Hey - Im biting the bullet, and finally buying some real estate. I don't really have an immediate need for it, but I figure at my age, its the next step in "growing up". Austin real estate, is starting to come on, so I want to move sooner rather than later. Here is what I've kind of narrowed my decision down to. 1) Downtown Condo - cool/ hip area of town. Downside is the units are tiny, but real close to all the action. 2) Condo out towards lake Travis - not on the lake, but just a short drive. Brand spanking new complex. waaaay more space than option #1, but its still a one bedroom. Fully "pimped" out. Considering Brazilian hardwoods as an upgrade. 3) House in Westwood - Multiple bedrooms. Just a bit more sq footage than option 2. big backyard. great school. family type neighberhood. Not exactly close to the action. Price wise - they are all roughly in the same neighberhood. obviously gaining more sq footage as you get further from town. It would be cool to live in the city though. I loves to get my salsa on from time to time. Any thoughts on what I should do?
Condos in Austin aren't a good investment unless its in downtown. People who live outside downtown mostly want a house with a yard. It's similar to Houston. Condos make sense in areas where there is no land to build on and that only applies to the downtown area.
Be cautious with a downtown condo, while "urban living" is becoming more and more popular these days, I wouldn't be suprised if it is just another fad.
Single Family homes are always the safer choice provided there are some neighborhood controls to keep the quality stable and a desireable school system to attract family buyers. Owning real land is less "reproducable" than owning a condo-type project that can be punched out in density, well, less so in Austin with it's stringent building controls but still, more land= more value. But they are also a lot more work and maintenance and I assume the utility bill are higher. Equal value to equal value the taxes should be close but it's certainly a factor to look at. And last, if you are going to live there for a while, your use and satisfaction while in the property has it's own value. If you like an urban high density enviroment , that you don't have to mow, water and paint and that may allow you use you car less, that may be the better choice for Look at the growth and traffic trends. I know people who are moving out of the Lakes areas because the traffic has become unbearable.
I'd be wary of condos. I think there will be a surplus of these. If anything wait and get one on the cheap
I guess I'm really leaning towards option 2, but one of my buddies keeps telling me that is the worst choice. I called him the Isaiah Thomas of real estate advice. The link to the property is below. Anyone know what the traffic is like getting into and out of that area during rush hours? I am a lazy @ss and typically dont get into work til after 10, so I have no idea. Plus I work out at Dell, so Im not fighting to get into downtown anyway. http://www.alicantetownhomes.com/index.htm
Rocketspimp - whats wrong with them? I really liked them. I was so excited when I saw these. I christened them "the Lebron James of new developments".
Housing in Austin just jumped in the past 12 months... houses in our area are a good $115/sf up to $135/sf...oh well... I don't know about the downtown condo, but Westwood is a safe bet. Nice area and as the city grows areas close to downtown will continue to appreciate the most.
definitly go with the downtown condo 2 reasons: 1) Hot chicks, tons of hot chicks 2) great investment, there are really not many downtown condos in austin, and austin has the coolest downtown of any city i have ever been to
to add uponm this, one of the big goals for the city of austin is to get a downtown residential population of 20,000-25,000 by 2010 i believe. so essentially there should be an ever increasing demand for downtown locations - at least in theory. austin has seen quite a boom in real estate lately, and according to the austin city council projections for the next 5 years, they're anticipating a consistent growth for that period. i'm no expert by any means, but i'd think downtown would be you're best bet - consistent with projections and expectations.
Bullfan is the Isiah Rider of the real estate. Those are sweet condos, I'm going think im going to put an offer on one of them.
i think you should buy a condo, last i checked that house you were looking at in westwood was sold. we can go boating together! you must be rich bullfan if you can afford a condo downtown or near campus, you have 200k to shell out for a 1 bedroom? must be nice.
So now my buddy keeps telling me that the traffic getting into and out of this lake area property is gonna be a mofo. He says, people might be hesitant to buy a condo from me given the distance and traffic issues during the rush hour commute. But I keep telling him 3 things a) It doesnt matter to me, since I am a lazy @ss and I never drive during rush hour, since I get to work after 10:00 most days. b) Most people dont work in downtown/UT area anymore these days. (ie Dell, AMD, 3M). Downtown is not the economic center of Austin. 4) I work at Dell, so I really dont have to worry about this distance into town issue at all And....I test drove the route from downtown back to this new place last weekend. It only took me 25 minutes to get there at 2am on saturday. My friend is an idiot.
If it took you 25 minutes on a Saturday at 2am, that's probably close to an hour during rush hour. I'm not sure why that makes your friend an idiot.
a really good friend of mine is a superstar real estate agent in austin. he's a buyer-representative. send me a message if you'd like to contact him.
