are homes on i-10 overpriced? (Boerne, Helotes: how much, house, neighborhoods)

[needsomeinfo]

I've been looking a lot online at homes off i-10. It seems they are asking about $40-50k over appraised value (e.g., appraised at $325k, asking $375k). seems like a *lot* of appreciation for a 2 year old home! The same home (same floorplan) in the 281/1604 area is more like $325k (close to appraised value and similar age home). so, question is, are the i-10 homes overpriced? are people really paying $50k more to be over off i-10? ( if so, the infamous 281 traffic must be *really* bad! )

thanks for your help, guys. you have been great!

[littlewonder]

That's the asking price, you can probably haggle down some.

[jules07]

And honestly, do NOT base anything on the BCAD appraisal ~ other than for an estimate on what you'll pay for property taxes. Those appraisals are all over the board, some high, some low. (For instance, our neighbor's house is appraised at about $240ish and their list price is $329. They'll probably get in the $300 range ~ that's more realistic.) ALSO, newer neighborhoods seem to be closer to accurate on fair market value. Older neighborhoods seem to be "appraised" on BCAD significantly lower than market value, unless they've sold in the last few years. Just my observation.

Put more weight your Realtor's comparative market analysis, than BCAD's "appraisal" amount.

[mrstxcop]

when my husband and i were looking to build we were looking in both the 281/1604 area and in the I-10 outside 1604 area --- same builder, same house, different locations --- we could have gotten the same house with a bit more extras for 9k less than we could out off of I-10 --- ultimately we chose the I-10 location and paid the extra money because we liked the location more and because the traffic is not as bad as it is out by 281 ---

also, we timed a trip to my parents house from both locations --- it took us 1 hour from the 281 area (and both addresses were in san antonio) and 30mins from the I-10 location --- so in end it came down to location, location, location for us --- i could not get over the fact that i was driving from 1 san antonio address to another san antonio address and it was taking us an hour ---

good luck with your decision ---

[Bo]

A lot of homes off of I-10 to the north of SA are owned by well-compensated executives at companies on the NW side, like Valero and USAA. Those people are willing to pay a premium for the simpler commute they enjoy that does not involve 1604 or 281, and that drives prices up.

[traficdogn]

While I have no hard data, I was quite surprised to see how much the Crown Ridge and Helotes area has escalated in value compared to the 281 area over the last 5 years.

Can anyone come up with an explanation other than traffic?

It will be interesting to see if the traffic situation will hold true after the next ten years.

[kevcrawford]

Originally Posted by traficdogn

While I have no hard data, I was quite surprised to see how much the Crown Ridge and Helotes area has escalated in value compared to the 281 area over the last 5 years.

Can anyone come up with an explanation other than traffic?

It will be interesting to see if the traffic situation will hold true after the next ten years.

The traffic has a lot to do with it, as you mentioned, but once you get out into Helotes or the Crownridge areas, the views can be amazing, depending on where you're situated. You're also very accessible to everything you need. With Boerne being so close, but becoming just a tad overvalued in certain places, living just outside Boerne is appealing to some people.

[kevcrawford]

Originally Posted by needsomeinfo

I've been looking a lot online at homes off i-10. It seems they are asking about $40-50k over appraised value (e.g., appraised at $325k, asking $375k). seems like a *lot* of appreciation for a 2 year old home! The same home (same floorplan) in the 281/1604 area is more like $325k (close to appraised value and similar age home). so, question is, are the i-10 homes overpriced? are people really paying $50k more to be over off i-10? ( if so, the infamous 281 traffic must be *really* bad! )

thanks for your help, guys. you have been great!

As Jules said, don't rely on BCAD. That's assessed value and you want those to be lower, as you'll pay less taxes. BCAD has really been trying to catch up to true "sales" values over the last couple of years, so that's why you're seeing them rise. Lots of people also aren't fighting their taxes, which everyone should do each year. You can keep them down by constantly protesting them.