In the 1980s, Ross Perot started transforming what is now West Plano from an open prairie into a major technological business center. Today, it's continuing to transform into a center of ultra-luxury real estate with cutting-edge technology, resort-style neighborhoods, and multi-million dollar homes. Fortune 500 companies, including Capital One, have their headquarters here — as well as dozens of others, including Pizza Hut, Toyota, and Ericsson. The massive economic opportunities of Plano are drawing in employers, and the luxurious lifestyle and constant growth of the area are also inviting employees and new professionals.
Whether you want to keep an eye on the neighborhood trends taking shape around you or position your home for an advantageous sale, the High Castle Group is constantly evaluating the future of ultra-luxury real estate in Plano. We keep tabs on economic trends, single-family residence trends, and market forces so you can act with confidence.
What does ultra-luxury real estate in Plano look like today?
During the past few years, the real estate market in in-demand Texas metroplexes skyrocketed. Dallas/Fort Worth (DFW)-area homeowners in this demographic saw over 240% through appreciation over the past ten years.
However, the ultra-luxury real estate market offers even more value. As the business district near Legacy and Texas State Highway-121 continues to expand and bring unprecedented wealth and interest to Frisco and West Plano, more homes have passed the $1 million mark. Some of the factors that lead to today's surge in ultra-luxury properties include:
- The shift of business headquarters from out-of-state locations to DFW and, in particular, Plano.
- The high reputation of Plano's school district and the accessibility of local, high-scoring private schools.
- The movement of remote professionals to Texas, which offers a relatively low cost of living and no state income tax.
The biggest trends that are setting the stage for Plano's ultra-luxury future
In 2021 and lingering into 2022, these market forces led to bidding wars and a severe shortage of housing inventory in Collin County. February 2023's inventory was just 1.6 months, far from the six months of inventory that would indicate a balanced market. In turn, housing prices climbed higher. As a result, homeowners and realtors in the ultra-luxury market across Plano are seeing these trends:
- House prices continue to rise, if less steeply, as economic development continues. While the median price is lower than the peak of the market near the end of the pandemic, prices aren't returning to past averages; they're just increasing more slowly.
- Developers are increasingly focused on luxury- and ultra-luxury builds to optimize returns on each project, especially while inventory shortages remain.
- Ultra-luxury houses are changing to have more sustainable and technological features. Realtors are reporting more and more interest in energy efficiency, sustainability features, and environmental costs. As a result, the ultra-luxury market is shifting to focus on high-performance interior elements.
Zoom in on these home trends we'll see in ultra-luxury real estate in the future
Based on the current market and what today's homebuyers are expecting from Plano's ultra-luxury real estate, we anticipate seeing these trends over the next few years.
1. Buyers will want more smart homes and high-performance features
Approximately 17% of realtors reported seeing increased residential sale prices — not just listing prices — for smart homes with modern features. A one to 10% increase in the sales price is a significant change, and this may continue to increase as social trends prioritize environmentalism and Texas temperatures continue to rise. Features such as smart heating, ventilation, and air conditioning (HVAC) systems, energy efficiency controls, and sustainable materials will stay popular, practical, and profitable.
2. Low inventory will persist
New construction was disrupted during the pandemic, even as the demand for housing rose sharply. As a result, people are continuing to compete for new, multi-million dollar properties and residences conveniently located near business centers. Developers trying to reach professionals in the West Plano area are expanding past Frisco in The Colony, past The Colony into Prosper, and then past even that into Aubrey and completely new towns. However, this will take time and result in commutes longer than 40 miles. As the North Dallas area continues to grow commercially, residential supply will continue to lag.
3. Remote work is here to stay, and it's reshaping architecture and design
Last year, Plano was ranked first (with neighboring Frisco, Texas, in second place) as the best town for remote workers. Plano also came in sixth out of 200 for workspaces specifically due to the spacious nature of houses and easily accessible work amenities, such as reliable internet. These marks of distinction won't fade quickly, and ultra-luxury properties will continue to have features built for C-level executives, consultants, and other high-earning work-from-home professionals. These features are likely to include:
- Designated office rooms: Instead of turning bedrooms into makeshift offices, homeowners will likely have rooms designed as offices. Features may include outlets in better positions, sound-proofed walls for Zoom meetings, and network connections, so there's no chance of dropped communication.
- Rooms with camera-ready lighting and quiet fans.
- Split-level rooms with designated office areas that still maintain the airy atmosphere of an open-concept design.
- Dutch doors for more separation and privacy without complete isolation; these may even replace the barn door trend in upscale properties.
How the future shapes today: What Plano sellers need to know
From this information, luxury homeowners can begin taking stock of the features that will become or remain prominent. If you're planning on selling your home soon but have a home renovation project pending in the meantime, a nod to these trends can increase your home's selling price. Tomorrow's home buyers will likely want Zoom-ready spaces, smart and energy-efficient features, and sustainable materials.
Tomorrow's home buyers will certainly want to live in Plano. If you have an ultra-luxury home, you may not have to adapt fully to trends outside your preferred style. Staging, location-based marketing, and realtors with a deep understanding of the market can help you find the right buyer at the right price point without sacrificing your aesthetic.
At High Castle Group, we're here to prepare your home for the future — now
Ultra-luxury real estate in Plano, Texas, is becoming recognizable for its California-style roofs, renovated office spaces, and luxe, sustainable finishes. As the future unfolds, many of these trends will linger. Also, your home's location will be just as valuable as its features, square footage, and updates (if not more than). If you want to discuss how your home would fare in today's ultra-luxury real estate market or how to maximize the sellability of your home in the future on your terms, reach out to the High Castle Group today. We're here to help you grow your home's value, understand the continually developing trends, and stay on top of the market.
*Header photo courtesy of Greg Pierson
