San Antonio still overvalued... (Houston, Austin: sales, home sales, neighborhood)

[infinity & beyond]

I completely agree, for what you get and the looks of the general community, I think that the '09/'12 area is completely overvalued and overrated.

I heard from a realtor friend of mine that AT&T headquartering in San Antonio was very beneficial to that area because when people would put their homes on the market, they would be relatively difficult to sell. The economic reality of San Antonio is such that high-priced properties are just not that much in demand, and this fact will more than likely be exacerbated by the housing crunch.

[CelesteDF]

Originally Posted by infinity & beyond

I completely agree, for what you get and the looks of the general community, I think that the '09/'12 area is completely overvalued and overrated.

Just to be clear, I was not saying that I think AH/OP homes are overpriced. I believe the good school district and convenient location justifies most, if not all, of the pricing in the areas that are in AHISD. My beef is with speculative pricing for homes in SAISD neighborhoods. It was not my intent to start yet another tiresome '09-bashing thread. We've heard it all already, so let's just give it a rest for a while.

[pr57001]

I do not understand the logic of the OP. If you think Monte Vista is overpriced today, will a drop of 10% or even 20% change your perspective? Compared to new housing stock on the edge of the city, it will always be overpriced, if your metric is price per square foot alone.

[Paka]

(QUOTE)
I have been trying to buy a house in Mahncke Park for the last six months and refuse to pay $180K for a 3/1 that has not been improved at all since it sold 5 years ago for $105K, and that has no garage or central A/C and will need at least $30K in renovations. Yet the house sits there vacant and the owner will not budge. My theory is that owners in these urban transitional neighborhoods are simply biding their time for the right out-of-state buyer who wants to be close to downtown and sees SA's prices as a bargain, even if they are overpriced for the local market. The excitement around River North development is keeping these areas overpriced, despite the fact that it will be years before we see big changes to the neighborhoods. [/quote]



While your argument is correct logically, I really think that if you want that area, you will find the issue only worse as time progresses. These areas will only continue to increase in value IMHO.

[Insomniac]

Originally Posted by traficdogn

High end homes in San Antonio just don't sell fast. In the 10 years I've been here, I don't think that has changed at all. There is a very limited supply of millionaires buying homes in this city.

Actually, I read a Express News article a while back stating the opposite. Saying demand for million dollar homes had increased in the last few years. Homes (million dollars or more) would sit on the market 2-3 years, that's down to 8-10 months. I believe the real estate broker who gave that number was from Kuper Sotheby's.

[Paka]

Originally Posted by Insomniac

Actually, I read a Express News article a while back stating the opposite. Saying demand for million dollar homes had increased in the last few years. Homes (million dollars or more) would sit on the market 2-3 years, that's down to 8-10 months. I believe the real estate broker who gave that number was from Kuper Sotheby's.

IF you were going to invest that type of $$ in a home, am I the ONLY one that would build vs buying??? This is not LA where that would only get you a decent track home...this is SA where you could have a LOT of house with all the bells and whistles. I would insist on my custom design if I was forking out that kinda money here.

[montevista1]

People pay what the market bears. People who live in AH, OP, MV, pay more because people generally pay more for an established neighborhood that is close to many amenities and has a variety of housing stock. People generally pay less for living out in the burbs with traffic and little variety in housing stock. If people are willing to pay its not overpriced. If people are unwilling to pay prices will drop. The market decides what is overvalued.

[traficdogn]

Originally Posted by Insomniac

Actually, I read a Express News article a while back stating the opposite. Saying demand for million dollar homes had increased in the last few years. Homes (million dollars or more) would sit on the market 2-3 years, that's down to 8-10 months. I believe the real estate broker who gave that number was from Kuper Sotheby's.

Show me a neighborhood in the Bexar County area where its $1 million+ homes are being sold by "non-builders" in less than a year.

[manthechange]

Originally Posted by majormadmax

Have you priced houses anywhere else in the country? Homes in San Antonio are far from being "overvalued." Having been in the military, and still working for it, I get a good idea of how prices are perceived here from the folks who move here. All are amazed at how much you can get for your housing dollar here as compared to the areas they came from. It is a major cause for the massive influx of people moving here from all over the country.

Nothing personal, but I never was led to believe that the radio industry is a well-paying one. Perhaps your thoughts are more linked to your income level and what you can afford when it comes to housing more so than how much homes are costing in those areas. Sheer statistics and figures would sucessfully argue that the home market in San Antonio is very dynamic and affordable, but everyone has their limits. I for one would love to own several acres of property in the hill country but it beyond my financial abilities (well, we could probably afford it, but not much else). That doesn't mean that the property out there is "overvalued"...

Cheers! M2

I'm fully aware that this city has more reasonable prices than other areas. That said, it also has a much higher property tax rate as well, which could also account for the lower prices in real estate.

We're waiting to buy a house till the market levels off a bit. We have proceeds from the sale of another home that we're "sitting on" till we find the right place. And that place might not be San Antonio.

You second paragraph comes off as very condescending. We can fully afford a home in any neighborhood we wish, but I wouldn't buy anything for more than it's worth. That's a fact!

[montevista1]

Paka why not buy a duplex. Live in 1.. rent out the other... If you do not want to pay 180 because of payments or what have you.