$1.65M in Oxford, Mississippi—overpriced?

[Anonymous]

Anonymous wrote:I’ve said this before on this and the financial forum — the folks in DC who think they’re going to retire to an adorable cheap house in some charming, walkable small town in flyover country on the equity from their home in DC are in for a shock. The charming, walkable towns are out there, but nice houses in good locations are NOT cheap, no matter where they are.

We moved to a very small town in the South that most of you have probably never heard of & live in a walkable neighborhood just a couple of blocks to downtown. The 2,300 sq ft house across the street from us just on the first day it was listed for $1.4 million. It is a charming house, but it needed work, and the new owners ripped out the kitchen the first week they were there. There are $500,000 houses here, but they’re small, cheaply built & on tiny lots in cookie cutter developments on the outskirts of town. The well built houses on big lots on the outskirts of town are $800 to a million.

People are still moving here in droves. The population shift to the South is real.

This is very true but also not just the south- a lot of cute areas where RE was cheap aren’t cheap anymore- you see it all over the country.

[Anonymous]

Anonymous wrote:Why is the area so expensive? What is so special about it?

It’s right in the heart of a major university’s downtown area. Lots of rich college students whose parents will pay $1500-$2000 per month ach to lives in a shared space. That makes property very valuable. It’s true at any large university except maybe college park.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. This one is $1.85M https://www.zillow.com/homedetails/916-Old-Taylor-Rd-Oxford-MS-38655/2076800437_zpid/

Shocking

Agree, but the quality of life in the South is much better than in most of the US. Those who criticize the South have probably never lived there.

Do tell.

[Anonymous]

Anonymous wrote:https://www.zillow.com/homedetails/1306-S-Lamar-Blvd-Oxford-MS-38655/223977382_zpid/

I would think that’d get you a mansion there.

I would not pay 400K for that house on that crappy property ..in MISSISSIPPI. Folks must buy these dumps then rent for a fortune to college students then refurb and sell.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. This one is $1.85M https://www.zillow.com/homedetails/916-Old-Taylor-Rd-Oxford-MS-38655/2076800437_zpid/

Shocking

Agree, but the quality of life in the South is much better than in most of the US. Those who criticize the South have probably never lived there.

BS I could not get out fast enough.

NC & Florida Hell no ever again.

[Anonymous]

Anonymous wrote:Welp, I will just show myself back over to the Dallas thread.

$1.6 million to live next to Ole Miss? Yuck. No thank you.

Same. I would expect some good property for that $$ and a much much much better home. This looks like a tear down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.zillow.com/homedetails/1306-S-Lamar-Blvd-Oxford-MS-38655/223977382_zpid/

I would think that’d get you a mansion there.

I would not pay 400K for that house on that crappy property ..in MISSISSIPPI. Folks must buy these dumps then rent for a fortune to college students then refurb and sell.

Actually, professors live in those homes, retirees often desire them, and people who love to renovate. Small towns with a lot of history can be very appealing, regardless of the state in which they're located. Just look at the popularity of the TV show based in Laurel, MS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. This one is $1.85M https://www.zillow.com/homedetails/916-Old-Taylor-Rd-Oxford-MS-38655/2076800437_zpid/

Shocking

Agree, but the quality of life in the South is much better than in most of the US. Those who criticize the South have probably never lived there.

BS I could not get out fast enough.

NC & Florida Hell no ever again.

Then go to NJ, NY, wherever.

[Anonymous]

Looks like an income baring unit on top of the garage. That is appealing for supplemental income to offset a small slice of the mortgage and/or property taxes. The inside of the house is not appealing. Could be cute if it was decorated nicely.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ve said this before on this and the financial forum — the folks in DC who think they’re going to retire to an adorable cheap house in some charming, walkable small town in flyover country on the equity from their home in DC are in for a shock. The charming, walkable towns are out there, but nice houses in good locations are NOT cheap, no matter where they are.

