Hyde Park Austin Home - Stunning, yet Practical Renovation

Yet another Hyde Park Austin beauty.... The quintessential family home nestled on sought after Avenue C in Hyde Park. The home boasts 4 bedrooms, 3 baths, and 3000 squre feet and is priced agressively at $233/sf. It's a stunning example of how to tastefully bring a vintage Austin home into 2010. Also zoned exemplary Austin ISD Lee Elementary.

Rich maple hardwood flooring throughout the house. Designer paint colors, high ceilings, period details... and wide open spaces.

Cook's kitchen with granite, stainless appliance package (including built in fridge and wine refrigerator).

Lovely Master bath with Kohler undermount sinks, subway tile, and frameless glass shower giant soking tub. All this and still a shady backyard with plenty of space to relax, play, unwind. An oasis in the heart of the city... just a few miles north of University of Texas and downtown Austin.

Listed at $699,999. Open house 8/29 from 1 PM - 4 PM.

How to Determine your Austin Home Price

I am doing a lot of market analysis for clients this week...in fact, I have two more due tomorrow. A time consuming but fascinating process. (if you are me anyway) When considering your Austin home price, here is an overview of what should go into your decision.

First, it is your decision. You hired an Austin Realtor for their expertise and market knowledge, but ultimately, it is your house and your decision what price you want ask for your home. A good Austin Realtor will supply you with ample market statistics and arguments to support their price recommendation and help you with your decision.

Second, the buyer determines the sales price of the home. As the seller, you determine the list price, or the market position of your Austin home. Your goal is to position it correctly in order to attract buyers.

When I put together a market analysis for a client, I pull pricing for 3 active listings, any/all pending listings, 3 sold listings (within last 3 months), and 2 withdrawn/expired listings for comparable Austin homes by age, size, and neighborhood.

I take each comparable property's price, and add or subtract market value amounts for each feature the comparable property has or doesn't have in relation to my client's property. This creates an even playing field. (Note, this is also where it's important that you choose an Austin Realtor who understands your neighborhood and the market value of your home's unique features.) I then take all of the adjusted prices, throw out the lowest and highest, and come up with a price range for my client's home. My final price recomendation is somewhere within that range and based off of the home's general marketability, condition, staging, and overall aestetic.

Many sellers and Austin Realtors go by average dollars per square foot for a given neighborhood when determining the list price of an Austin home. However, in areas like central Austin where there is a great deal of variance between homes within a neighborhood, it is impossible to accurately price a home by dollars per square foot. For example, one 1930's, 1500 square foot home in Hyde Park may have 2 bedrooms and 1 bath, and its neighbor, also a 1930's home, 1500 square feet, may have 3 bedrooms and 2 baths! These two Austin homes simply can't sell for the same dollars per square foot. I personally take square footage differences between comparables and multiply it by 30-50% (depending on the neighborhood and degree of variation). I then use that amount of square footage to make a dollar per square foot adjustment in my pricing analysis. If you have a small Austin home but a great layout, this is a must do in your pricing analysis. It may earn you thousands of dollars.

Finally, the "acid test": Put yourself in the Austin home buyer's shoes. When they see this home pop up in an Austin MLS search, will the sticker price you have decided upon lure them in or turn them away? In this market, you can't afford to deter any potential buyers.

btw, if you have read this far... impressive. I thought I was the only one into this stuff.

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Austin Real Estate Update - All Good Signs

Yes, this is a random photo of a caged canary...but get it? Maybe the bird is thinking about moving to a new home...

According to Austin Board of Realtors, pending sales contracts on Austin homes in January 2009 are up by 11%. This is likely just a natural surge resulting from the virtual halt on business in November and December [thanks credit freeze]... still though, that's a compelling statistic that buyers are apparently out there, taking advantage of the "buyer's market".

Other good news, in January 2009, new listings on the Austin MLS are down 4%, keeping the inventory of residential real estate at a healthy level. (about 8500 homes, just shy of 6 months of inventory) Remember, 6 months of inventory is an equilibrium between a seller's/buyer's market.

