+10.39%

+19.48%

+21.97%

-51.79%

56

27

75069

75070

75071

75072

12

COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

CLOSE ! UP

2 0 2 1 R E A L E S T A T E E D I T I O N

The CottonGroves With streets and lights installed, a shipping container community called The Cotton Groves, located at the corner of Bumpas and Fitzhugh streets in McKinney, is gearing up to begin work on its ! rst homes. Once complete, the 2.75-acre neighborhood will o " er 35 units for qualifying low- to moderate-income fami- lies to purchase. The Cotton Groves project is backed by Habitat for Humanity of Collin County and aims to o " er a way for people to become homeowners and build equity, CEO Celeste Cox said. Once the project receives all the sign-o " s it needs, Cox said the 35 townhomes will be built in 18 months with the ! rst few of the homes beginning construction in July or August. The townhomes will feature three- and four-bedroom # oor plans, each with a covered carport and a large patio or deck. Habitat for Humanity of Collin County is still rais- ing money for the neighborhood’s playground with $100,000 left to raise, Cox said. Applications will also open Aug. 1 for families who are interested in living in the neighborhood, she said. So far, six families have been approved, leaving 29 available homes. 1 The three-bedroom # oor plan has space for a large deck on the second # oor. 2 The living room in the model home is supplied with furniture from the McKinney ReStore. 3 Habitat for Humanity made use of the space under the stairs by placing kitchen storage there. BY MIRANDA JAIMES

1

2

$ PHOTOS BY MIRANDA JAIMES % COMMUNITY IMPACT NEWSPAPER &

The CottonGroves Southeast corner of Bumpas and Fitzhugh streets 972-542-5300 www.thecottongroves.com Home values: appraised at $228,000-$238,000 Square footage: 1,280-1,480

3

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FITZHUGH ST.

KINGS ROW

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MCKINNEY EDITION • JULY 2021

GUIDE

Local businesses o ! er home improvement tips

2 0 2 1 R E A L E S T A T E E D I T I O N

HOME IMPROVEMENT COMPILED BY MIRANDA JAIMES

ASKA REALTOR FOR SA L E

Homes are selling fast in McKinney, but there are some things both buyers and sellers should keep in mind. Kelly Rudiger of Coldwell Banker Apex Realtors in McKinney o ! ered some tips to those entering the market as well as some insights into how the market stands out from other major U.S. cities and metro areas.

ARE YOU MONITORING ANY TRENDS THAT MIGHT SURPRISE PEOPLE? What we’ve seen a lot of in the past year is people putting pools in, people having kitchen upgrades because they’re cooking more at home and doing a lot of upgrades to their homes. We’re seeing homes that have wonderful manicured backyards, because people are at home, and people have expendable money because people didn’t go on vacation. Then they had all this extra stimulus money they didn’t know what to do with and didn’t expect. So we’ve seen a lot of home improvement.

doing: They’re moving into their second home that’s maybe smaller or a little bit farther from work or that was their rental, but they’re selling and cashing in on the equity that they can now get and the home market right now. HAS THE WORKING FROM HOME TREND AFFECTED FLOOR PLANS? I think, one, people have better utilized the space that they have. They might have changed that dining room that they never used into a second o $ ce area. So I think people have been much more creative. … So I think people know when they’re looking at homes there is much more demand for either a second guest room or a second o $ ce.

WHAT ARE THE MAIN THINGS PEOPLE WHO ARE LOOKING TO BUY A HOME NEED TO KNOW? They have to come in fully prepared. They have to be pre-approved for a loan, not just prequali " ed—they have to be ready to go. Many lenders will fully approve them … so if you go through the whole system and you get approved, then you can get in there and say, ‘I am as good as your cash buyer,’ because that’s where buyers are losing out is the time it takes to close a loan. So if you already show that you’ve gone through all of the processes and you’re fully approved … you’re already putting yourself ahead of the game. WHAT IS THE ONE CRUCIAL TIP YOU WOULD GIVE TO SOMEONE LOOKING TO SELL THEIR HOME? Do not overprice your home; people are now listing at in # ated prices. And it’s throwing everything out of keel. There’s still a market value for your home. Now if someone is willing to come in and pay more, go for it. But if you already market

your home above what it’s worth, you’re going to sell yourself short. IS THERE ANYTHING ABOUT THE MCKINNEY REAL ESTATE MARKET THAT MAKES IT STAND OUT FROM OTHER CITIES? I think McKinney is being hit the worst with inventory. Our inventory is less than a month. In other areas the frenzy is crazy and so forth, but out of all of the di ! erent areas in our county, McKinney being down to less than a month’s inventory for the last two, almost three months has really had an impact. HOW IS THE MARKET COMPLICATING THINGS FOR SELLERS? We have people who never thought about selling who are throwing their homes on the market because of the price. The problem is, where do you go? Unless you’re downsizing, moving out of McKinney or North Texas, the money you make from your house is going to have to go into your next home, which is also in # ated. That’s what people are

