You mentioned the price was about $3K per square foot, this is a big red flag to me. There is nothing in Austin for $3K PSF. I would run away and fast. This does not sound like the deal you think it is. I would get a local Realtor to give you the most recent comps. The Builders list price means nothing if there is not a market for this property. It sounds like a jewelry store add "50-75% off when the truth is they mark them up 100%-500% and then knock off 50%. Hmmm is that really a deal, I think not?!? I would keep looking, there are a number of lovely homes in NW Austin for $600K that are priced right. I suggest you contact a local Realtor. Remember in Austin the Seller pays for the Buyers agent. So I adise you to get an agent to help you to know your getting the right price for your next home.
Congrats on the relocation to Austin. This market has taken its hits like other major markets throughout the U.S. but not nearly as severely. Overall prices have softened but not everywhere and in every price range. It really depends on what you are looking for. There are some great deals out there if you know where to look and how to negotiate them. Softened prices coupled with homebuyer incentives both from the builder anf the Fed. Gov. can yield some fantastic opportunities for you if bundled properly.
I specialize in New Home product. We offer over 25 years experience in new home sales/construction. To get the maximum benefit you deserve you need someone with that background representing your interest not the sellers. Feel free to visit our site- http://www.CornerstoneNewHomeSolutions.com. You may contact me directly at 512 876-3116 for a private consultation on how best to achieve your objectives and maximize your savings. Remember- you get the benefit and the builder /seller pays my fee. There is no costs to you.
Stephen B. McClain, Broker/Owner
CORNERSTONE NEW HOME SOLUTIONS
You have a lot going on here. I would point out that you mention contacting a REALTOR. This was a good idea. If you agreed to work with him/her then get back to them and they should be able to answer all your questions. If on the other hand he/she could not give you a satisfactory answer then run for the hills and find a new REALTOR.
I would be happy for you to sit down with me, ask me all the questions, analyze my answers and then if you are comfortable we can agree to work together.
Bill Austin ~ 512-709-6343
There are many cases where builders have gone "belly up" and quit building for different reasons. Some reasons are more to worry about than others.
Everyone was trying to "get theirs" in 2007, so many builders surfaced in the market building homes without certain standards that hold reputable.......
Anyhow, there's quite a few angles to look at here to determine a wise decision,
Have you not hired a professional to help you? Do that. Do it. Just go do it my friend.
Without the help from someone who knows and cares what happens to your bottom line, you are blind luck out there, and I recommend a lottery ticket any day over that.
To add to the answer ot your question, I can show you 2003 pricing going on right now, so don't feel that 2% or 2007 pricing is necessarily a solid foundation for your decision.
Please feel free to PM me for more details. Also, please let me know who this developer is; I might be able to help them move the remaining unsold properties.
February 2009 Median Sales Price: $336,500
February 2010 Median Sales Price: $275,000
Year to date Median Sales Price remain at $325,00 2009/2010.
February 2009 Average Sales Price: $331,100
February 2010 Average Sales Price: $309,317
Year to date 2009 Average Sales Price: $290,082
Year to date 2010 Average Sales Price: $350,070
Keep in mind this is data for one specific MLS area. Prices could have some varriance from one sub-division to another inside any given MLS area.
Currently price per square foot in the 1A MLS:
Active: 196.27 Average 377.39 Max
Pending: 191.38 Average 295.56 Max
Sold (Last 30 days): 183.69 Average 262.99 Max
Hope this gives some perspective.
With a bit more info I'll do my best to provide some real data.