I've always been amazed at the comparitively low prices in Houston, Dallas, San Antonio and even Austin (although that one is rising). Here's a report from the #1 most undervalued market in a recent study - College Station.
Even the flippers haven't got prices up by selling to each other.
So what is it about Texas real estate that keeps is in the doldrums?
When economists in Cleveland and Boston recently ran the numbers, they concluded that houses in this college town were a huge bargain.
The analysis by National City Corp., a Cleveland banking concern, and Global Insight Inc., a Boston consulting firm, ranked the adjacent towns of Bryan and College Station -- home of Texas A&M University -- as the most "undervalued" housing market in the country in this year's first quarter. So, as the real-estate market cools along the East and West Coasts, are savvy investors racing here to buy every house in sight?
On a recent afternoon, there was little sign of a stampede.
Janet Higgins, a veteran real-estate broker here, drives a visitor past a four-bedroom home custom-built seven years ago, with marble floors and a "gourmet" kitchen. It is on sale for about $420,000, down from $440,000 last year. "It's a wonderful house," Mrs. Higgins sighs. "It's got all the whistles and bells." But she says it is tough competing with new homes on the edge of town. A few hundred feet away, she points to another mini-mansion: "This house they almost gave away."
June 16, 2006
Posted by blogger at 6/16/2006