If you would like to compare values on your own in the Zilker Park area, here is a link that will allow you to do so; http://www.buyershouserealty.com.z57preview.com/hvalue.shtml
You can also create more specific searches and save your criteria by visiting http://www.Buy75.com
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Congrats on the decision to buy an investment home in Central Austin, you are making a wise choice.
HAPPY HOUSE HUNTING,
Texas Managing Broker/Realtor
"Why Buy a Home Any Other Way?"
Please note there is no actual subdivision called "Zilker" The closest named subdivision is the "Zilker Skyline" Condos on Melridge Place. These free standing condos were built in 1994 &1995. They average 2900 square feet and have downtown views, hence the name. The 78704 zip code encompasses many subdivisions or developments.
Most people think of the following subdivisions as being "Zilker": Lund, Horshoe Bend, West Park Addition, Fraizier Addition, Rabb Innwood Hills, Barton Heights, Sun Terrace, Cannizzo (where you find several A.D. Stenger homes) South Lund Park, Okie Heights, Morris E. Estates, Westend, Glencliff, and the Oak Hill Addition.
Betina Foreman Realtor
Keller Williams Real Estate
The home for sale close to the corner is a tear down, no question. However there are two small homes across the street that are on the same lot, but are being sold seperately. Both of these homes are smaller, but they have been updated. They could be great rentals or investment properties. If you need more information or photos just let me know.
It's the price of the LAND! Land is a finite commodity so you must find a realtor that can help you with a statistical analysis not only on the subject property but on what properties of similar kind are selling for. It's a numbers game.
With kindest regards,
There are a large number of mini sudivisions in the Barton Hills/Zilker area. Unless you live here its hard to know where one starts and the next begins. The first homes were built in the 1930's and about every ten blocks south you go the homes get a little newer. It took about a decade to build out ten blocks of homes.
I lived in Barton Hills and Lund for the first ten years I was in Austin. I can tell you from experience this area has seen dramatic appreciation in the last ten years and explosive growth/redevelopment in the last five years. Since the neighborhoods are so old there are not many HOA's or HOA restrictions.
I would be happy to help you find the right property. I can email you a chart I created showing the appreciation over the last 5 & 10 years. This is a hot market and about 1/2 the people I help find homes are looking in Zilker/Barton Hills. I will have a new listing in this neighborhood starting next month if your inerested I can send you the details pre MLS. My office is very close to Zilker/Barton Hills area at 1801 S. MOPAC, Suite 100, Austin, TX 78746.
Betina Foreman Realtor
Keller Williams Real Estate
I live in the Barton Hills Neighborhood that borders the Zilker (most people think they are one in the same unless you live there). These hidden neighborhood gems are not so hidden any longer. It is true our tax evaluations have gone up 20% or more in the past 4 years, and I do not see that changing at all. Due to the location of the neighborhoods with the proximity to downtown and Zilker park, I see it continuing to increase. Let's just say, what my tax value is and what I would sell it for are two different figures. I have been in my home 7 years, and gladly do not dispute my tax increase because I can sell my home for much more than what it is appraised for by the city. We haven't even discussed the schools in the neighborhoods. Many young families are moving to the area not only to the proximity to downtown, but because of the great schools. I personally think it is a great time to buy, I haven'seen prices this good for almost 7 years!
Good luck on your decision, and let me know if you have any additional questions regarding the Zilker and Barton Hills neighborhoods.
You are correct in that tax valuations do not represent true "market value" conditions. For instance, the area you are referring to has seen slightly over 51% in appreciation over the past 5 years! In 2007 alone the average sold price was $356,906 and in 2008 it was $385,345! Wasn't 2008 supposed to be a bad year for real estate!?
The Barton/Zilker area is a great area for investment. Whether or not that particular home is a good investment, only an experienced Realtor that works that area would know. There are many factors that determine whether or not a specific home would make a great investment, some of which only someone that knew the area and the "future" of the area would know.
If you have more specific questions, feel free to contact me. As long as you have the right team surrounding you, chances are you will make a wise purchase for investment. Good luck!