Here is a real-life, real world, capitalist example of how SPEC HOME BUILDING in CENTRAL AUSTIN works.
So, around 11/30/2020 Austin Silent Market and Broker Associate George Vance McGee was able to successfully sell a property located on Richcreek Drive in the CRESTVIEW neighborhood of North Central Austin as the listing, seller's agency. The asking price of the CRESTVIEW LOT and property was $450,000. At the time of sale in the year 2020, this $450,000 asking price was considered "retail or top dollar" for a Crestview LOT of this size. It was sold via the "Austin Silent Market." This specific lot and property had a tiny livable 2/1 basic rental home on it. The highest and best use for the land and immediate area was for New Construction to be implemented. Per TCAD the Lot Size of the Richcreek Lot is;
|6780.61 lot land square footage
The Case Study summary, written by Broker Associate George Vance McGee of www.AustinSilentMarket.com