Phillips Creek ramps up in FriscoPhillips Creek ramps up in Friscohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=66562013-08-06T13:27:00Z2013-08-06T00:00:00Z

FRISCO - Home construction in Frisco's Phillips Creek Ranch development is ramping up, and more than 110 homes have already been sold as of May 2013.

Phillips Creek Ranch, a master-planned community located on the west side of the city, projects to include about 2,500 houses and 12,000 residents at buildout.

On the east side of the city, Miramonte will include about 700 homes at buildout, with 100 homes already built and more expected to go on sale in late 2014.

Jim Gaines, a research economist at the Real Estate Center at Texas A&M specializing in housing markets and developments, said master-planned communities typically feature more expensive homes because of their amenities.

The average home price in Frisco in July 2013 was $409,900, up $80,000 from July 2012, according to analysis by Atlos Research.

Sometimes developers suffer financial difficulties and plans are scaled back or scrapped entirely, said Gaines. That almost appeared to be the case in Phillips Creek Ranch, as the project's original developer went bankrupt, though current developer Republic Property Group purchased the development.

When they work, however, they can bring both positives, such as a larger property tax base, and negatives, such as traffic congestion.

Star Community Newspapers
Dallas-Fort Worth-Arlington
http://www.scntx.com/articles/2013/08/02/news_update/0736.txtRead more at {Source}

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