Filed under: Real Estate | Tags: Austin real estate, Southwest Austin real estate
I showed six homes in Shady Hollow today. Three were in nice shape and move-in ready, while the other three are in need of work. My favorite house, and the best value at $292K, is in Shady Hollow West, the newer section of Shady Hollow. It is walking distance to the parks, pool and Bailey Middle School. This home is in good condition, has a huge master closet, high ceilings and crown molding, good-sized bedrooms and a large patio in a nice backyard. At $93.68/sq ft, it is a good deal in a great neighborhood. The other two houses in good condition are both in the Villages of Shady Hollow, also a newer part of Shady Hollow. One of the homes backs right up to the Elementary School (Baranoff), which would be really convenient if you have elementary school-aged children! This home has nice wood floors, a large kitchen and great decorating. However, the bedrooms are a little small and I’m not as crazy about the gray/blue floor tiles in the wet areas. The price, $265K, seems just a bit high for the size of 2129 sq ft. The other home in move-in condition is next to a drainage easement, which might be a positive or a negative attribute, depending on your point of view. It is also walking distance to the neighborhood park and pool, and Elementary School. This home is a two-story with lots of space (3018 sq ft) and a big backyard, too. The house has a bit of a pet smell, and the carpets probably need to be changed, and some buyers may prefer newer fixtures or countertops. Still, it is priced accordingly at $289,500 or $96/sq ft.
The other three homes I showed all needed quite a bit of work – updating and repairs. If you are looking for a home to fix up to your own taste, one of these might work. The first home has such a unique floor plan that it will likely be a little tougher to sell. One of the challenges is that the “guest room” has no doorway out except into the master bath. Another of the homes backs up to undeveloped land and is on a large lot (.359 acre). It has a sunken family room which was popular in the 80’s. Priced at $258,900, or $115/sq ft, this home has 4 bedrooms and is a 1-story with beautiful trees in front. The last house is the least expensive of the ones we visited, priced at $219,500 for 2310 sq ft.
Filed under: Real Estate | Tags: Austin real estate, central Austin homes
This year I helped a family sell their older home in Austin. As always, I told them to be sure to fill in the Seller’s Disclosure form completely – to make sure each question was answered. I just can’t stress enough how important it is to disclose any problems you’ve had, or to ensure the problems are professionally repaired, prior to selling a home.
It turns out the plumbing was deteriorating, and the seller had been aware of the problem at one point. He had a plumber fix the immediate problem, but didn’t mention it on the disclosure. After selling the house, the new owner had plumbing problems, and after investigation, found that the plumbing had to be completely replaced for a cost of close to $30,000. Had the seller disclosed a past plumbing problem, the buyer might have chosen to have a leak test performed (which might be a good idea for anyone buying an older home), and might have discovered the problem prior to closing. As it was, the seller ended up paying a large portion of the repair, but the buyer had to pay for part as well.
Another way to discover problems prior to closing is to ask for a record of the past year’s utility bills. Excessively high water bills or electric bills may point to a problem, or an opportunity for improvement.
Because I have been researching scholarships for my son, I have been added to yet more email lists relating to college and careers. I recently saw an email touting “Top Cities to Start Your Career”. The email goes on to say, “In this economy you need to go where the jobs are.” I decided to check it out and see how Austin compares to cities around the county. Guess what? Austin is #1 on the list. See for yourself here.
Austin is also a great place to buy a home and/or investment real estate. Call me if you need help researching the real estate market!
Thanks,
Vikki Goodwin
REALTOR®, GRI, SRS
Homes ATX
512-426-9090 cell
www.vikkigoodwin.com
Filed under: Real Estate | Tags: Austin homes, Austin real estate, Real Estate, real estate values
I attended a short sale seminar this week and one of the topics covered was “small (or tiny) pricing”. This is a strategy used by some agents to encourage bidding wars. The agent will price a home well below market value ($20K-$50K below), and sit back and wait for multiple offers to come in. Naturally the listing agent will let the buyer’s agents know they have to make their best and highest offer due to the multiple offers on the table.
