Maxwell McDaniel

Ah, a fellow Hyde Park resident! Well your agent should be able to give you accurate info on all Solds in the area. It's just a matter of figuring out which homes are most like the one that you're purchasing. You'll almost never be able to do direct comparisons in these older neighborhoods. Comps are easy in new subdivisions, not so much in central Austin. Just keep in mind that you want to compare apples with apples. There are million dollar homes in this neighborhood and there are tear downs for low 200's. If you're buying a million dollar home, don't comp it with a tear down.

Maxwell McDaniel
Austin A Plus Homes Team / Keller Williams Realty
512-236-0223 - Mon Apr 21 2008, 12:08

Chris, you make a point in your question that you should think about pretty seriously. Why does the house seem like a good deal? I'm willing to bet it's because it's in the flood plain. If it weren't the property would be more valuable.

Also keep in mind you're going to want or be required to buy flood insurance that will add to the cost of your purchase.

Go to the LCRA website and take a look at the historical highs for Lake Travis. We've never come to the point where water is pouring over the spillway, but we've been lucky. In the last few years, they've raised the flood plain level because even though the top of the spillway is at 715, surge could cause the water level to go several feet higher.

How often are you comfortable with having water innundate your home? If you buy in the flood plain, it's a matter of WHEN not IF you're home is going to get flooded. Do you want to have to evacuate in the middle of the night when we have a big storm? What if you're out of town when it happens?

Finally, most of the property on Lake Travis has SOME of their land in the flood plain. The key is that it's the land and not the house in the flood plain. If the finished floor of the home is below flood plain, I'd be very very careful in that decision because the likelihood is that it's going to get wet at some point.

Best of luck in your decision!

Maxwell McDaniel
maxwell@austinaplushomes.com
Austin A Plus Homes Team / Keller Williams Realty
512-236-0223 - Tue Apr 1 2008, 10:27

Sure! There are lots of areas to suggest in that price range. A phone call would be appropriate here to more thoroughly assess your needs. There are a LOT of variables that come into play here. For instance
1. Size of home desired
2. Walkability of community (do you want to stroll down to the coffee shop on Sunday morning and read the paper or walk to your favorite restaurants?)
3. Desired age of home

I think that renting for 6 months is a great idea to help you become familiar with the city and what you find attractive. We'd love to help you out on your search! We have some great search tools on our website and would love to have a conversation with you on how to narrow things down a bit.

My short answer to your question- if you like the size of the homes and the lifestyle that come with it, live as close to downtown as possible. Your value will be best protected there.

Maxwell McDaniel
Austin A Plus Homes Team
Maxwell@austinaplushomes.com
512-236-0223 - Sun Mar 16 2008, 07:26

Hi Jeff,
Let me be the first to welcome you to our great city! Your choice of where you want to live in Austin should take in many factors and among the top on the list in my opinion is your lifestyle and what you see your lifestyle like when you're living in Austin. Great Hills is a wonderful neighborhood as Danny pointed out. I used to live there myself and it's quite convienient to the Arboretum area.

So let me pose you some other questions to think about:

1. How do you feel about traffic and what times will you be commuting to and from UT?
2. Do you see yourself in a ultra active lifestyle-perhaps where you could walk or bike to campus?
3. Do you want to square footage or perhaps a quick jog down to the hike and bike trail?

Again, nothing at all wrong with Great Hills, just trying to give you something to consider in some closer in neighborhoods.

Best of luck in your search and of course, we'd love a chance to earn your business as well.

Maxwell McDaniel
Austin A Plus Homes Team / Keller Williams Realty - Sat Mar 8 2008, 13:52

There is a great book you should read. It's called "The Millionaire Real Estate Investor" and it discusses in depth the process and analysis for acquiring properties. I highly recommend it. As a matter of fact, I have an extra copy I could get to you Monday if you're interested.
Maxwell McDaniel - Sat Mar 1 2008, 06:46