Businessweek.com names East Austin as one of the top 15 “up and coming” neighborhoods to buy into now, while it’s still cheap.
According to Businessweek.com, the hot places to buy in today’s soft real estate market are “urban areas in transition”. i.e. the Soho and Venice Beaches of 10 years ago. The easiest way to find these areas is to follow the artists. Artists “often set the stage for redevelopment, and home buyers who follow their lead can sometimes get in while real estate prices are affordable. Over time, the abandoned warehouses artists occupy become gorgeous lofts and studios, and gritty neighborhoods transform into trendy communities with an edge. That's when the investors, developers, and wealthy buyers arrive, pushing up rents and displacing the artists who are then forced to set out for the next undesirable neighborhood. It's a cycle that has repeated itself for decades, in cities across the nation.”
In Austin, the artist community has honed in on East Austin and the result is a thriving real estate market ideal for early adopters and investors. Many artist collectives like the Pump Project and the East Austin Studio Tour set down roots here a couple years back and with them came the arrival of trendy coffee shops, restaurants, and boutiques…all of which continue to grow in number in East Austin. If you haven’t spent time in East Austin recently, take a trip and visit Manor Road, E. 11th Street, and E. 6th Street where you will find lively, urban, modern communities of young Austinites living and loving their little secret slice of Austin.
The “hottest” zip codes are 78722 and 78702, although don’t overlook 78723 which also has prime, close-in properties for a great price. Within East Austin, there are tiny micro-neighborhoods, each exuding its own quirky personality, including the Holly Street District, the French Legation, the East End, Swede Hill, East 6th, French Place, Cherrywood, and Delwood.
Here are just a few of the current deals to be had in East Austin... Contact me for more info (email address at bottom of this page!).
$230,000 - NEW on market this week; 1950s home in original condition on large .19 acre lot in well established neighborhood of Shceiffer place. Walking distance to Patterson Park, Mueller, and Manor Road. Screaming for a make-over - the home has original wood floors, easy cosmetic fixes, central heat/air, giant oak tree in back yard. Lot next door is empty...no neighbors! 3 bed / 2 bath / 1357 sf.
$239,000 - Updated 1940s house and garage apartment on ENORMOUS .42 acre lot! Walking distance to Manor Road and bus line. 3 bed / 2bath / 1930 sf.
$244,900 - Delwood 1949 bungalow on large .21 acre treed lot...adjacent to Mueller development. Designer interior...oodles of mid-century charm and style. 2 bed / 1 bath / 1028 sf.