I’ve had a client make an offer on just such a listing, and his offer was not accepted. It can be a nearly impossible task to convince a buyer they need to offer more than list price in this economy. Sure, the list price is obviously below market, but buyers who haven’t been looking for a long time don’t know that. And if they don’t know the market well, and haven’t built up a lot of trust with their REALTOR®, they certainly aren’t going to offer $20K above list price in most cases.
While this is not a one-size-fits-all strategy, I do think it may serve some sellers well. In a suburban neighborhood where many homes are similar in features and the market value is fairly easy to assess, it might not be too risky of a strategy. However, in talking to another agent, I know the strategy could fail in some cases. As an example, a newer home in the Lake Travis area was listed for sale for $800K and it sat on the market for months on end, until it finally went into foreclosure. Soon after, the bank had the home listed for $300K. A buyer came along and paid $292K and cleaned it up a bit. It went back on the market for $550K. Somewhere around $500K is a reasonable price for the house. I wonder, was the bank’s listing agent trying to use the small pricing strategy? Or was it simply a fire sale?
And just yesterday a property came on the market for $110K. It is almost identical to a property that my client made an offer on a few months ago, and my client was willing to pay $135K for it. Is this another example of small pricing? While I’d be inclined to advise a client to offer full price, I just don’t know if I’d be able to advise an offer of $25K above list. It depends on how much my clients want a property.
One thing is for sure, now that I know agents are using this strategy, and it’s being taught in seminars, I will have a better idea of why some properties are listed so low. And I’ll have my own strategy for dealing with small (or tiny) pricing.
Filed under: Real Estate | Tags: Austin, Austin real estate, central Austin homes, Real Estate
We’ve often been told that urban flight occured in the 60’s-80’s, but seeing the numbers gives you a true picture. According to the city of Austin, here are population totals from 1940 to 2010:
1940 — 12,560
1950 — 10,609
1960 – 6,790
1970 – 5,021
1980 – 3,084
1990 – 3,882
2000 — 3,855
2002 — 4,525
2004 – 5,276
2006 – 5,859
2008 – 9,725
2010 – 11,200
The city of Austin had actually predicated a downtown population of 14,672 by 2010 before the economic slowdown. The revised and lower number is based on finished and approved residential projects, and is an estimate from the Downtown Austin Alliance.
Considering the current traffic congestion downtown, I hope a good number of these new residents opt for biking or mass transit!
Filed under: Real Estate | Tags: Austin homes, Austin real estate, Green Homes
It has now been six months since the ECAD (Energy Conservation Audit and Disclosure) Ordinance took effect in Austin. As the ordinance was being developed, many people were afraid the rules would cause delays in closings, or cause a financial burden to sellers. However, the final ordinance gave a number of exceptions and alternatives, so there hasn’t been a slowdown in closings nor a financial burden to sellers. Very few of the homes I’ve sold have been required to provide the audit since they are either newer than 10 years, outside the city limits, or have had energy efficient renovations prior to sale.
Agents and sellers alike have been on top of this ordinance and have been proactive in meeting the guidelines. I have read the new disclosure/audit, and find that it is somewhat useful. Personally, I think if sellers had to provide a 1-year history of utility payments, that might provide equally valuable information, and it’s free. I do often ask for utility payment history, and have been very surprised by some of the bills. I’ve had sellers in tiny houses with electric bills surpassing $300/month – a strong indication that the home needs sealing and insulation, and perhaps new appliances or HVAC systems.
If you’re getting ready to sell and have questions about the energy ordinance or upgrades that will help sell your home, call Vikki Goodwin, 512-426-9090, REALTOR, Homes ATX.