What's selling? Homes priced at or below market...and selling surprisingly fast.

It's real estate. The market goes up. It goes down. It's a buyers' market. Don't be afraid. If you are selling: acknowledge that it's a buyers market and market accordingly. If you are buying: embrace the scene and enjoy.

Historic Victorian Home Relocated and Restored to 78704

Wow. Talk about renovating. "The Marlin House", newly relocated and for sale on South Mary St. in funky, quirky Bouldin Creek neighborhood of Austin, zip code 78704 is AMAAAAZING.

The Queen Anne Victorian home was built in 1890 in Marlin, Texas (southeast of Waco) and relocated some 100 miles to Austin's Bouldin Creek neighborhood by Pricilla Glover and Ivan Spaller of Urban Nature, a local real estate development company.

4 bedroom. 4 baths. 3200 square feet. Two masters. Viking appliances. Butler pantry. Long leaf pine floors. City views. the list goes on and on and on... mmmmmm.

Property listed for sale at $1,095,000 by Green Mango Real Estate. I hope they find a buyer in this market... it's unique and special enough, they just might swing it. The developers certainly didn't overlook a single detail.

More Natural Food Stores Coming to Austin

Exciting stuff... 2009 will bring Austin three spiffy new natural food stores including Sprouts Farmers Market, Natural Grocer, and Newflower Farmers Market.

Fall 2009, Arizona-based Sprouts Farmers Market will be opening in Rollingwood in the Mira Vista shopping center at Bee Caves Road and Edgegrove Drive, in the current Office Max space. Sprouts will also take up a portion of the John Williams Interiors space. John Williams Interiors will be closing their Rollingwood location this month and consolidating into their Anderson Lane space, which they plan to be bigger and better with more design resources.

Colorado-based Natural Grocer will be opening at 3901 Guadalupe in Hyde Park in the next couple of months.

Newflower Farmers Market will be opening a new location at William Cannon and Manchaca next month. NFM fashions itself after Trader Joes, selling a large portion of private label product lines and price conscience produce. This is especially good news for South Austinites who have been hoofing it all the way to Whole Foods downtown or Sun Harvest on Lamar up until now.

That will make 8 good sized natural food markets in Austin, a city of less than 1 million people (not including burbs).

Note to self for further research one day when I have some "free" time (that's a joke) ... what city has the highest # of natural food stores per capita?

Latest Austin Real Estate Market Statistics

Here are the latest stats on the Austin real estate market for the month of December 2008. Thanks to Alamo Title for compiling and sharing.

Units for Sale in Austin: (compared to December 2007)
New listings were down 12.84%.
Pendings were up 34.86%.
Solds decreased by 16.01%.

Average Austin Real Estate Prices:
The "New Listings" average list price is up 2.36% to 300,316. In December 2007 the average list price was $293,392.
Sold average sales prices decreased 5.66% to $238,867. For December 2007 it was $253,205.

Active Listings
We had 9,929 active listings during the same week in 2007. Today there is 10,097 active listings. That is 3.78% increase from last year. Total inventory for Austin area MLS is 5.77 months - still hovering at the equilibrium between buyer/seller market.

What's Selling in Austin

For the first part of 2008, sales volume here in Austin was on par with 2004 sales volume. This made sense given that 2005, 2006, and first half of 2007 were booming markets and of course our local market would reflect the national economic decline on some level. However, during the last few months, our 2008 sales volume has gone and slipped to below 2004 levels.

Source: Alamo Title

So now, you would think – there must be some great deals out there! Right? Well – the answer is sometimes. Even with the local slow down, quality houses that are priced and marketed right are selling very quickly here in Austin. On average, houses are selling for 95% of list price. My last listing sold in 10 days at 98% of list price. The biggest discounts are on new construction homes from builders or homes priced over $700K (which are NOT selling fast). So, if you find a house and you want to make an offer, definitely go low with your offer, but don’t expect gigantic discounts.

