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Interest Rates at Lowest in last 30 days

by Christie Cannon

Last week saw one of the largest mortgage interest rate drops in a single.  Acting on early indications that inflation cooled slightly in October & on the CPI report from the Bureau of Labor - interest rates dipped to their lowest level in the last 30 days. 

3 Reasons Why This Is Not a Housing Crisis!

by Christie Cannon

Three Reasons Why This Is Not a Housing Crisis

Three Reasons Why This Is Not a Housing Crisis | MyKCM
 

In times of uncertainty, one of the best things we can do to ease our fears is to educate ourselves with research, facts, and data. Digging into past experiences by reviewing historical trends and understanding the peaks and valleys of what’s come before us is one of the many ways we can confidently evaluate any situation. With concerns of a global recession on everyone’s minds today, it’s important to take an objective look at what has transpired over the years and how the housing market has successfully weathered these storms.

1. The Market Today Is Vastly Different from 2008

We all remember 2008. This is not 2008. Today’s market conditions are far from the time when housing was a key factor that triggered a recession. From easy-to-access mortgages to skyrocketing home price appreciation, a surplus of inventory, excessive equity-tapping, and more – we’re not where we were 12 years ago. None of those factors are in play today. Rest assured, housing is not a catalyst that could spiral us back to that time or place.

According to Danielle Hale, Chief Economist at Realtor.com, if there is a recession:

"It will be different than the Great Recession. Things unraveled pretty quickly, and then the recovery was pretty slow. I would expect this to be milder. There's no dysfunction in the banking system, we don't have many households who are overleveraged with their mortgage payments and are potentially in trouble."

In addition, the Goldman Sachs GDP Forecast released this week indicates that although there is no growth anticipated immediately, gains are forecasted heading into the second half of this year and getting even stronger in early 2021.Three Reasons Why This Is Not a Housing Crisis | MyKCMBoth of these expert sources indicate this is a momentary event in time, not a collapse of the financial industry. It is a drop that will rebound quickly, a stark difference to the crash of 2008 that failed to get back to a sense of normal for almost four years. Although it poses plenty of near-term financial challenges, a potential recession this year is not a repeat of the long-term housing market crash we remember all too well.

2. A Recession Does Not Equal a Housing Crisis

Next, take a look at the past five recessions in U.S. history. Home values actually appreciated in three of them. It is true that they sank by almost 20% during the last recession, but as we’ve identified above, 2008 presented different circumstances. In the four previous recessions, home values depreciated only once (by less than 2%). In the other three, residential real estate values increased by 3.5%, 6.1%, and 6.6% (see below):Three Reasons Why This Is Not a Housing Crisis | MyKCM

3. We Can Be Confident About What We Know

Concerns about the global impact COVID-19 will have on the economy are real. And they’re scary, as the health and wellness of our friends, families, and loved ones are high on everyone’s emotional radar.

According to Bloomberg,

“Several economists made clear that the extent of the economic wreckage will depend on factors such as how long the virus lasts, whether governments will loosen fiscal policy enough and can markets avoid freezing up.”

That said, we can be confident that, while we don’t know the exact impact the virus will have on the housing market, we do know that housing isn’t the driver.

The reasons we move – marriage, children, job changes, retirement, etc. – are steadfast parts of life. As noted in a recent piece in the New York Times, “Everyone needs someplace to live.” That won’t change.

Bottom Line

Concerns about a recession are real, but housing isn’t the driver. If you have questions about what it means for your family’s homebuying or selling plans, let’s connect to discuss your needs.

Innovation Hub Called 'Silicon Valley of Golf' Ready to Tee Off in Texas

by Christie Cannon

Innovation Hub Called 'Silicon Valley of Golf' Ready to Tee Off in Texas

PGA of America Focuses on Golf Innovation

Fields is a master-planned, mixed-use development adjacent to the PGA of America proposed headquarters in Frisco, Texas. (The Karahan Cos.)

Fields is a master-planned, mixed-use development adjacent to the PGA of America proposed headquarters in Frisco, Texas. (The Karahan Cos.)

When PGA of America's Chief Operating Officer Darrell Crall and other top executives of the golf industry group began touring the country in search of fertile ground for creating innovation for the sport, they didn't expect to find it on a former cattle ranch.

