lockmat Posted August 6, 2007 Share Posted August 6, 2007 http://www.chron.com/disp/story.mpl/busine...ff/5026453.htmlLooking for cheap land? Good luck.Local real estate brokers say investors and developers are paying top dollar for raw land and older properties that are being sold for their dirt value alone in certain parts of the city."Land values have doubled in about a 2 1/2 -year period in better areas in Houston," said Jim Hurd of Houston Income Properties.Do the ramifications for this include higher home/condo prices? Quote Link to comment Share on other sites More sharing options...
musicman Posted August 6, 2007 Share Posted August 6, 2007 (edited) Do the ramifications for this include higher home/condo prices?of course and it gives builders an incentive to put more than one unit on a lot where only one stood before. this article could have easily been written several yrs ago. i know my hcad property appraisal has tripled in 5 yrs. on another one i have it more than doubled in a yr. Edited August 6, 2007 by musicman Quote Link to comment Share on other sites More sharing options...
lockmat Posted August 6, 2007 Author Share Posted August 6, 2007 of course and it gives builders an incentive to put more than one unit on a lot where only one stood before. this article could have easily been written several yrs ago. i know my hcad property appraisal has tripled in 5 yrs. on another one i have it more than doubled in a yr.Very cool...about the incentive to put more than one unit on a lot. If a multi-unit is built, that helps even out the costs handed over to the buyer, doesn't it? At least to a certain extent? Quote Link to comment Share on other sites More sharing options...
musicman Posted August 6, 2007 Share Posted August 6, 2007 Very cool...about the incentive to put more than one unit on a lot. If a multi-unit is built, that helps even out the costs handed over to the buyer, doesn't it? At least to a certain extent?very cool? IMO it hurts a hood. i meant that in a bad way. Quote Link to comment Share on other sites More sharing options...
KatieDidIt Posted August 6, 2007 Share Posted August 6, 2007 The seller developer is the winner in this case I believe. Its a bull market still. If you look at land value and the selling price of a unit, the selling price usually includes full lot value, plus the cost of improvement, plus profit to the builder/seller.Just look at some of the multiunits up and down Potmac and Nantucket. Three units sit on one lot, 10,000 ft of land. The full lot is worth about 400,000. Each unit sells over 500,000. Quote Link to comment Share on other sites More sharing options...
lockmat Posted August 6, 2007 Author Share Posted August 6, 2007 very cool? IMO it hurts a hood. i meant that in a bad way.I like the fact that the possibility of 4 to 5-story mixed use residences could be built. What else am I missing that you're not? Take me beyond the horizon.I think I could see how it could hurt a single-family neighborhood. Quote Link to comment Share on other sites More sharing options...
musicman Posted August 6, 2007 Share Posted August 6, 2007 (edited) I think I could see how it could hurt a single-family neighborhood.yep and this is where most of the complaints are originating from. Edited August 6, 2007 by musicman Quote Link to comment Share on other sites More sharing options...
TheNiche Posted August 6, 2007 Share Posted August 6, 2007 Do the ramifications for this include higher home/condo prices?Jim Hurd was probably either quoted out of context or something. I'd hate to say that he's incompetent, but land values by themselves in all but a very few neighborhoods cannot possibly have doubled in that time frame. It is misleading, and it most certainly is not a trend that can be read into from a regional perspective. Quote Link to comment Share on other sites More sharing options...
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