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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (15529)12/19/2003 10:06:07 AM
From: Wyätt GwyönRead Replies (1) of 306849
 
a new 2,800 sq ft home in Austin TX for $170k ...In better areas of Los Angeles that home would be smaller

this might be in Austin by name, but not geographically what i would call "Austin proper". if you want to talk about "better areas" of Austin, such as Tarrytown, the home you describe will be well north of 600K. i just drove by a teardown in Tarrytown the other day, which the builder is replacing with a 4-plex decked out with Subzeros, etc. with 2500 sf floor plans, the units are asking over 600K. people are knocking down homes in this neighborhood and putting up detached units in the 4000sf and up range, with all-in costs over 1 mil at this point, i believe.

the property taxes are terrible in Austin on such homes, though. 1 mil house will run close to 25K in taxes.

i believe all the under-200K new houses of the size you describe are essentially in edge cities, of which there are many, going out many miles from town. a lot of the land was just grazing land until recently. traffic is terrible during the rush periods. every now and then i forget about this and venture onto the highway from 4-6 o'clock and am flabbergasted. fortunately i do not live in an edge city.
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