Filed under: Real Estate | Tags: Austin homes, Austin real estate, Real Estate, Southwest Austin real estate
I visited Gabardine today to see what it’s like. I pass it almost daily on my drive, and I’ve heard from another Realtor that it is a neat community. The first phase consists of 53 homes, all 2-story, mostly in the lower price point of $170K-$250K. A second planned phase will have larger homes, including 1-story homes, and a community center and pool. The first phase of homes all have 1-car garages and small yards which are maintained by the HOA. The monthly HOA fee is $155, similar to a condo fee, and like condos all exterior maintenance will be handled by the HOA.
The neighborhood is really quite different from those around it. While Shady Hollow, the Estates of Shady Hollow and Barker Ranch all tend to feature larger lots and lots of trees, Gabardine has very small lots and not as many trees yet. The homes are craftsman style, no brick or stone exteriors. The neighborhood is gated, and some of the homes have a courtyard between the garage and home. Located on the side of the first phase is a 13-acre park with a creek running through it.
So far the neighborhood has a certain charm to it. It has a nicely landscaped entrance and each home is painted a different vibrant color. The courtyard is set up with vibrant, colored chairs and a neat fountain in the middle. Maybe one day it will be host to neighbors gathering around to talk to one another. The homes feed into highly regarded schools: Baranoff, Bailey and Bowie.
Overall, while this is no Shady Hollow, it is it’s own cute and quaint community that I believe will flourish. I’ll check back in a while and see how far along it has come. Click here to see homes for sale in the community, and check with me for more information and price opinion. Vikki Goodwin, REALTOR®, Homes ATX, 512-426-9090.
Filed under: Real Estate | Tags: Austin real estate, homes, Real Estate, tax credit
It’s official now, an extension of the first-time home buyer tax credit was signed into law today. The law expands upon the $8000 credit by now offering a $6500 tax credit to buyers who have owned a home for at least 5 years. The home purchase price must be less than $800K. The law passed the House of Representatives with a 403-12 vote. The new law also raises the income limits up to $125K for singles and $225K for couples. Because of questionable claims made under the previous law, the new law include measures to prevent fraud. It’s estimated that the previous law resulted in $10 billion of lost revenue just through Aug. 22.
Filed under: Real Estate | Tags: Austin homes, Austin real estate, hill country views, lake area homes, Lakeway, Real Estate
It is difficult to find homes on acreage in the Lakeway area without the price tag going over $500K, so this home, priced at $435,000, really stood out when I saw it last week. Situated on 2.52 acres, the 2865 sq ft home was built in 1998 and has 3 bedrooms plus a study, and 3 baths. I really liked the feel of the home from the moment I walked in the door. The living room is open with big windows to the hill country, panoramic views, and the kitchen is completely open to the living room and dining area. There are two bedrooms and baths downstairs, and one bedroom and bath upstairs. The home is located in the Majestic Hills Ranchettes. Click here to see more, or call Vikki Goodwin, REALTOR, Homes ATX, 512-426-9090, for further details.
Filed under: Real Estate | Tags: Austin homes, Austin real estate, Real Estate, real estate investment, real estate values
Have you heard the radio commercial advertising foreclosures going for under $20K and allowing people to buy homes for under $200/month? I truly wish the radio station owners would refuse to allow such misleading ads to be aired on their stations. There are no homes for sale in Austin for under $20K – not even foreclosures. Now maybe you can find a dilapidated, foreclosed mobile home in Neiderwald for that amount, and granted the commercial doesn’t specify what you’ll get or where… Besides, taxes and insurance alone will start at $200/mo. On average, I find that foreclosures aren’t marked incredibly low, except in rare instances in which the remaining loan balance is very low and the bank can afford to give it away. This mainly applies to older properties, usually in a bit of disrepair. There are deals out there, but often you get what you pay for. If you’re interested in finding a good deal, either as a home or an investment, just let me know. This year I’ve purchased investment properties for myself, and I’ve helped several of my clients find good investments. For help with investments, contact Vikki Goodwin, REALTOR®, Homes ATX, 512-426-9090.
