Austin Market has truly gone to **** (Brushy Creek, Kyle: calculating, costs, move to)

[10scoachrick]

Up here in the slums, DRHorton went up $55,000(20% !)

on one of their basic floor plans in one jump! That was in Jan and I would expect it has gone up another hunk since then...not on a house; but on a piece of paper!

I'll say it again, "DRHorton is still building quarter-million dollar houses...you just have to pay $400K to get one!!!"

[ScoPro]

Here in the Brushy Creek ghetto, 25 year old homes were going for $180-$220 sq/ft last month.
Maybe I oughta look again? Lol

[austin-steve]

Originally Posted by Austin97

Steiner is selling for >300/square ft. This means you can now buy a smaller home more central. Even if it is a slightly higher $/square ft you can add on at 250-300/square ft and end up with a home possibly the same size for about the same cost and brand new construction.

You are essentially arbitraging the gap between the steiner sales price and the remodeling sales price which I dont think could be done before.

I wonder if the Steiner "commuting hell" disincentive has evaporated with more major companies moving to permanent remote.

[Need4Camaro]

Originally Posted by austin-steve

I wonder if the Steiner "commuting hell" disincentive has evaporated with more major companies moving to permanent remote.

At the very least its probably becoming less of an issue.

[riaelise]

Originally Posted by austin-steve

I wonder if the Steiner "commuting hell" disincentive has evaporated with more major companies moving to permanent remote.

Commute is not much of an issue any longer. Same with the suburban citiies. Where I live is 20 miles from downtown and that has made not one difference in home sales. Homes are snatched up readily and as I mentioned in my post above, people are paying way over asking for them. Distance never made much of a difference because telecommuting is common here even before the pandemic.

It's my intention to be partially remote post pandemic.

In a way, the pandemic - with the ascendance of remote work - has been a boon to all of the areas/cities that are a distance from the urban core. Prices have risen so much that people have to move farther and farther out.

[riaelise]

Originally Posted by ScoPro

Here in the Brushy Creek ghetto, 25 year old homes were going for $180-$220 sq/ft last month.
Maybe I oughta look again? Lol

In my area , a small home, 30 years old, with little to no current updates sold for 188 sq ft. The recent sale sold for 245 sq ft.

My neighborhood isn't master planned and has no pool or amenity center either.

In a KB neighborhood down the road, there is a bidding war for one of their large homes priced at 645k.

[CarnivalGal]

Originally Posted by Austin97

Steiner is selling for >300/square ft. This means you can now buy a smaller home more central. Even if it is a slightly higher $/square ft you can add on at 250-300/square ft and end up with a home possibly the same size for about the same cost and brand new construction.

You are essentially arbitraging the gap between the steiner sales price and the remodeling sales price which I dont think could be done before.

As of the end of March, average sold price per square foot in Steiner is $272.21...still less than $300.

[10scoachrick]

Originally Posted by austin-steve

I wonder if the Steiner "commuting hell" disincentive has evaporated with more major companies moving to permanent remote.

IF Parmer Lane is any indication, PLENTY of people are back to commuting in a big way....unless folks just like to drive around during afternoon rush. I wouldn't be surprised if the Steiner area traffic is also filling in.

[Austin97]

This is why I think the market will correct a bit after people feel comfortable selling their houses after covid. Also markets dont have to correct, they can go sideways until the intrinsic value catches up. However I do think there will be a small correction back to 2020 possibly plus a small increase of 5%, vs the 22% increase we are seeing now.



New listings are down 24%, meaning many fewer people are listing, even as prices jump.

The days to sell are approximately the same

overall closed sales are down, a reflection of fewer properties available. The total dollars of sales is up, reflecting higher prices because of the huge drop in new listings.

I would be interested to see a graph of YOY change in new listings.

[ashbeeigh]

Just found a new build .25 acre, 3k sq ft, 4/3 that was listed in September for 530k. Today it’s 632k. It was t selling at 530k...why would it sell 100k over that?! This is in Kyle.