Kelly Rudiger Realtor Coldwell Banker Apex Realtors

7920 Virginia Parkway, Ste. 2400, McKinney 858-354-1742 www.kellyrudiger.com

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

REAL ESTATE

Snapshot of the market

COMPILED BY MATT PAYNE

MARKET DATA FORMAY

HOMES SOLD ! AVERAGE DAYS ON THEMARKET BY PRICE 75069 75070

HOMES ON THE MARKET BY CITY 2020

MCKINNEY

75071

75072

75071

2021

380

$900,000+

1/1

2/4

-

1/1

810 286 773 257 602 243 312 103

75072

McKinney

75069

$800,000-$899,999

1/1

-

3/25

-

DNT

75070

$700,000-$799,999

-

2/74

5/40

8/4

FRISCO

Frisco

SRT TOLL

$600,000-$699,999

1/124

5/9

9/20

5/3

ALLEN

$500,000-$599,999

1/20

10/21

31/28

10/7

75

Plano

PLANO

$400,000-$499,999

5/17

19/7

41/15

28/5

$300,000-$399,999

12/28

44/15

42/8

38/8

Allen

PGBT TOLL

N

$200,000-$299,999

11/10

15/10

17/4

9/11

$199,999 or less

2/40

-

-

-

NUMBER OF NEWLISTINGS 2020

NUMBER OF HOMES UNDER CONTRACT 2020 2021

MEDIAN PRICE OF HOMES SOLD WITHYEAR ! OVER ! YEARPERCENTAGE CHANGE

2020 2021

2021

75069

75070

75071

75072

72 71 123 91 198 151 153 124

69 53 104 82 170 144 119 115

$600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $0

75069

75069

+28.4%

+22.2%

75070

75070

+26.1%%

+25.1%

75071

75071

75072

75072

PERCENT OF ASKING PRICE RECEIVED

2020 2021

WITHYEAR ! OVER ! YEARCHANGE

MCKINNEYMARKET DATA

75069

75070

75071

75072

Average days on the market 13 Percent of original price received 106.5% New listings 409

Homes on the market 286 Median sales price $429,843 Homes under contract 366

108% 106% 104% 102% 99% 97% 95% 110%

+11.4

+9.5

+8.5

+7.3

0% MARKET DATA PROVIDED BY COLLIN COUNTY ASSOCIATION OF REALTORS, COURTESY OF NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS, NTREIS TRENDS © 2021 SHOWINGTIME ! COMMUNITY IMPACT NEWSPAPER

6DWLVƓHGZLWK\RXU +2$PDQDJHPHQW"

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15

MCKINNEY EDITION • JULY 2021

CONTINUED FROM 1 Christine Hogan Group in McKinney said the housing shortage is not new— COVID-19 just ampli ! ed it. “Many people do not realize that there has been a shortage of new-build homes since our last recession, and then when COVID-19 hit, it became not just a problem, but a crisis,” Hogan said. “New homebuilders will not catch up for several years.” Heightened interest Homebuyers looking to move to McKinney are drawn by quality schools, the historic downtown dis- trict and parks and trails, said Debra Brown, principal and Realtor with the Deb Brown Group in McKinney. “Although McKinney’s population has increased rapidly, it is still a city with charm,” she said. “Relocated buyers tell me regularly how they felt this was the place for them once they drove around McKinney.” Brown said ! rst-time homebuyers with little money for a down payment have a di " cult time competing with cash buyers and those able to make a large down payment. Numbers from the Collin County Association of Realtors re # ect the

Dallas-Fort Worth area builders this past year have seen skyrocketing costs for construction materials. materials PRECIOUS

Receding RATES

The 30-year mortgage rate in Texas has tumbled to historic lows in recent years. Buyers eager to settle into an already- hot housing market in McKinney see this as an added incentive.