With that in mind, if you are thinking about listing your Austin home for sale this spring, in today’s market you must pull out all the stops. The MLS listing, a sign in the yard, and an open house are really only the beginning. To sell at the maximum price in minimum amount of time, you must make your home as competitive as possible. Do not overprice “just to see what you can get”. Choose an agent who implements progressive marketing strategies including blogging, Facebook, Craigslist, Zillow, Trulia, virtual home tours, and customized websites. I personally syndicate my listings on over 30 websites. Staging and presentation of the home are also more important than ever. Finally, your agent should be providing you with constant feedback as to what potential buyers are saying when they tour your home.

Below are some example SOLD properties from the month of December to give you an idea.

SOLD IN 9 DAYS – 99% OF LIST PRICE
1809 Rockmoor Ave: Original List price $549,950, Sold Price $545,000
Immaculately updated, unique property located in MLS area 1A within walking distance to Lake Austin. 2 bed/ 2bath, 2020 square feet, .25 acres; 9 days on market

SOLD IN 45 DAYS – 95% OF LIST PRICE
5915 Rickerhill: Original List Price $264,900, Sold Price $250,000
Cute little Circle C home with 4 bed/2 baths, 2091 square feet, .19 acres, 45 days on market

SOLD IN 9 DAYS – 97% OF LIST PRICE
700 Jessie Street: Original List Price $450,000, Sold price $438,500
Beautifully staged, fully updated with modern design located in MLS Area 7 (south Austin), 3 bed/2bath, 1370 square feet + bonus building, .21 acres; 9 days on market

SOLD IN ZERO DAYS – 91% OF LIST PRICE
1007 Arcadia: Original List price $175K, Sold Price $160K
Handyman special located in MLS area 2; 3 bed/ 1 bath, 1692 square feet, .17 acre lot

SOLD IN 742 DAYS – 75% OF LIST PRICE - $1 MILLION PRICE REDUCTION!
4708 Mirador: Original List price $4,495,000, Sold Price $3,400,000 (included $350K in non real estate items)
Custom built new construction located on 5 acres in MLS area W; 5 bed/ 5 baths/3 half baths, 8650 square feet

SOLD IN 15 DAYS – 83% OF LIST PRICE
800 E. 451/2 Street: Original List Price $299,000, Sold price $250,000
Cute 1939 bungalow with hardwood floors, original tile bathrooms, kitchen and detached 1 car garage located in north Hyde Park, 2 bed/1 bath, 1056 square feet, .18 acre lot

Condo Projects that Look/Act Like Houses in Central Austin?

$325K Watson St. - near Crestview Station

Wondering about the large number of 2 unit detached condo projects in Central Austin. These are new construction properties that look like single family homes, but that are technically classified and sold as condominiums. This is happening quite a bit in Central Austin where land is becoming increasingly scarce and builders buy one full size lot, tear down the existing structure and put two, even bigger properties on the lot. The builder may subdivide the lot and classify the dwellings as single family homes, however, sometimes the lot size is too small to qualify the dwelling as a single family home. In addition, even if the lot is big enough to qualify as a single family home, the builder has to go through a public hearing to subdivide the property and may be met with adversity from neighbors and neighborhood associations in some of these older Austin neighborhoods. In this case, the builder may prefer to create a condo project, which is just a administrative legal process.

These properties can be wonderful: exquisitely designed, well constructed, close to downtown, well priced, etc. Overall, precisely what you are looking for in a new home. However, before you buy, there are a couple of things to know about these properties before you consider buying one.

1. Mandatory COA: Even though there are just 2 units, there will have to be a COA, which is a legal entity. The COA should have a budget that pays for common grounds liability insurance and tax preparation, at minimum. Be sure that the money you are paying to the COA goes to something of value. As one of the owners, you will be an officer in the COA and have 50% voting rights. If you and your neighbor do not agree on something 100%, then nothing happens. Either everyone agrees or disagrees.

