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John Jennings, Home Buyer in 78702

I am concerned about buying a condo this small...Is there any re-sell market in this size range? thanks.

Asked by John Jennings, 78702 Thu Feb 19, 2009

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This question is about this property: http://www.trulia.com/property/1052268037-2931-E-12th-St-Aus…

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4
Hi John,

Do you live in Austin? Are you buying for yourself as an owner-occupant or as an investor? If I was either, I would check out other properties first. Especially those that are closer in for East Austin. My opinion, this particular condo development is "not there" yet. Meaning, it's surroundings are not as desirable. And furthermore, I would check with the develper and directly ask them how many units they have actually sold. Word on the street is that they haven't sold many, which can hurt you when it comes to financing. But then again, this was a few months ago. FYI, this building has had many price reductions and has sat vacant for awhile.

You might want to visit East Village on E. 11th. http://www.EastVillageAustin.com It's another new development closer to many restaurants like Blue Dahlia, Primitizie Italian and bars like Longbranch and Victory Grill. The smaller units start in the 150K range. Tell Brad, the devoloper, I sent you. It's a really cool condo development closer to I-35 and for rental purposes, the University of Texas.

I'm an East Austinite who lives in the TwentyOne24 condo lofts on E. 6th so I'm quite familiar with the area. Good luck! - Debbie
0 votes Thank Flag Link Fri Feb 20, 2009
The great thing about this condo is that it is located near the capital and close to UT. People are always moving in and out of downtown. Plus, with all the new condos going up that are that size it looks to be a good price. Oviously you will want your agent to do a CMA for you.
By comparison, one of my clients has a condo this size at the 360 for $300,000 or so. This 12th st condo is only 10 blocks away and a lot less expensive.
Also, it should lease well in the future if you decide to lease it out.
If the condo is a good size for you and you are going to stay in it awhile this could be a good deal for you.
Just my opinion.
Hope it helps.
Jeff
0 votes Thank Flag Link Thu Feb 19, 2009
I think you have to consider the overall cost - sales price, plus HOA fees to know if this will prove to be a wise investment over time. The list price of $135,000 for this unit is very attractive.

What is that parking situation? As you may know, E 12th is a pretty busy street and you cannot count on any parking for visitors off site or on the street.

What are your plans? Is this a property that you will either live in or hold for at least 5 years? If so, this might be worth looking into.
0 votes Thank Flag Link Thu Feb 19, 2009
Yes there is a resale market for a unit like this one. It is close to downtown, and it is in a new building. Depending how long you plan to hold onto this property, you may see quite a bit of appreciation. If you are looking to sale shortly after closing, your gain will depend on several other factors, like how many other units are for sale and if there are more expensive comparables within close proximity. If you have any other questions, feel free to look us up on the web.

Regards,

Gavin St.Louis
Texas Managing Broker
"Showing You The Rebate"
0 votes Thank Flag Link Thu Feb 19, 2009
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