Chapel Creek in Frisco, Texas?

I've heard that Chapel Creek is a subdivision in Frisco and I've also heard that they have like family day and a Halloween Parade and stuff like that. What is this place? Is it like an upscale Country Club in Frisco? Is it just a subdivision where houses are or is it more? Are most people who live there wealthy because some of the houses sell for 3Million dollars, at least that's what the website says. They also have a Community Calendar, what's up with this place? Can someone clarify me, please!