2. Perceived Market Value: Most home buyers are searching for "houses" to buy and therefore, there is a lower perceived value in a condo vs. a single family home. This may be a problem when you go to resell your property. It will actually be listed as a "condo" in the MLS and may not even pop up in potential home buyers' searches.

3. Condo Financing: The underwriting requirements for financing a condominium is changing and financing is getting tougher to obtain as time goes on. Some federally backed loan programs will not finance a condo project that is not at least 50% owner occupied. If your neighboring condo is owned by an investor, it may be difficult for you to find a buyer who can buy your condo with conventional financing when you go to resell.

Some additional condo projects in Central Austin:

$399K Alegria St. - Crestview Area

$325K 2nd St - East Austin

$275K Stacy Ln - 78704

East Austin - Rated Top 15 by Businessweek.com

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.

Click here for full story at Businessweek.com.

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.

Crestview and Crestview Station

Crestview is a north central Austin neighborhood that has always been high on charm, loaded with 1940's and 1950's houses, but still reasonably priced for young families, professionals, and hipsters who refuse to move out to the burbs in search of affordability. The neighborhood is bound by Anderson Lane on the northside, Koenig Lane on the southside, Lamar Blvd. to the east, and Burnet Road to the west. A quaint shopping village lies at the center of Crestview with an independent grocer, a barber shop, and a mix of restaurants and delis.

Capital Metro has one of it's nine commuter rail stations planned for the northeast corner of Crestview. Crestview Station will be more than 70 acres of office space, retail space, multi-family and single family homes, and open recreation spaces.

There are homes and condos surrounding the Crestview Station (like the ones pictured above) that are priced as low as $175K and go up to $400K, with the majority of homes around the $250K - $280K range. This part of town is currently "car dependent" but in a few short months is going to explode with grocery, dining, shopping, and public transportation options...all within a short walk. Lower priced housing options lie east of Lamar, but still within walking distance of Crestview Station. Crestview and Crestview Station adjacent properties are a fantastic opportunity to buy quickly appreciating property at an affordable price before the craze hits. Please email me for some of the listings in this area.

The Low Down on Austin Schools by Neighborhood

As a realtor, I get asked a lot which neighborhoods have the best public schools in Austin. As a parent of a preschooler here in Austin, I am currently struggling myself with the private school vs. public school dilemma as I live in an area with not so great public schools. It's amazing to me that there are a lot of neighborhoods in Austin where you can buy a million dollar home, but only have a lowly academically acceptable elementary school to send your children to! I love Central Austin and wouldn't move to out to the burbs for anything in the world, but that $600 per month I am likely going to shell out for private school for the next 8 years in order to avoid sending my child to the local elementary school is going to be painful.

So if you are looking for a neighborhood with good public schools in central Austin, here are the neighborhoods I would recommend buying in from the beginning:

BEST BETS - good public schools elementary through high school...
-Zilker

- Barton Hills

- Bryker Woods
- Rosedale
- Northwest Hills

- Highland Park
- Tarrytown

- Anywhere in Westlake -- Eanes School District...where every school is exemplary

SOME PRETTY GOOD OPTIONS

- Crestview

- French Place

- Hyde Park (amazing LEE elementary but not so great middle school...KEALING)

- Clarksville

- Downtown Austin (PEASE elementary is apparently pretty neat with small class sizes)

...also to note, in Delwood, which is a quickly gentrifying East Side neighborhood, the public elementary school, Blanton Elementary, just received an exemplary rating from Texas Education Association for 2007. That neighborhood has great homes for the money and is extremely centrally located. Unfortunately, that neighborhood also has terrible middle school and high schools so don't plan on staying forever.

PLAN ON PRIVATE SCHOOL (at least I would)

- East Austin - 78702 zip code

- Travis Heights

That being said, I am sure there are parents of school age students who live in these neighborhoods and who might disagree with my opinion. Please leave a comment as I am eager to learn more.

All Texas public school TEA ratings can be found here.

Thanks to woodleywonderworks on flickr.com for the pic.