But, as Crall and his team navigated the Texas Blackland Prairie ground dodging cow pies, they found a raw piece of land with enough room to build a new corporate headquarters with two championship golf courses, as well as a convention center hotel and resort. That helped them make the decision to relocate their longtime headquarters from Palm Beach Gardens, Florida, a city known for its golf courses and gated communities, for the wide, open spaces of Frisco, Texas, about 27 miles north of downtown Dallas.

PGA of America, a 104-year-old group with nearly 29,000 members, has resided in Palm Beach Gardens for 60 years. Frisco lured the headquarters from the Florida city, and beat out other cities such as Atlanta, Phoenix and Charlotte, North Carolina, by offering more than $160 million of economic incentives from various entities.

About 600 acres are being transformed into the "Silicon Valley of Golf," or a hub of innovation for the golf industry, said Seth Waugh, CEO of the PGA of America. The moniker is a tip of the golf cap to Silicon Valley in the San Francisco Bay Area, which has some of the most expensive real estate in the country and is home to tech giants such as Google, Facebook and Apple, and tech-innovation minds centered on Palo Alto's Stanford University.

The PGA of America's campus in Frisco is aimed at becoming, like Silicon Valley, a magnet for luring golf companies and services or executive golf enthusiasts wanting to be near the action. A 100,000-square-foot building for PGA of America's corporate headquarters is expected to be completed in 2022.

The two planned championship golf courses will be open to the public, the first one expected to start in 2023, and the PGA already has more than two dozen championship tournaments scheduled to be held in Frisco in the next decade.

"We want to build a place where ideas come to live, not to die," said Darrell Crall, PGA of America's Chief Operating Officer. (PGA)

"We want to be a hub for innovation," Crall said in an interview. "We want to build a place where ideas come to live, not to die. We are an organization rich with traditions and the only way to achieve our mission is to evolve with an entrepreneurial mindset, not just inside and under the umbrella of golf, but we want to invest in companies that have a golf app."

He declined to disclose the names of the companies the PGA of America is looking to add to its campus leader board, citing non-disclosure agreements.

With the innovation hub, the PGA of America hopes to bring more diversity to golf, a sport heavily weighted to white males, while building an affinity for the game with a younger population with the help of partnerships with Frisco Independent School District and the University of North Texas System.

More Golfers Sought

Golf participation in the United States increased incrementally in 2018 for the first time after declining year-over-year for 14 years, according to the latest golf industry report conducted by the National Golf Foundation, an advocacy group for the sport. The foundation estimated 24.2 million people played golf on a course in 2018, which increased slightly from 23.8 million people in the previous year, according to the foundation's study. Participation is well below the all-time high set in 2003 of more than 30 million golfers, but advocates say it remains relevant to millions of people.

Meanwhile, Frisco has boomed from 37,714 residents in 2010 to 155,363 residents in 2018, according to U.S. Census Bureau data. With the proposed developments in the city, including those of the PGA of America, the city doesn't show any signs of slowing.

The former cattle ranch is making way for PGA of America play by 2022. (City of Frisco)

The addition of the PGA of America and the creation of the golf innovation hub builds on the brand of the city being "Sports City U.S.A.," said Mayor Jeff Cheney, with the world headquarters and practice facility of the Dallas Cowboys; the corporate home and practice facility for the NHL team, Dallas Stars; the corporate headquarters and 20,500-seat stadium for FC Dallas, the Major League Soccer team; and the corporate headquarters and 10,316-seat ballpark for the Minor League Baseball team, Frisco RoughRiders.

"We don't just have teams and brands, but we have evolved in the business of sports by bringing startups and businesses to Frisco," Cheney said in an interview. "Like The Star in Frisco, which is home to the Dallas Cowboys, we want to create a halo effect with other brands wanting to attach their names to the Cowboys, which have led to some of the highest lease rates in all of Dallas-Fort Worth" for office space.

"With the PGA, it doesn't just play out on a national stage, but it has international recognition," he added. "Every tract of land next to the PGA is in active design and negotiations with various entities to have a direct attachment to the PGA and the golf courses. This part of Frisco is going to develop 15 years faster. It will develop seemingly overnight."

