Posted on 06/04/2021 8:41:36 AM PDT by bgill
New data from online real estate brokerage Redfin further illustrates how wild the Austin housing market has been in 2021.
Redfin says more than 1,500 homes have sold for more than $100,000 above asking price since the beginning of 2021 in Austin, and 72 of them sold for more than $300,000 over the asking price.
At this time last year, only 22 homes had winning bids over $100,000 over the asking price.
The year-over-year gap is even wider for homes that sold in a range of $25,000-$99,999 over the asking price. Last year, from Jan. 1, 2020 to May 23, 2020, 353 homes in Austin sold in that range. This year, 4,535 homes have sold for that far over asking.
(Excerpt) Read more at kxan.com ...
Abbott hasn't done anything about property taxes so all West has to do is run on lowering them. Heck, he'd get my vote anyway but this would be a huge campaign platform.
Imagine if Amazon had built the even bigger HQ they once wanted in Austin.
IIRC, some WAR was started over HIGH TAXES.................
A lot of Floridians are moving to TX due to taxes only to discover taxes are skyrocketing. Florida has laws on the books to prevent substantial tax increases per annum, but they’ve been going up 2% - 3% per year over the last couple of years.
Hope this El Paso woman’s apartment price was reduced.
Cardenas woke up to blood dripping from her apartment ceiling last month. The blood was coming from her upstairs neighbor, who had died and whose body had started to decompose.
My daughter & spouse just bought a house near Orlando, FL. It was the 11th one they offered on. Some of their offers that were not accepted were for up to $60,000 over asking.
My neighbor just sold his 1.25 acre property for over $400K and was offered cash sight unseen on the first day. They were locals moving out of the city, but the New Yorkers are flooding our rural part of Florida.
We are buying a house in Phoenix, and have a similar problem. Worse than that, even if you are high bidder, the sellers want a waiver of the appraisal, which doesn’t work for conventional loan buyers, but works fine for folks from CA who just cashed out on their existing home. We finally got a bid accepted, but had to go 15K above asking, with an up to $5,000 waiver of the appraisal. The house is selling for well over double of its cost in 2014.
https://comptroller.texas.gov/taxes/property-tax/ptax-faqs.php
Three guesses where the hog’s share goes...
The sale of these Austin homes in residential neighborhoods will result in developers building multi-story apartment buildings on combined lots. A percentage of these apartments will go to low-income (or homeless) tenants.
Any remaining simgle family homes in the area will sink in value and can be picked up for pennies, with the land to be used for building other ‘Adolf’ Adler gulags.
I bet it is like that all over Texas, not just Austin. Buyers making offers 100k to 300k over the asking price in Waco, Lubbock, Amarillo and Vidor.
What part of town?
Schools, schools, schools.
Our school built a new baseball field for millions. Right at the end, they tore it down and started over......... grrrrrrr.
Three years ago we bought a small condo in Houston for $67,000 cash. It is in an improving neighborhood near the International airport. We had an unsolicited offer for $100,000 last week, sight unseen.
Here, exactly 50% of our street was up for sale due to the high taxes and CA buying sight unseen at outlandish prices. These were homes were owned by family generations since the ‘50-60s. Many homes have been turned into weekend tourist rentals which brings in strangers and problems.
I used to know everyone and we’d have neighborhood fish fries but no more. Today, I’d barely recognize the next door neighbors in the middle of Walmart.
Austin is a tech center and this has got to be Silicon Valley transplants selling 1 bedroom studios for millions and then coming to TX and buying 8000 sq ft mansions for what they think are screaming bargains.
We have been looking at moving out of the commie hell hole that we live in all of our lives. Washington is still a popular destination for Californians. Most of the people in the Puget Sound region are now transplants and they dominate state politics. Both legislative bodies, the governor, and 8 out of 9 Judges in our state supreme court are all liberal Democrats. When we grew up and were young adults this was still a solid conservative state voting for Reagan both times. Pat Robertson won the Republican Caucus in 1988.
We ruled Texas out moving to Texas early on because of high property taxes. The rate per $100,000 in assessed value in Texas counties averages 1.69% with many places over 2.00%. This is multiple times higher than many other states. The average in the USA is 1.08%. Texas does not have a state income tax which partially mitigates this. But we are retired and do not have a lot of income. For my wife and I our overall taxes in Texas would be higher than in most other states.
California has an average property tax rate of .73%, but they have a high state income and sales taxes. Californians should consider that before moving to Texas but for most their overall tax bill will still be going down.
States could have property tax rates that are flexible so that when values go up rapidly as they are currently there would not be a windfall in tax revenues, but how many choose to do this?
My cousin is a realtor in Florida, last year her total sales were $26 million for the entire year, so far this year she has done $40 million. Mostly NY transplants.
Mine in Scottsdale seems to be going up 20k/month.
Scary actually.
BFD, everything here in NC is sold like that.
Meanwhile I’m enjoying my new home here in Eastern KY. This place is still affordable and the people are so nice! What a hidden gem!
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