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Old 12-11-2013, 12:00 PM    (permalink
bearsfan_51
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There are over 150 homes listed for over $1m in Austin coupled with the fact land value in Texas is nowhere near what it is elsewhere. Yet again you have absolutely no idea what you're talking about here.
1 million dollars is not an expensive house. How many different ways can that be explained to you?
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Old 12-11-2013, 12:04 PM    (permalink
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1 million dollars is not an expensive house. How many different ways can that be explained to you?
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Old 12-11-2013, 12:06 PM    (permalink
bearsfan_51
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I know college professors that live in homes that cost a million dollars. Nick Saban makes 5.3 million dollars a year, with an estimated salary bump of potentially 7-10 million dollars. Is the math that hard for you?
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Old 12-11-2013, 12:08 PM    (permalink
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2 bedroom houses in ****** Van Nuys California go for close to a million for **** sake.

And Van Nuys ****** sucks.
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Old 12-11-2013, 12:10 PM    (permalink
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No houses listed in Austin, TX for between $5 million and $10 million. Only two listed at more than $10 million. I'm sure that's totally accurate.
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Old 12-11-2013, 12:13 PM    (permalink
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Originally Posted by bearsfan_51 View Post
I know college professors that live in homes that cost a million dollars. Nick Saban makes 5.3 million dollars a year, with an estimated salary bump of potentially 7-10 million dollars. Is the math that hard for you?
What don't you understand about the cost of land in Texas being less than many other areas? Austin is actually bigger than Boston, yet Boston has nearly twice as many homes over a million (and this number grows exponentially if we include suburbs).
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Old 12-11-2013, 12:14 PM    (permalink
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Then what would account for such the paltry number of listings for multi-million dollar homes in Austin? There's a tremendous amount of money flowing into that area.
There is, but it's also still recovering from the housing collapse in 2009 and while a lot of money is flowing into that area, there are also a lot of people coming to Austin who don't have a degree and are looking for low wage jobs. Also when you think about the money pouring into Austin, the demographic of people that are moving there aren't people in their forties raising a family. It's young people who are living in one or two bedroom condominiums or apartments. Those condominiums are seeing high prices, but there isn't the demand for huge mega mansions like in other cities.

Another factor, Austin was one of the areas hit the hardest when the tech bubble burst in 2001. With money pouring in again, I can understand why people would be hesitant to buy a mansion in Austin and why mansions there aren't as expensive as they'd be elsewhere.
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Old 12-11-2013, 12:16 PM    (permalink
MassNole
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2 bedroom houses in ****** Van Nuys California go for close to a million for **** sake.

And Van Nuys ****** sucks.
The California real estate market is just ********.
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Old 12-11-2013, 12:22 PM    (permalink
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Yeah a million dollar house in Jersey doesnt get you as much as most of the other parts of the country. Million here is nothing.
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Old 12-11-2013, 12:33 PM    (permalink
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No houses listed in Austin, TX for between $5 million and $10 million. Only two listed at more than $10 million. I'm sure that's totally accurate.
Real Estate differs by area so what is worth 10 million one place isn't worth that in another place. According to this article the record for a home sold in Central Texas is 12 million and that was in 2007. So anything at more than 10 million would be record breaking or near record breaking. As that article states, one of the houses in Austin asking for more than 10 million is asking for 15 million and has been on the market for more than 550 days. I checked and that house is still available and they dropped the listed price by 500k.

If you go to Realty Austin and check out their luxury listings after two houses the prices fall off a cliff and hover around a million. Just because they're inexpensive compared to another region's similar homes doesn't mean they shouldn't be considered expensive for where they are located.

Everything is relative.
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Old 12-11-2013, 12:38 PM    (permalink
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Real Estate differs by area so what is worth 10 million one place isn't worth that in another place. According to this article the record for a home sold in Central Texas is 12 million and that was in 2007. So anything at more than 10 million would be record breaking or near record breaking. As that article states, one of the houses in Austin asking for more than 10 million is asking for 15 million and has been on the market for 550 days. I checked and that house is still available and they dropped the listed price by 500k.

If you go to Realty Austin and check out their luxury listings after two houses the prices fall off a cliff and hover around a million. Just because they're inexpensive compared to another region's similar homes doesn't mean they shouldn't be considered expensive for where they are located.

Everything is relative.
So the realtors in Austin consider a luxury home to be something north of $1m. Yup I'm sure someone from Minnesota has a much better grasp of that market than they do.
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Old 12-11-2013, 12:44 PM    (permalink
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Stop bickering. Mack Brown is denying reports anyways saying he's recruiting in Florida.
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Old 12-11-2013, 12:49 PM    (permalink
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Stop bickering. Mack Brown is denying reports anyways saying he's recruiting in Florida.
These rumors literally pop up every year, so until Brown actually changes something it's the same nonsense as always.
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Old 12-11-2013, 01:15 PM    (permalink
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I find all of this pontificating about Austin real estate very humorous.

$1M buys you a lot of house here, even in the ridiculously priced downtown condos (those run $700/sqft give or take). The immediate city runs $250/sqft-$400sqft for a house/townhome/non-skyscraper condo.

The burbs run $100-$200sqft depending on location and niceness. Snooty burbs run $200-$400sqft.

The middle of nowhere around Austin is dirt cheap like the rest of Texas.