A map showing the 600-acre campus of the PGA of America to the east of the northern side of Frisco, as well as the 100-acre future campus of The University of North Texas System's Frisco location. Between the two projects is more than 2,100 acres of master-planned, mixed-use development being called Fields. (The Karahan Companies)

 

 

Omni Stillwater Woods, the developer of the PGA of America project, bought the 600 acres for $455 million last year from Hunt Realty Investments. The company is a joint venture led by the Omni Hotels & Resorts with Dallas-based Stillwater Capital and Dallas-based Woods Capital. Plans include a 500-room Omni resort with private villas and a 127,000-square-foot conference center.

When Chris Kleinert, CEO and president of Hunt Realty, initially saw the sprawling tract of prairie land called the Bert Fields estate, totaling more than 2,700 acres in Frisco four years ago, he and his team passed on buying the land.

The Dallas-based investment firm was primarily in the energy business and his team was selective about its real estate investments, he said. But they changed their mind when the PGA of America and the University of North Texas System began to hone in on the northern part of Frisco.

"Over the course of time, as well as talking about this with our partners, and we ended up closing on the property in August 2018," Kleinert said, adding Hunt and its development team plans to build out "a seamless campus site" to attract Fortune 100 companies and add a variety of housing from high-end homes overlooking the PGA championship golf courses to student housing on the eastern side of the master-planned development near the UNT-Frisco campus.

"There's so much potential for this site," he added. "The opportunities were too great to pass up."

Legacy West

Prior to buying the development tract, Kleinert bounced the idea off his friend Fehmi Karahan, who also happens to be the master developer behind Legacy West, a $3.2 billion mixed-use development in Plano, located just south of Frisco. Legacy West is widely considered by real estate executives as a success as an urban-suburban development and is home of Toyota's new North American campus, as well as major employment centers for JPMorgan Chase, Liberty Mutual Insurance and home to the corporate office of Boeing's new global services division.

Legacy West includes a food hall, as well as restaurants and shops typically found in urbanized cities. The result has created a new central business district in the region outside of downtown Dallas, which has been likened to Tysons Corner, Virginia, a former rural area that transformed into a central business district outside of Washington, D.C.

Karahan, who is president of the Karahan Cos., is working with Hunt Realty to build out the land in Frisco.

Fehmi Karahan, president of the Karahan Cos., the master developer behind Legacy West, has traveled the country looking to build his next big legacy project, called Fields. (The Karahan Cos.)

"The Legacy area is full without any large acreage available and I wanted to be part of a great master-planned development, which is what Fields will be," Karahan said in an interview. "Our goal is to create the master plan of the development with all the product mixes to attract great companies. This isn't just limited to the PGA-related brands, but we feel we can attract the next big relocation with an impact like Toyota and we are planning the land to accommodate it."

By the end of the month, the Fields development is set to reach a major milestone with land planning and zoning approval from city officials, which can make way for infrastructure work to begin on the raw land to help create nine distinct villages and break up the massive tract into chunks of workable real estate.

Following the addition of infrastructure and building out a roadway system, the development partnership plans to concentrate on building single-family homes overlooking the championship golf courses. But it won't be a homogeneous design.

"The blending of the residential neighborhoods is our goal," Karahan said. "We don't just want to do these gated large communities, but create an environment with all the components from a big lot with a multimillion-dollar home to a three-story townhouse with a beautiful terrace overlooking the golf course."

The development team plans to begin on the western side of the Fields master-planned development on a neighborhood known as The Preserve, followed by moving to the eastern side toward the UNT-Frisco campus. The acreage along the Dallas North Tollway, in the center of Fields, is expected to attract corporate tenants with mid- and high-rise towers.

A conceptual rendering of Fields with mid- to high-rise towers centered along the Dallas North Tollway with more residential users on the western and eastern sides of the project. (The Karahan Companies)

 

 

Even though plans to add a corporate tenant could be in the years ahead, Karahan said there's the ability to add a mid- to high-rise corporate tenant, much like Liberty Mutual Insurance's campus in Plano's Legacy West, in part of Fields in the next few years. A roughly 10-acre tract along the Dallas North Tollway at the corner of Rock Hill Road could be carved out of the Fields' puzzle for the right corporate tenant, he said.

