I still don't know who you're going to sell these outskirts bargains to even if you get them dirt cheap. They'll just build new ones even further out.
Now, in 1989, even Highland Park and University Park (the most expensive neighborhoods in Dallas, near downtown) were "cheap" with many foreclosures. By "cheap" I mean you could buy a house then for 600-700K that would sell for 2-3 million now and people who picked those up made out like bandits. (I know some who did, mostly bankruptcy lawyers, lol) Even the neighborhood I lived in, a bit east of that, has tripled if you can get today's ridiculous prices. But for instance, Richardson and Plano, which are about as far out as anyone wants to live who has to drive downtown, really never appreciated much from the bottom. The older homes, that is. There are plenty of expensive new ones.
I remember in 1989, looking at a real McMansion type place in Plano where the owners were just desperate. They were offering it to anyone would assume the note, no money out of pocket, paying closing costs, foregoing "equity", and all the upgrades, etc. they had put into it. It was a really nice place and we seriously considered it but ended up passing. The owner must have called me 10 times trying to talk us into it.
I checked later and it ended up in foreclosure. It was auctioned off and sold for about 70% of the amount owed. The owners ended up in bankruptcy court. |
