Holding strong? Prices dropping?

What's the correlation coefficient between mid sized Texas real estate and the tech heavy US stock market.
I doubt it's a positive number.

Fre3dombear said:

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Holding strong? Prices dropping?

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as of last week, no change that I have seen..

Still very strong

Prices are crazy high; homes are selling 1 week (or less) after hitting the market.

Cool. I may be unloading some of the port and been starting the process of researching what things may go for

CTbruin said:

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Lived in McLennan County over 60 years. Never thought I would see so many home sales for over a million.

Most sales in my area (Hidden Valley) are now over a million

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house at corner of lake air drive and hillcrest just sold for about a million and it is really dated. Last reno was 30 years ago

4th and Inches said:

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CTbruin said:

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Lived in McLennan County over 60 years. Never thought I would see so many home sales for over a million.

Most sales in my area (Hidden Valley) are now over a million

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house at corner of lake air drive and hillcrest just sold for about a million and it is really dated. Last reno was 30 years ago

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I've lived in same home for 40 years an average Par 5 away from there..Our property values have been increasing on the tax role, but this year it's gone ballistic..Check 2022 values on MCAD site for Arroyo Rd. just as an example. I retired about 7 years ago, and I'm glad I at least planned for some of this by using assets to generate income..I'm concerned about 10 years from now..If God grants me those years..Guess we could always sell, and probably will..

4th and Inches said:

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Bexar Pitts said:

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4th and Inches said:

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CTbruin said:

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Lived in McLennan County over 60 years. Never thought I would see so many home sales for over a million.

Most sales in my area (Hidden Valley) are now over a million

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house at corner of lake air drive and hillcrest just sold for about a million and it is really dated. Last reno was 30 years ago

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I've lived in same home for 40 years an average Par 5 away from there..Our property values have been increasing on the tax role, but this year it's gone ballistic..Check 2022 values on MCAD site for Arroyo Rd. just as an example. I retired about 7 years ago, and I'm glad I at least planned for some of this by using assets to generate income..I'm concerned about 10 years from now..If God grants me those years..Guess we could always sell, and probably will..

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no home owner should have to worry anout losing their house they bought and lived in for 40 years.. the system is broken

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Couldn't agree more. and that's all I'll say..I'm attempting to work with City/County officials to at least entertain a freeze for seniors on their property taxes ...just as we have now on our ISD taxes..We seniors can't stop inflation of prices for food, energy etc..But cities and counties can do something to aid their most vulnerable by freezing taxes on their HOMESTEADS.

Tax assessor says "still booming". *******s.

A little more inventory this month over last. Seeing some higher-priced homes that aren't updated sitting a little longer (house mentioned on Lake Air was on market for nearly a year). Sellers in Waco (can't speak for other markets) have this fantasy that they can get $300+ a foot when the buyer would need to spend $120 a foot just to bring it into the 2000s.

Fact remains, if your house in McLennan county is updated and in a reasonably desirable area, you can expect to get per foot at or about where it was this time last year.

I suspect, if history repeats itself lokenthe the 2008 adjustment, we will see a lot of houses changing hands. I believe that communities like McGregor, Axtel and Robinson are poised to explode over the next 20 years.

beerman said:

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A little more inventory this month over last. Seeing some higher-priced homes that aren't updated sitting a little longer (house mentioned on Lake Air was on market for nearly a year). Sellers in Waco (can't speak for other markets) have this fantasy that they can get $300+ a foot when the buyer would need to spend $120 a foot just to bring it into the 2000s.

Fact remains, if your house in McLennan county is updated and in a reasonably desirable area, you can expect to get per foot at or about where it was this time last year.

I suspect, if history repeats itself lokenthe the 2008 adjustment, we will see a lot of houses changing hands. I believe that communities like McGregor, Axtel and Robinson are poised to explode over the next 20 years.

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west has 60 home starts right now.. thats big for a 3000 population town

Right. Another obvious area of potential growth. I just mentioned that to my wife the other day as we were driving through….quality school, good local eateries, closer to metro DFW and east commute to Waco.

beerman said:

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Sellers in Waco (can't speak for other markets) have this fantasy that they can get $300+ a foot when the buyer would need to spend $120 a foot just to bring it into the 2000s.

