Vacation, Tear Downs & Big Lots

I just got back from vacation.  That’s why I haven’t posted much in the past couple of weeks.  Went to Hilton Head with my family.  We had a great time.  Wish we had been going there for years rather that just “Discovering” it now.  While I was gone, I did continue to think about real estate.  Here are some of my thoughts:

1)  Having an ocean in Lexington sure would keep our property values up.  Always funny to me how people will pay through the nose for something that there isn’t much of.  Whether it is land, a view or anything else that is desirable, it always cost more.

2)  Having just moved to an older neighborhood known for big lots that is where all the growth in town is heading, I can see people buying some of the older, outdated houses sitting on an acre and tearing them down.  This has happened in other spots in Lexington where you can get a large lot and a good location.  Probably the one that comes to mind the most is Lakewood.  Seems the pattern is you have a high end neighborhood with big lots that use to be on the edge of town.  Add 30-50 years to the mix and it gets awful attractive to buy the cheapest houses just for the lot.  The only thing more rare than ocean front property in Lexington is a house on a big lot.

3)  Right before I left, a client told me about 2 houses they found appealing.  One was about 20 years old in an established neighborhood on a nice lot.  Funny thing is, my wife and I considered this same house about 5 years ago, but it was over-priced then.  The other house was practically new.  It had all the trendy stuff you could want in a new house.  It was totally beautiful.  Better looking than any house I have owned.  It was on a crazy street and backed to the interstate.  I told my client that while the newer one would be nice now, once all that bling goes out of style, that house will just be another outdated house in a poor location.  The other one, while not as pretty, is always going to be desirable due to the lot and the neighborhood.  You can update any house, but you can never update a location.

4) Most of my real estate thinking over the past week has been how good of a job my wife does at picking vacation rentals.  She does a lot of research.  We have never been disappointed with a house she picked.  We stayed about a 5 minute walk from the beach in a house that backed to some type of lagoon.  It kind of looked like Gilligan’s Island to me with the water and all the trees.  It was nice to not have anybody behind us.  The house had a sweet pool and a covered/screened patio on the side of the house that was huge.  Google “13 Wren Hilton Head” if you want to see it.  I am sure that will get you to the property management’s site.  Maybe it is just me since I am a Realtor, but I always find that the real estate choices you make tend to impact how happy you are.  I mean, a view, features, location…..they all have a big impact on your day.  I think my wife would make a great Realtor.

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