Making room From the cover
BY MICHAEL CROUCHLEY
What’s happening
The impact
What’s next
The gist
In April 2019, the median home sales price in Plano was $351,500 while 545 homes were listed on the market that month. The median sales price of a Plano home was up 56% to $549,000 in April 2022. This April, the median sale price remained stagnant at $550,000 while 417 new homes were listed on the market. Realtor Pamela Harrison said that while housing inventory is up across North Texas “in areas with lots of new construction like North Fort Worth, Aubrey or Princeton,” housing inventory in Plano is “tighter.” “In Plano, you’re buying location, schools and established neighborhoods—not just square footage,” she said. “Inventory is tighter, especially under $600K. Buyers may face more competition for updated homes in hot school zones.” Harrison said that interest rates currently hovering around 6.5%-7% have “priced some buyers out, reducing competition.” She added that homeowners who bought or refinanced at lower
Prior to redevelopment, Collin Creek Mall was a fully commercial property. The almost 500 single-family homes set for the development at the corner of Alma Drive and 15th Street when it is finished is indicative of “the new pattern” of downzoning to add housing options in Plano. An expansion of a townhome development at Haggard Farms, another mixed-use development set for the corner of Spring Creek Parkway and Windhaven Parkway, was approved by City Council in June, and adds additional housing to the more than 700 single- and multi-family units planned for the project. The city partnered with the developers at both projects to establish public improvement districts, which reallocate sales tax back to development costs. Plano Director of Special Projects Peter Braster said that PIDs, “help bring down the cost to the developer so that they can construct homes.” Day added that city staff work with developers
City officials are expecting further changes to Plano’s housing landscape as a result of the most recent Texas Legislative Session. Day said that Senate Bill 840 could have “a meaningful impact on the city’s land use policy.” The bill, which goes into effect on Sept. 1, “shall allow mixed-use residential use and development or multifamily residential use and development in a zoning classification that allows office, commercial, retail, warehouse.” “The bill allows multi-family housing by right in commercial areas,” Day said. “And it preempts the city’s ability to regulate density, parking height and lot coverage.” Day said that city officials are still assessing the impacts, and more information will be presented to the Planning and Zoning Commission and council on July 21 and 28, respectively.
Single-family units 500 965 250
Mixed-use development
Multi-family units 2,300 47 700
The majority of Plano’s development occurred prior to 2000, leaving just 1,863 acres of undeveloped land in the city today. “Residential development occurred largely from the 1960s through the year 2000,” Day said. “By the year 2000 our residential land started running out, and you started seeing higher density development.”
Median home price in Plano
$351.5K
$549K
$550K
600K
Collin Creek
Willow Bend Haggard Farms
$398K
$500K
400K
$425K
$506.5K
SOURCE: CITY OF PLANO/COMMUNITY IMPACT
200K
+56.5% increase
to incorporate a housing element in redevelop- ment projects. “What we’re trying to do is balance those competing interests of having it be a financially successful project that works both short-term and long-term for all parties,” she said. “We know there’s a great demand for more housing in this area. We also know there is a need to provide the infrastructure to support more housing—the com- mercial side helps support the residential side.”
Homes built in Plano
0
Build date
2020 or later 1,488
-95.6% decrease
SOURCE: COLLIN COUNTY AREA REALTORS/COMMUNITY IMPACT
2010-19 13,249
interest rates “aren’t in a rush to list.” Day added that redevelopment projects will add a mix of for-sale and for-rent housing options to the market in Plano. “That is really the community’s next generation of redevelopment,” Day said.
19,440
2000-09
34,187
1990-99
0 10K 20K 30K 40K
SOURCE: U.S. CENSUS DATA/COMMUNITY IMPACT
PLANO 5930 West Park Blvd (972) 250-0500 PLANO NORTH 5420 State Hwy 121 (469) 687-2581
ALLEN 1839 N Central Expy (972) 908-3488 EAST PLANO 3404 N Central Expy (972) 423-6688
COIT ROAD 1453 Coit Rd (972) 867-2821
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