I have clients who are asking me what is happening to the Southside and Eastside of campus, and there is much I can say. Or, I can say 3 words…. location, location, location. Over the years, students, former students, professionals, and families have come to realize we have some quaint, special areas to live in located in the most sought after locations in town.
The Southside and Eastside of campus is where our history lies. There are old historic homes and new large homes built where tiny ones once stood. I decided to look at some of these small home lots to see what has happened to the property values in Southside. For these purposes, I was looking at a few homes that sold over the past few years that were similar in size and location.
In 2012, a small home less than 900 sq. ft. on a 10,000 sq. ft. lot sold for $123,000
In 2013, a similar size home on a 7500 sq. ft. lot sold for $155,000
In 2014, a similar sized home on a 6500 sq. ft. lot sold for $209,000
This year, one sold for $249,000.
Wow, so now what do we do with this? For one, I’m sure you wish you had invested many years ago in this area. My husband and I actually did back in 1998. If only we had invested in many properties instead of a few. Back then we thought $25,000 for a lot was expensive! Since then, the property value in Southside and Eastgate has only continued to rise. Have we reached the ceiling in those areas as far as lot prices are concerned? I doubt it. That is the beauty of “location, location, location.” Should you jump in and invest in these areas? If you are thinking long term, then sure! You may buy high, but you may sell much higher!