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Re: Real estate nutso [Re: TXHOGSLAYER] #8217539 03/28/21 02:48 PM
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Originally Posted by TXHOGSLAYER
2 questions:

1. Why are things so crazy out that way? What are the drivers?

Interest rates are low, almost free money. Lots of sellers are offering 5% down and owner finance. That means everybody with a pulse and making minimum wage can buy land, the sellers doesn’t care because they are already selling for an inflated price, and they are banking on the buyer missing a payment and foreclosing. I know a realtor in Del Rio that has sold the same 130 acres 3 times in the last 10 years because each buyer was foreclosed on.

2. Where is all the money coming from? Don't tell me California, those people selling small houses for a million still had a 900k mortgage


Most of it is coming from the west coast, not just Cali. I’ve got a friend in Washington just sold his home, 2400 square feet built 30 years ago, he listed for $849,900 and had a contract in 4 hours for $939,000. There are people fleeing those states like crazy, but don’t be fooled, the housing market there is just as crazy if not worse than it is here.

Another crazy happening is people selling their lease in San Diego. Basically they have to sign a 1 year minimum lease, even happens with apartments, and when they finally get an offer accepted to buy a house, their apartment is in such high demand they are selling the remaining time of lease. The future tenant has to pass the checks with the lessor and the current tenant splits the sales portion with the owner. Stupid times!


Wade Dews, REALTOR ®
"The Bigley Group"
Premier Legacy Real Estate, LLC.
www.PremierLegacyRealEstate.com
WDews@premierlegacyrealestate.com
214-356-2410

Re: Real estate nutso [Re: bill oxner] #8217567 03/28/21 03:14 PM
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Originally Posted by bill oxner
It is not only in Texas. My daughter is house shopping in Georgia and having similar problems.


This is the house. She is looking at this afternoon. Priced at $150 per square foot. It only has a two car garage but that is fine. They only have one car.

[Linked Image]

Last edited by bill oxner; 03/28/21 03:37 PM.

Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill


[Linked Image]




Re: Real estate nutso [Re: bill oxner] #8217584 03/28/21 03:29 PM
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Originally Posted by bill oxner
Originally Posted by bill oxner
It is not only in Texas. My daughter is house shopping in Georgia and having similar problems.


This is the house. She is looking at this afternoon. Priced at $1.50 per square foot. It only has a two car garage but that is fine. They only have one car.

[Linked Image]


Bill do you mean $150/sqft?

Re: Real estate nutso [Re: bill oxner] #8217596 03/28/21 03:35 PM
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Originally Posted by bill oxner
Originally Posted by bill oxner
It is not only in Texas. My daughter is house shopping in Georgia and having similar problems.


This is the house. She is looking at this afternoon. Priced at $1.50 per square foot. It only has a two car garage but that is fine. They only have one car.

[Linked Image]

I'll take 100 at that price.

Re: Real estate nutso [Re: Hudbone] #8217598 03/28/21 03:37 PM
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freerange Offline
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I like that house Bill. You should be proud of your daughter.


Keep your gratitude higher than your expectations. RWH
Re: Real estate nutso [Re: wp75169] #8217603 03/28/21 03:39 PM
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Originally Posted by wp75169
Originally Posted by bill oxner
Originally Posted by bill oxner
It is not only in Texas. My daughter is house shopping in Georgia and having similar problems.


This is the house. She is looking at this afternoon. Priced at $1.50 per square foot. It only has a two car garage but that is fine. They only have one car.

[Linked Image]


Bill do you mean $150/sqft?


Sorry. Clumsy fingers. Old age you know.


Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill


[Linked Image]




Re: Real estate nutso [Re: freerange] #8217620 03/28/21 03:54 PM
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Originally Posted by freerange
I like that house Bill. You should be proud of your daughter.


Good looking property.

Re: Real estate nutso [Re: Hudbone] #8217957 03/28/21 10:33 PM
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Builders must be hungry for more land.. We’ve seen $50k/ac being contracted in southern Dallas county for cultivated land..


Originally Posted by Jungleexplorer
I really hate to do what I am about to do, because it will be very painful for you.


