The Hill Country real estate market--slowing down? (Fredericksburg, Boerne: sales, mortgage)

[doss1]

Are there any hill country area realtors on this board? I'm talking about the areas from Fredericksburg, Blanco, Johnson City, Harper, Wimberley, etc.

What's the real deal with the real estate market out there? I've been keeping an eye on about 12 pieces of land out there for a year now and NOTHING HAS SOLD (they were listed on the MLS).

Has the market been slowing down? A while back everyone was talking about how land was selling for like 9-10k per acre out there. I think landowners were overvaluing their land.

Thoughts?

[kevcrawford]

While I don't go out past Boerne too much, I can tell you that land typically takes a lot longer to sell. Most land owners tend to own the land outright, so they're normally not paying a mortgage on it. Since the value of land will always go up in the long run, they list it now to see if anyone gives them their price. If not, they just continue to hold until someone does, even if it's 10 years down the road. I have a few incredibly wealthy clients that have made a lot of money that way.

[texdav]

From reports alot of land bought and owned by developers is now being sold.Also alot of second homes with large acreage is being sold off from what I have seen.But the sales are slow because not many want to invest money at this time witrh the markets as they are.