"By having more than 2,000 acres to develop, it gives us a lot of flexibility and the ability to showcase what the whole environment is going to look like," Karahan said. "This is very important to large corporations, they want to know what the neighboring environment looks like and what they can offer their employees. It helps protect their investment."

The development partnership hopes to get the green light from City of Frisco planning officials for its nine neighborhood pocket design, which helps parcel out the massive master-planned development. (Hunt Realty)

 

 

A Golf Education

The University of North Texas System has recently received approval from the Texas Higher Education Coordinating Board to begin development on its 100-acre campus at the southwest corner of Preston Road and Panther Creek Parkway in Frisco.

This October, construction is expected to begin on the initial phase of the $115 million, 130,000-square-foot education building, called Building 1, at the UNT-Frisco campus, which will sit on land donated as part of a partnership with the city of Frisco. The university system also has the ability to extend its campus on another 50 adjacent acres. At full build-out, the new UNT campus could bring up to 25,000 university students to the city.

The new building is expected to help significantly expand UNT-Frisco, which currently has an enrollment of roughly 1,500 students at Hall Park in about 36,000 square feet of leased space at 2811 Internet Blvd. in Frisco. If the university "does it right," it could have up to 25,000 students enrolled at the Frisco campus, said Wesley Randall, dean of the new Frisco campus.

"The opportunity to grow and to be focused on going back to the main campus to efficiently and agilely bring things that are of value to Frisco and to nimbly move in the ecosystem," Randall said. "We are going bring down the parts that will help enable the Frisco economic engine."

UNT's flagship campus is located in Denton, which is about 25 miles west of Frisco, and has an enrollment nearing 40,000 students. In opening a Frisco campus, Randall said the vision is to bring nanotechnology, sports innovation and other fields of study that would track well with Frisco and the PGA of America's shared vision.

Inspire Park, a business incubator owned by the University of North Texas, is home to software and robotics companies in Frisco. (CoStar)

The city of Frisco, development corporations, and the Frisco Independent School District contributed $35 million to helping develop the public golf facilities at the PGA of America-anchored development. The public-private partnership ensures more than 300 Frisco ISD high school golfers will have access to practice at the facility on a weekly basis.

The move echoes one seen years ago from Dallas Cowboys owner Jerry Jones' playbook when the billionaire decided to put the team's corporate headquarters and practice facility in Frisco. The venue anchors a 91-acre mixed-use development called The Star in Frisco, located along the Dallas North Tollway, a few exits from the PGA of America's soon-to-be headquarters and championship golf courses.

The Star includes The Ford Center, a 12,000-seat indoor stadium developed in a public-private partnership with the city of Frisco and Frisco ISD the Cowboys use as an indoor practice facility and allows students to play on the same field as professional players. The deal also gives the city and school district the ability to host other events, trade shows and concerts at the venue.

The allure of these partnerships being tied to the Cowboys or PGA brand, as well as the incoming students from UNT, could bring an important quality to Frisco every employer needs: A pipeline of labor.

"Corporate location decisions are driven primarily around labor," said King White, president of Dallas-based Site Selection Group. "If you are looking to staff a large operation, you want to put yourself in a strategic place to pull employees from multiple angles. The north side of Frisco is pushing out to the edges, but this move has certainly been done in the past with Silicon Valley companies in the 1980s."

Developing the urban-suburban part of the Fields puzzle will be an important piece, as well as a potential corporate magnet, in the years ahead, said White.

Meanwhile, Frisco Mayor Cheney said he expects good things to come out of this public-private partnership with the PGA of America.

"We are growing to grow the game of golf," he added. "This project is going to be a place people will want to be in even if they've never picked up a golf club. We're going to have a whole new generation of golf lovers."

ccarlisle@costar.com
@ByCCarlisle

Proud Sponsor of the Children's Advocacy Gala 2020

by Christie Cannon

The Christie Cannon Team is once again a VERY PROUD sponsor of the Children's Advocacy Gala!

Children's Advocacy provides a safe and child friendly environment for abused and/or neglected children. 

The Gala is on Saturday April 4, 2020 at The Star in Frisco.

For more information on this great cause, how to donate or where to purchase tickets click the link below!

