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Old 02-27-2011, 05:00 PM
 
Location: Austin, TX
16,787 posts, read 49,068,148 times
Reputation: 9478

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WOW! What would this cost in Austin?

A relative of mine bought a house in foreclosure, 20 miles NE of downtown Pheonix, he completely refurbished it and put it back on the market for $110,000, 4b,2B,2C, 1873 SF.

What would this sell for in Austin? I'm guessing $200K.

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I thought Austin housing prices were low before seeing this.
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Old 02-27-2011, 05:04 PM
 
370 posts, read 999,424 times
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Depends on the hood, but I'd $200k also, giver or take a little

What kind of neighborhood is that in that's it's only $110,000 ???
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Old 02-27-2011, 05:28 PM
 
Location: Austin, TX
16,787 posts, read 49,068,148 times
Reputation: 9478
Quote:
Originally Posted by rickc007 View Post
Depends on the hood, but I'd $200k also, giver or take a little

What kind of neighborhood is that in that's it's only $110,000 ???
It is an area of new subdivisions in NW Phoenix. All relatively new subdivisions, only about 1/2 mile from a major highway leading into the City. 4 miles from the Aqua Fria Freeway. GoogleMaps estimates it is an 35 minute commute to downtown Phoenix. It is located slightly in from the edge of where farming land has been converted to subdivisions. Several golf courses and country clubs in the area. 2 miles from "Surprise" City Hall.

Location: S Central Ave to 12926 W Voltaire Ave, El Mirage, AZ 85335 - Google Maps

The names of communities in that area are pretty amusing these days from my prespective: "El Mirage", and "Surprise" ....
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Old 02-27-2011, 07:01 PM
 
2,238 posts, read 9,017,187 times
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Hired a guy last year from Phoenix who'd gotten laid off there. He let his house go about 6 months ago. He paid about $190K for it and he said at the peak it was valued at almost $300K. It's being short sold right now for $46K. $46K. Not a typo. Not in BFE either. Tempe, IIRC. Another employee asked him if he would be offended if he bought it as a rental since it is currently rented for $1400/mo. Instant cash flow that you won't see in Austin real estate.
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Old 02-27-2011, 09:07 PM
 
10,130 posts, read 19,879,750 times
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Granite and stainless steel on a $110K house? Pretty expensive roof, too (seems standard for the subdivision). I don't think you'd find anything like that around here, no... maybe not even at $200K.

I guess this is one of those areas which was hit very hard, the price on that house is close to material-only cost of the structure itself. $58 per square foot... wow. Anyway, I guess if there are no buyers for that neighborhood, then the market is the market... but still, seems like it would be a pretty good investment (even after the current flip) if you could hold on to it for awhile.
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