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we had been on the lookout for awhile and this is so true. There were/are some houses in good locations that are so, so outdated, and the prices were not in touch with that at all. No clue who is advising them.

https://wacotrib.com/business/local/mike-copeland-land-sold-at-loop-340-i-35-almost-a-million-jobs-open-in/article_8f8afc24-d31c-11ec-a289-3bc0b5cb887b.html#tracking-source=most-popular-homepage

Local real estate agent Bland Cromwell has brought home so many big real estate deals, he has probably lost count. He was instrumental in getting Allergan here, and Mars Wrigley and Caterpillar, finding users for the old General Tire & Rubber Co. plant, and assembling land for what became Richland Mall.

When Cromwell talks, people listen. So imagine the surprise when during an interview Saturday he said he recently closed the biggest deal, dollar-wise, in his 46-year career that began at Jim Stewart Realtors, and continues at Coldwell Banker Commercial Jim Stewart Realtors. That news turns heads.

Cromwell said a Dallas-based investor bought 255 acres at Loop 340 and Interstate 35. The asking price was $25 million, but the sales price remains a secret for now. Cromwell calls it the best unimproved corner on Interstate 35 between Laredo and Minneapolis, Minnesota, with potential to accommodate a mixed-use development including retail, dining and multi-family.

Cromwell said he has pursued a user since 2013 for another investment group. Potential deals bubbled to the surface, then dissolved. Mark Schulman announced in 2019 he would place there an entertainment venue called Movie Bowl Grille, including an eight-screen movie theater, bowling lanes, arcade games and a restaurant spread over 90,000 square feet. But that project made headlines as Houston-based NewQuest Properties was popping eyes with plans for a development almost right across the interstate, between Loop 340 and New Road. That development, Cottonwood Creek Market, now has Cinemark, Topgolf and Main Event locations, and building permits have been issued for an apartment complex.

baylrballa said:

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beerman said:

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Sellers in Waco (can't speak for other markets) have this fantasy that they can get $300+ a foot when the buyer would need to spend $120 a foot just to bring it into the 2000s.

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we had been on the lookout for awhile and this is so true. There were/are some houses in good locations that are so, so outdated, and the prices were not in touch with that at all. No clue who is advising them.

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This practice has been an underlying factor in the explosion here locally. These outdated properties are so over-priced, seemingly "average" properties can catch these $250-$300/ foot deals pretty easily.

WacoKelly83 said:

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https://wacotrib.com/business/local/mike-copeland-land-sold-at-loop-340-i-35-almost-a-million-jobs-open-in/article_8f8afc24-d31c-11ec-a289-3bc0b5cb887b.html#tracking-source=most-popular-homepage

Local real estate agent Bland Cromwell has brought home so many big real estate deals, he has probably lost count. He was instrumental in getting Allergan here, and Mars Wrigley and Caterpillar, finding users for the old General Tire & Rubber Co. plant, and assembling land for what became Richland Mall.

When Cromwell talks, people listen. So imagine the surprise when during an interview Saturday he said he recently closed the biggest deal, dollar-wise, in his 46-year career that began at Jim Stewart Realtors, and continues at Coldwell Banker Commercial Jim Stewart Realtors. That news turns heads.

Cromwell said a Dallas-based investor bought 255 acres at Loop 340 and Interstate 35. The asking price was $25 million, but the sales price remains a secret for now. Cromwell calls it the best unimproved corner on Interstate 35 between Laredo and Minneapolis, Minnesota, with potential to accommodate a mixed-use development including retail, dining and multi-family.

Cromwell said he has pursued a user since 2013 for another investment group. Potential deals bubbled to the surface, then dissolved. Mark Schulman announced in 2019 he would place there an entertainment venue called Movie Bowl Grille, including an eight-screen movie theater, bowling lanes, arcade games and a restaurant spread over 90,000 square feet. But that project made headlines as Houston-based NewQuest Properties was popping eyes with plans for a development almost right across the interstate, between Loop 340 and New Road. That development, Cottonwood Creek Market, now has Cinemark, Topgolf and Main Event locations, and building permits have been issued for an apartment complex.

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My guess is the Dallas-based investor is a local……would be exciting as his group's vision would be something new for Waco and would create value for residents, not just the tourists that fly through every week.

beerman said:

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baylrballa said:

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beerman said:

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Sellers in Waco (can't speak for other markets) have this fantasy that they can get $300+ a foot when the buyer would need to spend $120 a foot just to bring it into the 2000s.

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we had been on the lookout for awhile and this is so true. There were/are some houses in good locations that are so, so outdated, and the prices were not in touch with that at all. No clue who is advising them.

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This practice has been an underlying factor in the explosion here locally. These outdated properties are so over-priced, seemingly "average" properties can catch these $250-$300/ foot deals pretty easily.

