Plano Real Estate Blog
Advice,Opinion,Trials,Tribulations of the Dallas Real Estate Market and Community Resource Guide

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Year in Summary for West Plano Neighborhoods

Here are some larger & popular West Plano neighborhood results for January 1, 2009 to
December 31, 2009.  Why do I do this? Because real estate is very local.  It's nice to
know the nation, county and city data but your price is effected by a 1 mile radius of homes
similar to your sq ft. etc.

During the past year the market has adjusted and these are current results by size.  This is
not an absolute because all properties differ by condition and location but will give you an idea
whether you are a buyer or seller.  The data is derived from reported sales in the MLS and as
accurate as you can get in Texas.  This is a good place to start if you want to determine the
value of your home or one you're getting ready to purchase. Prices have come down and
interest rates are still at historic lows but for how long?  Does your crystal ball work any better
than mine?

	HILLS AT PRESTONWOOD
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	5	$140.00
2500-2999	5	$107.00
3000-3499	12	$105.00
3500-3999	6	$109.00
4000 +	6	$155.00

	SHOAL CREEK	note: *=zero lot line homes
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	1	$138.00*
2500-2999	1	$121.00*
3000-3499	1	$116.00*
3500-3999	2	$83.00*
4000-4499	2	$149.00
4500-4999	1	$150.00
5000-5499	5	$172.00
5500-5999	1	$154.00
6000 +	1	$145.00

	WINDHAVEN
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	1	$135.00
3000-3499	4	$124.00
3500-3999	4	$119.00
4000 +	9	$126.00

	OLD SHEPARD
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	1	$110.00
2500-2999	7	$112.00
3000-3499	2	$115.00
3500-3999	1	$120.00
4000-4499	1	$135.00
4500-4999	1	$133.00

	WILLOW BEND
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	2	$164.00
3000-3499	7	$136.00
3500-3999	14	$140.00
4000-4499	7	$135.00
4500-4999	14	$146.00
5000-5499	5	$153.00
5500-5999	1	$197.00
6000-6999	2	$171.00
7000+	2	$193.00

	LAKESIDE
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	-	-
3000-3499	-	-
3500-3999	2	$159.00
4000-4499	8	$158.00
4500-4999	1	$141.00
5000-5499	2	$142.00
5500-5999	3	$171.00
6000+	2	$179.00

	GLENEAGLES
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	2	$157.00
2500-2999	2	$157.00
3000-3499	2	$161.00
3500-3999	1	$140.00
4000-4499	1	$152.00
4500-4999	2	$130.00
5000-5499	-	-
5500-5999	1	$164.00
6000+	2	$164.00

[75093,West Plano Real Estate, 2009 Results]

updated: Jan 2010
source: North Texas RE Information Systems
 

Think of Warmer Days...


[75093,Plano,TX]

Real Estate Results for Glenhollow Estates
January 1, 2009 - December 31, 2009

With the bulk of the real estate sales being under the $400,000 range, West Plano has many affordable neighborhoods to chose from. Glenhollow Estates is located west of the tollway between Park and Parker, close to all upscale amenities and the Willow Bend area.  If you're considering selling take a look at the sales data for last year by sq ft.  This neighborhood has always been a destination location and close to Coyote Park and the price is right.  This is current sold information from the MLS and shows where you stand as an average dollar per sq ft.  My bet is homes under the $400,00 range will see better price appreciation because of demand.  Watch for more Midway corridor results next few weeks, and you can see an overview of other West Plano Neighborhoods here.

	Glenhollow Estates
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	2	$114.00
3000-3499	9	$105.00
3500-3999	1	$92.00
4000 +	1	$90.00

[75093,Plano,TX,Glenhollow Estates, sales stats]

New FHA Guidelines as of April 5, 2010

I've had a few inquiries late for FHA financing because of low down payments, still 3.5% as of now.  Starting April 5th, things are changing.  New FHA Guidelines:

• FHA increases its upfront mortgage insurance premiums to 2.25%, raises its minimum FICO score requirements to 620, and reduces its allowable seller concessions to 3 percent. (use to be 6%)
•  A 620 FICO score will still get you a 3.5% down payment, if score is lower it will be 10% down.

On sellers concession (participate in closing costs) you used to be able to bump sales price up a bit to cover but really need to watch this now with stricter appraisal issues.  The point being is - it's less expensive now to do an FHA than waiting till April 5th.  Right now a 580 FICO score can still get you a 3.5% down payment but it doesn't mean the bank will approve it, I would say the higher your FICO score the more likely you'll get what you want....Ahhh they always try to be in control! 

The reality is FHA fees are going to be higher after April 5th.  Make sure you talk to a lender about qualifying and to explain all your options.  There are still good programs out there but they seem to be changing quickly.  Anyone involved in a real estate transaction needs to plan accordingly.  Check out Dan Green's mortgage report for more info.

[75093,Plano,TX, FHA mortgage guidelines]