No state income tax, low crime rates and great schools—these three factors, among others, contribute to the Dallas-Fort Worth Metroplex having one of the highest growth rates in the country, according to Broker Associate Shannon Patterson with Coldwell Banker Apex, the number one woman owned Coldwell Banker® Affiliate Company in the US.
“We are experiencing a wealth migration of high-net-worth earners who want to purchase investment properties in Texas to take advantage of the lower tax rate,” Patterson says. “North Texas has a proven track record of being a stable market for those investors who are able to play the long game.”
With a collection of accolades — from being the No. 1 Individual Agent with Coldwell Banker Apex to being named Best Agent in a local magazine — Patterson is a qualified voice on the swelling Dallas-Fort Worth real estate market. Here, she shares insight into the current state of the market, the importance of a network and a few standout listings.
Patterson recently sold one of the most expensive homes in Frisco, complete with a multi-level putting green, pool and grotto.
The housing boom has started to wind down and inventory is rising in DFW, Patterson says, but the market is still atypical. “We saw luxury property prices increase 20% or more in a year,” she explains. “Instead of seeing those prices drop, they are holding at record highs and still expected to rise over the next five years.”
Another trend Patterson has seen in the metroplex is a shift toward purchasing second homes. Many affluent buyers still have confidence in the North Texas luxury real estate market, and they believe 2023 will be better or similar to 2022 for real estate investment.
“Their focus has shifted away from primary residences and onto building generational wealth by investing in multiple, lesser-priced, smaller homes,” Patterson says. “They are setting up a long-term view to generate income and not expecting a quick return on their investments.”
Reach and Relationships
Patterson and Coldwell Banker Apex’s lakeside listing uses a modern style and an open layout to optimize views.
One of the most important factors when it comes to luxury real estate is having a large network and marketing resources. Being a part of the Coldwell Banker Global Luxury program means that Patterson has access to both of these things on a worldwide scale. Coldwell Banker Global Luxury sells $267 million in sales each day. Locally with Coldwell Banker Apex, “my colleagues and I sold over $1.4 billion in luxury last year,” Patterson says. “Our luxury program helps us market our properties in a way other brokers simply can't match.”
Another imperative aspect of real estate is forming and keeping relationships. Making the decision to purchase or sell a property is a major life event, so buyers and sellers want someone who genuinely cares about them, their home and their short and long-term goals. Patterson fosters her real estate relationships by doing exactly this. “I leave no stone unturned in serving my clients,” she says.
This home in Anna, TX combines modern sensibilities with farmhouse charm.
Thanks to her marketing skills, resources and large Coldwell Banker network, Patterson has some amazing listings and recent sales. Three properties, in particular, show why North Texas is such a sought-after location right now.
The first home, situated on Lake Ray Hubbard in Heath, has 160 feet of waterfront, with room for a boat dock, and floor-to-ceiling windows to maximize views. Featuring an open kitchen with European-style cabinetry and a large waterfall island, the 4-bed, 5-bath modern lakefront property also has a spacious backyard with a patio.
Exemplifying Patterson’s determination when it comes to selling a home, this 5-bed, 7-bath hillside home in Frisco was previously listed and didn’t sell the first time. “The home was impeccable in every way but was one of the most expensive homes in the entire city of Frisco,” Patterson says. With a two-level infinity edge diving pool, lighted golf course, indoor basketball court and a Casino Royale-inspired bar, Patterson knew the property’s potential.
“Homes like this take deep resources, which I was so happy to bring to the table,” Patterson says. “We were able to not only get the home sold in 60 days, but at a price that at the time set a record for the city.”
Lastly, this modern farmhouse Patterson sold earlier this year is the epitome of Texas charm. Sitting on almost 5 acres of land lined with trees and a barndominium, this 3-bed, 2-bath home in Anna is complete with tons of natural light and farmhouse touches such as the laundry room’s barn doors.
To learn more about Shannon Patterson and Coldwell Banker Apex, visit spatterson.cbapex.com.