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Unread 03-14-2012, 07:11 PM
 
274 posts, read 549,641 times
Reputation: 146
Suit and white tie guy - I have chosen to live in an older home in an older neighborhood and I don't believe I was sold a bill of goods. I traded some luxuries for the more valuable (for me) luxury of a 5 minute commute. I traded a 3 car garage for living in an established neighborhood full of large, old trees. The upkeep has thankfully been close to zero because our house is newly renovated, but I think most people buying older homes factor in increased upkeep. Several years ago, we sold our first home in this neighborhood and did quite well financially...the house was nothing but the land is valuable. Sure, there are cycles and ups and downs but I think buying close-in to central Austin is more of a sure thing then buying a brand new house in Cedar Park or some other outlying area.

To your second post about prices being high all around Austin. Yes, that is true but that is supply and demand. Unfortunate for those with less but that doesn't mean that inventory scarcity is being created by realtors or that the high prices aren't warranted.
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Unread 03-14-2012, 07:13 PM
 
6 posts, read 2,987 times
Reputation: 16
Quote:
Originally Posted by leahkeeler View Post
We are a family of 4 relocating from Portland, OR and are trying to buy a house for under $550K in Eanes schools district. So far we have been outbid on 2 full price offers in Barton Creek West and it seems that the rest of the homes we didn't even like that much sold in an hour.
Is anyone else seeing the same thing? houses selling in 5 minutes over asking with a dozen offers???
You might want to try the Meridian/Circle C area. The schools are really good - there's a brand new middle school - and the houses are newer. Things are really heating up, but I don't think it's quite that hot there. And $550 will buy you much more there than in westlake/barton creek.

We are looking to downsize, under $300K and well-priced homes go pretty quick, but not overnight. (except maybe in Convict Hill, where I want to be.)

Lakeway/Bee Caves is a good bet too. Lakeway ISD is very highly rated.
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Unread 03-14-2012, 07:36 PM
 
645 posts, read 1,054,692 times
Reputation: 171
I think there is a magic zone right now of $250K-$500s of good school districts, family sized homes. Makes sense to me that folks needing these homes are highly motivated. But, I can also see people in those price points not up-sizing right now due to economy, anti-supersize movement, etc.

BTW- Where are jumbo rates right now? I.e., what is the spread b/w conforming versus jumbo loans right now.
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Unread 03-14-2012, 09:29 PM
 
3,043 posts, read 2,933,582 times
Reputation: 1136
Quote:
Originally Posted by suit-n-tie white guy View Post
The price of new houses in austin are going to skyrocket over the next few years. 200k will be the lowest buy in within the city limits. There are neighborhoods off mckinney falls parkway near the airport are starting at 150 now. Thats what circle c buy in was 15 years ago. Houses off far east riverside are starting in the 170 range. The poor people are going to be pushed outside the city in places like manor leander kyle and hutto.


I'm just wondering when people started considering someone paying under $150 or $175k for a home "poor". I've heard that more than once here on city data so not an attack on you suitntiewhiteguy.

Anywho...there are plenty of wealthy people in Manor, Leander, Kyle, and Hutto. They own ranches or huge homes on a few acres, or they chose to purchase small and live frugally. Not everyone wants to live in Austin. It's an illusion sometimes that one place is "better" than another. (I said sometimes) The illusion that Austin is "THE" place to be jacks up the price. And personally, after looking to purchase in and/or closer to Austin a few years ago I do think the fixeruppers, or renovated older homes were waaay overpriced. *my opinion

But you're right suitntiewhiteguy...not everyone can afford to buy into the hype so us poor folk move out to the evil burbs where we plot and scheme and get labeled as terrorists. The would never happen in Austin...I'm sure.

Ok, sarcasm off. Time to call it a night.
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Unread 03-15-2012, 09:26 AM
 
Location: West Austin
291 posts, read 231,473 times
Reputation: 176
Quote:
Originally Posted by jql999 View Post
You might want to try the Meridian/Circle C area. The schools are really good - there's a brand new middle school - and the houses are newer. Things are really heating up, but I don't think it's quite that hot there. And $550 will buy you much more there than in westlake/barton creek.

We are looking to downsize, under $300K and well-priced homes go pretty quick, but not overnight. (except maybe in Convict Hill, where I want to be.)

Lakeway/Bee Caves is a good bet too. Lakeway ISD is very highly rated.
I just wanted to correct this so that people aren't confused later. It's Lake Travis ISD.

Lakeway is the town within the school district.
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Unread 03-15-2012, 10:24 AM
 
12 posts, read 8,854 times
Reputation: 23
Spread between conforming and jumbos is between 130- 160 basis points with 20% down -- less then 20% the spread goes to about 270-300 basis points for jumbos
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Unread 03-15-2012, 12:14 PM
 
Location: West Austin
4,715 posts, read 8,603,154 times
Reputation: 3119
Quote:
Steve whats the yearly cost of upkeep on a 30 year ild house?
Not as much as you'd think.

I assume you think a newer home is cheaper to maintain and care for than an older home. Not true. Ask any property manager, plumber, HVAC repairman, etc.

Steve
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Unread 03-15-2012, 12:44 PM
 
645 posts, read 1,054,692 times
Reputation: 171
Quote:
Originally Posted by leahkeeler View Post
Spread between conforming and jumbos is between 130- 160 basis points with 20% down -- less then 20% the spread goes to about 270-300 basis points for jumbos
THanks!
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Unread 03-15-2012, 02:56 PM
 
Location: Greater Seattle, WA Metro Area
1,938 posts, read 3,399,371 times
Reputation: 842
Quote:
Originally Posted by jql999 View Post
You might want to try the Meridian/Circle C area. The schools are really good - there's a brand new middle school - and the houses are newer. Things are really heating up, but I don't think it's quite that hot there. And $550 will buy you much more there than in westlake/barton creek.

We are looking to downsize, under $300K and well-priced homes go pretty quick, but not overnight. (except maybe in Convict Hill, where I want to be.)

Lakeway/Bee Caves is a good bet too. Lakeway ISD is very highly rated.
Circle C is actually quite hot right now...in fact there is a shortage of inventory for the demand. It's pretty much always been a popular SW neighborhood...since the late 80's.
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Unread 03-15-2012, 03:01 PM
 
Location: SW Austin
206 posts, read 151,831 times
Reputation: 64
Hot = panic buying = bad situation
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