Wells Branch area vs. East Slaughter Ln. (Austin, Cedar Park: appointed, real estate)

[jriley]

We are looking to buy a house this summer. We really like the Wells Branch area, but have been disappointed by the houses we looked at there (most needed much more work than we want to do). We found a new neighborhood off of East Slaughter Lane (Bradshaw Crossing), but are a little worried about the area and if it would be difficult to sell in the future. Any advice on these areas, or other areas we should look at? This will be a starter home, price range 150K-180K.

[atxcio]

IMO, Wells Branch would be much easier to re-sell if it came to that. Austin development has generally occurred more north than south, and Well's Branch is in close proximity to a great deal of new retail and established employment. However, I totally understand your concerns about the housing stock, it's nothing special.. in fact, there are many quite small houses (1 car garage, <1200 sq ft) and rentals (apts, rent houses).

With your price range, I'd consider checking out Cedar Park / Leander. Lots of stuff in that price range, plus rail coming soon. If you value location and proximity to downtown Austin, I think the new developments at Mueller (old airport) have some houses in that range. That area is transitional, though... there is major upside potential, but things could always go the other way in a bust. Same with E. Slaughter, though.

[austin-steve]

This is a tough one. I think Wells Branch is more established than SE Austin. SE has a lot of new starter homes. The schools are better in WB (though you have to pay attention to the boundaries). I like the location of SE Austin better (no toll roads, plenty of new restaurants and shopping, but you have to get on IH35), but the schools are not good.

I would fall back on some rules of thumb regarding price point. Wherever you buy, try to stick to the average or median for that area. If your price range puts you at the top of the market in the SE neighborhood, but lower or middle of the market in WB, you go with WB if all other factors are equal to you. And vice versa.

Steve

[jriley]

Steve,

Forgive me, I am still learning about all this. Is it better to buy at or below the median for resale purposes? And, I'm not sure how that would apply to Bradshaw Crossing, the SE neighborhood. We would be buying one of the smaller homes that are being built in the subdivision. There is not much else around it. Looking at a map, it is located behind Onion Creek country club.

thanks for your help!

[austin-steve]

Originally Posted by jriley

Steve,

Forgive me, I am still learning about all this. Is it better to buy at or below the median for resale purposes? And, I'm not sure how that would apply to Bradshaw Crossing, the SE neighborhood. We would be buying one of the smaller homes that are being built in the subdivision. There is not much else around it. Looking at a map, it is located behind Onion Creek country club.

thanks for your help!

Well, I personally am always very cautious about buying in brand new areas - especially starter home areas. Yes, it's the resale value as well as other variables that concern me. If you're making a 20% downpayment and/or know that you'll be staying for 5+ years, and the location is perfect for you, then I'd say go ahead. But I just did a market analysis for a home owner out 290 East who has a home in the shadow of Toll Road 130, and it's resale value is now $20K less than what he paid brand new. You really, really need to watch what you're doing when buying in new, undeveloped areas.

Case in point, Bradshaw Crossing has no sewer line yet. A truck comes every day and pumps the sewage. The developer has yet to build the sewer line and now there is an issue with it crossing a creek. There are angry home owners there and the Statesman did a story on the entire mess. I'd ask the builder more questions about this, and I'd talk to the city to confirm whatever the builder tells you.

You don't have that sort of thing with built out areas that are already established, such as Wells Branch.

Check out this story.
http://www.statesman.com/news/content/news/stories/local/05/05/5sewerline.html (broken link)

[jriley]

Originally Posted by austin-steve

Well, I personally am always very cautious about buying in brand new areas - especially starter home areas. Yes, it's the resale value as well as other variables that concern me. If you're making a 20% downpayment and/or know that you'll be staying for 5+ years, and the location is perfect for you, then I'd say go ahead. But I just did a market analysis for a home owner out 290 East who has a home in the shadow of Toll Road 130, and it's resale value is now $20K less than what he paid brand new. You really, really need to watch what you're doing when buying in new, undeveloped areas.

Case in point, Bradshaw Crossing has no sewer line yet. A truck comes every day and pumps the sewage. The developer has yet to build the sewer line and now there is an issue with it crossing a creek. There are angry home owners there and the Statesman did a story on the entire mess. I'd ask the builder more questions about this, and I'd talk to the city to confirm whatever the builder tells you.

You don't have that sort of thing with built out areas that are already established, such as Wells Branch.

Check out this story.
http://www.statesman.com/news/content/news/stories/local/05/05/5sewerline.html (broken link)

Okay, that confirms my hunch that it probably wasn't ideal. Do you have any suggestions on good neighborhoods with newer homes in our price range? Places we know we don't want are cedar park, leander, round rock. Schools are not an issue.

[austin-steve]

Do you have any suggestions on good neighborhoods with newer homes in our price range?

I'd have to know more specifically what you hope to accomplish with the purchase of a home, how long you plan to own it, downpayment amount, etc.

I'm somewhat hard-wired to approach real estate first and foremost from an investment standpoint, which isn't necessarily the proper approach for every situation. That said, I think a buyer in your price range would be smart to consider an older home in an established area instead of a new home in a starter home area.

I'm curious how you narrowed your search down to such disparate areas as Wells Branch and Bradshaw Crossing, which are about 15 miles apart in completely different parts of Austin?

Feel free to PM me if you don't want to put all your info out on the forum.

Steve

[jriley]

Originally Posted by austin-steve

I'm curious how you narrowed your search down to such disparate areas as Wells Branch and Bradshaw Crossing, which are about 15 miles apart in completely different parts of Austin?



Steve

We are renting in Wells Branch right now and really like it, but a new home is also appealing to us. We didn't really like what we found in WB in our price range, but it is possible for us to adjust our price range a little higher and hopefully find something in WB we like. Both of our jobs are somewhat central, so we could live either north or south.

[ttujill]

The sewer line issue is temporary- the city has approved a plan to connect this area to the City and are making a large investment into the infrastructure in the area.