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Real estate is insane. Is this sustainable?
Posted on 3/8/21 at 7:48 pm
Posted on 3/8/21 at 7:48 pm
From what I’ve seen on here and other places Nola real estate continues it’s crazy run.
Texas has gone bat shite insane in most places. I’m going to guess my house here in the far far northern limits of San Antonio has appreciated 30k this year based on recent sales.
Right before the pandemic I bought the half acre next to me for 53k. At the time there were 10-12 similar lots ranging from 45-65k. Now there is one and it’s 90k.
Just before the pandemic there were always tons of houses for sale in my neighborhood. Now there are 3-4 and they sell the minute they go on the market.
Ive been looking for land and there is hardly any to buy. Looking as far out as rock springs and it’s scarce and pricey.
Wtff is going on? This seems unsustainable.
The one place that hasn’t appreciated for shite is my Houston house which I’m about to sell. It’s in the city.
So the burbs and rural land are just in this insane to the moon course.
Is this all work from home related? Low interest rates are a factor too but damn.
Anyone think it will reverse once shite opens? I really hope so and all the people go back t the city.
I can’t figure out if I should wait or if it’s one of those buy high or buy even higher in five years. Texas is turning into California.
Im a little worried if shite doesn’t slow down people are going to get taxed out of their homes. It’s already a happened in the gentrified inner city but could be coming to suburbs/small towns soon.
29
Posted on 3/8/21 at 7:54 pm to ghost2most
Wait until there's massive inflation
Posted on 3/8/21 at 7:57 pm to ghost2most
I’ve said it before. I’ll say it again. I’m ready to sell my house at these prices and move into a used trailer on 100 acres 
This post was edited on 3/8/21 at 9:05 pm
Posted on 3/8/21 at 8:00 pm to jimbeam
Shut good luck finding 100 acres at a non insane price
Posted on 3/8/21 at 8:02 pm to Strannix
quote:
Wait until there's massive inflation
this shite makes me so mad
Posted on 3/8/21 at 8:09 pm to ghost2most
Already got it baw
Posted on 3/8/21 at 8:31 pm to ghost2most
I can get some in Jennings for about 3.50
Posted on 3/8/21 at 8:57 pm to ghost2most
I’m in single family development in DFW and we can’t get lots turned around fast enough. It was already busy pre-Covid but since mid-May it’s been balls to the wall. Every home builder is setting new monthly records.
When everything shut down, the appeal of living in the city vanished. No restaurants, no nightlife, no gyms, hell you couldn’t even take your kid to the park for several months. People were paying premium rents to live close to everything, including their job, but now everything was closed and they were stuck in their homes. Many of those homes were small apartments or condos where you were trading space for proximity. Suddenly the people who used to scorn the suburbs were really wishing they lived in one of those master planned communities with home offices, huge backyards and hike & bike trails around a fake lake. And that community can be an hour or more from your office because no one was going to their office anyway.
When everything shut down, the appeal of living in the city vanished. No restaurants, no nightlife, no gyms, hell you couldn’t even take your kid to the park for several months. People were paying premium rents to live close to everything, including their job, but now everything was closed and they were stuck in their homes. Many of those homes were small apartments or condos where you were trading space for proximity. Suddenly the people who used to scorn the suburbs were really wishing they lived in one of those master planned communities with home offices, huge backyards and hike & bike trails around a fake lake. And that community can be an hour or more from your office because no one was going to their office anyway.
Posted on 3/8/21 at 9:08 pm to ghost2most
I mentioned it in another post; we’re seeing 30-40% increase in just the last 3 years. It’s crazy. Gotta figure a way to sell the wife on moving...
Posted on 3/8/21 at 9:16 pm to ghost2most
I think your area will keep increasing in demand and corresponding price personally. Sounds like you’re up 281? Or 10? I think they keep expanding and building up those corridors for the foreseeable future personally.
I don’t think this real estate boom is sustainable everywhere, but I very much think it is in San Antonio. It’s a city that will keep growing as the border opens up, as SA is often the destination of choice for the wealthiest of the Latin American immigrants. Which means a consistently growing middle class in the city, and the housing demand that comes with it. Combine that with the spiking interest in suburb life, and I think home values in those Forrest crest/Leon springs/redland woods/stone oak/timberwood park areas will just keep climbing. Not at this rate certainly, but I don’t think we’re going back down.
At least I hope not, I just bought in redland woods haha. About 20k higher than the October Zillow estimate, so obviously not ideal timing. But the sellers were desperate, so I got lucky and got it well below asking. With the low interest rate and the long run outlook for the city, I feel real good about the purchase.
I don’t think this real estate boom is sustainable everywhere, but I very much think it is in San Antonio. It’s a city that will keep growing as the border opens up, as SA is often the destination of choice for the wealthiest of the Latin American immigrants. Which means a consistently growing middle class in the city, and the housing demand that comes with it. Combine that with the spiking interest in suburb life, and I think home values in those Forrest crest/Leon springs/redland woods/stone oak/timberwood park areas will just keep climbing. Not at this rate certainly, but I don’t think we’re going back down.
At least I hope not, I just bought in redland woods haha. About 20k higher than the October Zillow estimate, so obviously not ideal timing. But the sellers were desperate, so I got lucky and got it well below asking. With the low interest rate and the long run outlook for the city, I feel real good about the purchase.
This post was edited on 3/8/21 at 10:11 pm
Posted on 3/8/21 at 9:26 pm to ghost2most
I cant believe seeing the fulshear area starter homes selling at $200 a sq ft faster than they can build them.
Posted on 3/8/21 at 9:30 pm to down time
It's all dumb.
Posted on 3/8/21 at 9:36 pm to TopFlightSecurity
It’s basically the perfect storm. No foreclosures so low inventory, low rates, & high material costs.
Posted on 3/8/21 at 9:41 pm to ghost2most
Real estate is booming in Texas. Everyone wants to move to Texas now. Not the same level elsewhere
Posted on 3/8/21 at 9:45 pm to funnystuff
Im in Timberwood and you nailed it
Posted on 3/8/21 at 9:46 pm to Upperdecker
quote:
Not the same level elsewhere
Florida
Colorado
Tennessee
It’s happening in other places too
Posted on 3/8/21 at 9:48 pm to ghost2most
That's no joke. Covid has gotten everyone with any disposable cash buying up acres to have a "getaway".
Where we hunt up noth the average time on market for small to midsize parcels is 4 days.
Where we hunt up noth the average time on market for small to midsize parcels is 4 days.
Posted on 3/8/21 at 9:54 pm to GREENHEAD22
Think this is a short term trend or ongoing?
Posted on 3/8/21 at 10:01 pm to ghost2most
I hope short term but really don't know. I know it is screwing up our plans. No time to actually look at the property because others are buying sight unseen a lot if times.
Not to mention you are seeing a mass exodus from the cities to the suburbs and outskirts which I do think will be a long term trend.
Not to mention you are seeing a mass exodus from the cities to the suburbs and outskirts which I do think will be a long term trend.
This post was edited on 3/8/21 at 10:04 pm
Posted on 3/8/21 at 10:03 pm to Paul Allen
But the point is, people are also leaving a number of places. California, New York, New England, Seattle, Portland, Detroit, Chicago, and a number of other places are seeing net loss of residents. We’re seeing a rebalancing
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