Sean — i wanted to run something by you to collect your thoughts on — which is — I have kids that live in Austin and the real estate market appears to be out of control. I say that as my daughter has realtor friends who are selling houses for as much as 140K OVER listing prices and there can be hundreds of offers almost the minute a house goes up for sale Many people are snapping these houses up sight unseen for prices in the range of $500-600K just to have a house. Then they will spend hundreds of thousands on gutting those homes to make them what they really wanted.
My oldest daughter has just launched a design/remodeling consultancy for this market and she is quickly gaining more work than she wants..
She told me recently that one piece of land in Cedar Park Texas had 300 offers on it virtually overnight and it sold for $125k more than listed.
This all seems like insanity to me but with companies like Tesla and Apple creading/expanding their footprint in the Austin area — i just wonder what kind of incredible bubble is being built. I believe my daughter could sell her 2 year old house for double what she paid for it!
Seems that the Austin area has its own unique bubble being built —
- This reply was modified 1 week, 1 day ago by Robert Graham.