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ithe out of state money doesnt help.. they are used to stupid high prices for housing. To locals, 150 -250 a sq is crazy talk.. to them, its the cheapest housing they have ever seen.

I hope it's not more of the same, because that is a beautiful piece of farmland, and it would be a shame to see it turn into more chain restaurants, discount retail, and entertainment venues. That's what we already have. The Central Texas Marketplace area has been such a disappointment.

ursamajor said:

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I hope it's not more of the same, because that is a beautiful piece of farmland, and it would be a shame to see it turn into more chain restaurants, discount retail, and entertainment venues. That's what we already have. The Central Texas Marketplace area has been such a disappointment.

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That entire corner, including the current University High campus, was my dove lease for about 4 years. A group of guys from Dallas leased and invited me on to keep an eye out and drive through periodically to run poachers off. I'm not lying when I say I probably shot 5000 birds out there with most hunts lasting something less than an hour. It was primo.

And I hear you, but, the Marketplace filled a void for the entire county. Richland Mall is a dinosaur and folks in Hewitt, Robinson and Lorena were in need of alternative retail options.

But, I hear you loud and clear and agree, we don't need more of the same.

beerman said:

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ursamajor said:

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I hope it's not more of the same, because that is a beautiful piece of farmland, and it would be a shame to see it turn into more chain restaurants, discount retail, and entertainment venues. That's what we already have. The Central Texas Marketplace area has been such a disappointment.

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That entire corner, including the current University High campus, was my dove lease for about 4 years. A group of guys from Dallas leased and invited me on to keep an eye out and drive through periodically to run poachers off. I'm not lying when I say I probably shot 5000 birds out there with most hunts lasting something less than an hour. It was primo.

And I hear you, but, the Marketplace filled a void for the entire county. Richland Mall is a dinosaur and folks in Hewitt, Robinson and Lorena were in need of alternative retail options.

But, I hear you loud and clear and agree, we don't need more of the same.

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Was your lease on the old Sam Jack McGlasson tract? At one time, I believe Sam Jack, John Bowden, and the Milam family each owned a LOT of acres in that general area..

Bexar Pitts said:

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beerman said:

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ursamajor said:

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I hope it's not more of the same, because that is a beautiful piece of farmland, and it would be a shame to see it turn into more chain restaurants, discount retail, and entertainment venues. That's what we already have. The Central Texas Marketplace area has been such a disappointment.

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That entire corner, including the current University High campus, was my dove lease for about 4 years. A group of guys from Dallas leased and invited me on to keep an eye out and drive through periodically to run poachers off. I'm not lying when I say I probably shot 5000 birds out there with most hunts lasting something less than an hour. It was primo.

And I hear you, but, the Marketplace filled a void for the entire county. Richland Mall is a dinosaur and folks in Hewitt, Robinson and Lorena were in need of alternative retail options.

But, I hear you loud and clear and agree, we don't need more of the same.

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Was your lease on the old Sam Jack McGlasson tract? At one time, I believe Sam Jack, John Bowden, and the Milam family each owned a LOT of acres in that general area..

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Leased directly from Bowdens.

+ Bowdens had both the north and south (of Hwy 6) tracts on the east side of 35. I believe it totaled about 250 acres.

Those sound like good days.

I don't object in theory to the Central Texas Marketplace, but as is the nature of such developments, it just doesn't seem to be efficient, in terms of actual physical space and in terms of offerings. I feel that way about Legends Crossing too. There's something awkward about how those places developed. I don't mean I'd like to see College Station style grid lines. Definitely not looking for the Roman military camp. Just something that looks like it means to be where it is.

I also still have a soft spot for Richland Mall. I can do a lot with a Dick's, a Dillard's, a Foot Locker, and an Auntie Anne's.

The development of that area at HWY 6/35 has felt inevitable, and I'm glad for the sellers. Just hope it will replace something beautiful with something else worthwhile.

(Also still very thrown by the use of "Loop 340" for Hwy 6).

Edit: rereading I know I sound like a grumpy old man. I'm really just a grumpy middle aged man.

beerman said:

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Bexar Pitts said:

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beerman said:

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ursamajor said:

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I hope it's not more of the same, because that is a beautiful piece of farmland, and it would be a shame to see it turn into more chain restaurants, discount retail, and entertainment venues. That's what we already have. The Central Texas Marketplace area has been such a disappointment.

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That entire corner, including the current University High campus, was my dove lease for about 4 years. A group of guys from Dallas leased and invited me on to keep an eye out and drive through periodically to run poachers off. I'm not lying when I say I probably shot 5000 birds out there with most hunts lasting something less than an hour. It was primo.

