Housing Boom? What Housing Boom?
~How are the demographics in Port Arthur? I dabble in real estate and found it unbelievable that there is still property available under $100,000.
The economy down here is stagnant, property is cheap, although it has gone up some. Mean income is $33,000. Port Arthur has one of the most diverse ethinic mixes of any city in the U.S. The housing boom of the last five years didn't have an effect here. There was a property for sale two months ago that I was drooling over - 1/2 mile away, on the seawall like my house: 5 acre in town estate with two mid-century single story "atomic" ranch houses - 7,500 sq ft of living space total. Price? $350,000.
To give you more examples, I bought my 2,000 sq. ft. house on Lakeshore (ritzy part of town back in the day)8 years ago for $73,000. It was just appraised for $104,000 - but I spent over $25,000 in repairs, improvements, and additions during that time. The house was built in 1940 - VERY well built. A link to pics is below.
I was raised in the North Dallas area (before it got so expensive) and a house like this in the same setting (ritzy part of town) would have probably sold for $350,000 or more.
When I moved here there was a 7,500 sq. ft. mansion for sale on over an acre (probably 2 acres, iron fence all around) in Griffing Park - another "ritzy" area. Spanish style, two story, nice place. Price? $250,000. I was blown away - in North Dallas that is easily a seven figure home.
