Let’s start with the highs – residential properties over Two Million Dollars: In Frisco, two properties sold in 2006 over $2 million. According to the MLS, these are the only residential sales ever in Frisco over $2 million. Currently in Frisco, there are six active listings over $2 million. At Copper, one property has sold for over $2 million in the history of the MLS and it closed in 2006 also. One property listed at $2.7 is currently pending, and there are 11 active listings over $2 million.
Now the lows – In Frisco, only one deed restricted unit is active under $250,000. In Copper two studios are active under $250,000. In 2006, 30 properties under $250,000 closed in Frisco. In 2006, 51 properties under $250,000 closed at Copper. Thus far in 2007, only 9 properties in Frisco have closed under $250,000 and only 15 properties in Copper have closed under the same price. These statistics tell us what we already know – properties under $250,000 in Frisco and Copper are becoming a thing of the past. If you have clients wanting to purchase in this price range, you may need to discuss partial ownership or move to a different market. Happy September to everyone!