FRISCO, Texas — When Michael Coleman II read the news that Universal Studios plans to build a theme park in Frisco, his excitement was twofold.
"My first reaction is…I’m going. I’ll be there as soon as they open," Coleman said. "My second reaction was that this is going to increase my equity and my home value so much because there’s going to be a large scale attraction about 10 minutes away from my house.”
Coleman purchased his new-build home at the end of 2022 after waiting out a season of extremely high home prices earlier in the year. He was able to get his house more than $40,000 under asking price as the market slowed due to high interest rates.
He said being so close to yet another major attraction coming to Frisco makes his deal even sweeter.
"You take certain risks and hope that it pays off in the long run," Coleman said. "I feel like this is going to pay off well. I’d say in the next three-to-five years, my equity and my value here is going to be much higher than what it is now.”
Kim Mundorff, a realtor who works with the Frisco-based Lori Vaden Group of Compass Real Estate, said the park will increase home and property values in Frisco.
"It makes it harder for young families to move into Frisco because the home prices are higher, but for the people who are here and are established, we obviously have more equity in our homes," Mundorff said. “When your home is worth more, it’s a good thing.”
Mundorff said some are concerned about the traffic the park will bring to the area, but said it's important to note that Universal Studios' plan is not to build an attraction the size of its flagship parks in Florida and California. She said it's important to remember it will be a smaller attraction tailored to younger children and will create jobs in the area.
In 2018, the average home price in Frisco was about $460,000.
In 2019, it was $477,000.
It climbed up to $497,000 in 2020 and then leapt up to $642,000 in 2021.
Last year, the average sale price was a whopping $784,000.
For people hoping to purchase homes in Frisco, Mundorff said her advice is to get in now.
"We’re past a lot of the crazy that we saw in 2022, and it is a little easier now for buyers to get into a home," Mundorff said. “Take advantage of this time. Get your home in Frisco now. We’re only going to see our home prices go up in value year-after-year. Sooner is better."
For current Frisco homeowners who may be concerned about what higher property value means for their property taxes, Mundorff's message is "don't panic."
"What that commercial revenue actually does is it it helps offset what you pay in property taxes," Mundorff said. “It actually could lower our property taxes by bringing in my economic revenue to the city.”