LJ, Both Buyer and Seller in Austin, TX

I have purchased a condo at the 360 building

Asked by LJ, Austin, TX Thu Jun 26, 2008

I have purchased a condo at the 360 building. Does anyone have an suggestions on how I can value the property?

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Although the 360 is unique it does have properties which you can use as comparables such as Austin City Lofts, Spring, Nokonah and Plaza Lofts. All of these buildings were built in recent years and have similar amenities. Price per square foot has a fairly wide range though. Average price per square foot is in the high 300's with the Nokonah and Spring averaging over $400 per square foot and the Plaza Lofts and Austin City Lofts averaging more in the mid 300's.

The 360 has some advantages and disadvantages compared to these other buildings. One big advantage is a waitlist to buy a unit of over 200 potential buyers. It is also considered by most to be the best location in downtown Austin and of course it is new. The most significant disadvantage is the quantity of units. If you list your place for sale there will most likely always be other similar units for sale at the same time.

Given the current demand for the 360 I would be valuing it in the high 300's per square foot if you were going to try to sell it now. However, you cannot sell your unit until after Thanksgiving anyway due to their resale policy.

I am a fellow buyer at the 360 and I represented quite a few other buyers as well. If I can help you with any further information about the 360 or other downtown properties please let me know.
0 votes Thank Flag Link Thu Jun 26, 2008
Hello:

I'm a Realtor my name is Jorge Bavarese ,I'm have been work of the building since day 1 call me or E-mail me @ jbavarese@hotmail.com to send you a list of comparables sold in the building with developer or by owner or with realtor

Jorge Bavarese
C-786-486-8335
0 votes Thank Flag Link Sun Feb 1, 2009
I agree with Perry! You need to look at all the other recent sales in the building. That should give you some idea as to what yours is worth.
Web Reference: http://www.CarolPease.com
0 votes Thank Flag Link Thu Jul 3, 2008
If there are any other simliar units available in the project, then that's the comp.
0 votes Thank Flag Link Wed Jul 2, 2008
The simplest answer to your question is just this-A condominum price and comparables is based on similiar product that has closed in the last six months within that particular building. Seeing how that entire building has not all closed yet, my best advice to you is to wait until it has and at that time, the latest person to purchase a unit usually paid more per square foot so therefore you might be able to utilize their price per square foot. Now, just keep in mind, that there is a premium for each floor, each view difference, and overall bedroom count.

Condos are not like homes. They dont not allow an appraiser to take a unit in 360 and comp it out at Austin City loft pricing. The other issue that you will face is seasoning. Seeing how you just closed on the loan and many others are as well, a real appraiser is going to say that the property is obviously worth what you paid. If you wait for 12 months, you will have a better chance of getting an appraisal for "market value".

I hope this helps!
0 votes Thank Flag Link Mon Jun 30, 2008
Lj,

You've bought into a condo project that has no equal, no history and no reasonable chance of establishing a realistic comparable value. It is something that has never existed in Austin before.

It is high risk, with potentially high or low rewards (low could equal negative rewards).

You had choices other than 360 development, and while I'm very technical, and a "data type" personality, this purchase has to go into the book of emotions. Certainly agents and appraisers will "try" to determine the value, but frankly in this case, the development is simply too large, too new, and again, never before done. Your best bet is to look at what your available similar options are (similar will be hard to quantify depending on which floor, what view, etc.). Then determine any price difference. Likely, the price difference is going to be difficult to mechanically justify, and you'll be left with an emotional financial difference.

Personally, I think the 360 building could be a huge success, but it could also be a dismall failure. Only time will tell. In the next 4 years, somewhere over 5,000 condo units will come online in the Austin central area, the question is whether or not the market can handle that many dwellings coming on line in such a short period of time.

Remember, "there are no facts about the future". I'd say if in your heart in feels very good, proceed, if it doesn't, don't try to continue to justify it, move on to something else.

Good luck,

Jeffrey
0 votes Thank Flag Link Thu Jun 26, 2008
I presume you used a realtor when purchasing the condo, recommend you ask your realtor to do a market analysis of the property. If that does not work, go to my WEB site and click on Market Snapshot and follow the instructions.
0 votes Thank Flag Link Thu Jun 26, 2008
You could ask your Realtor to send you comparables in the area. The Plaza Loft is close by. You could always stop at the sales office of the new condos being built and get a price list.
Hope some of this helps.
J.
0 votes Thank Flag Link Thu Jun 26, 2008
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