In My Neighborhood in 78721>Question Details

Annie Hardy, Home Buyer in Austin, TX

What is the expected growth for homes in the 78721 area?

Asked by Annie Hardy, Austin, TX Sun Jul 27, 2008

We just bought a 1400-ft. green-built 3-2 as our primary residence in the Lincoln Gardens Neighborhood of 78721, and we wonder about what we can expect in the area of growth in our new neighborhood. We expect much more modest gains than the crazy increases of value in 78702 in the past several years, but we still expect strong growth. I know that living closer to the city center is growing in popularity, east Austin is a hot area right now, energy-efficient homes are in high-demand, and this is one of the few areas west of 183 and north of the river that is still "affordable". What can I expect over the next 10 years based on our location and the type of home we have?

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kyradeprez’s answer
I purchased my home in 78721 more than 3 years ago. I got into the area right before the gentrification started. After some much need repairs my home as appraised at double the purchase price. 78721 is a solid investment, and it likely will have gains similar to 78702 (6 years ago you could still pick a house up for 60k in 78702)! Welcome to 78721!
0 votes Thank Flag Link Thu Oct 24, 2013
Annie - 10 years is a solid time frame for real estate appreciation ... I was afraid you were going to ask 2-3 years. I do have a few thoughts on the topic. 1 - Austin's population is projected to double in the next 20 years. 2 - 78721 is a hot zip code, the new Mueller development is transforming the area. 3 - homeowners will continue to want to live urban (vs. suburban) and central, and now east (and 78721 is pretty much part of what I call "core" Austin) ... core Austin has always been and believe will continue to be more insulated from market swings (maybe stronger ups but softer downs) because it's 10-15 minutes from downtown. 4 - underdeveloped neighborhoods in 78721 will continue to be developed. 5 - green built is the future. Assuming you paid market value, I think you're in good shape especially with a 10-year outlook. Will it be modest or will it be strong? Good question. Everything is a bit modest for now and most likely for 2009 but I am optimistic for our long-range market. Happy nesting.
Web Reference: http://www.tnpblog.com
0 votes Thank Flag Link Sun Jul 27, 2008
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