Mueller Austin is great for Trick or Treaters (dense housing, wide sidewalks, well-lit streets and lots of candy), but how do the house prices compare to surrounding zip codes?
I was showing some people around the David Weekley inventory on Cal Rodgers last week. The Antone (inventory home with interior upgrades, a larger lot and a 3 car garage) is listed at $376,994 or $169/sqft.
The Mansfield (3 car garage, large lot, interior upgrades) is just under 2000sqft, is listed at $368,687 and is $186/sqft. I’ll use these two David Weekley homes to compare to homes in surrounding zip codes.
How does the price of a home at Mueller compare with the surrounding homes?
|Zip code||median sale price/sqft||median size /sqft|
|Antone 3808 Cal Rodgers||$169.00||2230|
|Mansfield III 3812 Cal Rodgers||$186.00||1976|
There are many options in the same $300,000 – $400,000 range in these zip codes, and each area has a range of neighborhoods and amenities, so this analysis is just to give a general idea. The David Weekley homes we looked at are appealing on a price per square foot basis if the urban lifestyle of Mueller suits your needs.
Garreth Wilcock is a Realtor ® residing in Mueller Austin. See all homes for sale at Mueller Austin, TX.
Solutions Oriented Living – SOL – is a new zero-net energy community being built in Central East Austin. [Update 10/2010]: The development is around 50% complete at present and construction continues.
How it looks today:
How it looked back then:
Here’s the low down on the development:
What is SOL Austin? SOL Austin is a new real estate development in East Austin focused on energy-efficient living in modern design. 40 residences are planned around a community park.
What does Net Zero mean? This is a net-zero energy community. The buildings are designed to produce as much energy as they use in a year. They are designed to be extremely energy efficient with low energy requirements – no mean feat in Texas! Photovoltaic panels are used to generate the energy required for the buildings – solar panels.
Where is Sol Austin? SOL Austin is around 4 miles by road from downtown Austin – near Eastside Memorial School (formerly Johnston High School). It is just north of Bolm Road between Airport Boulevard and 183.
View Larger Map
Are there Affordable Homes at Sol Austin? Yes! There are eight affordable homes available for income qualified applicants.
When can I buy one?  You can buy one right now – check the SOL Austin listings for current availability – prices today are from $195k-$280k
Garreth Wilcock is a Realtor ® who can help you purchase your new green home at SOL Austin. He specializes in helping people find Central East Austin real estate.
Stone the crows! Homes that are overpriced take longer to sell. That’s the upshot of a study presented in the October issue of Tierra Grande – the Journal of the Real Estate Center at Texas A&M University.
The study examined home sales in Southeastern Virginia between 2004 and 2007, and concluded that every 10% the listing price exceeded the final sales price translated into an extra month on market.
Looking at the number of homes that aren’t selling in Central Austin or in East Austin in today’s market, it would be easy to say that if you price your home 10% above what it’s worth, it won’t sell at all!
On the right I pulled a recent chart of Hyde Park sales – this shows that the days on market (the time between a home being entered in the MLS and the time an offer is accepted) increases with “degree of overpricing”. This uses the A&M definition of overpricing – the difference between sold price and original asking price.
On the left, you can see East Austin home sales show the same thing – homes priced far above their ultimate selling price take longer to sell.
The study goes on to say, “Sellers intent on getting the highest possible price may be willing to wait longer, but asking prices sometimes decline as time on market increases, so the additional time may not provide a higher price.”
With the higher levels of home inventory in Austin this fall, it’s critical to make sure that your home is priced “in the market” if you want to sell.
This article from Steve Crossland shows the ratio of Austin original list prices to final sales prices is actually better for sellers in 2008 than 2007, but my advice to sellers is always the same: don’t pad your list price with negotiation room.
One danger not talked about in the article is overpricing in a falling market, and I’ll talk about that more in a coming blog.
I took a look at University Hills, Vintage Hills, Pecan Springs, Walnut Hills and Preswyck Hills home sales data for the last few years and found that homes are selling faster now than they did a year ago.
Surprised? Heard that homes aren’t selling and staying on the market longer? Seeing “for sale” signs going rusty in your neighbors yard? Well let’s look at what the statistics show.
The chart on the left shows that homes that sold in the third quarter of 2008 with an average of 17 days on the market. That’s 17 days from listing to negotiating a contract. Closing typically follows 30-45 days later.
But here’s the rub, inventory levels are higher. The number of unsold homes competing for the smaller number of buyers right now is higher than two years ago.
The chart on the right shows the “chance of selling” (all other things being equal). The number of homes that are listed and sell is shown in blue, versus those that expire or are withdrawn in orange and yellow.
In the third quarter of 2008, less homes in total sold, and more homes failed to sell than in the previous year.
