Greetings, Towers at Lakepoint Owners! The past 12 months have been busy in the Towers! In fact, September of 2023 alone saw three Towers closings - the most in a single month since 2018! In July, the Towers also saw the rare turnover of one of the affordable housing units above the west garages. I was personally pleased to represent the Sellers in the listing and sale of unit 703 for a closing price of $1,440,000.
Towers at Lakepoint remains a standout choice for discerning buyers in Frisco, boasting extraordinary views, convenient access to Lake Dillon and the recreation pathway, all offered within Frisco's most popular price point.
Dispelling any misconceptions regarding the larger Frisco & Summit County market, it's important to note that our inventory remains notably limited, firmly establishing Frisco as a Seller's Market. Due to rising interest rates in 2023 Sellers resisted listing their homes which kept prices high. The federal reserve has expressed intent for 3 rate cuts remaining in 2024, which will likely lead to increased transaction volume this Summer. Active listings in Summit County are already up 17.1% from March of 2023, but Frisco active listings are down 18.4%.
Despite the rise in interest rates, property price/sf. in Summit County has actually increased by about 2.7%. An interesting trend to observe is the divergence between the median (12 days) and average (50 days) days on the market, indicating that while some sellers initially aim high with ambitious pricing, adjustments are being made to meet market realities. Conversely, appropriately priced homes are swiftly attracting eager buyers, showcasing the importance of strategic pricing in today's dynamic market.
Notables
- In March, Frisco Condominiums achieved a record-breaking average price per square foot, reaching $967/SF
- Nearby listings at: 1506 Berino, 810B Lakepoint, & 915 Lakepoint Circle all went under contract in just one day! Emphasizing the importance of accurate pricing.
- Frisco housing inventory is at 2.6 months. Down 16% since last Spring. Inventory under 3 months is widely considered a Sellers Market!
- As of 4/25/24 there are only 18 properties for sale in Frisco-excluding new construction.
| ACTIVE Listings | ||||||
| Property | Neighborhood | Size | Sq.Ft. +/- | Parking | Sold Price | Price/Ft. |
| 965 N Ten Mile DRIVE Unit#A6 | Drake Landing Condo | 2 Bed |3 Bath | 1,359 | 1 Car Garage, Detached | $1,100,000 | $809 |
| 101 Morningstar CIRCLE Unit#E | Pointe at Lake Dillon | 3 Bed |3 Bath | 1,789 | 1 Car Garage, Attached | $1,200,000 | $671 |
| 1519 Point DRIVE Unit#19-202 | Villas at Prospect Point | 3 Bed |3 Bath | 1,420 | 1 Car Garage, Attached | $1,200,000 | $845 |
| SOLD Listings | ||||||
| Property | Neighborhood | Size | Sq.Ft. +/- | Parking | Sold Price | Price/Ft. |
| 980 Lakepoint DRIVE Unit#3 | Towers at Lakepoint (Deed Restricted) | 1 Bed |1 Bath | 516 | Surface | $365,000 | $707 |
| 980 Lakepoint DRIVE Unit#209 | Towers at Lakepoint | 2 Bed |2 Bath | 1,027 | 1 Car Garage, Detached | $887,500 | $864 |
| 980 Lakepoint DRIVE Unit#506 | Towers at Lakepoint | 2 Bed |2 Bath | 1,052 | 1 Car Garage, Detached | $915,000 | $870 |
| 1506 Berino COURT Unit#C | Prospect Point Townhomes | 3 Bed |4 Bath | 1,895 | 2 Car Garage | $1,395,000 | $736 |
| 810B Lakepoint COURT Unit#B | Lakepoint View Townhomes | 3 Bed |3 Bath | 1,939 | 2 Car Garage | $1,425,000 | $735 |
| 980 Lakepoint DRIVE Unit#703 | Towers at Lakepoint | 3 Bed |3 Bath | 1,641 | 1 Car Garage | $1,440,000 | $878 |
| Average Sold Price | $798 | |||||
| Median Sold Price | $800 |