ResalesPlano, Texas: Houses Sell Despite Area Slowdown
Plano, Texas, one of the top relocation destinations in the U.S., is about 20 miles directly north of downtown Dallas. Job opportunities, good city management, and a youthful, family-oriented culture make the area an attractive place for many to live, which means that homes are selling despite a slowdown in certain price ranges and areas.
"Plano is a sparkling combination of real estate, banking, industry, retail, acclaimed education facilities, and diverse sporting and recreational facilities," says Realtor Suzanne Pereira, "This area projects an image of quality, excellence, and prosperity. The corporate world has noticed the area"s attributes and major businesses have flocked to the area in recent years. J.C. Penney, Frito Lay, E.D.S., Southland Life, Capital Wire and Cable, ARCO, Texas Instruments, US Brass, Rockwell International, DSC Communications Corporation and many others have made their home in this area. Dr. Pepper/7-Up, Inc. and Fina, Inc. are some of the new additions that have joined Plano in becoming the dynamic, prosperous city that it is today."
That"s resulted in brisk real estate sales.
Says Realtor Geni Manning, "There were about 3,657 houses sold in Plano last year. The average list price in Frisco is $228,569. These homes sold within 97.03 percent of the sales price."
Explains Realtor "The City of Plano has earned a national reputation as one of the best places in the country for employers to do business and for families to live and work. Plano was incorporated in 1873 and chartered as a home rule city in 1961. Plano is located 20 miles north of downtown Dallas and is the largest city in Collin County with a January 1, 2001 estimated population of 236,539. In 1997, Plano was named the 4th most Kid-friendly City in the United States based on the findings of the Children"s Environmental Index. The City of Plano was also named the 8th Safest City in the United States based on the most recent Federal Bureau of Investigation crime statistics.
"Plano"s growth over the past two decades," continues Baumann, "is largely the result of its pro-business attitude and enthusiastic accommodation of industry. Growth trends in the residential, commercial and manufacturing construction markets have continued in 2000 and into 2001. The city issued 1,905 single-family permits in 2001, with an average valuation of over $200,000. The average home was 3,787 square feet in size, and over 75 percent of the permitted houses were larger than 3,000 square feet in size. In 2000, the city issued permits for non-residential construction valued at $476,804,943.
"Homebuyers are taking full advantage of low interest rates," advises Baumann, "which have averaged about 6 percent since the beginning of October for a 30-year fixed rate mortgage. Though the fourth quarter is traditionally a slower time for the housing market, low interest rates have been key to the surge in home buying activity seen in recent months. With last week"s Purchase Mortgage Index registering well above its "healthy" standard of 300, home buying activity is expected to hold at robust levels as 2003 gets under way."
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