Am I on crack or is it the person trying to sell this?

[Richard Smith]

Ok to you Austin investors: http://www.loopnet.com/Listing/15696593/701-Tillery-St-Austin-TX/?intcpt=false&sourcecode=1lne0t006TT20150326LN&linkcode=&utm_source=loopnet&utm_medium=emailmarketing&utm_campaign=LoopNews $20 million for this? Seriously? What am I missing?

[Jon Klaus]

$38 per square foot.   The question is, what can get built there? One group is getting close to getting approvals on 200+ units on 1 acre in the same zip. That kind of density can justify a very high land price.   The Johnson Govalle neighborhood association can be difficult with blocking zoning changes, but if you have 20 million to pay for dirt, you probably have a few bucks to influence the neighbors and the city council.