I was working with an investor looking for a good multi-family when I went to go see what was available in my favorite Killeen fourplex neighborhood on Robinett and Stan Schlueter.
I was shocked.
There were NO fourplexes on the market in Weiss Addition and adjacent Lonesome Dove.
Usually I could reliably see some listings over priced at $225,000, and a few others with deferred maintenance lingering around the $200,000 mark, with recent solds in the mid to low $190,000s.
I went to see what was happening and found 8 under contract, compared to the 14 that had sold the entire year previous. There were still a fair number of withdrawn and expired listings, but it still seemed to me that something was happening. Even two fourplexes listed at $220,000 went under contract, both on the same day.
Below is a picture of the neighborhood and all market activity in the last year.
Red is “Sold”.
Gray is “Withdrawn”
Purple is “Expired”
Teal is “Under Contract”
Green is “Active” listing.
There is no green.
I’ve been hot on this neighborhood for a time, and perhaps these are the early signs that I was right. I hope so! I love being right, especially when I own my own fourplex in the same area.
Why do I like the area? It is where all the current development is. The new Wal Mart and many other shopping centers that have opened in the last six months alone. Still several new subdivisions on Bunny Trail and Purser Crossing. I also understand (but have yet to verify) that the 5th KISD high school will be going up. Oh, and it is a brisk 5-10 minutes from the Texas A&M Central Texas campus.
Empirically, working for a brokerage with a rental department, it seems a lot of renters, and increasingly, buyers, are attracted to that side of town.
Who knows what it all means, but I will continue to keep my eye on the neighborhood.