Where to Buy a $715K House? (Austin, West Lake Hills: neighborhood, private schools, allergies)

[centralaustinite]

Yes, and we are all assuming that you have the $ for the property tax on a $700K house, about $16K a year.

(Our high property tax is one key factor that kept us out the last real estate bubble).

[dave bacon]

I like plan B. Since moving to Austin in 06 I spent 3 summers in Boulder, 2 in Cali, 2 in Austin, and I don't plan on spending any more summers in Austin unless I have to!
Your quality of life will be better leaving for the summer, and I think the appreciation factor in Boulder is just as good as Austin (don't know Portland). If you do choose that route try to buy a home here that allows you to rent for short periods if you want to (be wary of hoa's). With all the people moving to Austin I haven't had any trouble (yet!) renting my place for the summer while I get out of town.

[atxcio]

Originally Posted by centralaustinite

Yes, and we are all assuming that you have the $ for the property tax on a $700K house, about $16K a year.

(Our high property tax is one key factor that kept us out the last real estate bubble).

Right -- and if the OP is looking at a property in Austin as an investment (at least partially), it's important to consider that $16K expense against whatever percentage appreciation they expect per year...

[Komeht]

Originally Posted by uscgto

An important factor. especially resounding for folks moving from California (just like you n me).

Just because you have 700k doesn't mean you should be spending 700k on the house. This is'nt California.

You can buy a massive massive house for 500k. You can buy a massive massive house for 700k. In a very good area, you might barely be able to buy a massive newer house for less than $1M.

I suggest you look in a good area with a decent walkscore and buy a brand new house for abt $400-$450k - should get you abt 3500-4000 sq ft. Great by california standards.

Brand new house with everything functioning and all warranties in a new city will go a long way with a toddler and another one planned in the near future.

You can save / invest the remaining 250 k or so where ever you like (summer home) and after living in the area for a few years decide where really you'd like to live in Austin and buy yourself a bigger house.


PS: I moved from California and had a "$1M budget". I found something I really liked for 550k. Negotiated it down to 450k (inventory house) and now after living here for 1 yr, I have a feel for the area and I know where I will be "building" my next house. With a li'l child in the tow, this was the best decision I ever made. And members on this forum had huge directional input.

Yeah, no. . .the OP won't be buying a massive new home in a great walkable area for 450k. Not even close.

500K will get you a tear down or a tiny bungalow in the really walkable neighborhoods. 700K will get a modest sized older place in decent condition.

There won't be any mansion shopping in the walkable areas of Austin 500k. 700K the OP can target 2000K sf older home that has been renovated or in pretty decent shape. At 400-500k - basically the market is in teardowns and/or tiny homes that need work.

[Austin97]

There are two modern houses off south congress in the 1500 sq ft range for 500-550k.

do a trulia search and put the keyword modern in and it should generally pull up what the OP is looking for.

Alternately if you can get a teardown or a lot for around 200K, you should be able to build a decent size house for the remaining 500K. (prob about 150/sq ft)

[Komeht]

Originally Posted by Austin97

There are two modern houses off south congress in the 1500 sq ft range for 500-550k.

do a trulia search and put the keyword modern in and it should generally pull up what the OP is looking for.

Alternately if you can get a teardown or a lot for around 200K, you should be able to build a decent size house for the remaining 500K. (prob about 150/sq ft)

I think the OP is fine. I think the poster above was delusional - there are no 3500 sf 450K modern homes in close in walkable neighborhoods the OP seeks.

[TexasHorseLady]

There've been some in fill new building and major remodeling in Barton Hills, as well, with walkability to quite a few things and growing as more businesses and amenities go in.

[jngreenlee]

Thank to all for the thoughts!

Based on a lot of review and research, we're targeting a teardown and rebuild in the Bouldin neighborhood. It appears to be a family-friendly neighborhood with lots of local amenities, and possibly some appreciation potential, as the "Travis Heights" area is priced even higher, but with fewer amenities.

So, the only thought now goes out "dave bacon" who made some good points about the QoL of having two locations.

What would the rest of you say to that? If you could have a modern house in Austin, good investment, great location all year round, OR a more modest house, a little more suburban 8-9 months out of the year, and spend your summers in a condo in another cool city, what would you personally do? We know our choice

[Austin97]

Originally Posted by jngreenlee

Thank to all for the thoughts!

Based on a lot of review and research, we're targeting a teardown and rebuild in the Bouldin neighborhood. It appears to be a family-friendly neighborhood with lots of local amenities, and possibly some appreciation potential, as the "Travis Heights" area is priced even higher, but with fewer amenities.

So, the only thought now goes out "dave bacon" who made some good points about the QoL of having two locations.

What would the rest of you say to that? If you could have a modern house in Austin, good investment, great location all year round, OR a more modest house, a little more suburban 8-9 months out of the year, and spend your summers in a condo in another cool city, what would you personally do? We know our choice

only you can answer that but we prefer the more modest house to live in with other vacation homes.

[ImOnFiya]

I think I take after my father's Texas side too much: do what you want to do and be done with it since you already know what you want to do anyway! Obviously, life has blessed you very well - enough to give me a couple hundred thousand (you know you want to!).