Average dollar-amount per square- foot (residential construction):

0 1 2 3 4 5 6 7

SOURCE: RESIDENTIAL STRATEGIES, INC. ! COMMUNITY IMPACT NEWSPAPER

$84.55 $71.76

April 2020 April 2021

+17.8%

SOURCE: RESIDENTIAL STRATEGIES INC. ! COMMUNITY IMPACT NEWSPAPER

0.9 months supply of homes for sale in May. A market is considered balanced when there is a six-month supply of homes for sale. Hogan called the hous- ing market a seller’s market due to imbalanced supply and demand, and believes the housing shortage will con- tinue inde ! nitely. Robert Ditthardt, vice president of the Trinity Falls housing development by Johnson Development Corp. in northern McKinney, said there is not enough space to build for all prospec- tive buyers. Ditthardt predicted sales would go up by at least 10% if the com- pany could obtain more lots.

Housing market accelerates as 30-year rate drops under 3%

heightened interest not just in McK- inney but in the county overall. CCAR reported county homes in May remained on the market for 67.9% less time than last year and sold for 105.7% of their original list price on average. The median sales price of $437,650 in May is 26.9%more than the year prior.

“Buyers’ agents are sometimes writ- ing numerous o $ ers before getting one accepted,” Brown said. Sellers are seeing high pro ! t from their sold homes, but Brown added that some pro ! t is lost if they seek a new home. For Collin County, CCAR reported

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The Mckinney population has increased 10.4% since 2017, and home values have increased 8.54%.

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Median home value (in dollars) Population

100K 200K 300K 400K 500K 0

$352,358

198,507

WWW.COMMUNITYGARDENKITCHEN.ORG Visit them online to learn more or get involved by donating time or resources.

2019

2020

2017

2018

SOURCE: CITY OF MCKINNEY ! COMMUNITY IMPACT NEWSPAPER

“We have not been able to meet demand,” Ditthardt said. “In conversa- tions with our builders, I’ve heard on a number of occasions that this is some- thing they’ve never seen in their 30 or 40 years in the business.” More buyers these days seek out new houses within master-planned communities, Ditthardt said. In Trinity Falls, the neighborhood’s open space that is complemented by scenic hike- and-bike trails are main draws. “Builders have and still do have a large appetite to develop lots,” Dit- thardt said. “The demographics here in DFW just continue to support strong Ditthardt said he believes high demand will continue to be driven by a historically low 30-year mortgage rate in Texas. Predating the pandemic, the plum- meted mortgage rate has been the most signi ! cant factor to heightened demand, according to Dallas-based research ! rm Residential Strategies Inc. The rate in Texas is 2.98%, the ! rst-quarter report from RSI reads, down from just under 5% in 2019. Ditthardt said themortgage rate is an added appeal and allows for more ! rst- time homebuyers to acquire loans. “As long as interest rates remain his- torically low, most people are expect- ing this to continue for another couple of years,” he said. housing demand.” Added incentives In addition to the lowmortgage rate, Jim Gaines, an economist at the Texas Real Estate Research Center, said per- sistent migration to North Texas will help protect from home value de # a- tion in the local market. Gaines anticipates a leveling o $ in prices, but said when it will happen is unclear. “No one expects the rate of increases

that we’ve seen the past year to sustain for much longer,” Gaines said. Moreover, because of more conser- vative and sound lending principles by lenders than compared to the Great Recession, Gaines said there is less chance of a wave of foreclosures. “We don’t think that’s what’s hap- pening today,” Gaines said. Amisalignedmarket Phil Crone, director of the Dallas Builders Association, seeks to advo- cate, educate and communicate on behalf of the builders, remodel- ers and Realtors who comprise his organization. Crone said the market is de ! ned by lost business for both homebuilders and buyers. Supply chain shortages in lumber, semiconductor chips and metals have led to massive price hikes and delays in building, according to the National Association of Home Builders. Crone added that many families are left on the sidelines as average home prices have gone through the roof. “Builders want to build every home that’s being demanded out there, and the more these prices go up, the fewer people have that opportunity,” Crone said. Residents value upgraded dwellings more because of the pandemic, Hogan said, leading to a # ood of new North Texans. “Home became more essential than ever,” Crone said. “Everybody realized that, like it or not, they’re going to be spending a lot more time there.” Steven Ryzewski contributed to this report.

MCKINNEY REALTOR SERVING THE COMMUNITY FOR OVER 15 YEARS

214.478.7543 Debra.Brown@Compass.com DebBrownGroup.com

For more information, visit communityimpact.com .

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MCKINNEY EDITION • JULY 2021

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