Land in dripping springs (Austin, Friendswood: real estate, how much, house)

[arbucle]

I have 45 acres near the cemetary in dripping springs does anybody no what land is going for around there,I bought it 30 years ago and have not kept up with it.I have not even been to see it in 25 years.

[Derek ATX]

Where specificly? off of 290 to the east or west of town? or on 12 to the north and south. How much frontage? (if any). We're seeing a great amount of growth in dripping springs. Hwy 290 between Austin and Dripping Springs is in the process of being widened, and there are several sub-division in the works or in the planning stage in that area. ROUGH estimate would be about 1 to 1.1 million for 45 acres. There are a lot of factors that figure into this though, such as availablility of utilities, frontage, floodplain, development trends and so on. We have a parcel listed on 290 near Dripping for 2.3 million and it's only 25 acres, but a lot of the factors that are listed above used in establishing this to bring a higher price than the average which is about $23,000 to $25,000 per acre. is it close to an intersection that you can recall?

Derek

[achtungpv]

If it's the cemetery just south of 290 on 12, that's a great location.

[Derek ATX]

That's the one I was thinking of but I want to be sure.

[arbucle]

Its on highway 12 a mile or so down the road past the cemetary .I cant imagine its worth that much now its all rocks and mesquite trees.I know it had gone up due to the taxes are going up alot lately.I paid 1100 an acre for and my parents said i was a dumb ass when i did it oh well they are gone so i cant say i told you so.Anyway i will keep it for my kids and hopefully it will continue to go up in value.

[Derek ATX]

That's the area where I thought it was, and yes, that's about right for the value, possibly more. If you plan on holding onto it make sure that you keep current on zoning changes that are going on around Dripping Springs so that one day you don't get slammed with a huge tax bill because of the growth in the area.

Derek

[achtungpv]

Originally Posted by arbucle

I cant imagine its worth that much now its all rocks and mesquite trees.

Dude, that's scenic hill country...exposed brilliant limestone outcroppings, established drought tolerant native vegetation...just like the rest of Dripping Springs where raw land is $25K/acre and in a subdivision $50K+/acre.

[arbucle]

Well when i bought it i was going to school at southwest texas state university.I worked at the 7/11 in san marcos for years and paid for it while going to school.At the time nothing was really anywhere near it and i would spend the night camping out and looking at the stars which were alot brighter i would guess back then.I dont know how many people said i was stupid for buying but i have also bought other pieces of property in
houston and Friendswood that i have made a fortune on also.I have always thought that when buying property to look20 years ahead when your young and never buy property for the house but for the amount of land you can get and of course location.Texas will grow by 12 million people in the next 20 years so land will be a pot of gold if you pick the right spot.

[Derek ATX]

I would definitly say you made a good investment and with the right mindset and outlook. Your property is in a great location and in an area that has seen a great deal of growth. Right now there is a Home Depot that is almost complete near the SE intersection of 290 and 12. Walgreens is going in on the SW corner, and HEB is building a grocery store off of 290 which should start construction sometime soon.

[austin-steve]

Originally Posted by arbucle

Well when i bought it i was going to school at southwest texas state university.I worked at the 7/11 in san marcos for years and paid for it while going to school.At the time nothing was really anywhere near it and i would spend the night camping out and looking at the stars which were alot brighter i would guess back then.I dont know how many people said i was stupid for buying but i have also bought other pieces of property in houston and Friendswood that i have made a fortune on also.

I have always thought that when buying property to look20 years ahead when your young and never buy property for the house but for the amount of land you can get and of course location.Texas will grow by 12 million people in the next 20 years so land will be a pot of gold if you pick the right spot.

You provide a great example of following a simple, fundamental notion for long term real estate investing and acting on it.

Would I be correct in assuming you didn't spend countless hours plugging information into spreadsheets to justify your thinking? And you didn't seek approval and justification from countless others before you made the decision? Sounds like you had a strong hunch and simply followed it, which is the best way to invest in real estate in my opinion.

Nowadays, people who invest in real estate often overload themselves with endless data and spreadsheet analysis instead of just sitting back, taking a deep breath and listening to what their gut tells them and/or trusting their hunch. Prudence is wise, but the world belongs to risk takers, not the safe and timid.

Bravo for your insight and vision in picking up your piece of land when you were young, and working at 7-11 to pay for it. I'm sure you missed out on some great parties at SW while pulling shifts at 7-11. Now if we can just figure out how to instill that ethic into the young generations of today.

Steve