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Old 05-03-2012, 06:14 PM
 
Location: Austin, TX
14,449 posts, read 20,882,661 times
Reputation: 6448

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Quote:
Originally Posted by BevoLJ View Post
I don't know much about real estate but $500,000 does not seem like a lot for a house. The average price for a house in San Francisco is over $600,000. San Diego is almost 600k. The area of Austin where I live the that $500,000 wouldn't even pay for my land that my home is on, not counting the house itself. I imagine the average price for a home in Westlake is probably around $800k to a million. In London where I my small flat is (Camden) the average price for a home is 650000 (~$1 million). Or at least it was when I got my flat not to long ago.

To me $500,000 doesn't seem like much for a house. But I guess it is relative where you came from or what you are used to.

Estimated median house or condo value in 2009:

Austin $214,300 <--- This is a nice 3-4 bedroom house in Austin
Rollingwood $650,617
West Lake Hills $720,046
Lakeway $406,341

Read more: http://www.city-data.com/city/Austin-Texas.html#ixzz1tqowwyEs

This chart below is for Austin:



 
Old 05-04-2012, 08:51 AM
 
Location: Austin, TX
3,689 posts, read 2,756,563 times
Reputation: 1727
Quote:
Originally Posted by gdu View Post
If you look at the incomes of all the people in Austin and costs of the homes in the area, the numbers don't work. Either tons of people were born into money here or are paying more than most prudent investors would recommend on housing.
I suspect some of the upper end homes aren't owned by Austinites but rather rich Hollywood celebs with second homes, investors seeking to capitalize on F1, or just stupidity.

There's no way I would pay the utility bills in an $800k house, much less the taxes...
 
Old 05-04-2012, 09:22 AM
 
Location: Austin, TX!!!!
3,740 posts, read 5,404,246 times
Reputation: 1666
Quote:
Originally Posted by cBach View Post
I suspect some of the upper end homes aren't owned by Austinites but rather rich Hollywood celebs with second homes, investors seeking to capitalize on F1, or just stupidity.

There's no way I would pay the utility bills in an $800k house, much less the taxes...
Hmmm. I know plenty of locals in those upper end homes. They are people that hit it big during the tech boom working in start ups with successful ipos or through stock ownership. It is mostly local full time residents in those home.
 
Old 05-04-2012, 09:39 AM
 
Location: Central Texas
12,798 posts, read 13,093,669 times
Reputation: 7951
Quote:
Originally Posted by cBach View Post
I suspect some of the upper end homes aren't owned by Austinites but rather rich Hollywood celebs with second homes, investors seeking to capitalize on F1, or just stupidity.

There's no way I would pay the utility bills in an $800k house, much less the taxes...
I know a few people with homes in this range. None fit your description. They are all locals, still working. A few are entrepeneurs; a few are software types. On utility bills - an $800K home in some areas is 3000 sq. ft.. Same as an Anderson Mill home. I think the utility bill on the expensive home might be less because of better build quality. If the home is 5000 sq. ft - yes the utility bills are probably non-trivial.
 
Old 05-04-2012, 09:43 AM
 
Location: West Austin
304 posts, read 295,982 times
Reputation: 183
Quote:
Originally Posted by CptnRn View Post
Estimated median house or condo value in 2009:

Austin $214,300 <--- This is a nice 3-4 bedroom house in Austin
Rollingwood $650,617
West Lake Hills $720,046
Lakeway $406,341

Read more: http://www.city-data.com/city/Austin-Texas.html#ixzz1tqowwyEs

This chart below is for Austin:

Since you posted Rollingwood, West Lake Hills and Lakeway, I thought I'd add another similar area - Bee Cave.

Bee Cave $565,935

http://www.city-data.com/city/Bee-Cave-Texas.html
 
Old 05-04-2012, 12:16 PM
 
383 posts, read 1,054,888 times
Reputation: 180
Quote:
Originally Posted by cBach View Post
I suspect some of the upper end homes aren't owned by Austinites but rather rich Hollywood celebs with second homes, investors seeking to capitalize on F1, or just stupidity.

There's no way I would pay the utility bills in an $800k house, much less the taxes...
With the intuition and thought-process displayed in this statement, I suspect it is a very safe bet that an $800k property -- and it's taxes -- is not really an option for you; and therefore probably not worth investing a strong opinion on. However, the implied self-righteousness about never having that icky nice house (and the nice schools, nice shopping, and other conveniences that typically go with it) is entertaining.
 
Old 05-04-2012, 03:20 PM
 
Location: Southwest Austin
4,986 posts, read 9,816,279 times
Reputation: 3454
Quote:
Originally Posted by cBach View Post
...
There's no way I would pay the utility bills in an $800k house, much less the taxes...
So, if you inherited an $800K home free and clear, you'd cut the utilities and let the County Foreclose on it?
 
Old 05-04-2012, 05:02 PM
 
Location: Round Rock, Texas
5,036 posts, read 3,365,560 times
Reputation: 3282
Quote:
Originally Posted by austin-steve View Post
So, if you inherited an $800K home free and clear, you'd cut the utilities and let the County Foreclose on it?
I'll take it.
 
Old 05-04-2012, 05:07 PM
 
710 posts, read 793,544 times
Reputation: 618
Quote:
So, if you inherited an $800K home free and clear, you'd cut the utilities and let the County Foreclose on it?
If that happened to me, I would sell it as quick as I could and buy a small house that didn't cost a fortune to maintain. My boss has a house valued at $1.5 mil here and he pays hundreds per month in utilities, landscaping, cleaning service etc. Believe it or not, a few of us wouldn't choose that lifestyle if you gave it to us.
 
Old 05-05-2012, 07:38 AM
 
4,030 posts, read 6,274,813 times
Reputation: 1649
Quote:
Originally Posted by orngkat View Post
If that happened to me, I would sell it as quick as I could and buy a small house that didn't cost a fortune to maintain. My boss has a house valued at $1.5 mil here and he pays hundreds per month in utilities, landscaping, cleaning service etc. Believe it or not, a few of us wouldn't choose that lifestyle if you gave it to us.
my house is not 800K and I pay that much on utilities, landscaping and cleaning services each month
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