Re: Real estate nutso [Re: Simple Searcher] #8218020 03/28/21 11:33 PM
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I'm buying.................you have to have cash. No inspection. No appraisal. Close in 3 weeks.

Noone wants to deal with bank and inspections. Inspectors kill too many deal. I despise them so I pay cash.


What was washed most in 2020/21? Hands or brains?
Re: Real estate nutso [Re: fadetoblack64] #8218022 03/28/21 11:34 PM
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Originally Posted by fadetoblack64
I'm buying.................you have to have cash. No inspection. No appraisal. Close in 3 weeks.

Noone wants to deal with bank and inspections. Inspectors kill too many deal. I despise them so I pay cash.


One upper.

Re: Real estate nutso [Re: T Bone] #8218025 03/28/21 11:35 PM
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Originally Posted by T Bone
Builders must be hungry for more land.. We’ve seen $50k/ac being contracted in southern Dallas county for cultivated land..

Definitely $50k/ac Georgetown Round Rock area for raw land. Lots of houses being built.


Keep your gratitude higher than your expectations. RWH
Re: Real estate nutso [Re: freerange] #8218026 03/28/21 11:37 PM
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Originally Posted by freerange
Originally Posted by T Bone
Builders must be hungry for more land.. We’ve seen $50k/ac being contracted in southern Dallas county for cultivated land..

Definitely $50k/ac Georgetown Round Rock area for raw land. Lots of houses being built.

100k an acre is getting to be the norm around here for 2-3 acre tracts. I'm about to a plat out some of my 25 acres. We paid $5600 an acre in 2017.

Re: Real estate nutso [Re: TexFlip] #8218042 03/28/21 11:48 PM
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Originally Posted by TexFlip
Originally Posted by freerange
Originally Posted by T Bone
Builders must be hungry for more land.. We’ve seen $50k/ac being contracted in southern Dallas county for cultivated land..

Definitely $50k/ac Georgetown Round Rock area for raw land. Lots of houses being built.

100k an acre is getting to be the norm around here for 2-3 acre tracts. I'm about to a plat out some of my 25 acres. We paid $5600 an acre in 2017.

I was referring to more like 30 to 100 acres at 50k/ac.


Keep your gratitude higher than your expectations. RWH
Re: Real estate nutso [Re: freerange] #8218066 03/29/21 12:01 AM
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Originally Posted by freerange
Originally Posted by TexFlip
Originally Posted by freerange
Originally Posted by T Bone
Builders must be hungry for more land.. We’ve seen $50k/ac being contracted in southern Dallas county for cultivated land..

Definitely $50k/ac Georgetown Round Rock area for raw land. Lots of houses being built.

100k an acre is getting to be the norm around here for 2-3 acre tracts. I'm about to a plat out some of my 25 acres. We paid $5600 an acre in 2017.

I was referring to more like 30 to 100 acres at 50k/ac.

Same around here.
[Linked Image]

Re: Real estate nutso [Re: Hudbone] #8218096 03/29/21 12:19 AM
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If anybody wants to pay that kind of $ for dirt around Barstow, TX or Loving, NM, I’m your guy...

Re: Real estate nutso [Re: Hudbone] #8218116 03/29/21 12:27 AM
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May move into the fiver and sell in this crazy market


i am cancelling my subscription, i am tired of your issues!
Re: Real estate nutso [Re: SRPI89] #8218169 03/29/21 01:02 AM
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Originally Posted by SRPI89
If anybody wants to pay that kind of $ for dirt around Barstow, TX or Loving, NM, I’m your guy...

Trade for minerals out your way...?


Keep your gratitude higher than your expectations. RWH
Re: Real estate nutso [Re: freerange] #8218196 03/29/21 01:20 AM
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Originally Posted by freerange
Originally Posted by SRPI89
If anybody wants to pay that kind of $ for dirt around Barstow, TX or Loving, NM, I’m your guy...

Trade for minerals out your way...?


No minerals convey... I have to pay for these kids school somehow!!

Re: Real estate nutso [Re: don k] #8218231 03/29/21 01:39 AM
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Originally Posted by don k
Originally Posted by Simple Searcher
I wonder how long the boom will last? It seem that at some point the market will catch up and then repos will start showing up from those that couldn't handle the payments.