Proportionally, less homes are actually selling, and the ones that aren’t selling are staying on the market longer. That’s why you see the same “for sale” signs week in, week out. The top chart shows that the homes that sell are selling quickly.
How do you sell your Central East Austin home quickly when other homes aren’t selling? The right marketing, the right preparations, and by pricing very precisely. Choose a Realtor ® who knows your market very well, and can assist you in beating out the competition.
Garreth Wilcock is a real estate agent who specializes in helping people find Central and East Austin real estate. Call 512 694 8873 or contact him at his website if you want a free valuation of your Austin home or to talk about improving your chances of selling.
Posted by garreth under Uncategorized
Austin’s Nine Sixty Nine development will soon enjoy a new retail center, according to information shared with local homeowners last week.
A new retail development at the junction of 969 and 183 will be extremely convenient for the development, which is half a mile further East.
Agave homes feature modern architecture and energy efficient designs as you can see from the pictures (courtesy of Alana Chandler).
The homes are set in the hills and have excellent sunset views of downtown Austin – six miles to the West. The architects involved in nine sixty nine include Rick Black (of Club De Ville fame), CasaBella (Mexican American Cultural Center), The Lawrence Group (Carver branch library) and Clayton Levy Little (Arnold’s Bakery).
Homes are available at Nine Sixty Nine for immediate and future move in.
Garreth Wilcock is a Realtor ® who expertly represents buyers of Agave Homes in Austin. He specializes in Central and East Austin Real Estate. Call 512 694 8873 if you want to learn more or contact Garreth.
With the relatively healthy Austin economy, is it easy to sell your East Austin home?
Yesterday, I looked at home sales data for Central Austin, and today I extend to East Austin homes.
A year is a long time in home sales, so this analysis just looks at general patterns. East Austin is a non-homogenious area too – I chose Austin MLS areas 3,5 and 9 – the area broadly between 183 and I35.
The median home price for homes sold this year in the area is around $191,000, so I looked at homes under and over $180k over the last 3 years.
The chart above shows that East Austin home sales under $180k have dropped significantly – a pattern broadly in line with the rest of Greater Austin. The “chance of selling” – number of MLS listings resulting in a sale compared to all listings has dropped from 77% in 2006 to 66% in 2008.
The lower chart shows that above $180k, the number of sales peaked in 2007, though the “chance of selling” has been on a steady decline from 64% in 2006 to 46% in 2008.
What does this mean – can I sell my East Austin home now or not?
You can certainly sell your home, but competition is fiercer. To get the most for your home sale, you need to follow the fundamental process that applies in any market:
- Do the right preparations and staging
- Set the right price based on today’s market
- Get maximum marketing exposure
- Choose a well thought out negotiation strategy
- Get a committed agent to work on your behalf
So yes, you can sell your East Austin home – you just have to work at it.
Garreth Wilcock is a real estate agent who specializes in helping people find Central and East Austin real estate. Call 512 694 8873 or contact him at his website if you want a free valuation of your Austin home or to talk about improving your chance of selling.
The Austin real estate market is weathering the national economic storm much better than most, but there are still questions as to its performance. Can you sell your home right now? Your “chance of selling” varies with your price range statistically, but more fundamentally on the preparations and activities you do to sell your home.
I compiled some annual sales statistics for Central Austin homes – the area bounded roughly by MoPac, 183, I35 and 71/290. I split my analysis into above $350,000 and below $350,000, and you can see the market statistics plotted below.
Homes under $350k saw falling sales in 2007 with a roughly constant amount of expired and withdrawn listings – ones that don’t sell. The proportion of unsold to sold homes went up between 2006 and 2007, and it looks on target to do the same this year, with much lower sales than 2006. This year, Central Austin homes under $350k have around a 64% chance of selling.
Homes over $350k saw a similar number of sales in 2006 and 2007, but with more people trying and failing in 2007. Sales volume in 2008 is down, with current listings having around a 49% chance of selling.
What do I mean by “chance of selling”?
The chance you have of selling is a loose term I use to reflect how many homes sell vs. how many are listed – on the market.
There are many ways to be in the list of homes that have sold – you have to outperform the competition on accurate pricing, superior condition and careful marketing.
Your home has to be differentiated from the competition – unique features or a unique location that make our home stand out in the crowd.
You can still sell your home, you just need to work at it, and take extra steps and get the best advice.
Garreth Wilcock is a real estate agent who specializes in helping people find Central and East Austin real estate. Call 512 694 8873 or contact him at his website if you want a free valuation of your Austin home.
You don’t often get a chance to live in a condo like this one, or these four! Four condos have been combined and remodeled to give a luxury pad right in the heart of downtown – the most walkable neighborhood in Austin. I™m delighted to present this Pinnacle Group listing:
80 Red River Austin, TX, 78701
- 5 Beds, 4 Baths
- 5 Living, 2 Dining
- 3800 sqft on three floors!