 

https://www.caccollincounty.org/

10 Steps to Buying a Home

by Christie Cannon

10 Steps to Buying a Home 

10 Steps to Buying a Home [INFOGRAPHIC] | MyKCM
 

Some Highlights:

  • If you are thinking of buying a home, you may not know where to start.
  • Here is a simple list of 10 steps that you will go through to purchase a home.
  • Make sure to ask your agent for details about each step and what else may be required in your area!

3 Graphs on Today's Real Estate Market

by Christie Cannon

3 Graphs that Show What You Need to Know About Today’s Real Estate Market

3 Graphs that Show What You Need to Know About Today's Real Estate Market | MyKCM
 

The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!

The best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.

Interest Rates:

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” - Sam Khater, Chief Economist at Freddie Mac

3 Graphs that Show What You Need to Know About Today's Real Estate Market | Keeping Current Matters

Income:

"A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound." - Lawrence Yun, Chief Economist at NAR

3 Graphs that Show What You Need to Know About Today's Real Estate Market | Keeping Current Matters

Home Prices:

“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.

3 Graphs that Show What You Need to Know About Today's Real Estate Market | Keeping Current Matters

Bottom Line

These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!

 

Spring Maintenance Checklist

by Christie Cannon

Your Home’s Spring Maintenance Checklist 

Your Home’s Spring Maintenance Checklist [INFOGRAPHIC] | MyKCM
 

Some Highlights:

  • Every spring, your home needs some extra TLC!
  • Whether you plan on selling your home this spring or not, conducting this maintenance will help ensure your home functions well for the rest of the year.
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

Crystal Lagoon Coming Soon to Windsong Ranch!

by Christie Cannon

The Lagoon at Windsong Ranch has made exciting progress! 

Expecting a June 2019 completion time frame, at 5-acres, The Lagoon will be adding to Windsong Ranch's amazing amenities which include, a cafe, two pools, mountain bike trails, community garden, basketball courts, tennis courts, and approximately 30 miles of trails!

The Lagoon will boast an activity beach, sand volleyball, picnic areas with grills, a floating dock, lounge chairs & separate adult and family beach areas.  The Lagoon will offer residents the resort like opportunities for swimming, kayaking, paddle boarding, & more.

To learn more about this amazing community, please feel free to give us a call!

Christie Cannon  |  469-951-9588

 

 

 

 

Joggin for the Frogmen - Charity 5K Run - May 4th

by Kevin Cannon

Join Joggin' for the Frogmen on May 4th at The Tribute in The Colony to help support an amazing cause!

"Inspired by US Navy SEALs (Frogmen), the Navy SEAL Foundation’s Joggin’ for Frogmen Race Series brings communities and families together to jog in honor of the Naval Special Warfare community and their families."

As a veteran of the US Army, I have seen first hand the overwhelming burden the past two decades have placed on our veteran community, & in particular members of Special Operations Forces.  Events such as Joggin' for the Frogmen offer critical support to families & survivors; & brings awareness to the heavy toll our recent wars have created in the SOF Community. 

Regardless of your skill or fitness level, from Tadpoles to Triatheletes, we hope you will show your support & makes this event a success!

Race info can be found here:

https://www.jogginforfrogmen.com/friscotx/

RACE DATE & TIME

MAY 4TH, 2019

6:30am – 7:30am – Race morning registration and packet pick ups
7:45am – Opening Ceremonies
8:00am – 5k race start
10:00am – Tadpole Trot
10:15am – Awards Ceremony

 

 

 

Frisco TX Home & Garden Show

by Christie Cannon

March 29-31, 2019 - Ford Center at The Star

Solve all your projects in one place in one weekend at the Greater Frisco Home & Garden Show! You’ll find the latest products and services for your home and landscape: builders, re-modelers, contractors, building materials, decks, pools, spas, entertainment systems, storage solutions, all kinds of plants, landscape displays, kitchenware, home accessories and so much more!

Our very own Christie Cannon offers a sneak peak below!

For More information - http://showtechnology.com/event/greater-frisco-home-garden-show/

 

 

 

 

 

 

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Christie Cannon
Keller Williams Realty
5933 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 972-215-7748
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com