With Toyota leading the way, more relocated workers are experiencing Plano for the first time.
True story I heard from someone recently: as is increasingly the case, a person was relocated to the Plano area for work. He arrived on a weekend, but his furniture and possessions hadn’t yet. He doesn’t know anyone in the area yet, so he decides to try out a bar/restaurant in reasonable driving distance because, well, he doesn’t have a bed or anything either.
As he’s sitting at the bar enjoying a drink and contemplating the menu, he gets into a conversation with a local. The new transplant to Plano doesn’t know much about Plano either, so he starts asking questions. One particular response intrigues him.
“Only about 30-40 years ago,” the man says, “this was all mostly farmland.”
The new transplant can’t believe it. Now it’s all seemingly developed — or being developed. Legacy West is a $3 billion development. Toyota just moved its operations here, including hiring another 1,000 locally. Plano, along with Frisco and McKinney, are three of the fastest-growing cities in the entire country.
So yes, it was all farms a few decades ago. The reality is very different now.
Obviously, that has implications for real estate.
In a given year, about 60,000 people move to the north Texas area; 2017 will probably be higher than that because Toyota alone brought 4,000 relocated employees. Additionally, State Farm Insurance, Boeing, Kubota Tractor, Charles Schwab, and McKesson relocated chunks of employees to north Texas (and often specifically north Dallas). Bank of America is relocating employees to Fort Worth in fall 2017.
As a result of all this, north Texas home prices hit a record high in April 2017 — and that trend is likely to continue.
In May 2017, The Dallas Morning News talked to Armin Salehi, who relocated to Plano with Toyota. He told the paper he looked at “over 50 homes,” including one built in 1989 with no updates since. It already had nine offers in on it.
This relocation-driven ecosystem means that homebuilders have been able to raise their median prices 55% in the past five years. Largely relocations are coming from coastal cities, where residents are used to higher prices. In that same article above where Mr. Salehi has a hard time finding a home in Plano, another relocated employee named Ryan Abenes notes that he “doubled the square footage for more or less equal the price” on his move from California.
This makes the choice of a realtor probably one of the most important decisions for those in north Dallas — or relocating here — right now. The DFW market has never been like this. It’s incredibly slanted towards builders and sellers, and having a trusted guide through that is crucial.
Oh, and another thing that might resonate in importance: remember our recently-relocated friend from the initial story? He relocated as a single male, and eventually joined up on a few dating apps. “I have friends in Fort Worth and Dallas,” he told us, “and they always complain that seemingly every female on these sites is based in Plano and recently new to the area. I have no problems with that!”
Plano and the surrounding area is truly hotter than ever growth-wise (and, this summer, temperature-wise too). How will you navigate that landscape and find your spot to live?