How do you price a 3 acre estate in the middle of Hyde Park in Austin TX? To say that it's a one of a kind home doesn't really do justice to the location, let alone the buildings, pond and park-like environment.
Hyde Park is broadly split into two zones - the old, fantastic estate homes and their surroundings - built when the neighborhood was at the other end of a tram line from Austin proper - and the smaller homes that were built when the estate home dream evaporated. Right now this translates into a few different things - first, there are a tonne of students in some parts of the area. Apartments, condos, and the famous HP duplexes. Then, there are the small 1940's craftsmen bungalows which provide a great opportunity for the first time home owner to get a foot on the property ladder. Then there are historic homes - not in my words, but in the words of the almighty Hype Park Neighborhood Association who has now made it harder than ever to adjust the facades of some of the most spectacular homes in Austin.
Throw into the mix a walkable core and great bus services, and such treasures as Shipe Park, and you've got an eclectic and vibrant community - I know as this is where I first landed in Austin. I could walk to shops, theatres, and coffee shops. I was in post-European heaven.
So while much of my business is now in homes in Mueller Austin TX
, a large number of folk who like the Hyde Park vibe are moving to Mueller - a walkable neighborhood, only with modern, energy efficient houses. Some are even styled in the same craftsmen architecture. So people move from over there to over here.
There are other similarities too - in the diversity of housing stock. In Hyde Park homes range from $250k - $2m, and in Mueller from $160k - $1m. And while some homes in both developments are middle of the road and easy to price, the extremes are not so. Which brings me to the estate in Hyde Park.
It's on 3.3 acres, and 602 43rd St is not so much a home as an estate. The original stone building is now a care takers cottage, and the historic estate is now on the market for $2m. Or was until just about 10 minutes ago, when they accepted an offer. So the long and short of it - how to price a one of a kind home? You can get it appraised. You can hire an agent. Or you can listen to the market. After >1000 days on market and a price change of approximately 48%, it takes a while to find out the market value by changing the list price until it sells.