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Hmm...it seems like the consensus is that they are overpriced for what you get. What really impressed me with MonteVista was the location and the view from some of the units, and thought maybe that would help it hold its value. My Realtor was also really pushing me on it, and I wasn't quite sure why.
gigi927, thanks for the details on Alicante, I may take a closer look at them.
Thanks all for the advice on this. If anyone thinks its worth it I would like to hear the other side too
Find out what incentives are being given to your agent by MonteVista. If your Buyer's Agent/Representation Agreement doesn't include a clause that he or she must split any extra commission from the seller or builder/developer, then you will probably never know what is "motivating" the pushyness (real word?).
When we bought our house in RR, our agent got a cool $2K extra from Pulte. She did buy us a nice housewarming gift that we still treasure even 4 years later, but $1K would have been "treasured" for awhile by us as well!!!
I'm not sure how you can verify how many are being sold...
You can know that by finding out what the available units are. Ask for a list of all the available units to choose from, and then use subtraction. Ask if all of the unavailable units are unavailable because they've sold.
Normally, a developer wants to share exactly how many units have sold. That's why you see those neat display cases with neighborhood maps with the yellow, green and red houses in the new home Models. When you see that others are buying, it supposedly makes you more comfortable with buying yourself (as if all the people before you are a barometer of reason).
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Find out what incentives are being given to your agent by MonteVista...our agent got a cool $2K extra from Pulte.
This is one of my pet peeves of the real estate industry. Every buyer should negotiate to get 100% of the bonus and incentives credited back. That's how I do it in our Buyer Rep agreement because I don't want there to be even a hint or question of why I recommend one place over another.
Sometimes buyers do need a "pushy" agent to help them get unstuck from "Analysis Paralysis" and foot dragging. A good agent knows how to do that. But if the right property just happens to be one with an agent bonus, it muddies the picture and can cause a buyer to wonder if the agent isn't motivate by the higher commission or bonus (if the buyer is even aware of the bonus).
You can know that by finding out what the available units are. Ask for a list of all the available units to choose from, and then use subtraction. Ask if all of the unavailable units are unavailable because they've sold.
I've seen some weird tactics employed with condos and condo conversion projects where the developers release units in "waves" to make it seem as if there is less availability than there actually is. Austin-steve makes a great point about finding out whether the units that are "unavailable" are that way because they've already sold them or because they're holding them back.
Here is the information on these. The original name for the place was Shepherd Mountain Condominiums and they were originally built as condos so they meet all condo specs (concrete between floors, firewalls etc..). I asked them how many are for sale and they said all of them, it just depends on what package you want. I'm actually looking at buying one of these because think about it this way. Can you buy anything in this area for under $250,000? Because everything I've looked at in the imediate area has been above $300,000 so this seems the best way for me to live and own where I want to at a price I can afford. Close to town and with a view!
I'm actually looking at buying one of these because think about it this way. Can you buy anything in this area for under $250,000? Because everything I've looked at in the imediate area has been above $300,000 so this seems the best way for me to live and own where I want to at a price I can afford.
That's a good way to look at it. Make sure you factor in your HOA fees and figure out how much you'd have to pay for a house to end up with the same payment (i.e. - a $300K house may cost the same monthly outlay to own as your $250K condo). That way you truly know what you opportunity cost is if you're passing up a single family home in favor of a condo.
Here is the information on these. The original name for the place was Shepherd Mountain Condominiums and they were originally built as condos so they meet all condo specs (concrete between floors, firewalls etc..). I asked them how many are for sale and they said all of them, it just depends on what package you want. I'm actually looking at buying one of these because think about it this way. Can you buy anything in this area for under $250,000? Because everything I've looked at in the imediate area has been above $300,000 so this seems the best way for me to live and own where I want to at a price I can afford. Close to town and with a view!
Thanks for that info. I was thinking the same thing in trying to justify it...I have simply found no place with comparable views/location within that price range.
Also, its interesting that they were Condo's originally. Is there anywhere I can find details on this? And how exactly do they make them into Apartments if they were condo's originally? Seems like you would have to buy out all the tenants which doesn't seem like an easy thing to do, or they weren't selling well enough.
That's a good way to look at it. Make sure you factor in your HOA fees and figure out how much you'd have to pay for a house to end up with the same payment (i.e. - a $300K house may cost the same monthly outlay to own as your $250K condo). That way you truly know what you opportunity cost is if you're passing up a single family home in favor of a condo.
Good point. Although their HOA seem pretty reasonable...$150 I believe. Also, it seems like they withdrew all of their listings from MLS. Any idea why someone would do that? Thanks
Hi I just purchased at Monte Vista. I was looking for information on line to forward to my parents and came across this forum. I been reading my HOA documents and thought I might be able to shed a little light on some of the things mentioned here.
Monte Vista, formerly known as Shepard Ridge Condominiums was constructed in 1992- 1993 by Walter Embry. The property was constructed as condominiums as defined by Section 82.003(9) of the Texas Uniform Condominium Act, and registered as such with the same. My understanding is that due to the dot com debacle, many developers in Austin were forced to rent units the had originally hoped to sell. This was the case for Mr. Embry.
As for me, I purchased a life style. I love driving home after a crappy day at the office. The closer I get to the bridge the more relaxed I become. I have the most beautiful view of the canyon. Yes, it's true, I do have to drive three miles to the nearest grocery, but it's so worth it.
