BEXAR COUNTY, Texas – Many Bexar County homeowners are in for a shocker when they open their new property appraisal. The Bexar Appraisal District mailed and posted online new values showing an average increase of nearly 28%.
“These notices are going to reflect what’s gone on in the real estate market last year to this year,” said Chief Appraiser Mike Amezquita.
What’s gone on is a lop-sided real estate market. Inventory is limited, and demand is huge, and that’s driving sales prices up.
Increases are hitting neighborhoods across the county.
Lavaca, just south of downtown, is one of the oldest neighborhoods. It’s also been one of the hottest for the past few years.
“From what I’m hearing, I think entry-level houses down here are starting at probably a half-million dollars, which is wild,” said Charlie Biedenharn.
A decade ago, he put down roots in the charming neighborhood he grew up in. In Lavaca, what’s old is new again.
“Over the past three or four years, it seems like there has been a lot of investment in this neighborhood in particular,” he said.
And that’s boosting property values. Just the dirt under his house has doubled in value in the past five years.
Ditto for his many of his neighbors.
A check of current real estate listings showed a range of prices, including a gutted century-old property listed for $395,000. The greatest value isn’t the structure, but the location, land and potential.
Biedenhorn says he bought in the neighborhood because it’s home. It turned out to be an investment, too.