3 college grads looking for a fun location in austin area (Howe: sales, HOA) - Texas (TX) - Page 2 - City-Data Forum

centralaustinite · 08-21-2009, 06:45 PM

Quote:

Originally Posted by jacksonian

What about buying downtown? Are there any condos/lofts that are somewhat centrally located that are priced reasonably?

What is your definition of reasonable?

There are older (30+ years) apartment complexes that have been turned into condos, they are fairly reasonable but most units are then rented out.

jacksonian · 08-21-2009, 08:37 PM

Quote:

Originally Posted by centralaustinite

What is your definition of reasonable?

There are older (30+ years) apartment complexes that have been turned into condos, they are fairly reasonable but most units are then rented out.

Given the location, I would think that downtown residential real estate goes for $200-300/s.f., maybe more.

Do any "fixer-uppers" exist in or around downtown? Or are of them already "fixed" up or updated?

AustinAaron · 08-22-2009, 10:51 AM

jacksonian - Closer to the $300+/SF range. Even properties that were up for auction just several months ago are already back on the market in the $360+/SF. Now, that doesn't mean you can't find them for less. You certainly can. i.e. - Penthouse (12th & Guadalupe), Greenwood Towers (18th & Lavaca), Towers of Town Lake (south of 1st & I-35), Railyard (4th & Brazos), etc... Most of them are primed for "fixing up". You'll find quite a few properties downtown that could benefit from many updates. Takes a bit of searching, and knowing what properties will actually show that return, but they do exist.

I mean, DT Austin has properties moving into the $600/SF range. 10 units listed more than $600/SF, with several in the high $900/SF's and even one more than $1000/SF. With this type of nonsense, there will always be Buyers shopping for those lower-end price points. Especially move-in ready units.

Currently, there are 194 properties for sale in the DT market. Only one of them is listed under $200/SF. 44 of them are listed under $300/SF. So, over 75% of all DT availabilities are listed over $300/SF. That should give you a better idea.

orbius · 08-22-2009, 01:11 PM

Just stay between Mopac and I-35, if you live 10 minutes from downtown you get much better value for money.

movingboys333 · 08-23-2009, 05:38 PM

Well we would like to try to keep under $1500/month and looking at the area South of downtown but within like 5 miles if possible, just as long as we can not be too far from downtown.

AustinAaron · 08-23-2009, 05:50 PM

For a 3-bedroom? 78745. Can you live with an older model home with 1-bath?

movingboys333 · 08-23-2009, 07:46 PM

yeah I mean we aren't too picky, just trying to live cheap for awhile until we get everything straight.

jacksonian · 08-24-2009, 08:29 AM

It's interesting to see how prices change with supply/demand. A few years ago, I was living in a 2500 sq ft 3 BR/2 BA loft apartment in what was originally a late 19th century warehouse in Downtown Jackson. Our rent was just $1200/month. Of course, that was back before it was "cool" to live Downtown.

austinite45 · 08-24-2009, 03:27 PM

Quote:

Originally Posted by jacksonian

It's interesting to see how prices change with supply/demand. A few years ago, I was living in a 2500 sq ft 3 BR/2 BA loft apartment in what was originally a late 19th century warehouse in Downtown Jackson. Our rent was just $1200/month. Of course, that was back before it was "cool" to live Downtown.

I'd say it's NOT "supply and demand", but manipulation.

austinite45 · 08-24-2009, 06:33 PM

Quote:

Originally Posted by jacksonian

What about buying downtown? Are there any condos/lofts that are somewhat centrally located that are priced reasonably?

If you don't want to get ripped off, wait!

Wait til they are about to file bankruptcy and are begging for buyers.

Presently there is a group of sleazy greedy merchants operating in Austin's real estate sector IMO.