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What is THE GATE in FRISCO going to be?

The Gate in Frisco

Frisco’s Economic Development Corporation has a lot on their plate for the next five to ten years. To get a better understanding of what’s going on you should be aware of the phrase Frisco’s $5B Mile and what all it entails.

When all is said and done  THE GATE will be a $700 million part of the $5B Mile in Frisco.  Headed by Dr Anas Kozbari CEO of the Dubai based IGO development firm.  Dr Kozbari first visited the Frisco area in late 2011 to meet with Frisco Mayor Maso and other city officials and scout out potential sites for The Gate.

The Gates’  main PROJECT FEATURES will be 17 magnificent buildings and 7 villas allowing for the enjoyment of open spaces in between the buildings and villas.  Which at street level both residents and guests will be able to stroll along paths lined with endless possibilities for shopping and leisure as practically every building has retail shops and restaurants on the ground floor level.

Beyond the retail and restaurants there will be four buildings dedicated to offices.  And the nice part of this arrangement will be the easy access to DNT plus convenient access to a truly urban lifestyle.  Overall there will be 980 apartment units in 7 separate buildings of 4, 5 and 10 stories.  In the 10 story buildings, residents will enjoy prestigious comfort and security with access to convenient interior parking facilities.

And of course business guests and travelers visiting The Gate in Frisco desiring Five-Star hotel facilities a 90 room boutique hotel, nestled near the pond area will provide memorable accommodations with VIP amenities and treatment as would be expected.  Those guests wanting a more personalized service there will have 7 (seven) pond-fronting villas that can be rented on a daily basis or beyond accordingly.

On a pure SQUARE FOOTAGE breakout ….. there will be 41 Acres (1,785,960 SF) of prime space along DNT and John Hickman Parkway with 1,212,000 SF of luxury residential space, 854,000 SF of office space, 148,000 SF in hotel space, 54,500 SF in retail space and 47,500 SF in restaurant space.

TAKEAWAY: The Gate when finished will be a testament to IGO’s commitment to deliver property solutions that will become a city landmark for FRISCO.

Frisco Market Statistics – June 2015

Frisco Market Statistics – June 2015 

In the Frisco real estate market, conditions continue to favor sellers, even as more houses become available compared to his time last year. June 2015 found an increase in the number of new listings, active listings and pending listings for single-family homes, according to information from North Texas Real Estate Information Systems.

The 525 new listings in June 2015 represented a 4 percent increase over June 2014. Active listings increased 5 percent to 563 over the same period. Pending listings had a slight jump, with the 366 pending listings in June 2015, indicating a 3 percent increase over June 2014. Actual sales of single-family homes are flat over the same period.

The North Texas State Real Estate Information System reports that in June 2015, a total of 466 single homes were sold in the Frisco area. This represents a 0 percent increase over sales in June 2014.

Prices in the Frisco real estate market continued to climb during that year-long period. The median price of a single-family home in the Frisco area increased 11 percent between June 2014 and June 2015, to $349,900. Average home prices rose 11 percent during that period to $392,713. The dollar volume of sales during the year increased 11 percent. In total, $183,004,258 worth of homes were sold in June 2015.

Homes spend an average of 28 days on the market in Frisco, which is a decrease from the same as in June 2014. Generally high prices, limited availability, and quick sales of those homes that come up for sale make the Frisco real estate market a favorable environment for sellers.

Strong buyer demand has created multiple offers for sellers and low inventory is causing home prices to rise. It’s not uncommon for a seller to get 4 or 5 offers to chose from. Make your first offer the best in order to compete. Many first time home buyers have turned to renting and will wait until the market becomes more balanced. The influx of new companies and people to North Texas is creating unprecedented buyer demand.

See more Frisco Market Statistics Area 55 NTREIS MLS housing activity report here.

Smith & Smith Realty provides expert real estate services to residential buyers and sellers in Frisco and surrounding communities. Contact us today for more information on Frisco real estate and for professional assistance navigating this sometimes complex home market.