To the local RE Professionals-How's it going? (Austin, Howe: for sale, rentals)

[XLadylawX]

In our new home subdivision, it appears that 5 "SOLD" signs have gone up overnight?

How are things going in the greater Austin metropolitan area?

[jobert]

I sure it all depends on the pricepoint with the lower ranges showing more activity. I bet the sub 200K market is on fire right now.

[Trainwreck20]

I am not a RE agent, but my neighbor is and he had one of his busiest winter seasons ever. Another RE friend is getting married, but is going to have to wait on the honeymoon, because they are too busy. Both, though, are veterans of many years in the industry.

There were several houses in our neighborhood that have been for sale for a long time, but mostly due to the owners refusing to acknowledge that there HAD been a decrease in value over the past few years. They just recently lowered the asking price on two of those houses, and they sold within a week. The asking price was lowered by <5% in both cases, but no idea what they actually sold for.

Edit: The price range is in the 225-275 range, so it is the more affordable end.

[jobert]

Originally Posted by Trainwreck20

The price range is in the 225-275 range, so it is the more affordable end.

I've noticed that too. The lower end houses don't sit for long, regardless of sq footage, and the $400K+ range is pretty dead. There is one house in our area that's been listed on and off for 2 years now, and has been lowered from 750K to around 425K, (has it's own tennis court, pool, patios, the works) and is still sitting:

http://www.zillow.com/homedetails/10...29515121_zpid/

http://www.traviscad.org/travisdetail.php?theKey=430959

I think that people are tired of overpaying for houses, and it's becoming a major paradigm shift. People don't seem to want the 4000sf+ houses with their astronomical utility bills, maintenance and huge tax bills anymore.

[G Grasshopper]

Originally Posted by jobert

I think that people are tired of overpaying for houses, and it's becoming a major paradigm shift. People don't seem to want the 4000sf+ houses with their astronomical utility bills, maintenance and huge tax bills anymore.

This was certainly true for us. We just bought a 2,350 sq ft house. We did look at a few houses over 2,500 sq. ft., but we just decided that we didn't need that much space, and who wants to pay to air condition rooms you don't need, much less pay the taxes? We noticed that single story houses of this size stay a very short time on the market, while many two story, larger houses are hanging around. (That is a big generalization, but that's what we noticed.) This is in the SW Austin area.

[austinnerd]

Originally Posted by jobert

I've noticed that too. The lower end houses don't sit for long, regardless of sq footage, and the $400K+ range is pretty dead. There is one house in our area that's been listed on and off for 2 years now, and has been lowered from 750K to around 425K, and is still sitting:

10222 Pinehurst Dr, Austin, TX 78747 MLS# 2457001 - Zillow

I think that people are tired of overpaying for houses, and it's becoming a major paradigm shift. People don't seem to want the 4000sf+ houses with their astronomical utility bills, maintenance and huge tax bills anymore.

Looks like classic "too much home for the neighborhood" syndrome there. $750K??? Wow, welcome to the "real world".

[jobert]

Originally Posted by austinnerd

Looks like classic "too much home for the neighborhood" syndrome there. $750K??? Wow, welcome to the "real world".

It was on the upper end, but there are still other houses in the neighborhood that makes this home look quaint. I feel bad for this lady, because her tax assessment is still over 500K, and they tend to undershoot the market by 10-20% in most cases.

[sinking]

Originally Posted by jobert

It was on the upper end, but there are still other houses in the neighborhood that makes this home look quaint. I feel bad for this lady, because her tax assessment is still over 500K, and they tend to undershoot the market by 10-20% in most cases.

My assessed value is 20k over what I paid.

I can see why that house has been sitting for a while. The exterior looks great. The house has a lot of amenities. However it looks like it has a lot of late 1980s finishings like gold towel racks and such. Also, it looks like it has been decorated by a 90 year old woman with the furnishings and horrible wall paper.

[jobert]

Originally Posted by sinking

it looks like it has been decorated by a 90 year old woman with the furnishings and horrible wall paper.

What?

You don't dig the Rococco/Louis XVI style? Chamfered glass, parquet flooring and brass fixtures don't do it for you?

[WoodyTX]

Must be why we picked up a 3700 sf new construction with closed-cell insulation for less than $100/sf... (Two kids will demand more room.)

I hope rentals in NW Austin are going well. We're renting out our 2000 sf current house, once we get it touched up.