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Originally Posted by Michael 61
I think that’s a good call out - Richmond was such an anomaly, and will be again when the last section goes up for sale later this year - some people think that was the “norm” for sales. I think we all agree that sales have slowed a bit, but all the new villages will eventually sellout. People buying in the newer southern villages are doing so with “eyes wide open” and having done their homework. What amenities that are important for some, may not be so important for someone else. I know I like not having a ton of crowded retail space around me, as I barely patronize brick-and- mortar stores anymore, nor do most of my neighbors.
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Richmond is close to Brownwood. The anomaly there is that it attracted many investors. First, You can charge a much higher rent than other areas because renters like to be close to the squares. It is also easier to find renters year round. As rental property, they are profit makers.
Second, homes near squares appreciate much faster than homes at a distance. When I left my CYV near a square, the market price was in the high $600,000. It sold in 3 days. CYV in other areas do not command that high price tag. As resales, homes near squares are a gold mine.
Investors know what they are doing! Some even buy 3 or 4 on the same street if the homes are near a square.
Will Richmond sell out quickly, again? Maybe, but this time around, there is more investment profit to be made in the Eastport area. Brownwood is now a square of the past.
I have lived here since early 2000. There have been ups and downs with real estate. Newell, Lake Denham and Dabney is unusual. Available homes are sitting much longer. A yearly drop in sales of 23% supports this. But, this is the first time interest rates have been high.