Rural land continues to be a seller's market; 'no rational reason' for these prices
AUSTIN (Austin Business Journal) -- Red Oak Development Group CEO Tom Staub has a plan: He wants to invest $15 billion to build 10 "mini cities" on thousands of acres mostly around Austin. He envisions ample housing, commercial space, schools, medical campuses and much more to meet the demand of the booming market.
The only problem? It's hard finding the land to do it.
At least anecdotally, Staub said he's seen some large tracts around Lockhart, one of the remaining rural portions of the Austin metro, selling for between $60,000 and $80,000 an acre. He said that's nearly double what he paid a little more than three years ago for the nearby sites that house his first two projects, the 371-acre Seawillow Ranch and the 346-acre Gristmill at Prairie Lea.
It's not any better elsewhere, he said. In Georgetown, he's found large parcels are going at the lowest between $120,000 and $180,000 an acre. It's well into the six figures on the west side of Austin. Even in Bastrop, land can be priced between $55,000 and $75,000 an acre.
Read this full story at Austin Business Journal.