Finally, a new neighborhood in Northwest Austin. Located just past Steiner Ranch after you cross Mansfield Dam is the Canyons at Lake Travis. This 60 plus lot subdivision features:
1 Acre Lots
Gated Entry
Easy commute to employers
Superb Lake Travis Schools
Unique floorplans focused on Outdoor Living and homes that use space wisely!
Fully customized floorplans
Great Hill Country Views
All with an award winning builder known for Quality, Substance, and Style!
Partners in Bulding has just opened this subdivision, and you can contact me for any additional information. If you know close in Northwest Austin, you know this is a rare opportunity.
Betsy Gallagher, Realtor 512-431-8265 austinbuildonyourlot@gmail.com
So Downtown Austin has at least 31 new residents/tenants in the Sabine on 5th. Auction prices were at least double the initial bids averaging $228 a sq. ft. The better units, in my humble opinion were the 1467 sq ft 2 bedroom/ 2 bath units with views of 5th St...these were corner units so they had ample windows. The units 305, 605, 805 and went in range from $276,000 to $309,900, based upon level (higher units get higher prices).
The best 2Bd/2 bath 1400+ sq ft units looked towards the north across 6th street and beyond to the Capital and UT tower. The units 801, 1001, 701, & 401 ranged in price from $319,000 to $365,000.
The lowest priced unit was a 1Bd/1Bath sardine can that looked directly into someone else's hotel room at the Hilton Garden Inn...price? $166,400. But I guess the good news is that they would not have much heat from the sun...
Conclusions? 1. Some folks want to live in Downtown Austin regardless of the location and view of their unit. 2. I wonder what the folks who paid full market value in 2008 think of these prices...they can not be happy. By my calculations, one owner has lost $218,000 in value in 2 years. OUCH! 3. Make sure the developer of the project you buy in has deep pockets and sure financing....you do not want to be the guy in #2!
These prices should represent a great buying opportunity with the proposed Waller Creek Development project for those wishing to owner occupy ....but for investors looking for immediate cash flow...the prices were just too high to justify the purchase.
Love Downtown Austin.....Just Be Careful....
I spent a very relaxing Sunday in downtown Austin yesterday. I started it off with awesome breakfast tacos at Austin Java on Barton Springs...listening to jazz on the patio. That is quintessential Austin Texas!
After breakfast I headed over to the Sabine on Fifth Condos to check out several units that are being auctioned off. A total of 27 units....some 1/1 and some 2/2 units will be auctioned next Sunday Feb. 28, 2010 at 1:00 pm at the Downtown Hilton. They had a mock auction and an information session so that all the prospective buyers can do their due diligence. Lenders were also on hand.
The project has 80 total units and was a condo conversion of an office building built in the mid 80s. Features include tall ceilings....reported to be 14 ft....large arched windows...contemporary finish out....included parking....and a one year health club membership at a local hotel. While the complex does not have a pool...it does have an extremely convenient location to the Austin Convention Center, 4th Street Warehouse District, 6th Street restaurants and bars, and the proposed Waller Creek redevelopment district.
Units differ of course by view...always remember...not all condos are created equally! There are unpublished reserve prices though...it will be fascinating to see what the market will tell the developer that these units are really worth. One Bd/one baths bidding starts at $85,000 and for a 2bd/2bath...bidding starts at $135,000. Count on at least double those prices though....and next Sunday we will see for sure what they went for!
Danger of Passing on an Offer
True Story.....
Home priced at $385,000 ....After 45 days offer comes in at $365,000....Seller really wanted $375,000 and counters at $370,000
Buyer stalls...keeps looking and finds another house....Seller refuses to spend any $$ on house to improve badly outdated tile
Other buyers come by...but just do not like tile and do not want to deal with an allowance....same floor plan sells in neighborhood (lesser location)
House sits on market for 2 years
Seller finally sells for $342,000
Cost of passing on 1st offer? $ 47,500 Do NOT let this happen to you!
Reduction in price $ 23,000
2 years of Taxes $ 18,000
2 years of Insurance $ 1,800
Utilities $ 3,000
Lawn care & Maintenance $ 1,700
After working a very busy open house in northwest Austin this weekend (priced at $589K), I am encouraged by the number of real buyers out there. First time homebuyers are beginning to realize what a mistake it would be to miss out on free money! What I am talking about is the $8000 first time homebuyer tax credit. Specifically I ran into professional couples that realize this could be a once in a lifetime opportunity. Couple that with low interest rate and I believe the home market under $300K will benefit immensely. With any luck this will translate into an opportunity for the $300K seller to move up to the $500K home. Does it keep going to help the Million $$ market? That is a good question to ponder....if you look at listings of custom homes priced say $650K + ....there is a lot out there! Will buyers feel confident enough to make that move? Are jobs secure enough? Is anyone else experiencing similar feedback?
Full-time Realtor with exceptional knowledge of the Area …15 years of residence in Northwest Austin, Cedar Park , and Lake Travis with experience in Lake properties too!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
