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barnaby33.
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July 21, 2006 at 10:49 AM #29095July 21, 2006 at 10:50 AM #29096
Carlsbadliving
ParticipantIt’s actually $191/sq.ft. I’d give you about $400k for that place in a few years.
July 21, 2006 at 10:51 AM #29097Darrell Young
ParticipantTexas no State income tax. Sure, our property taxes are higher, but we just passed landmark legistlation to move a signficant portion of the tax burden to business in the form of excise taxes.
Taxes in Amarillo are about the same as in other places in Texas.
There is no HOA.
There are high tech jobs, but mostly in the technical trades. Draftsmen/Architects can work anywhere with a web connection.
As to ownership, as I’ve tediously mentioned in previous responses, this situation is for those who have the equity. If you have nothing but a huge mortgage, with no equity, then you’re wasting time typing. If none of this information can be applied in your life, pass it over. But please, leave off the flames. That’s not what I intended by posting here. I read the entire forum before I posted and I’ve read nearly nothing but negative, gloomy, posts about how hard the real estate economy is. How many agents have lost their jobs and how prices have begun falling.
I’m here with a remedy for some, but not all. If I can be of further assistance in showing you other homes, priced appropriatly in the $95-$110 per square foot (2005 and newer) homes, 3000-4000 square feet, just give me a call or email me.
Life is good in Amarillo,
Darrell R. Young
http://www.amarealtor.us
Amarillo, Texas
(806) 236-4102July 21, 2006 at 10:56 AM #29099ParticipantI just think you would have been better off showing us one of those $95/sq. ft. homes.
A lot of the posts on this blog have to do with America’s over-consumption and all the new McMansions. You showed us exactly what we usually bitch about and the price wasn’t that great either.
No hard feelings.
July 21, 2006 at 11:05 AM #29100PerryChase
ParticipantI think that Darrell is really cut out to be a realtor — doesn’t give up and is forever positive. But I think that he’s barking up the wrong tree here.
$650,000 for that house is overpriced in parts of SD County! Why would anyone want to buy that albatross in Amarillo, TX?
I hate it when salesmen blow smoke up my ***. I’d rather they be understated and tell me truth. Truth builds trust and repeat business.
July 21, 2006 at 11:12 AM #29101powayseller
ParticipantDarrell Young, I agree that cashing out in CA is a great idea, so I did just that. Once you cash out, you can either rent in CA as I did, or buy in a lower-priced city.
If you choose to leave CA and buy elsewhere, you have to be careful to not buy iknto another bubble. The question I would ask is, “What is the income/median home price ratio today, compared to its historical average?”
In SD, the average is 7, and we are at 14.
What is the average multiple in Amarillo, and what is it today? After all, wages are the fundamental that supports a true non-bubble housing pirce.
The second question is what percentage of sales and refis in the last 5 years are adjustable mortgages (I/O, option ARM, ARM) and stated income, so I get an idea of the future foreclosure rate.
In Omaha, NE, the income/home price multiple is the same as it’s always been, but the high use of ARMs are causing home prices to drop.
Third, how is the job market? Has main employment been in construction, real estate, lending, and MEW-related (retail, restaurant, travel, services)? Or is employment independent of the real estate market and MEW? Even Omaha NE had most new jobs in the last years in construction, and they are starting to lose jobs there. The construction and MEW dependence is not limited to CA. It is nationwide, and I wonder if Amarillo is somehow isolated in this regard.
So please answer these 3 questions, and then we will all know whether Amarillo is a good deal, or waiting to fall off a cliff.
July 21, 2006 at 11:13 AM #29102(former)FormerSanDiegan
Participant[img_assist|nid=936|title= So Cal for less than Amarillo|desc=Sick of living in the West Texas real estate Bubble ? Tired of all that Beef ? Like to eat your your salad with fruits and nuts ? We’ll they are all out here in sunny southern California. This house is listed at $460K, for 3142 sq. ft. Much cheaper than Sandy Hills. Come West y’all.|link=node|align=left|width=400|height=274]
Maybe I should go into real estate sales.
