Bella Terra Condos - What do you think? (Austin: rentals, HOA)

[Elke Mariotti]

Anyone have any thoughts/opinions re the Bella Terra Condos on E. Parmer?
Purchase? Rentals?

[mwv]

I wouldn't buy any condo now, period. Many HOAs cannot even meet basic loan standards, requiring cash only buys. This is forcing prices down of course.

[Elke Mariotti]

What's the area like? Would love some input
Are there many rentals available? What's the going rate?

TIA

[atxcio]

Key word would be "affordable". I wouldn't have too much good to say about that area of Parmer east of I-35. Some not so good neighborhoods close by, probably schools are not great. Close to shopping and employers, I guess. The condos look nice in the pics, but I'd imagine they are not a very good investment.

I don't know for sure, but I would guess that much of the area is rentals.

[killer2021]

Originally Posted by mwv

I wouldn't buy any condo now, period. Many HOAs cannot even meet basic loan standards, requiring cash only buys. This is forcing prices down of course.

but by that rationale that would mean this would be an excellent time to buy. When the HOA forces people to pay cash that makes the affordability of the condo very low. What do you think is going to happen when they lift that requirement? Prices going up, wouldn't you think?

In TX I think it is an average time to buy. Most important thing would be to make sure your job is stable. I don't exactly see house prices in TX to decline substantially or in increase substantially.

If this is your first purchase forget about the investment idea. Just buy a home to live in.

[AustinGuy]

The area is very convenient to a lot of stuff (shopping/employers/restaurants). It is also much cheaper than most of Austin. The bad neighborhoods are miles further to the south of there (closer to Rundberg).

As far as investments go, it probably isn't going to be the best place to invest in, but it would definitely be a decent place to live.

[austin-steve]

Anyone have any thoughts/opinions re the Bella Terra Condos on E. Parmer?

I know about those condos and have been in them and met the developer. They are very well built, good quality product. If you dig below the surface and really compare the construction to the condos built by competitors such as DR Horton or some of the others, these are a notch above. Check out the spec sheets. Developers are local Austin guys who've been around a long time and are solid.

There are two or three 8-unit buildings remaining to be built out there, so I would make sure you plan to hold on for a while as you might not see short term appreciation while still competing against new units. The builder is very conservative in not over building the projects and creating too much supply, which is why it has taken so many years to get all the buildings up. This is good for home owners there though. Slow and steady hold it's value better than if there were 25 empty units.

As for condos in general, you have to be of the precise demographic for whom a condo is intended in order to get full value from ownership. A buyer who could go either way, house or condo, would be better of in a house. But a very busy professional who doesn't want yard work, or who travels alot, will value a condo. As will empty nesters for the same reasons.

Location is a subjective criteria. It's certainly a convenient spot to be if you work in the area. Otherwise it has easy access to all directions of Austin.

Steve