Lagoon town homes in Frisco, 2010 market report

Jan 17, 2011 | No Responses

Lagoon is one of the more popular condo complexes in Frisco.  It has a large variety of types of units, from condos to large townhomes,and even a couple of very large duplex units.  I wrote a blog post with all the details about Lagoon townhomes a while back, if you would like more information on the complex.  For Homeowner Association info, see http://www.lagoontownhomes.org/.

In 2010, a total of six units sold in Lagoon.  Six are for sale at the moment, but I am sure that more will come on the market in the spring, as that is what we consider listing season.  The pricing trend has been down, and the best place to see that is with the sales of four of the townhome style units, all very similar in size and type.  In July, 737A sold for $372,500 after being listed at $385,000 for 115 days.  In August, 725B sold for $340,000.  A is an end unit, and B is not.  737C closed in October for $359,500 and then in November, 725F sold for $328,000.  It had been on the market for more than a year, and perhaps the seller just got a low offer, gave up and accepted it, as he had been asking $369,000.  There may have been other circumstances, as there often have been in this poor economy, but they would not be common knowledge.  For a complete list of all Lagoon Town Homes market activity, click the Market report link. 

Lagoon compares very favorably with other condo complexes and it could be considered to be a model for the rest of the market in Frisco.  Prices at Lagoon show how much real estate prices have come down.  The fact that another townhome is listed at $359,000 shows that many Lagoon owners consider the low sale of $328,000 to be an aberration, although most Buyers will key in on the low price and anticipate paying that or less for the next one.  How it plays out remains to be seen.  It will depend on how many Buyers come back to the market this summer, and how anxious Sellers are to sell.