Jeffrey Schnabel

Alice,

Your requirements are a bit conflicting. If you want an upper-class suburb with great schools, yet you want median home prices, that's not possible. If instead you meant the median home price in that particular neighborhood is stable to growing, that is as it should be. The better neighborhoods with great schools, all things being equal, will have some of the strongest growth rates, and their prices will be the most stable in a down turn.

For Austin, Eanes fits the bill of your expectations, but the entry price is over $300K and the entry price defines an entry quality of home. Eanes is the only school district where nearly every school is rated exemplary. Other school districts considered very good are Dripping Springs, Lake Travis and to a lesser extent Leander ISD. The entry prices in these neighborhoods are much lower.

Let me know if I can be of any more assistance.

Good Luck,

Jeffrey - Fri Jul 11 2008, 07:27

Crazy Cajun,

Of the options on that side of 1431, Mayfield and Vista Oaks are 2 of the best. That said, what's your budget and why do you feel you need to be this far out? I wouldn't expect your commute to change considerably. With Mopac extending to 45, and Parmer extending past 1431, the commute might not be to dissimilar to what you have today, having to go down 183, or even 620 to 2222. You do have a large number of options in better school districts that you should be considering, in my opinion. While you might not have any children, buying into the better locations for Exemplary elementary schools, and higher rated middle and high schools, will strongly impact your appreciation. As will locations close to population centers.

Let me know if I can be of any additional help in the process.

Good luck,

Jeffrey - Thu Jul 10 2008, 10:46

Sandy,

Sorry to be pointed in a response to another's question, but the historical statistics clearly show that home values East of IH35 do not appreciate at nearly the rate of those West of IH35. The only localized exception can be the area close in, Area 5 and 3, and this is more due to depressed values and regentrification, not broad based homogeneous appreciation of homes.

In particular, one of the highest foreclosure rates per capita in the state of Texas exists in East Round Rock, where Forest Creek, and Lake Forest are located. There simply is no significant employment base East of Round Rock to support home values in a down turn. I like these particular neighborhoods a lot for appearance, but unless clients aren't already tied into this school district (more specifically a given school within the district) because of where their children already attend, it is not a first choice. We’ve had clients purchase in those neighborhoods and they are quite happy, but they know that they made a choice based on factors other than value appreciation.

We cover all of Austin, not just West of IH35. Clients expect our style of representation to get them the best value and best appreciation, while meeting their personal requirements. History has proven this area not to be the best value for the money. That doesn’t mean it’s not a nice set of neighborhoods, or that they are unsafe, or that people don’t enjoy living there. It just means that you can get the same benefits, with much better appreciation, and arguably better schools on the average, elsewhere.

Elsewhere happens to be West of IH35 where the employment base is much stronger and more varied.

Regards,

Jeffrey - Mon Jul 7 2008, 09:04

Greg,

Saw your previous questions and since you're going to work from home, is there a reason you're considering living so far North of Austin? If you're going to spend $300K or so, have you considered some stronger locations like Avery Ranch, or Twin Creeks on the North side, or Circle C on the South side? Appreciation values, over time, have been very strong in the Southwest. Since your work is not driving you to live North, give some consideration to how much population and employment growth exists around the areas you're considering. Again, Sendero is good if you work in Round Rock, but it also has very little employment base around it to support strong appreciation.

Regards,

Jeffrey - Thu May 22 2008, 21:41

Greg,

As a follow up, while you should certainly know your financial situation, and pre-approvals are always a good idea and a way to solidify you as a strong buyer, there is no law that requires you to be pre-approved.

There are some additional areas to consider if you work further South. The closer to Austin you get the stronger the appreciation value will be over time, all other things being equal.

If you need more info, just let me know.

Jeffrey - Thu May 22 2008, 21:12

Greg,

Sendero Springs is a very good neighborhood. Since it's West of IH35, it will have a stronger appreciation than the majority of Round Rock developments which are East of IH35. You do need to be careful though, the price per square foot varies widely from $88 to $136, and it's not just due to size differences.

Obviously, being this far out from Austin, it does depend on where you work. If you work in Round Rock, then it's one of the best locations to be, if you want to be close to work.

Try as much as you can to stay West of IH35 for investment protection.

Does this info help? Was there more specific information you needed?

Regards,

Jeffrey - Thu May 22 2008, 20:57

Crx,

This happens fairly often. Especially if you have a reason to keep the current home while you move into or remodel the new home, including when the market has slowed and you want to wait for it to recover before selling your existing home.

But do not wait until you are under contract, there is no advantage to waiting to determine your options. Some things to consider before hand:

What current mortgage(s) do you have on your existing home? If you only have a first mortgage, or no mortgage, then it's pretty straightforward. If you have a second mortgage, it could be a challenge depending on how the second mortgage was setup. Texas laws on second mortgages and home equity loans are very stringent.

Do you know what your home would likely appraise for? Texas laws also dictate the maximum amount of a home equity loan relative to your total appraised value.

You need to know the answers to the above questions so that you know what purchasing power you have for the home your interested in. If you already have a mortgage on your current home, and you like your current lender, consider calling them to tell them what you plan to do and they may come up with a new structure for your total mortgages that might surprise you.

Otherwise, consider getting a reference to a reliable local lender that you can work with, your credit union, or even where you keep your checking and savings. If you have a realtor, ask them for references as well. Be open about what it is you're trying to achieve. I think you'll be surprised that even with all the news about the mortgage industry, you still have some very creative options available to you.

Good luck,

Jeffrey - Mon Jul 7 2008, 08:50

Jake,

Bodega Bay is a very small community on the Sonoma Coast. I've traveled there many times when I lived in SF, and it was always spectacular. You do have to deal with the fog and rain, but you can get info on that from many weather related sites. Clearly, your at sea level so it's much different in this type of location when the cold/wet weather moves in, you feel it in your bones so to say.

But the beaches, sunsets, artsy environment and access to the wine country are very strong pulls. Far enough from the city to not have most of the city issues, yet still accessible if you want to make a day trip to San Rafael or SF. Population is only about 1,000 people in the Bay itself.

Good luck,

Jeffrey - Sat Jul 5 2008, 12:02