July 21, 2006 at 11:17 AM #29105ParticipantThat’s classic!
July 21, 2006 at 11:41 AM #29111ParticipantThe business owners I know are living and doing quite well. If your way of life depends on “median” living; well, your not really up to speed with the points of my posts. A better indicator of quality of living can be found in property growth values. I’ll recommend some improved reading for you:
http://money.cnn.com/pf/features/lists/nar_3q05/#tableLife is good in Amarillo,
Darrell R. Young
http://www.amarealtor.us
Amarillo, Texas
(806) 236-4102July 21, 2006 at 11:45 AM #29114ParticipantThe answers to many of your questions aren’t just sitting on the edge of my tongue. You’ll have to work a little to find out for yourself. Check out http://www.living-in-amarillo.info and read the articles yourself. Sadly, there aren’t any true indicators or reports for “rush hour” or “beautiful sunsets” or “great neighbors”, but I’m way happy here and never felt at home in Colorado Springs or Denver, Colorado for 18 years previous.
No hard feelings either.
Life is good in Amarillo,
Darrell R. Young
http://www.amarealtor.us
Amarillo, Texas
(806) 236-4102July 21, 2006 at 11:51 AM #29117ParticipantOf course, you realize I showed you a complete custom home. Custom dude. I’m talking a $30,000 roof. Slate floors, hand scraped, oak flooring in nearly every room. A $3000 gas grill on the back porch. The differences in these two properties are so extreme, it makes your argument seem even sillier. You’ve compared a 2006 Chevy Impalla SS to a 2006 BMW 760i.
Life is good in Amarillo,
Darrell R. Young
http://www.amarealtor.us
Amarillo, Texas
(806) 236-4102July 21, 2006 at 12:00 PM #29121bob007
ParticipantWhy can’t I build a house for $150,0000 in Amarillo ?
Why spend $650,000 ? For that I can buy a 40 year old 1500 sq ft home in San Jose for $700,000.July 21, 2006 at 12:03 PM #29122ParticipantMore Like and HUMMER H1 Alpha versus a Lexus GS450H
July 21, 2006 at 12:04 PM #29123ParticipantDarryl, I gave you the benefit of the doubt. I gave you the opportunity to prove to us that the Amarillo economy is sound, the loans outstanding are solid, and that housing prices are supported by fundamentals.
You tell me to do my own research?? Get real! I’m not your gopher.
If you come here to peddle wares without understanding the value of your wares, you are premature.
Do some research, and then come back. We’re too smart here, to be fooled by some pretty picture. We are well read, we understand the economy and real estate markets and we want data.
Once you have your data, I will be here to listen to your arguments. So go back to your desk and do some research, to understand your economy and markets better. For all I know, you are in a classic speculative bubble yourself!
How dare you tell me to research if you are in a bubble? Why would I want to use my time to research the bubblicous-ness of Amarillo, TX? I’m not your gopher.
July 21, 2006 at 12:09 PM #29125Bugs
ParticipantMr. Young,
You apparently don’t have ready access to data that would answer these basic questions about the economic fundamentals in the market you’re attempting to sell here. That’s too bad, because around here that puts you at a disadvantage. Around here, data talks and sentiment walks.
You might be able to make a very sound economic argument in favor of your sales pitch, but we’re never going to be able to see it unless you can get it together and show us. And yes, the burden is on you because you’re the one who’s come here to sell us on your idea.
What are the dominant growth industries in your town of 183,000? What kinds of professional opportunities are currently available and/or are coming to town soon? How many universities are in town to encourage economic growth and support new businesses? How many households in town are making the $150,000+ it takes to buy the homes you’re selling? After all, that’s our market if we go to sell later when there is no more imported equity.
And that’s just the start. You’ve got a loooong way to go before you’ll be able to land a buyer off of this board. If you’re not up to it then this may not be a productive way to spend your time.
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