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What happened to the College Station market?

36,936 Views | 134 Replies | Last: 5 yr ago by akaggie
Aggie1205
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AG
Does anyone expect more houses to come up on the market in the near future?
jmazz
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AG
Are you/they comparing 'apples to apples?' When you say 'new' homes are hitting the market...are you talking newly built homes or just new listings? If you're talking newly built and yours isn't...that could be the answer. I'd be happy to look into it for you and give you my $.02.

jeff at 12realty dot com
CS78
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Ed Carter said:

question for the local CS agents. . . .I own a rental in the southside area that is currently leased through 7/2019. I have spoken to a few agents down there that have told me if I were to sell it, I would only be able to command roughly 110-112 price/sq ft.

what I cant get over is that everytime a house comes on the market in my general area, they are consistently 145-155/sq ft. some of these houses are vacant and are further from campus than mine. Now I can understand some of these houses that have sat on the market for over a year that seem to be over priced, but if im getting this kind of feedback from the agents ive spoken to down there, then why are new homes hitting the market at these levels? what am I missing here?
A lot depends on your individual house. Comparing sq/ft, a 1950s 3000 sq/ft flat roof with all its old issues is going to look like a dog compared to a smaller/ newer house on the same lot. And obviously rental rate is a separate but important issue. Get too close to campus and you get the issue of your home being worth lot value even if it's big/nice. 3000 sq/ft might be worth the exact same as a 800 sq/ft on a similar lot.
oldarmy76
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I was just looking on zillow and it seems like around 550 homes are currently listed for rent. Some of the listings are depressing. One is in a neighborhood where I have had a house leased for between 1600-1700 over the last 6 years. They started at 1800 and dropped price on it 8 times or so to end up at 1,200 in July. It obviously didn't rent and they now have it for sale and are dropping the price.
How bad is this going to be? I have 3 homes with a fairly low cost basis compared to what people are paying now. How long to the pros on here think the glut on the rental market will last? I have about $350k or so equity. Should I just sale out and move my money somewhere else? What are all y'all doing?
hopeandrealchange
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oldarmy76 said:

I was just looking on zillow and it seems like around 550 homes are currently listed for rent. Some of the listings are depressing. One is in a neighborhood where I have had a house leased for between 1600-1700 over the last 6 years. They started at 1800 and dropped price on it 8 times or so to end up at 1,200 in July. It obviously didn't rent and they now have it for sale and are dropping the price.
How bad is this going to be? I have 3 homes with a fairly low cost basis compared to what people are paying now. How long to the pros on here think the glut on the rental market will last? I have about $350k or so equity. Should I just sale out and move my money somewhere else? What are all y'all doing?


I am going to be very aggressive with my leasing starting in January. I am going to give insentives to my current tenants to sign another lease. I saw this coming and dropped rents for those who would sign multiple year leases. My friends who own property here thought I was crazy.
I will be anxiously waiting for a great buying opportunity. The question I always ask when someone mentions selling income producing property is. What would you do with the proceeds? I can't find a good place to park money. I am in the market but with the Dow at 23,348 I am not selling but I am sure not buying.

On another subject.

Watching this mornings local news I see that our fine city's management is starting to reap the benefits of their diversity plan. No wonder we need a new bigger police station.
Rice and Fries
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It's going to get worse, there are so many apartment units coming online for the fall of 2018 that there will be blood in the streets in the rush to grab any tenants.

Really only options I see are carrying the property and leasing aggressively early. Also suggest stuff like providing a large TV & cable for the common areas? It's all about building an alluring mousetrap...

My parents offer the TV and cable, and strive to be good landlords to the tenants. They offer discounts to tenants who resign leases.

It's not going to get any better because every apartment developer wants to build in College Station.
jagvocate
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AG
Saturday a.m. I parked South of Kyle Field for the first time in years. Walked the neighborhood and saw lots of vacant rental properties.
JustPanda
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Sold last April at the top of the market. S&P 500 has provided a 26% return since then. I'm glad we sold when we did. We leased it out for $1,800/month and last I checked, it was vacant at $1,300.
RMC01
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Hey, was wondering if you wanted to chat... did you say you were interested in buying or moving and storing equity?
Aggie1205
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AG
When should one expect more of these rental properties to get put up for sale? Could there be a good number coming on the market soon?
RMC01
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Do you have an Investments here in BCS? Would like to follow up with you and see what options might serve you best.

