Neighborhood
Water Dance, with the adjacent Wooden Canoe at Water Dance, is one of Frisco's premier luxury enclaves, a small collection of custom homes near the Peninsula Recreation Area and the Frisco Nordic Center on the town's southern edge. Defined as much by its scarcity as by its setting, with two private fishing ponds and direct trail and Nordic access.
Town of Frisco (25% of housing stock, 900-license cap reached; active waitlist, roughly 12 to 14 months as of early 2026)
Frisco's single STR license type is non-transferable on sale, so a new owner starts fresh on the waitlist. License $250/year, renews April 30, total STR tax 15.725%. Covenants and any HOA obligations may add their own limits; given how rarely homes here trade, treat this as a primary lifestyle asset rather than a rental-income play.
Water Dance sits on the southern edge near the Peninsula and the Nordic Center. The free Summit Stage bus and the 55-mile rec path are close at hand, and the central Frisco location still puts six ski resorts within roughly 30 minutes, but the enclave itself is quiet and set back from the transit core.
Among the most expensive and least available neighborhoods in Frisco. Listings are infrequent by nature, and a buyer often waits for the right home to surface rather than choosing among several at once.
Water Dance, including the adjacent Wooden Canoe at Water Dance, is one of Frisco's premier luxury enclaves, a small collection of custom homes set near the Peninsula Recreation Area and the Frisco Nordic Center on the town's southern edge. It pairs lakeside proximity with direct access to trails and Nordic terrain, and it's defined as much by its scarcity as by its setting.
This is a community where a buyer often waits for the right home rather than choosing among several.
Homes here are high-end single-family residences and a handful of duplexes, built for craftsmanship and view, with two private fishing ponds and the Peninsula open space at the edge of the neighborhood. Of all the places to own in Frisco, this is among the few where the home itself, not the town around it, is the headline.
Water Dance, with the adjacent Wooden Canoe at Water Dance, is one of Frisco's premier luxury enclaves, a small collection of custom homes near the Peninsula Recreation Area and the Frisco Nordic Center on the town's southern edge. It pairs lakeside proximity with two private fishing ponds and direct trail and Nordic access.
Water Dance is among the most expensive and least available neighborhoods in Frisco. Listings are infrequent by nature, so a buyer often waits for the right home to surface rather than choosing among several at once.
The Town of Frisco caps STR licenses at 25 percent of the housing stock, and the 900-license cap is reached with an active waitlist of roughly 12 to 14 months as of early 2026; the single license type is non-transferable on sale. Covenants and any HOA obligations may add their own limits, and given how rarely homes here trade, it's best treated as a primary lifestyle asset rather than a rental-income play.
Water Dance sits near the Peninsula Recreation Area and the Frisco Nordic Center on the town's southern edge, with two private fishing ponds and direct trail and Nordic access, pairing lakeside proximity with quiet at the edge of town.
Terrain & Access
Real topographic terrain and satellite imagery of Water Dance, with the approximate neighborhood boundary and Water Dance marked. Toggle layers at the top-right, then pan and zoom to see how the homes sit to the terrain, the trails, and town.
In the Area
Infrastructure, development, and access news from around Frisco that shapes ownership here, with my read on why each one matters.
Frisco authorizing the Granite Park project and other downtown housing is the town investing in the people who run its restaurants, shops, and services. For a second-home owner, a town that keeps its workforce nearby is one that stays open, staffed, and livable year-round, which is easy to overlook and genuinely shapes the experience of owning here.
SummitDaily.comThe most disruptive phase of the Floyd Hill rebuild is now behind us, so the daily traffic holds that have shaped weekend timing should ease from here, with the new roadway alignment set for 2028 and the full corridor finished in 2029.
Colorado Department of TransportationIf you're weighing a large-acreage parcel outside the town limits, the county is making rezoning faster and less expensive, which matters most when a property's best use doesn't line up with its current zoning.
KPCWDistinct character zones, each with its own price band, vibe, and reasons to choose it.
The core enclave of high-end custom single-family homes built for craftsmanship and view, with expansive decks framing the Tenmile Range and Dillon Reservoir. The address most buyers mean when they say Water Dance.
The adjacent filing, single-family and a handful of duplexes, grouped with Water Dance and sharing its setting against the Peninsula open space. Inventory across both is thin, so the two are watched together.
Water Dance
Water Dance
Off-Market Access
Water Dance is among the most expensive and least available neighborhoods in Frisco, and listings are infrequent by nature. Tell me what you're after and I'll bring you the off-market and pre-market opportunities here before they surface publicly.
Of all the places to own in Frisco, Water Dance is among the few where the home itself, rather than the town around it, is the headline. The enclave sits near the Peninsula Recreation Area and the Frisco Nordic Center on the southern edge of town, pairing lakeside proximity with direct access to trails and the Nordic Center's 30 kilometers of groomed winter terrain. It's defined as much by its scarcity as by its setting.
The homes are high-end single-family residences and a handful of duplexes, built for craftsmanship and view, with expansive decks framing the Tenmile Range and Dillon Reservoir. Listings are infrequent by nature: this is a small, finite enclave where a buyer often waits for the right home to surface rather than choosing among several at once. That rhythm rewards patience and a relationship with someone watching the market closely, because the window on a given home can be short.
The neighborhood's two private fishing ponds and its position against the Peninsula open space give it a quieter, more secluded character than the in-town grid, while the Nordic Center makes winter as much a part of the address as summer on the lake. From here the Peninsula trails, the rec path, and the marina are all close at hand, and the same central Frisco location that puts six ski resorts within thirty minutes applies just as it does downtown.
The diligence here is about access rights and scarcity, not rental yield. Pond and open-space access rights, along with covenants and any HOA obligations, are worth confirming for the specific property. Short-term rental sits under Frisco's reached town cap and active waitlist with a non-transferable license, but given how rarely these homes trade and how they are held, the right frame is a primary lifestyle retreat, not a rental-income strategy.
Neighborhood
Frisco Lakefront on Lake Dillon
The lakefront neighborhoods east of Summit Boulevard offer direct reservoir access and a broader mix of condos and townhomes. Choose the lakefront for water at the door and more inventory; Water Dance for seclusion, scarcity, and a single-family-only setting near the Peninsula.
Neighborhood
The Reserve at Frisco
The Reserve is the gated, larger-lot custom enclave inland near Walter Byron Park. Both are scarce and high-end; choose The Reserve for bigger inland lots, Water Dance for the lake-and-Nordic setting and the private ponds.
Neighborhood
Downtown Frisco
Downtown is the walkable Main Street core with the widest range of product. Choose downtown for town life and an entry point that doesn't exist here; Water Dance for a rare, secluded, high-end home where the house itself is the headline.
Neighborhood
Bill's Ranch
Bill's Ranch is the wooded, no-HOA cabin neighborhood outside town. Choose Bill's Ranch for character and trees at a lower entry; Water Dance for new luxury construction, ponds, and Peninsula access.
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