What Should You Know About Buying in Preston Lakes in Frisco, Texas?

What should you know before you buy or sell in Preston Lakes? Start with the basics. Preston Lakes is a homeowners association community in the Hillcrest Road area of Frisco, in Collin County, also known as Lakes of Hillcrest.¹ Because it has an HOA, the association's documents, the City parks nearby and your own plan for the home all shape the decision. This post covers how the HOA works, the parks and trails around the community, things to do close by, and how to evaluate a home here as a buyer or a seller.

I'm Omega Mejia, a real estate agent with Simply Great Real Estate Group at OnDemand Realty in Frisco. If you want the wider picture of the city first, my Frisco page is a good place to start.

Frisco keeps a voluntary registry of property management companies and board members that helps the city communicate with homeowners associations.¹ Preston Lakes is a named association in it. Frisco also runs a Five Star Neighborhood Program that recognizes HOAs for managing their communities well, and associations keep gate and amenity-center emergency contact information current with the Police Department.²

For a buyer, the HOA is a set of documents. The declaration, bylaws, rules and budget describe what owners must do and what the association maintains. For a seller, those same documents are part of the sale, so having them organized before you list saves time. Dues, transfer fees and rules differ from one association to the next, so read the current paperwork for the exact address.

Frisco has more than 60 parks and more than 47 miles of developed hike and bike trails.³ In the Main Street and Hillcrest Road area, Preston Ridge Park covers 6.6 acres at 10501 Red Cedar Drive. It has a baseball and softball field, a practice field for diamond sports, fitness equipment, a pavilion, picnic tables, benches, a playground and a walking trail. The park was completed in 1997 and reinvested in 2017.⁴

For a longer outing, Frisco opened Northwest Community Park in September 2026. It covers 122 acres and has miles of dirt, gravel and paved trails.⁵ Park hours and closures change, so check before you go.

History and downtown are the two easy afternoons. The Frisco Heritage Center sits at 6455 Page Street, with free admission. On site you will find the Frisco Heritage Museum, historic buildings including the Crozier-Sickles House and the Smith-Muse House, a steam locomotive, the Depot and a wooden caboose. It is open Tuesday through Saturday, 10 a.m. to 5 p.m., and closed Sunday and Monday.⁶

Historic downtown on Main Street is a district of boutiques and restaurants that suits families, date nights or groups of friends.⁷ Parks, a museum and a walkable downtown give a weekend plan without a long drive. For more ideas across the city, see my Frisco things to do page.

Every community has trade-offs, and the useful ones show up in the details. Main Street, Hillcrest Road and Preston Road are busy corridors in this part of Frisco, so a drive at your normal commute time tells you more than a map does. HOA rules can limit fences, exterior colors, parking and outbuildings. Property tax bills in Collin County depend on the appraised value and each taxing unit, which my post on how Texas property taxes work in Collin County explains.

• Read the HOA documents first. Look at the rules, the budget and any pending projects before you write an offer.
• Drive the route twice. Try a weekday morning and a weekend afternoon.
• Study the tax bill. Ask for the most recent bill and read every taxing unit on it.
• Compare recent sales on the same street. Nearby sales tell you more than a citywide number.
• Inspect the big systems. Look at the roof, the air conditioner and the water heater.

Homes here are served by Frisco ISD; assignments follow the address. My page on Collin County school districts shows how to look up a specific home. When you are ready to plan the purchase, read my buying a home page and my process, and look at new construction if you want to compare a new build.

Sellers in an established HOA community compete with other resale homes and with newer neighborhoods farther north. A buyer who tours your home often tours a new build the same weekend, so the home needs to show its strengths in the photos and in person. Gather the HOA documents, the tax bill and receipts for major work before the listing goes live. Buyers and their agents ask for those items early, and having them ready keeps a contract moving.

Before we list, I show you a Plan A, B and C for pricing, so you can see more than one path. Each listing gets professional photography, a walkthrough video, its own website and a pre-listing inspection report that I share with buyer agents. You can read the full list on my selling your home page.

Walk the area once on a weekday and once on a weekend. Visit Preston Ridge Park, drive to your workplace at your usual time, and read the HOA documents before you fall for a kitchen. Then compare what you saw with your must-haves, such as a certain commute, room for guests or an office.

If you are weighing Preston Lakes against other Frisco communities, tell me what you are looking for, and we will talk it through. If you want to know what homes in Preston Lakes are selling for, ask me for a neighborhood market update through my free home value page, and if you would rather talk first, send me a message.

This article describes my general approach and is not legal, tax or lending advice.

1. City of Frisco, HOA Directory (Updated Quarterly HOA Directory)
2. City of Frisco, Neighborhoods page
3. City of Frisco, Recreation page
4. City of Frisco, Preston Ridge Park facility page
5. City of Frisco, Northwest Community Park page
6. City of Frisco, Frisco Heritage Center page
7. Visit Frisco, Frisco Heritage Museum and downtown Frisco pages