Wal-Mart Heiress Rolls Back Prices on Texas Ranches
When houses don't sell, it's usually the advice of the realtor to drop the price. And dropping the list price on two houses by a combined total of ten million bucks makes them a bargain. If you're rich.
See where these pricey Texas homes are, and who is selling them. Did you even know she lives here?
Alice Walton of the Wal-Mart family owns two ranches west of Fort Worth, and she's having trouble selling them. Since they've been sitting on the market for awhile she decided to drop the prices, and the Fort-Worth Star Telegram says the prices has dropped to $16.5 million for the Rockin W Ranch, and $22.1 million for a 4,400-acre Fortune Bend ranch. Can we just go look if we're curious, or will they kick us out?
Prices were about $10 million higher when they went on the market last September, but since gas prices have dropped and the oil industry isn't as lucrative as it used to be, the number of buyers in that price range has dwindled. With the price drop, realtors say there's more interest.
Some of the most expensive homes for sale in Lufkin now are into the $2 and $3 million range. And even if you're not shopping at that price level, Sperling's Best Places says it's a good time to buy in Lufkin, with an appreciation of most homes around 4% so far this year.
You never know how high your investment might climb down the road.