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Old 01-14-2020, 09:09 AM
 
3 posts, read 1,469 times
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looking for people who purchased home in Cedar Park Wilson Trace by Milestone builders
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Old 01-14-2020, 09:17 AM
 
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Caveat : They market it as a SFH but rather it is a stand alone condo. You could read up on the differences online. Ownership of the land is shared. High HOA fees. Resale value not as high as SFH.
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Old 01-14-2020, 10:50 PM
 
Location: Avery Ranch, Austin, TX
8,401 posts, read 14,317,465 times
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Looks like all but about a half-dozen have sold At a fair bit more than $200 sq ft and teeny tiny garages...dang! No wonder our Avery Ranch townhome has gone up 50% in 6 years!!!
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Old 01-15-2020, 12:09 PM
 
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Anything and everything in Avery Ranch sells like hot cakes
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Old 02-08-2020, 02:04 PM
 
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So what are disadvantage of having shared ownership?
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Old 02-08-2020, 02:51 PM
 
112 posts, read 67,532 times
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You could google condo vs SFH (No matter whether it is a detached condo or not, it is still a condo).

To quote some of the main disadvantages:
1. You don't own the land. It is shared ownership by the entire condo community
2. Poor appreciation
3. High HOA fees to start with. If HOA is not properly managed it can lead to very high monthly costs in the future. I have seen HOA fees start at 100$/ month and end up at 300$/month few years down the lane.

People generally buy condo because it is more affordable. But in the case of Wilson Trace it is not relatively "cheaper" either. I am appalled that so many homes got sold at this price point for a condo.

I know few who had bought these kind of stand alone condo without really knowing that it is not equivalent to a SFH. They feel tricked after figuring it out.

Same applies to Parmer Crossing neighborhood built by Pulte as well.
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Old 02-08-2020, 04:28 PM
 
Location: Avery Ranch, Austin, TX
8,401 posts, read 14,317,465 times
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Quote:
Originally Posted by srick123 View Post
You could google condo vs SFH (No matter whether it is a detached condo or not, it is still a condo).

To quote some of the main disadvantages:
1. You don't own the land. It is shared ownership by the entire condo community
2. Poor appreciation
3. High HOA fees to start with. If HOA is not properly managed it can lead to very high monthly costs in the future. I have seen HOA fees start at 100$/ month and end up at 300$/month few years down the lane.

People generally buy condo because it is more affordable. But in the case of Wilson Trace it is not relatively "cheaper" either. I am appalled that so many homes got sold at this price point for a condo.

I know few who had bought these kind of stand alone condo without really knowing that it is not equivalent to a SFH. They feel tricked after figuring it out.

Same applies to Parmer Crossing neighborhood built by Pulte as well.
So, much of what you say may apply to Wilson Trace; but "poor appreciation" doesn't apply to our condo just across Parmer. Based on sales comps, our condo is worth almost exactly 50% more than we paid 6 years ago. Starting at a much higher number, Wilson Trace may not be able to match that; but...

We didn't buy our place for the appreciation potential and that will only be of real benefit IF we sell.
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Old 02-08-2020, 08:05 PM
 
112 posts, read 67,532 times
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Agreed. Condos at 200 to 300s might appreciate to the extent you mentioned. But in the 500s range, Unless it is in the downtown area I don't see it appreciating much.
Another point is that if the neighborhood appreciates as a whole, then sfh and condo would appreciate but the rate at which sfh appreciate is much higher than that of a condo which are bought for similar pricepoint. If you compare, 500k new home in Wilson trace vs similar priced sfh in Avery ranch (even if it is a older home in morningside), the Avery ranch home would appreciate much higher in the long run.
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Old 02-08-2020, 10:25 PM
 
Location: Avery Ranch, Austin, TX
8,401 posts, read 14,317,465 times
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Quote:
Originally Posted by srick123 View Post
Agreed. Condos at 200 to 300s might appreciate to the extent you mentioned. But in the 500s range, Unless it is in the downtown area I don't see it appreciating much.
Another point is that if the neighborhood appreciates as a whole, then sfh and condo would appreciate but the rate at which sfh appreciate is much higher than that of a condo which are bought for similar pricepoint. If you compare, 500k new home in Wilson trace vs similar priced sfh in Avery ranch (even if it is a older home in morningside), the Avery ranch home would appreciate much higher in the long run.
Again, much truth; but might not be the most important factor to consider. That 15 year-old Morningside house likely isn't anywhere near as energy-efficient or economical to maintain. Will likely have failing windows in the next 5 years, appliances will need to be replaced, etc etc. Roof will be a concern in another 5 years, etc.
For many, there IS a great appeal to being south of the "crick"; so, I would agree that Avery Ranch will likely out-perform Wilson Trace in % appreciation. On the other hand, lots of folks DON'T want to live in Austin.


Right now, all we get for that 50% increase in "value" is higher tax bills.
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Old 02-09-2020, 10:28 AM
 
112 posts, read 67,532 times
Reputation: 106
Point taken depends on individual needs and goals and what they want out of the house.
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