CS78
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Aggie1205 said:

When should one expect more of these rental properties to get put up for sale? Could there be a good number coming on the market soon?

I would expect end of this spring. Right when some owners figure out they aren't going to get leases signed but too late to pick one up and get it filled at full rate. But there are some things that will prop up the market. A lot of owners here paid cash. And the vast majority of owners bought before the recent value appreciation. I would expect most to try to ride it out. I could easily drop rents 20-30% across all properties and not have to sell. I think most landlords are in the same situation. Sure, returns woudlnt be the same but what else would we do with the proceeds? You combine that with the huge support from first time home buyers and I don't see prices of smaller/lower end homes dropping at all.
Aggie1205
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RMC01 said:

Do you have an Investments here in BCS? Would like to follow up with you and see what options might serve you best.




I don't have rentals, I would be looking to purchase a home and was interested in what some locals think of the market. I have seen more inventory in my target price range recently and was curious on peoples opinions on what might continue.
aggiepaintrain
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houses under $175k are still selling for insane prices per sq ft.

Better values in the $250-$350k range
tamc93
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AG
Watching thread for future interest.
JustPanda
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AG
We sold for something like $122/sq ft and bought at $98. I'm just glad it appraised because it wouldn't now.
Aggie1205
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aggiepaintrain said:

houses under $175k are still selling for insane prices per sq ft.

Better values in the $250-$350k range


Seeing this as well.
iamtheglove
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For rentals I think it is all about proximate ty to campus above almost anything. My strategy when I started buying in the south side historic district was to only look at single family houses within one block of George Bush. I own 3 houses now and have not seen any issues securing tenants nor getting premium rents (knock on wood). The farther from campus and the older the home, the tougher the market gets.
Bob_Ag
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Wife and I moved away from CS to Round Rock in 2014. She may have the possibility to return to her old employer in Bryan and I work remote, so it's a legitimate option should the job pan out.

Curious how the SFH market is looking right now as we enter summer? How is the $250-450K segment compared to this time last year?
CS78
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Seems to be slowing very slightly. Be curious to see how May-July pans out. Should tell us a lot about where the next couple years will go.
Bob_Ag
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AG
Thanks
AggieAces06
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AG
Since you bumped my thread, I'll tell you that we finally sold last month.

Overall I think the market has slowed down and prices are dropping because they have overbuilt this price range.

If you are looking to move in the next few weeks you won't have a problem finding something and probably will be able to get a good deal.
TXTransplant
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Follow this link for the stats for this year so far. Overall, listings are up over 50% and sales are down 24%.

http://www.bcsrealtor.com/index.php?submenu=areaHousingStatistics&src=gendocs&ref=AreaHousingStatistics&category=forConsumers
AggiePeeps06
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What's everyone thoughts on Millican Reserve?

Does anyone on here live at Millican (or visit there often) and care to share some insights on the community? Older or younger families? How developed is it so far? Is The Meadows right off of the highway 6 feeder as it appears to be based on google maps?

It sounds pretty awesome with all of the outdoor activities, events and focus on family activities.
dallasiteinsa02
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TXTransplant said:

Follow this link for the stats for this year so far. Overall, listings are up over 50% and sales are down 24%.

http://www.bcsrealtor.com/index.php?submenu=areaHousingStatistics&src=gendocs&ref=AreaHousingStatistics&category=forConsumers

There is a ton of desire to move within the market that is creating a little bit of a bubble in neighborhoods. I talked with 6 listings in Pebble Creek that were moving to Miramont or Traditions. Several older couples wanted out of Castlegate II to go to other areas of town and the school board created a ton of fear within the market. Give it a little time and it will work itself out.
TXTransplant
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dallasiteinsa02 said:

TXTransplant said:

Follow this link for the stats for this year so far. Overall, listings are up over 50% and sales are down 24%.

http://www.bcsrealtor.com/index.php?submenu=areaHousingStatistics&src=gendocs&ref=AreaHousingStatistics&category=forConsumers

There is a ton of desire to move within the market that is creating a little bit of a bubble in neighborhoods. I talked with 6 listings in Pebble Creek that were moving to Miramont or Traditions. Several older couples wanted out of Castlegate II to go to other areas of town and the school board created a ton of fear within the market. Give it a little time and it will work itself out.


