Originally Posted by TomSimpsonAZ
Is this post 10 years old?
It has already happened!
In my low cost part of the SW (south TX) it isn't so much the baby-boomers buying and driving up prices as individual speculators investors from both coasts.
Builders of tract homes have, for the first time ever, begun including clauses in their purchase contracts to discourage investors from buying large numbers of new homes. Some individuals have attempted to buy 12 to 15 new homes in a neighborhood, striking fear in the hearts wallets of local developers who know large numbers of rentals will scare off indivdual buyers.
The residential RE market has really heated up this year, both figuratively and literally. Prices are up about 10% over the past 12 months and builders cannot keep up with demand. A recent article in the paper reported plans to build 100,000 new homes during the next 10 years on the western edge of San Antonio.
Yes, I know this is probably chickenfeed compared to what's happened elsewhere, but the RE boom bypassed this area until now. We're always way behind here in flyover country.