Land Prices On The Rise In Bryan/College Station
July 30, 2013 by OLDHAM GOODWIN
For many owners of commercial or recreational land in the Research Valley, new opportunities to dispose of their property have arrived. Economic growth, new development, capital investment, and low unemployment are driving up demand for urban commercial and rural recreational properties in and around Bryan/College Station.
Rural land prices in Texas have risen about 10% this year compared to 2012 according to Dr. Charles Gilliland of the Texas A&M Real Estate Center. Demand for cropland is extensive, and new wealth created by the shale energy boom is impacting the availability and price for recreational land, especially larger properties.
Cumulative home sales, reported by the Bryan-College Station Regional Association of Realtors, through June 2013 were 38% higher than June 2012 and 45% higher than June 2011, both well above the national average. Rising home values are a leading indicator of increased land prices, and Gilliland believes that several years of pent-up demand should put upward pressure on land values as the recession wanes.
Last year, the annual economic impact of The Texas A&M University System in the Bryan/College Station area surpassed the $4 billion milestone for the first time. The estimated increase of more than $540 million from 2011 is largely attributed to an influx of visitors, particularly from the Southeastern Conference, staying longer and spending more while in Bryan/College Station. Urban land prices in the city are expected to benefit from this inflow of new money into the Brazos Valley.
No area of Bryan/College Station has benefited more from Texas A&M’s influence than the Research Valley Biocorridor. The university, in cooperation with a private pharmaceutical company, plans to add a $91 million vaccine facility near the Texas A&M Health Science Center that is expected to bring 6,800 new jobs to the area over the next 25 years. Further south, a new Scott & White hospital anchors a growing medical district that includes the College Station Medical Center and a future behavioral health hospital. Closer to campus, several high density mixed-use developments are under construction in College Station’s Northgate District, with more in the planning phase. New urban-inspired student housing will incorporate shopping, restaurants, entertainment, office, hospitality, and conference centers. These new developments are expected to attract more than 5,000 new residents and transform the district into a first-class downtown destination. Texas A&M’s influence has never been greater, and the university should continue to be a catalyst for new development and rising land prices.
Oldham Goodwin Group, LLC is well-positioned to help you take advantage of this advancing market. Our primary focus is generating the highest possible return on investment for our clients through the use of industry leading technology, cutting edge marketing techniques, and a large and growing database of high net worth buyers and prospects for all genres of real estate inventory. Oldham Goodwin associates possess a wealth of knowledge in the urban commercial & recreational land market. This exposure has provided us with the tools necessary to position your property correctly in the market place and achieve maximum value for you.