Is Texas real estate slowing down?

[Broncojohnny]

I closed last Monday. Dave Ramsey would be pissed at my 100% financing.

[Ruffdaddy]

For the first time in 10 years...my property taxes went down! Gotta be a sign for sure...hopefully it hits the acreage hard.

[Broncojohnny]

Don’t buy land on Tuesday. We’ll show the bastards.

[Ruffdaddy]

We need a dfwmustangs land grab purchase so we can take advantage of a lower price per acre and then parcel it based on smaller ranchettes (10-50 acres each).

Kinda like that time we bought a DFWS fuel tanker.

[David]

Our new place sat on the market 7 months and they just kept dropping the price to where I was finally interested and even then I walked after they rejected my first offer. But they’re stuck on a new build that won’t extend their contract agreements for the 4th time and either had to walk on that or move the current house. Seems like there’s a crunch easing it’s way into markets.

[Broncojohnny]

This is exactly why I have been holding off on what I think are good deals the past few years. I keep expecting the slowdown to hit hard enough to actually force developers to shed land.

All of the shit around is being sold for developments but the new builds are sitting unsold much longer...its gotta break at some point

A huge part of this is tolerance for pain. That is determined by interest rates and depth of pockets. Even now there are properties that won’t lease because of poor specs or incompetent owners. They are bought by other more capable owners in short order. Once the leasing goes away though, these challenged sites will stack up. And the land buying goes away shortly thereafter.

[bcoop]

land prices dont seem to be falling. 9 miles from me a 16 acre pasture is listed for 320k but that seems a little insane to me . 11,500 an acre is becoming the norm . tough to figure when the only comps are 10 to 20 miles away .

I know where a 16 acre place is sitting, right on top of a hill, with beautiful views. But the guy wants $28,500 per acre (Gunter).


My plan is to wait until the stock market shits the bed, and we find ourselves back in 2008 again. Going to be a lot of people without jobs, lots of short sales, foreclosures, etc. You'll have to stomach the high interest rate for +/- 5 years until things come back, but the deals should be abundant.

[Ruffdaddy]

Everyone is just sitting around watching the fan waiting for the shit to hit it. Developers can still lease space and sell houses. Until that stops they will keep on trucking with all property types and that means land sales. We’ve been selling them as fast as we can complete them for five years now. I am selling deals where all we have done is grate the site and started building up pads.

This is exactly why I have been holding off on what I think are good deals the past few years. I keep expecting the slowdown to hit hard enough to actually force developers to shed land.

All of the shit around is being sold for developments but the new builds are sitting unsold much longer...its gotta break at some point

[Rick Modena]

Sold my house in 4 days. Got a couple of pissed off neighbors who are also trying to sell theirs. Found another house we really wanted, so I needed out of my current one. Listed it pretty competitively, got a bidding war. They’re mad I’m ruining their market on selling a $350k for $425k.

I've been looking in Lucas/Parker for a home on an acre, prices have come down, but they need to come down more before I buy at this interest rate. One person has a nice home but its 4 yrs old for the same price as a new home on a acre. They need to come down $50k before I make an offer.

I'm in no hurry, they can keep paying that mortgage every month until it hurts, the new ones have come down $100k and have been sitting for a year and the local comps have a couple of homes at 2 months with no offers...

[bubbaearl]

helps when your the only game in town. only a few pieces of land for sale near me. other than 5 acre plots in mountain lakes and one other developer place there's nothing but large ranches. the 7400 sq ft place built across from me last year sure didn't hurt my values. plus we are seeing a lot of folks from down under buying up land here along with the cali transplants . horse guy from down under bought the full section ranch across 377 from me then spent a fortune clearing and planting .

[Broncojohnny]

It's been erratic lately. I saw some awesome deals in January like Bronco mentioned. But now they are shit. I think the stalled growth will help. But I was still looking at 10K an acre in grayson county

Everyone is just sitting around watching the fan waiting for the shit to hit it. Developers can still lease space and sell houses. Until that stops they will keep on trucking with all property types and that means land sales. We’ve been selling them as fast as we can complete them for five years now. I am selling deals where all we have done is grate the site and started building up pads.

[Ruffdaddy]

land prices dont seem to be falling. 9 miles from me a 16 acre pasture is listed for 320k but that seems a little insane to me . 11,500 an acre is becoming the norm . tough to figure when the only comps are 10 to 20 miles away .

It's been erratic lately. I saw some awesome deals in January like Bronco mentioned. But now they are shit. I think the stalled growth will help. But I was still looking at 10K an acre in grayson county

[Broncojohnny]

land prices dont seem to be falling. 9 miles from me a 16 acre pasture is listed for 320k but that seems a little insane to me . 11,500 an acre is becoming the norm . tough to figure when the only comps are 10 to 20 miles away .

Got to wait for a recession to buy that vacant land. Usually in January in Texas, right about the time taxes are due.

[Broncojohnny]

That's what I thought he was TRYING to say. He had his 350 and 425 flipped. I've seen quite a bit in my neighborhood overpriced as well as surrounding new builds.

Either way prices are coming down and that's all that matters.

I have noticed a substantial pick up in transactions in Plano in the $400 to $800K range. I am sure part of it is just rates. This summer might be interesting, I’m going to sell my existing Plano turd hole and it is at a low price point. Might be fun.

[bubbaearl]

land prices dont seem to be falling. 9 miles from me a 16 acre pasture is listed for 320k but that seems a little insane to me . 11,500 an acre is becoming the norm . tough to figure when the only comps are 10 to 20 miles away .