I moved from a 2500 sq.ft. home in Dallas (Prestonwood Estates at Preston just before Keller Springs). Someone was talking about the "opportunity costs" of purchasing a condo vs. a single family home. I looked at all of Austin's single family homes in my price range $250- $300K. I could not find anything this close in that offered immediate access to a major freeway with a decent view of anything other a neighbor's house. When I couldn't find a house I looked at condos and townhomes. I looked downtown ($300 to $400 per square foot), near UT, Terry Town, Barton Springs, I even considered renting. In the end I decided I could not live in a match box. Then my realtor told me about Monte Vista. It was love at first sight. I did my homework, and Monte Vista was the obvious choice.
I asked the on-site sales person, Marie why not all the units were available for sale. She explained that all the units where for sale just not immediatley. she said the developer did not think it made financial sense to throw out all the renters and leave the units vacant while they upgraded the interiors. She said that many developers, especially new construction, get themselves into trouble when they can't afford building materials due to vacancy loss and or negative cash flow. I hope that this information will help those who find themselves caught in the condo confussion.
hi i lived at montevista for 2 years (2004-2006) when they were still apartments.
those apartments are not worth anything over $200 / sq ft.
the walls are paper thin. you will be able to hear everything your upstairs, downstairs, and left-sided/right-sided neighbors are doing. i can't tell you how many nights i heard my upstairs neighbor drop a hairpin on her bathroom floor and i could it hear it clearly in my bedroom (which isn't even directly underneath her bathroom). also i had about a dozen good friends (friends i would see 3 times a week) who complained of the same thing: being able to hear conversations from next door, having their next door neighbors make comments on conversations my friends had in a normal talking voice while in the kitchen... it gets ridiculous.
i know the complex was built with the intention of selling them as single units, but sharing as many as four common walls with neighbors gets frustrating with the thin walls these units have.
also another problem some units had (particularly the smallest sized 2/2 units) was the airflow from the a/c units. for whatever reason the air wasn't being distributed correctly which resulted in one bedroom and bathroom being about 5 degrees hotter than the other and the maintenance crew could never seem to find a solution.
another thing you might be concerned about is the school district. i initially thought we were in EANES ISD (westlake HS) but in actuality that area is zoned to AUSTIN ISD (mccallum HS which is a low to average ranked HS at best). if i'm not mistaken every other neighborhood around that complex is zoned to Eanes.
finally the worst thing about living here was the 5 miles in ANY direction, and i mean north, south, east, west, you have to go to get gas or to get groceries. i had family in town one night and one member forgot a toothbrush. it ended up being a half-hour errand to run out for a toothbrush. and don't think u can plow up and down 360 at 90 mph too, there are cops galore on that stretch right before and after the bridge. oh and did i mention the traffic on 360 is absolutely horrific any weekday between 4 and 630? i'm talking 30 mins to go 5 miles.
so now that the negatives are out of the way, there are some really great positives about this complex.
the area is breathtaking. you would be hard pressed to find any other area in the states with the proximity to a bigger city that these apts have to downtown austin. in a perfect world i would buy all the land on top of that mountain and build a house and live there.
when i lived there the people were really nice. it was mostly young professionals sprinkled with some older college kids and single parents. in the summers the pool was the watering hole and you could meet as many people as you could share a beer with, it was great. the poolside cabana with grill also makes for a great party venue. bring the mosquito repellent though: you live right next to several thousand acres of protected cedar forest.
the amenities are decent; the weight room and workout room are small even after the upgrade and renovations, but they are suitable for just about anyone. both the weight room and workout room are open 24/7.
oh, parking. parking can be touch and go depending on which building you live in. some buildings have way too many spots for the number of units in that area (buildings 20 and 21) and some have way too little (buildings 3-5, 8-10). and some people like to park their boats in multiple spots which is always fun to maneuver around.
when monte vista got bought out by the management group that is turning them into condos, they reached an agreement with their lenders to sell a certain amount of units before a certain date otherwise the loan would be called in. the Austin Business Journal had a story about it back in April of 2007 stating that monte vista was seriously in trouble of not meeting those numbers, but since then i haven't heard anything. on talking to the management / staff at monte vista (not the salesmen, but the managers) i definitely got the impression they were not selling as they had expected to sell.
the current renters were given a choice to either buy a unit at the end of their rental term, or move out. there were no extensions because the units had to be remodeled. however last i heard was there are many units still empty after the heavy summer session that haven't sold.
i doubt i will ever be back on this board, so if you have questions feel free to email me LL8054@hotmail.com . i'm interested in seeing what other people think of this place.
I actually work for the company that handles the Monte Vista Condominiums. They're actually selling quite well. The view is absolutely breath taking and I definately recommend taking a look before excluding them as a possibility. There really isn't a bad view in the whole resort. In fact there is a party there tonight at 6:00 pm. You should check it out if you're interested. And you can also check out our website [url=http://www.austincityliving.com]Austin City Living - Living Loving Austin | Real Estate | Project Marketing | Fall In Love With Austin Texas[/url] for more information on them. We also have agents on site every day that will be happy to answer any questions or take you on a tour. The number up there is 512.343.6900. Ask for Robin or Eric.
~Sarah Lee
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