How much do people bid on lots in Travisso with Taylor Morrison? (Austin: apartment, movers)

[chiveone]

Originally Posted by lolRNG

I had signed up to be on the Travisso's Taylor Morrison new construction list, but they need us to first bid on the lot before building a house, and I was first shocked that was the case here in Texas, then later on I found out I got outbid...

The minimal bid for my lot was 20k, and I bid 25k, then I failed...

So if a new lot comes out in January 2021 for, let us say 60k minimum, how much should one bid to be able to get that lot?

It was super not cool for Taylor Morrison to not release any information about the bid, nor the winning price of the bid, nor the location of the lots before bidding starts.

Thank you all for your help.

Hello,

I think you are referring to Bluffview 70 ft lot (lot 32) that has a minimum bid of 60K. I have bid more than $200K for this lot, but I still did NOT end up winning it.

[riaelise]

Originally Posted by chiveone

Hello,

I think you are referring to Bluffview 70 ft lot (lot 32) that has a minimum bid of 60K. I have bid more than $200K for this lot, but I still did NOT end up winning it.

200k - that's absolutely nuts and not worth it! Seriously, guys...what is so special about getting a new house in that subdivision? Are you bidding on large lots with hill country views? No? Then spending that much is crazy for Leander. I know y'all have money to spend and want something nice and shiny, but you have to pause for a second.

[ashbeeigh]

Originally Posted by riaelise

200k - that's absolutely nuts and not worth it! Seriously, guys...what is so special about getting a new house in that subdivision? Are you bidding on large lots with hill country views? No? Then spending that much is crazy for Leander. I know y'all have money to spend and want something nice and shiny, but you have to pause for a second.

I agree 10000%. Is it something about being able to say you “own” a house in the Austin área? Like just take a step back and be patient.

[riaelise]

Originally Posted by ashbeeigh

I agree 10000%. Is it something about being able to say you “own” a house in the Austin área? Like just take a step back and be patient.

I tell you, I have no idea.

The only winners here are the tax man and the builders - peddling their 45k lots to eager out of state buyers willing to shell out four times that amount.

I decided to take a look at some of those subdivisions in the area, including Bluffview....and I really don't see anything special enough to overbid for a $60k lot, I'm sorry. While there are lots with awesome views and common spaces that have great views and amenities and such, a 70' lot is a 70' lot...an awfully small lot to put a giant house on (which is probably what a lot of people want to do out there) and in all likelihood the lot itself isn't particularly aethetically beautiful. Just flat land with two trees in the front, with your neighbor staring into your house from all sides.

Doing the math, if someone is paying 200k for a lot, and then there's the structure on the lot - that's a hefty pricetag to pay just to buy into the Austin area..and we're talking about Leander. Which isn't close unless you splurge for tolls, but I guess if people have big pockets, who cares about tolls.

Not meaning to be piling on, but we've gotten so many of these topics lately so it's piqued my interest. I'm just saying STOP people...the builders are taking y'all for a ride. Good luck trying to sell the homes at the price you paid unless you stay there for awhile. You're overpaying.

[ashbeeigh]

Originally Posted by riaelise

I tell you, I have no idea.

The only winners here are the tax man and the builders - peddling their 45k lots to eager out of state buyers willing to shell out four times that amount.

I decided to take a look at some of those subdivisions in the area, including Bluffview....and I really don't see anything special enough to overbid for a $60k lot, I'm sorry. While there are lots with awesome views and common spaces that have great views and amenities and such, a 70' lot is a 70' lot...an awfully small lot to put a giant house on (which is probably what a lot of people want to do out there) and in all likelihood the lot itself isn't particularly aethetically beautiful. Just flat land with two trees in the front, with your neighbor staring into your house from all sides.

Doing the math, if someone is paying 200k for a lot, and then there's the structure on the lot - that's a hefty pricetag to pay just to buy into the Austin area..and we're talking about Leander. Which isn't close unless you splurge for tolls, but I guess if people have big pockets, who cares about tolls.

Not meaning to be piling on, but we've gotten so many of these topics lately so it's piqued my interest. I'm just saying STOP people...the builders are taking y'all for a ride. Good luck trying to sell the homes at the price you paid unless you stay there for awhile. You're overpaying.

