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This is exactly what’s happened in Austin. Vast areas of old neighborhoods where rising property taxes forced the old owners to sell. The lots were immediately cleared for four to eight plex condos. This raised property values more, making it impossible for prior owners to pay their new $10,000 a year taxes, which is just average for homes. So they sold to developers for very high offers. Except that they now could not afford any place to live, since it would take their entire proceeds, and they would still have a huge tax bill. That and the antiquated infrastructure are largely what earned that county and one to the north a place on the formal list of Places You Can’t Afford to Live.
I’m in another county, and I now get offers over a million dollars for my four acres that cost me $60,000 a few years ago and has no sewer service nor cable. I considered selling, but without leaving the area, there was no good place to live. We wanted a house, but the town is inundated with Californians and people wanting out of Austin. All homes are bid up far above asking price, to the point where a virtual shed is $400,000. After extensive looking, we concluded we were already in the place we would most like to be, and we had plenty to live on, so we will stay put until either we can’t physically keep it up or they offer Two million. Two million, because I previously had never thought to have to one day worry about capital gains, so that needs to be covered.
oldpine52 over 2 years ago
But not necessarily better.
C over 2 years ago
Super sized
marilynnbyerly over 2 years ago
On that tiny lot, it can’t be much bigger.
Yakety Sax over 2 years ago
“Buy land, they’re not making it anymore.”
― Mark Twain
Last Rose Of Summer Premium Member over 2 years ago
That was Dennis’s Big and Tall Shoppe and Feed Store. Just what are they putting in the water here anyway?
jjhouten over 2 years ago
Not another Dollar General ? / ! !
Alberta Oil over 2 years ago
Even Ballard St is getting caught up with the infill concept.. where they rip down an established home and build an ugly double decker home.
ChessPirate over 2 years ago
Build Back B̶e̶t̶t̶e̶r̶ … Bigger
MeGoNow Premium Member over 2 years ago
This is exactly what’s happened in Austin. Vast areas of old neighborhoods where rising property taxes forced the old owners to sell. The lots were immediately cleared for four to eight plex condos. This raised property values more, making it impossible for prior owners to pay their new $10,000 a year taxes, which is just average for homes. So they sold to developers for very high offers. Except that they now could not afford any place to live, since it would take their entire proceeds, and they would still have a huge tax bill. That and the antiquated infrastructure are largely what earned that county and one to the north a place on the formal list of Places You Can’t Afford to Live.
I’m in another county, and I now get offers over a million dollars for my four acres that cost me $60,000 a few years ago and has no sewer service nor cable. I considered selling, but without leaving the area, there was no good place to live. We wanted a house, but the town is inundated with Californians and people wanting out of Austin. All homes are bid up far above asking price, to the point where a virtual shed is $400,000. After extensive looking, we concluded we were already in the place we would most like to be, and we had plenty to live on, so we will stay put until either we can’t physically keep it up or they offer Two million. Two million, because I previously had never thought to have to one day worry about capital gains, so that needs to be covered.
Bilan over 2 years ago
Is it Teddy’s burger?
BRI-NO-MITE!! Premium Member over 2 years ago
It looks like one of the Habners won the lottery…..