- Austin ISD (Mathews / Henry/ Austin)
- MLS# 6319105
- Gated community
- Back yard!
- Spiral staircase
- Virtual Tour
See more information on 80 Red River, Austin TX 78701 at my Austin MLS site
This condo has everything you need – four condos worth of parking spaces for you and your visitors, easy walking access to Austin’s renowned entertainment districts and direct access to LBJ Lake’s hike and bike trails.
Inside the home has top of the line appliances, and has been thoroughly and thoughtfully remodeled to a fantastic level of detail – from the wine cooler to the elegant master spa suite.
Check out walkscore.com to see how you can thrive in Downtown Austin.
For more information on this unique condo in downtown Austin, please contact Garreth Wilcock: 512 694 8873
Here is an analysis of some Austin MLS data, and my thoughts on prices now versus last year in Austin Texas.
The folliowing data was compiled from the Austin Board of Realtors ® monthly statistics report, covering all Austin homes.
|# homes sold in 2008||% change from 2007||median price 2008||median price 2007||% change in median price||dollar volume 2008|
- The broad Austin market has seen around 20% less sales per month compared with the same month last year.
- September 2008 is only down in sales 8 percent over September 2007, as this was around the time that the credit crunch hit the market last year – the start of lower sales volume.
- The median price has risen over last year by a few percent – median is defined by the halfway point of all sales – half of the home sales were above median price, half were below.
- September’s median price is very close in the last 2 years.
One problems with this very broad data is that it doesn’t deal with the specifics of a neighborhood – homes in Hutto are very different to homes in Cherrywood.
It also doesn’t show the mix of homes that are being sold. For example, the median home price could rise higher than last year if there were no homes below $200,000 being sold this year, and the prices for $600,000 homes slipped to $500,000 but they continued to sell.
And more importantly, it doesn’t show the market value of a home compared to the value last year. Given that there is more supply in most areas of Central Austin than last year, and similar or less demand, it’s reasonable to expect sales prices to be impacted.
Interesting to my mind is that for September 2008, the dollar volume sold is down 11% and the number of homes sold is down 8%, meaning the average home sold price is lower than last year. Whether your home is worth more or less than it was last year depends on your specific location – let me know if you want me to perform a CMA for you.
Garreth Wilcock is a real estate consultant. He helps investors find Central and East Austin real estate. Call 512 694 8873 or contact him at his website if you want a free valuation of your Austin home. You can search the Austin MLS at his website.
New homes at Mueller are still available from the builders, and there are challenges if you wish to sell your home there.
In this part II of the series “How Do I Sell My Home at Mueller?” I examine the market forces that you have to compete with.
In part I, I discussed the current state of development at Mueller Austin – we are in phase II, with nine planned phases of residential development. In part III I look at some of the tactics you can use to compete with the builders.
Why is it difficult to sell a home in a residential development under construction?
Competing with the builders. The Mueller builders are selling homes in the development too, and they have a number of things on their side as the market balances supply – the number of available homes – with demand – the finite pool of buyers who want to live in the development at any given time.
“To be built” location choice – the builders can give choices to the buyers with a home built for a them – which lot, which floorplan, and which elevation.
“To be built” upgrade choices - the buyer can specify what decor and internal features they want. The may choose the bedroom option over a study for example.
Professional staging – the builders have model homes that are carefully set up to appeal to the buying demographic. This is one tool the builder uses to paint the picture of the buyer’s ideal future home, and after seeing a model home, most occupied homes don’t compare.
New rather than lived in – many people prefer the idea of a brand new home with it’s builder warranty, unused appliances, and no wear and tear. They like the idea of walking through a home and asking the builder to complete any touch up items before they move in. It’s like the new car smell for houses!
Special financing incentives – builders have preferred lenders and partnerships with title companies and will have different incentives to use them. Whether or not the incentives actually give a better deal is a matter for analysis on a case by case basis, but the builder markets the incentives, and they always seem attractive at first glance.
Builder marketing budgets – the builders have sales people manning model homes, and given that in Mueller they are building and selling around 350 homes per phase, the seven current builders have economies of scale when attracting buyers to the neighborhood. They are allowed to have signs throughout the neighborhood, and hold large open house events, sharing the cost over multiple home sales.
So it sounds like the odds are stacked agains the individual home seller – someone who moved to Mueller and has to sell their home. In part III, I’ll show some of the tactics that can be used to achieve the sale you want at Mueller.
Garreth Wilcock is a Realtor ® residing in Mueller Austin. He specializes in Central and East Austin Real Estate. Find out about his Mueller Move Up program, or cost saving representation for buyers at Mueller Austin.