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The* $50 to $70/sq ft homes as described by Vicky near Austin would have to be far east Austin. The lake would be Lake Decker, a big cooling pond for the Decker power plant. East Austin is/was known as the 'Barrio' by those raised in Austin. These homes at the above prices would be clap board soon-to-be slums.
Californians have already turned 'laid back' Austin into a rude replication of southern Cal.. There is no solution to the traffic, yet the state plans to build a series of toll road 'fly overs' that are already paid for with tax money. I moved 60 miles west of the place, not far enough.
Wait until the new residents of Texas see their property tax bills (over 2.5% current market value) and the long list of fees tacked on the city owned utilities. The city electric utility is powered by three natural gas plants plus a nuke.*
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Ol' Rancher<br /><br />I wake up in the morning with nothing to do, and by the end of the day, I feel lucky if I've gotten less than half of it done.
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) as a commission type deal for a rebate which reduces the out of pocket down to 10%. The investors expect the homes to appreciate by 3-8% per year. (That 8% seems to be complete bogus to me, I think some of these areas will go through some depreciation). The rent will take care of all annual cost incl property manager until they sell it. With the 1099 kickback, it seems that appreciation in the very low single digits would still work for these folks. So if you buy a $100K house with 20% down, assume a 10% kickback and a 4% measly appreciation per year for 5 years, you would still make $20K with only $10K. I guess this sounds so good that they are just scooping it up regardless of where it is. 
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Texas is just Hell in disguise. No one in their right mind would move to that state. Even "W" only visits here occasionally.
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