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Moonpie, Home Seller in Austin, TX

what do think of Crestview for home appreciation?

Asked by Moonpie, Austin, TX Fri Oct 22, 2010

We own a home in Crestview 3 years ago for our daughter who attended UT. Rents were so high it seemed an investment was a better route to throw a monthly payment. We bought a lovely 3bd/2b remodeled home on a large manicured lot. However, before she moved in the toilet burst and with no one there, it flooded the entire house, all carpet and wood floors had to redone. Once over that hurdle, she found it difficult to have roomates because they all wanted to live in walking distance to campus. We rented it out and then put it up for sale this summer. I don't think anyone has even looked and we've dropped the price 10%. Is it time to cut our losses or rent it again and wait?

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Answers

10
It looks like you will need to bring your price down some more, if it's the one on Piedmont.

I would follow Warren's advice and rent it out. I am surprised that your realtor did not negotiate a home protection warranty for you when you purchased -- that should have covered the repairs.

Keep it rented. There is a lot of inventory in Crestview, both for sale and for lease. Unfortunately, you bought at the market's peak.

Mary Strickler
Realtor GRI
Prudential
1 vote Thank Flag Link Fri Oct 22, 2010
Tough times. Crestview hit a peak about the time you bought. It will come back, going to take some time. Right now, inventory is fairly high. Price is the biggest issue. If you want to move it, drop the price. If you can wait it out, rent it again and sell in a couple of years.

Good luck.
1 vote Thank Flag Link Fri Oct 22, 2010
Hi Moonpie,

That is a hard call. I am a 30 year resident of Crestview and have probably been in your home to look at it. If you can hold on to it and rent it out than that is what I would personally do. Crestview has really taken a hit over the past 3 years so you would most likely sale for less than what you have in the home. Rents are usually strong in crestview and easy to rent out if the home is in good shape. As was mentioned in another answer young professionals or a family is more likely to rent it.

If you are just sick of being a landlord than get the best price you can for the home and move on. If the home is priced right and in good shape it will sale. But picking an agent that knows the area and has experience in that neighborhood is key.

If I can help you lease it out again or sell it let me know.

Good Luck!

Brandon Faught
512-791-5209
0 votes Thank Flag Link Fri Oct 22, 2010
Renting the property until the market is back up will be a good approach to this situation. If you can break even or get fairly close to a break even situation renting definitely makes a lot of sense. If you look at the value of that area in a strong real estate market vs. where it is now, the financial gains 3-5 years down the road can make you are quite significant. ASSUMING a recovery from the current market back to "good times" there could even be the opportunity to make some really great money. The longer you keep the property, the more gain you stand to make. Just think what the property would be worth in 20 years!!!

Selling the property at this time would probably assure you that you get the least amount for this property you ever will. It is not fun to see a property 10 years down the road selling for 3X what you sold your for :-)
0 votes Thank Flag Link Fri Oct 22, 2010
You are competeing with quite a few homes in the Crestview area. It sounds like you've invested your time and energy into this property. Your property has to be the best price and the best show in the area in order to sell. The buyers are out there.

If you are not tapping your reserves, and your already renting out the property. You may want to continue to rent.

Lastly, investors too can qualify for a short sale. I’ve successfully negotiated investor short sales. If you would like more information, please feel free to contact me via my profile.
Web Reference: http://www.cyndibell.com
0 votes Thank Flag Link Fri Oct 22, 2010
I am a real estate broker who also lives in Crestview. I am seeing some homes just sit on the market despite the price. I do have a client who had looked in this area. They need to sell their 1/1 ground floor condo in The Pointe on the north side of UT at Duncan and Red River. We currently have their condo listed for $127500 and it is in good shape. So, my buyers would need to do a contingency contract until they sell their condo, but they definitely like the area north of Koenig. We looked at one on 38 1/2 but they were going to put a tenant in it and wouldn't do a contingency. Perhaps, you should consider moving your daughter out and leasing the house as a house. You probably could get a good rental price -- probably enough to cover your mortgage.
Give me a call.
Sean Little, Broker/Owner
Austin Lone Star Realty
512-243-7696
0 votes Thank Flag Link Fri Oct 22, 2010
Almost forgot,
Send me the address of your home and I'll take a look at it. I have an active buyer right now in crestview, so I can at least encourage an offer if it meets their needs.
send it to Shawn@ShawnMon.com (I won't be seeing it here if you repost here, so just send it direct please)
Or just call me with it right quick..
512-330-1075
Shawn@ShawnMon.com
0 votes Thank Flag Link Fri Oct 22, 2010
Moonpie,
I actually just was the buyer's agent on a home in Crestview and have clients that live in Crestview. If you price it well, it shows well and it is marketed well, it will sell. If not, it will just sit there. My last two listings in different areas that were well priced for thier areas went under contract in 5 days and 15 days, so there are buyers out there. My higher priced listings are taking a while to sell. I would need to complete an analysis to give you an exact answer, but short of that, If you bought it 3 years ago (unless you got a great price) you will probably sell at a loss. I wish you well with that.

Mike Jones
RE/MAX Austin Skyline
512-632-0037
0 votes Thank Flag Link Fri Oct 22, 2010
Yes....rent it out and try to stop the financial bleeding. Crestview, like many areas in Austin, is suffering from the tight credit markets and area wide substantial inventory. Those who are wanting to sell will need to rethink their pricing structure as solid buyers are in high demand and most buyers know this.

For students, most would rather live in West Campus because of the easy access to UT, but you may be able to find a young professional to rent your home in Crestview. Even if your home negative cash flows when renting for the short-term, it will be better than leaving it vacant.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Fri Oct 22, 2010
Crestview is showing 2006 to 2007 pricing right now (as a general outlook to be considered). Updates and Resale Features will play a role in this equation, and is how the values come to average out there..

If you can hang on for a few more years, you may see the appreciation you are looking for while you also continue to pay down the note and gain additional equity.

If you seek representation, I can share with you my "2015" outlook and current market trends. Catch me here:
http://shawnmon.yourkwagent.com/atj/user/AdditionalGetAction…
Web Reference: http://www.ShawnMon.com
0 votes Thank Flag Link Fri Oct 22, 2010
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