Market Conditions in 78739>Question Details

Lizh44s, Both Buyer and Seller in 78739

What is the average cost per SF for a 3 bedroom house in southwest Austin?

Asked by Lizh44s, 78739 Fri May 28, 2010

Interested in putting in an offer on a 3600SF one story with 3 bedrooms, new construction in Granada Oaks (southwest Austin, TX). Asking is 618K. We have neighborhood comps for similar SF, but all have 4 bedrooms.

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Answers

7
Lizh44,
I'd be happy to send you a line itemization of homes for the Granada Oaks sub covering the last 3 years.

Currently there are 4 for sale average per/sq/ft is $167.06. I do not see a 3 bedroom listed?
Only 3 homes sold over the last 12 months as follows, (low)$151, (mid) $170, (high) $180

Of those sold in the last 12 months the average has been -6% of list price. It has not exactly set the world on fire in my opinion. I've been in several of those homes. Of the solds

If i cna help feel free to call, text, or email.
Bill
1 vote Thank Flag Link Fri May 28, 2010
I am a Realtor in the neighborhood (I live in Granada Estates), and I would be happy to help you negotiate. This is a great neighborhood to call home. Give me a call or shoot me a private email and we can discuss the specifics.
Web Reference: http://www.jenbutel.com
1 vote Thank Flag Link Fri May 28, 2010
Dear Liz,
I just wanted to check back and see how things worked out with your offer. I am hoping you found your dream home in GranadaHills.
Sincerely,
Betina
0 votes Thank Flag Link Mon Jul 29, 2013
Hello Liz,

There are several options in this area where you can look at. If you are still interested in Southwest Austin, I could send you the various options that you might be interested in. Depending of course, what your interests and needs are.
If there is any other area, I would be very happy to assist you as well.

Very good luck
Claudia
512 632 5242
0 votes Thank Flag Link Wed Apr 10, 2013
Dear Liz,
Granada Hills is desirable for those seeking a larger lot and more privacy. Lot size should be a condieration in the comps provided. This neighborhood has been re-discovered in the last few years. Most of the homes were built in the 1970-1980's but there are a few newer homes built from 2005-2010. They just got a new stop-light last year off HWY71 and another one at Gallant Fox and 1826 last week.

It is not uncommon to have an easement on property. Usually you discover them on the survey. Some easements don't impact your property use very much and others may prevent you from building or developing part of the land. Flood zones may require you to have flood insurance on the property. Drainage easements means you can't build or change the way the land allows water to flow. They are generally not a big issue for most buyers

If I can be of further help just let me know.

Sincerely,

Betina
0 votes Thank Flag Link Fri Jul 23, 2010
Thank you everyone for your feedback. Elizabeth and Bill, your emails were so helpful. The house is listed as a four bedroom, but it's really 3 + office. We like the neighborhood, but think the asking prices are too high for today's market especially when you compare what you can get in the Overlook, for example. I'd love to learn more about the neighborhood and development plans for lots behind Granada Oaks, if anyone knows anything? Also, some of the homes/lots have drainage easements running through them and partially fall in a flood plain. How does this effect resale value?

Thank you again,
Liz
0 votes Thank Flag Link Thu Jun 3, 2010
Liz,

I'm not sure your specific question was answered so I'll give it a shot. Your question was about the average price per sq. ft. for a 3-bedroom house in southwest Austin. I searched the SWW region (where Granada Oaks is) and there are 16 3-bedroom properties available over 2,500 sq. ft. The average price per sq. ft. for homes for sale or pending is $124.53 (high: $213.52; low: $98.47; median: $118).

Four 3-bedroom houses have sold in SWW since 1/09 (built 2006 or later and sized betw. 3,000 and 4,000 sq. ft.):

Avg: $121.14
High: $140.96
Low: $107.29
Median: $118.16

It sounds like you already have some fairly relevant comps (aside from the # of bedrooms, a difference for which you could likely account with a 15% adjustment). The last 5 solds in Granada Oaks (one of which was a 3 BR in 2009) show:

Avg: $161.33
High: $180.01
Low: $140.96
Median: $155.59

One easy way to answer this is to take the difference between the one 3-bedrorm sold comp in 2009 and the average of the 4 4-br sold comps in 2009. That puts the "discount" for a 3-bedroom at 15.27% (close to my earlier estimate). The minimum you could justify offering is: (Avg. comp for area - 15%) * 3600 = $507,600. Applying the "3-bedroom discount" to the highest comp gives you $550,800 (a reasonable target, since it's only 5% lower than the discount to list average for the area).

If you need help with a more detailed assessment and would like to work with a buyer's agent who will give you back 1% at closing on this deal (since you've already identified the property), please let me know. I would be delighted to work with you. I will also list your current home for 1%.

Best regards,

Elizabeth Clark
President
Austin Residential Properties
elizabethclark@austinrp.com
Cell: 512-234-3426
0 votes Thank Flag Link Fri May 28, 2010
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