It will happen. It always does. Property values go up like crazy. Then they level off. Do not go down much but just level off. Then the folks that bought them for a quick flip get hit with the property taxes and the flipping does not materialize and the DO DO hits the fan for those that can't afford to keep it.



the big thing right now is subdividing land.


three places have sold in pearsall and the new owner is subdividing them into 10-25 acre tracts and owner financing them.....selling like hot cakes. And these are out in the middle of nowhere.


We are seeing a big push from Urban Buyers looking at rural land with no previous background.....don't hunt, fish, farm, etc. I sold a million dollar place to a guy who doesent even own a gun. to these folks, 20-50 acres is a huge ranch and they are creating the demand. Also people have made a ton of money in the stock market and in their businesses and are looking at other investment diversification options. Real Estate by and large is a pretty safe investment.


For it is not the quarry that we truly seek, but the adventure.
Re: Real estate nutso [Re: Hudbone] #8218241 03/29/21 01:49 AM
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$110K an acre less than 1 mile from my house. It's nuts. I bought this house in Dec. '16. If I sold tomorrow, I could profit ~$125K. Pretty good return but trying to find something else anywhere near here, for a reasonable price, is impossible.


R.I.P. CPO Matt Mills-(DEVGRU)- You will NEVER be forgotten!
10-25-75 / 8-6-11 *K.I.A.*
Re: Real estate nutso [Re: Hudbone] #8218242 03/29/21 01:50 AM
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$110K an acre less than 1 mile from my house. It's nuts. I bought this house in Dec. '16. If I sold tomorrow, I could profit ~$125K. Pretty good return but trying to find something else anywhere near here, for a reasonable price, is impossible.


R.I.P. CPO Matt Mills-(DEVGRU)- You will NEVER be forgotten!
10-25-75 / 8-6-11 *K.I.A.*
Re: Real estate nutso [Re: Hudbone] #8218302 03/29/21 02:59 AM
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$110k an acre x 1300 acres= 143 mil. If any thf'r can bring this price i will pay 10%


343 NEVER FORGET !!
Re: Real estate nutso [Re: Hudbone] #8218645 03/29/21 02:49 PM
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I was wanting to keep my lake house for a couple more years but am seriously considering taking advantage of this crazy market.


Originally Posted by MikeC
Never underestimate a meth head!


Re: Real estate nutso [Re: procraft05] #8218661 03/29/21 03:06 PM
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Originally Posted by procraft05
We bought our first home in 2006 and the housing market was booming.

We got 6 percent for 30 and that was an excellent rate at the time

It crashed in 2008 w interest rates slightly higher (mainly arm loans)

I think we are a LONG ways off from seeing 6 percent loans again

That’s 6 percent loans w excellent credit is what I am saying



Yep...rates aren't going to be high for a while. The Fed announced they have no plans to raise rates until 2023.

Re: Real estate nutso [Re: TexFlip] #8218867 03/29/21 05:49 PM
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Originally Posted by TexFlip
Originally Posted by freerange
Originally Posted by T Bone
Builders must be hungry for more land.. We’ve seen $50k/ac being contracted in southern Dallas county for cultivated land..

Definitely $50k/ac Georgetown Round Rock area for raw land. Lots of houses being built.

100k an acre is getting to be the norm around here for 2-3 acre tracts. I'm about to a plat out some of my 25 acres. We paid $5600 an acre in 2017.


Have you inquired in your county about their rules for sub-dividing? It isn't as easy as it used to be not too many years ago in most counties. There are plenty of hoops to jump through.

A lot of counties have a form on their website with their requirements. It is typically a professionally prepared plat presented to them for their approval.

Most of the water companies want you to present an engineering study to them on your water needs. Then they will tell you if they can provide you with your requested meters. One such study I'm aware of cost $10,000. After it was presented to the water company the land owner was told the water company would have to do a $250,000 upgrade to their water lines. I don't think it was for very many meters. However, if the system is already about maxed out they have to upgrade a lot just to add more meters. Sometimes owners choose to go with water wells instead if they can.

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