We moved to a very small town in the South that most of you have probably never heard of & live in a walkable neighborhood just a couple of blocks to downtown. The 2,300 sq ft house across the street from us just on the first day it was listed for $1.4 million. It is a charming house, but it needed work, and the new owners ripped out the kitchen the first week they were there. There are $500,000 houses here, but they’re small, cheaply built & on tiny lots in cookie cutter developments on the outskirts of town. The well built houses on big lots on the outskirts of town are $800 to a million.

People are still moving here in droves. The population shift to the South is real.

Part of the appeal of the South is that you get to make up your own facts.

https://news.olemiss.edu/um-experts-warn-about-consequences-of-population-loss/

Well, at least we learn to read in the South.

From the article you posted:

The state’s small towns lost population, while larger, more populated areas, such as the Jackson metro area, the Gulf Coast and DeSoto County, saw growth in the latest census. Oxford and the surrounding area also have experienced steady population growth for the last few decades.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’ve said this before on this and the financial forum — the folks in DC who think they’re going to retire to an adorable cheap house in some charming, walkable small town in flyover country on the equity from their home in DC are in for a shock. The charming, walkable towns are out there, but nice houses in good locations are NOT cheap, no matter where they are.

We moved to a very small town in the South that most of you have probably never heard of & live in a walkable neighborhood just a couple of blocks to downtown. The 2,300 sq ft house across the street from us just on the first day it was listed for $1.4 million. It is a charming house, but it needed work, and the new owners ripped out the kitchen the first week they were there. There are $500,000 houses here, but they’re small, cheaply built & on tiny lots in cookie cutter developments on the outskirts of town. The well built houses on big lots on the outskirts of town are $800 to a million.

People are still moving here in droves. The population shift to the South is real.

Part of the appeal of the South is that you get to make up your own facts.

https://news.olemiss.edu/um-experts-warn-about-consequences-of-population-loss/

Well, at least we learn to read in the South.

From the article you posted:

The state’s small towns lost population, while larger, more populated areas, such as the Jackson metro area, the Gulf Coast and DeSoto County, saw growth in the latest census. Oxford and the surrounding area also have experienced steady population growth for the last few decades.

https://apnews.com/article/politics-pandemics-north-carolina-cf7f8142485a7d661d961cba9048a7d4

Last year, the South outgrew other U.S. regions by well over 1 million people through births outpacing deaths and domestic and international migration, according to population estimates from the U.S. Census Bureau. The Northeast and Midwest lost residents, and the West grew by an anemic 153,000 people, primarily because a large number of residents left for a different U.S. region. The West would have lost population if not for immigrants and births outpacing deaths.

In contrast, the South grew by 1.3 million new residents, and six of the 10 U.S. states with the biggest growth last year were in the South, led in order by Texas, Florida, North Carolina and Georgia.

[Anonymous]

Oxford is the most desirable place to live in the entire state of Mississippi. Also, Ole Miss might as well be called Ole Money. Would not be surprised if some alums buy these properties just so they have a bed to sleep in on college game day. As usual, posters here are clueless.

[Anonymous]

People in Mississippi really value football.

It's to distract them from the fact that their educational system is ranked 45th in the country.

[Anonymous]

Anonymous wrote:People in Mississippi really value football.

It's to distract them from the fact that their educational system is ranked 45th in the country.

That’s a feature, not a bug. The conservative segregationist elites don’t want to fund or have their kids rub shoulders with the Lesser Folks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:People in Mississippi really value football.

It's to distract them from the fact that their educational system is ranked 45th in the country.

That’s a feature, not a bug. The conservative segregationist elites don’t want to fund or have their kids rub shoulders with the Lesser Folks.

NP, sure, but it also undercuts the argument that the South is an amaaaaazing place to live. That, and the horrific healthcare access, the weather, the racism. I could go on.

OP, there are pockets of wealth like this in every single state. That’s not mutually exclusive from the lower COL in many parts of the US relative to here.