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The Toyota Effect: Shops at Legacy West


The Creation of Shops at Legacy West ~

If you live in Plano or travel the tollway everyday you can’t miss the heavy construction.  It’s interesting to watch something being created especially when the land has been vacant for years.

As soon as Toyota made the announcement for Plano to be it’s national headquarters everything has changed as we know it.  FedEX, Liberty Mutual as well as ancillary businesses have followed the giants.

West Plano Real Estate Prices on the Rise

As an independent principal broker we have access to real numbers and not just valuation models. We track several area trends and one is the West Plano Corridor. Basically any neighborhood off Midway, west of the tollway in Plano.

This select area includes: Shoal Creek, Hills at Prestonwood, Indian Creek, Parkwood, Glenhollow Estates, Cypress Point, Cypress Creek Estates, Glen Meadows, Kings Ridge, Wolf Creek, Cypress Creek Estates and all the other wonderful neighborhoods.

I ran the numbers on a 12 month rolling average from 2014 and here are the results.

Average Price: $470K   +12.4% from last year.
Price per Sq Ft.: $141.   +10.2% from last year.

Wow! They say location is everything in real estate and it is.  If your lucky enough to live here and watch the progress it’s been a huge appreciation ride. The low inventory has kept prices going up and I see that happening until more homes are listed. We’ll need a crystal ball on this one.  Sales are really flat or a little down despite what you hear in the news. Real estate is local, local local. However buyer demand is strong.

The Toyota Effect: Shops at Legacy Town Homes

We work at the Shops at Legacy everyday. We have been in every town home. All are very unique and different. The biggest price appreciation ride has been there. Did you know that 54% of the units are investor owned? Leasing is huge, which makes a lot of sense.

The prices of the town homes have risen 23% in one year. That’s the Toyota effect! Investors have backed off. Units are sitting longer especially over 450K. Some investors have cancelled listings and gone back to leasing. As I write this there are 14 for sale units available with prices coming down.  The chart below shows the dramatic rise in prices for the town homes. A staggering 65% increase in 3 years! Take a look at the graph below.

Currents buyers are weighing their options. If you can find a town home in the 400K to 425K range, upgraded of course it would be a smart buy for the next round of appreciation when Legacy West is complete (Fall 2016) with condos staring at 800K to 3.3M. Oh! so nice to live in West Plano and enjoy the ride.

Shops at Legacy West

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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