Im beyond frustrated with it. I know I’m shifting a bit back to my south Austin rant, but people hijacked my thread to talk about north Austin, so I’m not beating myself up. My parents are still negotiating with an estate about a fixer upper. Meanwhile 3-4 great houses have been listed, gone pending and then contingent in the time we’ve been navigating this process. One popped up yesterday but had a master up that’s a deal breaker. I wanted to scream because when I check I’m sure it’ll be pending. They’ve been looking for ages and people moving because Austin sounds fun are ruining it for the locals. Just rent for a year to see if you like Austin first. I still have t found my perfect spot and I’ve been here five and a half years.

[Trainwreck20]

It is just not a good time to be buying, so I sure would not be moving unless I absolutely had to and even then I would probably target a temporary (but affordable) house that did not meet all my wants, or possibly just rent. Not sure if rental prices have gone sky-high as well, though.

Bidding on lots? I am so out of it, I can't even imagine blind-bidding on a lot.

There was some article a few weeks/month ago about how the economy on a macro level is doing just dandy - the lower wage earners have taken a beating, but the middle class/upper class earnings were increasing. In addition, the loss of income from lower earners were basically due to lower spending by the higher earners - eating out, shopping, movies, travel, etc. - and it was being shifter to savings. Those savings were available for housing upgrades, which WFH white collar workers were suddenly keen on.

[Need4Camaro]

Originally Posted by riaelise

200k - that's absolutely nuts and not worth it! Seriously, guys...what is so special about getting a new house in that subdivision? Are you bidding on large lots with hill country views? No? Then spending that much is crazy for Leander. I know y'all have money to spend and want something nice and shiny, but you have to pause for a second.

I think Travisso is on the border of Leander and Hill Country and does have views but its not as scenic as Lakeway or Lago Vista area.

My guess is they're competing for it due to lack of inventory on built properties in the more scenic areas and it has somewhat decent views to the west.

[ashbeeigh]

Originally Posted by Need4Camaro

I think Travisso is on the border of Leander and Hill Country and does have views but its not as scenic as Lakeway or Lago Vista area.

My guess is they're competing for it due to lack of inventory on built properties in the more scenic areas and it has somewhat decent views to the west.

And again, we go back to needing something shiny and new. Be patient or buy a used home.

[Need4Camaro]

Originally Posted by lolRNG

OMGGGGGGGG!!! How long do you expect this behavior to continue in Austin? Is this real estate boom unique to Austin or others are seeing this too?

I mean how are the real buyers gonna get anything now?

Its not exclusive to Austin. Boise ID is in the same boat. no inventory, heavily inflated real estate. In reality, many cities are experiencing it, but have more inventory than Austin metro does so the affect on costs are dampened. Atlanta, Charlotte, Nashville, Raleigh Durham, and even NW Arkansas (Fayetteville, Springdale, Rogers, ect..) are also experiencing heavy growth, gentrification, and especially, RE costs explosions. Austin however did rank #1 in terms of the hottest RE Market currently according to Zillow. They're moving everywhere, but Austin was for the most part still playing catch-up to growth pre-pandemic, let alone was it prepared to take on the droves of people moving to it during the mass exoduses from CA, NY, ect... The effect will be very similar to what happened to Seattle between 2010 and currently...where Austin's only saving grace will be that it has more room to feasibly expand...but that will happen much slower than people will come, so prices will continue to rise.

The en-masse exodus to smaller cities from much more expensive metro's, creates an artificial real estate bubble for the locals, of which the average local will not be able to contend with.. and another thing I guess something I've been concerned about is if their local economies will be able to support it. Right now many of them are working remotely, and there are many more who are moving here per job relocation, but should they suddenly be asked to return to the office, what happens when they all suddenly end up on the job market at once? It may create a very competitive job market which locals may not be able to compete is anywhere near as easily as before.

[Need4Camaro]

Originally Posted by ashbeeigh

And again, we go back to needing something shiny and new. Be patient or buy a used home.

Totally. I agree, but one must remember that although houses are big purchases, they can be just as non-committal as rental units, especially in a appreciating market such as this. One purchasing a house in Travisso does not bind him to that house in the event that he later wants to move to West Lake Hills for example, unless it becomes too difficult to sell in that area (which I dont think it wlll be anytime soon.) The money the buyer invested in that property is always there, apart of the house and can be pulled out to purchase elsewhere at any time. It doesn't just vanish just because you purchased. Ontop of which, after selling it is highly likely he will actually make a profit over his original purchase price. The only problem right now is if they were to sell, it would be incredibly difficult to purchase anywhere local currently.

I do agree though that it creates a huge problem for locals here as it create an artificial real-estate market... I'm basically explaining what is likely the mind-set of those purchasing now who may decide to move again later.