Anyways, $5M gets you a lot around here. That's probably all he would need to buy.
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Old 12-11-2013, 01:16 PM    (permalink
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I came for the football rumors but stayed for the real estate debate.
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Old 12-11-2013, 01:24 PM    (permalink
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I came for the football rumors but stayed for the real estate debate.
When the guy who is your one time personal trainer when you first sign up to a gym membership tells you it's time to buy real estate..... it's time to sell real estate.
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Old 12-11-2013, 01:27 PM    (permalink
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The most expensive house for sale in my area is for 3.5 million. Over 13K square feet, a full sized football field, a full-court backetball court, a tennis court, a pool, a pool house, and a guest house. It's owned by an FSU fane FWIW

My question is, if you can afford a 3.5 million dollar home, why the hell are you living in Alabama?
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Old 12-11-2013, 01:30 PM    (permalink
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The most expensive house for sale in my area is for 3.5 million. Over 13K square feet, a full sized football field, a full-court backetball court, a tennis court, a pool, a pool house, and a guest house. It's owned by an FSU fane FWIW

My question is, if you can afford a 3.5 million dollar home, why the hell are you living in Alabama?
Currently the most expensive house in Tuscaloosa is going for $2.9m, the most expensive house in Auburn is $2.4m (2 parcels of land going for nearly $3m)
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Old 12-11-2013, 01:51 PM    (permalink
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I came for the football rumors but stayed for the real estate debate.
I'm locked in a whole new level now since JoeJoeBrown used the word "pontificating"!
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Old 12-11-2013, 02:09 PM    (permalink
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I'm locked in a whole new level now since JoeJoeBrown used the word "pontificating"!
Sounds to me like you might have Hippopotomonstrosesquipedaliophobia.
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Old 12-11-2013, 02:47 PM    (permalink
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He'd go for ego alone. To be the first coach ever to win a national championship at 3 different schools.
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Old 12-11-2013, 08:35 PM    (permalink
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Why does the number of multimillion dollar homes in Austin matter at all? That is a ridiculously stupid thing to get into an argument about.

That being said, bearsfan is right that a majority of super rich homes won't ever appear on the market. Obviously some are online, but many more won't show up until they have already sold.
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Old 12-11-2013, 08:38 PM    (permalink
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Bert, is that actually your avvy?
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Old 12-12-2013, 07:50 AM    (permalink
JoeJoeBrown
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Saban has a huge debt.

The rumor here is that some Texas boosters will let him out of it if he coaches for UT. Man do I love the internet.

Quote:
if you are thirsty for rumors, go check out the Tigerdroppings flightaware thread starting here.

basically, they start to piece together the facts underlying the shuttlesworth theory.
saban in bad CRE deal with bama boosters.
deal goes south. everyone else declares BK. saban can't declare bk because he's nick saban.
texas boosters offer to make saban's financial problems go away if he signs with texas.
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There's an apartment complex in Houston (Watermarke Apartments) that's under water. Your pal Nick Saban is 49.5% owner of AND he is PERSONAL guarantor on the note. He currently pays interest only so the note won't default. If the note defaults that's a $25MM judgement against him.

A Texas Based bankruptcy firm (Weston Legal) had a very in-depth article up about it until 3 days ago and - BOOM - it's magically disappeared (although a Google Cached version is here: LINK to the cached article.).

Anyway, if he gets out from under that loan that's an additional seven figures a year that goes back in his pocket from not having to pay the interest AND he gets out from under the impending crush of a $25MM debt.

This is all public record, courtesy of the Texas Secretary of State (search for Beltway 8 Associates LP) and the Harris County (TX) clerk of court and its one of the most poorly kept secrets in the Baton Rouge Real Estate business community.

Now the apartment debt is bad enough, but because of Perkins Rowe, Tommy Spinosa had to file Chapter 11 to protect his creditors from seizing his assets, which leaves Nick Squarely in the crosshairs of that $25MM.

Again, this is all a matter of public record (Bankruptcy filings and mortgages always are public records) should you choose to look it up yourself.
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Thank You, this is it, The loan was owned by Compass Bank and the story in the legal community was whether Compass was going to go after Saban for the 25 million. This was during 2011 near the game of the decade. They obviously sold the loan off to avoid doing that.

Is that that Bank that Joe Jamal has some ownership in btw?

Saban is basically insolvent unless this is cleared up. If Texans have the loans, they have their man I would think. Game set and match.
if it's all true, it makes sense why JS, mcphaul and the ppl they are talking to are so sure about texas' offer. and it esplains why Saban is listening.

entertainment purposes only. though i can vouch that the weston legal article disappeared mysteriously a few days ago. i read it myself, sent it to a friend, and it was gone by the time he got it.
Also from a subsequent response,

Cached article that went missing is here.
http://webcache.googleusercontent.co...&ct=clnk&gl=us

Here's the bankruptcy filing:
http://bankrupt.com/misc/beltway8.DS.pdf

Last edited by JoeJoeBrown : 12-12-2013 at 07:54 AM.
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Old 12-12-2013, 08:24 AM    (permalink
Jcn92
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Originally Posted by badgerbacker View Post
That being said, bearsfan is right that a majority of super rich homes won't ever appear on the market. Obviously some are online, but many more won't show up until they have already sold.
If it's a ridiculously stupid argument why do you go along and get right in with a statement like that? Do you have a statistic to back up your claim?
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