And I hear you, but, the Marketplace filled a void for the entire county. Richland Mall is a dinosaur and folks in Hewitt, Robinson and Lorena were in need of alternative retail options.

But, I hear you loud and clear and agree, we don't need more of the same.

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Was your lease on the old Sam Jack McGlasson tract? At one time, I believe Sam Jack, John Bowden, and the Milam family each owned a LOT of acres in that general area..

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Leased directly from Bowdens.

+ Bowdens had both the north and south (of Hwy 6) tracts on the east side of 35. I believe it totaled about 250 acres.
heir

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Copy that..John owned a lot of acreage around Waco..After Sam Jack Sr. passed away, I think Mrs. McGlasson attempted to donate several hundred acres to the City ...I didn't keep up with that , and don't know how it all wound up. Their property was nearby..IIRC, the Milams was more down by Channel 25 studios. Been BuKu years...

beerman said:

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WacoKelly83 said:

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https://wacotrib.com/business/local/mike-copeland-land-sold-at-loop-340-i-35-almost-a-million-jobs-open-in/article_8f8afc24-d31c-11ec-a289-3bc0b5cb887b.html#tracking-source=most-popular-homepage

Local real estate agent Bland Cromwell has brought home so many big real estate deals, he has probably lost count. He was instrumental in getting Allergan here, and Mars Wrigley and Caterpillar, finding users for the old General Tire & Rubber Co. plant, and assembling land for what became Richland Mall.

When Cromwell talks, people listen. So imagine the surprise when during an interview Saturday he said he recently closed the biggest deal, dollar-wise, in his 46-year career that began at Jim Stewart Realtors, and continues at Coldwell Banker Commercial Jim Stewart Realtors. That news turns heads.

Cromwell said a Dallas-based investor bought 255 acres at Loop 340 and Interstate 35. The asking price was $25 million, but the sales price remains a secret for now. Cromwell calls it the best unimproved corner on Interstate 35 between Laredo and Minneapolis, Minnesota, with potential to accommodate a mixed-use development including retail, dining and multi-family.

Cromwell said he has pursued a user since 2013 for another investment group. Potential deals bubbled to the surface, then dissolved. Mark Schulman announced in 2019 he would place there an entertainment venue called Movie Bowl Grille, including an eight-screen movie theater, bowling lanes, arcade games and a restaurant spread over 90,000 square feet. But that project made headlines as Houston-based NewQuest Properties was popping eyes with plans for a development almost right across the interstate, between Loop 340 and New Road. That development, Cottonwood Creek Market, now has Cinemark, Topgolf and Main Event locations, and building permits have been issued for an apartment complex.

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My guess is the Dallas-based investor is a local……would be exciting as his group's vision would be something new for Waco and would create value for residents, not just the tourists that fly through every week.

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Heard today who buyer is….not whom I expected. My source still feels he will do something unique with the property but the report that he has "Waco connections" is pretty damn loose.

ursamajor said:

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(Also still very thrown by the use of "Loop 340" for Hwy 6).

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You're not alone - it short-circuits my brain every time.

As an FYI Auntie Anne lives in Salado. They sold the business years ago, but her and her husband get free pretzels for life as part of the sale.

For those who are saying you hope that it isnt more of the same going in on the 250 acre tract at 340 west bound and north bound 35, what exactly is it you are hoping for that is different? I would imagine this is more retail and restaurants if that is what you mean by more of the same.

I am curious what it could be as well. The only thing that could possibly go there that isn't all of the above would be some type of small theme park. I wouldn't be opposed to shopping or restaurants, but it would have to be something very unique to the market.

Will be interesting to see what prices do with interest rates increasing. Six months ago the average 30-year mortgage rate was 2.65%, today it's about 5.25%. That's about a $450 increase in monthly payment on a $300k mortgage, or an extra $162k over 30 years. That may discourage a number of folks.

i just woke up from a nap....are we in a depression?

With respect to real estate prices, my 23-YO daughter has been condo shopping here in Waco. Her realtor called her about one that came onto the market on Monday. We went to look at it with her. She made an offer slightly above asking (also wrote a very nice letter to the owners).

The owners had five other offer by Tuesday. One was $10K more than my daughter's. Fortunately, these nice people accepted her offer (thanks to the letter.) Her offer is more than $25K over McLennanCAD. Here's hope the appraiser agrees.

Yes, real estate is still going crazy in Central Texas.