French Place 78722 ... Renovated 1940's Bungalow ON SALE

My friend just sent me pics of his bungalow he's selling in Austin's beloved French Place neighborhood. He dropped the price nearly $25K this week to $274,800. ...this is the only house in the French Place neighborhood at that price.

A similar house 3 houses down is on the market for $299K for the same square footage. Another similar sized house on the street, sold for $299K a few months ago. This is a 2 bed /2 bath completely renovated 1940's charmer. Instant equity. The house is great. Well located. Excellent condition. My friend is just ready to make a move. Email me or call me if you want the full MLS listing.

June Market Stats

Report from Austin Board of Realtors just released....July 18, 2008 - Both single-family home sales and leased property in Central Texas have reached their highest point this year to date, according to the June Austin Board of REALTORS® Multiple Listing Service (MLS) Report. “Austin remains one of the best cities to become a homeowner,” said ABoR Chairman Socar Chatmon-Thomas. “Locally, our homes are holding their value and the average mortgage payment is not much higher than renting.” Last month 2,211 single-family homes were sold, with their median price rising four percent to $200,000. These homes spent an average of 65 days on the market and contributed $577,471,191 to the economy. There were 10,886 active listings in June. Leased property rose two percent since last year to total 1,146. With a median price of $1,250, these properties contributed $1,541,370 to the Austin-area economy, a nine percent increase from June 2007. June 2008 - Single-Family Homes
2,211 was the number of single-family homes sold, a 20 percent decrease from one year ago
$200,000 was the median price for single-family homes, a four percent increase from June 2007
$577,471,191 was the total dollar volume of properties sold, a 20 percent decrease from last year.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636, ext. 1300.

Screaming for a Makeover

This awesome Austin 1960's architectural home just popped up on my radar when the price was reduced from $459,700 to $435,000 or $170/sq ft. Located on .23 acre wooded lot in Northwest Hills area. It's screaming for someone to come in and make it fabulous. As you can see, the current owner has updated a few things in the home...but not everything...and easily could have chosen materials closer to the home's original charm / design.

It's slightly under market value for a home in the neighborhood, especially an architectural home of this stature and with so much potential. Can make it a dream home for yourself or flip it for profit. The subdivision has other homes that have sold recently for as high as $820K or $225/sq ft. Northwest Hills neighborhood has some of best schools in Austin and is great proximity to downtown entertainment districts, entertainment venues, and shopping. Seller's disclosure shows no major issues with home. Email me if you want to see the full listing!

Current Austin Market Stats

Austin-Area Real Estate Market Remains Stable
June 19, 2008 – As buying season heats up in Central Texas, the May 2008 Austin Board of REALTORS® Multiple Listing Service (MLS) report indicates single-family home sales are up slightly since April 2008, homes are spending fewer days on the market and overall, the real estate market continues to reflect conditions similar to those of 2005.“Despite economic conditions across the nation, Austin continues to have a relatively low unemployment rate and cost of living index,” said ABoR Chairman Socar Chatmon-Thomas. “While we’re not enjoying the booming real estate markets of 2006 and 2007, we have seen steady increases in sales volume since January 2008.”
Single-family home sales in May 2008 reached their highest point in eight months, totaling 2,154 and contributing $566,827,254 to the local economy. The median price for single-family properties was $196,120 while active listings increased to 10,577. Homes sold in May 2008 also fell, averaging a total of 64 days on the market.
May 2008 - Single-Family Homes
2,154 was the number of single-family homes sold, a 20 percent decrease as compared to May 2007
$196,120 was the median price for single-family homes, a seven percent increase from May 2007
$566,827,254 was the total dollar volume of properties sold, a 16 percent decrease from May 2007.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636, ext. 1300.

A Bidding War Outside My Window

Okay seriously…I watched a bidding war unfold before my eyes this past weekend over this 1940's, 840 square foot bungalow next door to me in East Austin. Original list price was $139,900. Final sold price in a little over 24 hours after the listing went live was $150,000, CASH. Needless to say, East Austin is a little gold mine if you are ready to jump on a deal when it arises.