Yeah both ways. A 1000SF homestead shack on 5 acres about a quarter mile down from me which was bought about 8 years ago for $53K just sold for $370K, investor cash sale. Zillow estimate was $250K so it does go both ways. I’m now surrounded on all 4 sides with AirB&B’s. Desert real estate has gone crazy in the last year. People want out of the city. Glad I got 26 acres.
Nope. With 5” of rain per average year, water district irrigation water is very expensive, private wells are 500’ deep and only get a couple of gallons per minute. The soil is so poor it’s even hard to grow weeds On top of that, this year winter rains were probably less than an inch. The good news is that I didn’t have to spray or hog. First time in 16 years.
My fruit trees yield, all irrigated will be about 20% of normal. Blossoms were normal but I haven’t seen a single bee. Think the drought, killed them. We also haven’t had our usual “fly season”
The house we used to own in the city has more than doubled in value in 15 years! It is in an area that has great demand for housing but this is a 45 year old house, that was put up fast when built, is not energy efficient, and is pretty small.
I have been looking at our local market and I have no real idea what our property is worth. What is very obvious, is that there is very little to NO inventory of homes and five acre lots. The time on market for homes is 30 days, compared to last year it was 60 day. We have a family member that will be selling a house in a fairly rural area, hours away from us, and the broker says that things are selling in 30 days or so.
In our area it is not a bubble, people are moving here, and have been for decades, but the pandemic, and I suppose changes in tax policy, has accelerated the movement of people.
Only a matter of time as it's not sustainable as it is today. The issue will be the people that bought inflated and are now on the hook and I wonder how many of them have ARM's instead of fixed rate mortgages.
I own a number of properties that I could sell, but won't I get bugged constantly to refinance. I ignore them all.