quote:
but I wasn't taking his comment literally to only include houses that cost exactly $500k.
It's not that type of neighborhood that has a ton of homes that are higher than that, really. The maximum for the typical neighborhood home right now probably is about $500k. The neighborhood is overwhelmingly 3 bedroom\1.5 bath 1960's ranch style type places that cant really be torn down in most areas due to the deed restrictions, but only remodeled to add another bedroom, a real 2nd full bath, or another bedroom or whatever. The older section, east of TC Jester, has a lot of tear downs and over there will be people buying brand new $750k-$1 mil eventually (zoned to Love, not Sinclair). There are really wealthy people around that I suspect are on $400k plus incomes, but they are generally people building huge new construction and outside of the area south of 11th (section 5, I think, where the aforementioned 6000SF villa is located) that's not really allowed currently.
I think most people are going to be relatively affluent folks buying 3/1.5s and not people with real wealth/income like you're talking about who would likely prefer something grander for their money, or new construction of their choice.