I sold my CS house before the bubble started to grow...sold it for only a few thousand more than what I paid for it.

But I have a friend who is trying to sell a $250k-ish house now. It's been on the market for about 80 days. I keep telling my friend exactly what you said above - just have to be patient and wait it out. There just don't seem to be that many buyers right now.

SoTheySay
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S
You know where I live I just put my house under contract. Second people that saw it. Over 30% more than we paid for it in 2014. We were on the market zero days.

Listed one at $225k yesterday and will have multiple offers by end of day.

Fingers crossed. The one I'm having the hardest time with is in the $400,000 range
TXTransplant
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SoTheySay said:

You know where I live I just put my house under contract. Second people that saw it. Over 30% more than we paid for it in 2014. We were on the market zero days.

Listed one at $225k yesterday and will have multiple offers by end of day.

Fingers crossed. The one I'm having the hardest time with is in the $400,000 range


Congrats on the sale! It doesn't surprise me...our houses and those like them are really special. Five years later and I still miss mine. Backing up to the green space is unusual and a huge perk, too.

My friend's house is in Edelweiss Gartens and isn't the only one that's been for sale for a while. Of the three that gave gone under contact since my friend listed , two have pools (one above ground). Seems to be hit or miss over there. There was also a $250k house in Castle Rock that sat for a while before (I think) it was pulled off the market. It never showed as pending and has disappeared off the MLS. And another Castle Rock House listed at $279,500 has been on the market for 76 days.
AggiePlaya
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AG
Seeing stuff under $250k sell much faster than stuff over $250k. Wife took some buyers into 3 different multiple offer deals this past month.

There seem to be more buyers in the under 250k segment, and with excess supply available in the 250-350k segment the action is slower with less buyers in that price point.
akaggie
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AG
Bob_Ag said:

Wife and I moved away from CS to Round Rock in 2014. She may have the possibility to return to her old employer in Bryan and I work remote, so it's a legitimate option should the job pan out.

Curious how the SFH market is looking right now as we enter summer? How is the $250-450K segment compared to this time last year?
I also work remotely and have a house for sale in South College Station. It even has a separate office. I am the original owner and worked from that office without problem for seven years. I love the house dearly, but needed to move for my daughter's athletic pursuits. The house is move in ready!

3914 Lienz Lane
akaggie
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AG
TXTransplant said:

dallasiteinsa02 said:

TXTransplant said:

Follow this link for the stats for this year so far. Overall, listings are up over 50% and sales are down 24%.

http://www.bcsrealtor.com/index.php?submenu=areaHousingStatistics&src=gendocs&ref=AreaHousingStatistics&category=forConsumers

There is a ton of desire to move within the market that is creating a little bit of a bubble in neighborhoods. I talked with 6 listings in Pebble Creek that were moving to Miramont or Traditions. Several older couples wanted out of Castlegate II to go to other areas of town and the school board created a ton of fear within the market. Give it a little time and it will work itself out.


I sold my CS house before the bubble started to grow...sold it for only a few thousand more than what I paid for it.

But I have a friend who is trying to sell a $250k-ish house now. It's been on the market for about 80 days. I keep telling my friend exactly what you said above - just have to be patient and wait it out. There just don't seem to be that many buyers right now.


I am the friend and this is the house 3914 Lienz Lane. It is zoned to College Station High School and I have been the only owner. I love the house dearly, but moved so my daughter could further pursue her athletic pursuits. Someone buy my house so I can stop driving my dear friend crazy!
 
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