Is it worth buying a lot 0.25 acres in 78702 to build 2000sqf house, are there many or any restrictions?

Asked by Voy B, Austin, TX Sat Sep 6, 2008

Are there many good lots to choose from? What's good about this developing area? What budget do I need to have for the lot?Looking to buy for cash!Are there many forclosures in the area or many properties that were taken for back taxes and could be snapped for cash cheaply?

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CC’s answer
CC, , Austin, TX
Tue Jan 6, 2009
I agree with the answers supplied. From a land use perspective, one thing to keep in mind are the provisions allowed for small lot development in this area, so you may not need to purchase a .25 acre lot to recoup your investment. The city's neighborhood plan for this area allows various increases over the regular limitations, due to nature of the small-lot configuration. Also, due to the age of the lots, some have been illegally subdivided over the years. The city also allows for correcting this without going through the normal (and expensive) replatting process. I used to work at the city and approve the residential building plans for this area all day, but now run my own land use firm and am active in the 78702/east side market. Feel free to contact if I can help you out. Otherwise best of luck! DC
0 votes
Josh Thomas, , Austin, TX
Sat Sep 6, 2008
Hi Voy,
There are currently 51 lots listed in that zip with prices ranging from $60,000-$360,000 (average list price is $128,606). There is little variance in lot size (average is around .2 acres), so the difference in price is mostly location or functionality. Please note, the average days on market for these homes sits at 153. It is possible that some of these land owners would be motivated to accept offers.

If you are asking if it is worth it to buy a lot in this zip and improve it, I would say absolutely! The property values, while leveling off at present, will only gain momentum as the city continues to grow and this area develops further.

If you need more info, give me a shout.
1 vote
Betina Forem…, Agent, Austin, TX
Tue Sep 23, 2008
Dear Voy,
The question is it worth it will also depend on where in the 78702 zip are you considering. If the land is close to downtown 2000 block or lower, you are in a better position to recoup your investment. The further out you go the smaller your pool of buyers. More people want to be close in and that is the appeal of the east side. Many buyers like the area close to Fiesta Gardens as it has big trees and is conceivably walking distance to downtown nightlife. The key is to find the land in a location you like and then research the restrictions and select a builder. I wish you the best of luck with your project. Please call me if I may be of assistance.
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0 votes
Perry Hender…, Agent, Austin, TX
Wed Sep 17, 2008
78702 is tricky. What street in 78702 is the real question.

On a tyical street in 78702 you could get a new loft project selling for 280/ft, a house leaning 10 inches to the left and a new single family home with "guest houses" up to $1/2 mil. Be really careful when you buy there.

I suggest a realtor named Clayton Reagan, He's done 50 flips in that area in the last 3 years and represents a few builders. This guy has the connections to get stuff done at the city too.
0 votes
Betina Forem…, Agent, Austin, TX
Sat Sep 6, 2008
Dear Voy,
I found several properties for sale right now in the 78702 zip. These are all homes built between 1900 and 2008, on at least a quarter acre lot or larger. They are all priced between $210K and $425K. Which breaks down to as low as $116.91 per square foot, to as high as $621. per square foot. (bear in mind the one priced at $621.PSF is really all about the land, the structure is negligable (a scraper) however the lot is waterfront and .65 acres.

There are also many vacant lots listed for sale in this are, and their value varies depending on the location. The prices obviously depend on the lot size and location. For example one next to the train tracks will be priced far less than one that is waterfront or close to Fiesta Gardens or has a view of downtown.
This part of town is continually gaining value due to its proxemity to downtown. Please call me if you are interested, I would be happy to show you this property or any other.
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0 votes
Margaret T.…, Agent, Conroe, TX
Sat Sep 6, 2008
Voy Brozek,
You will need to go further than just the zip code for restrictions. Different subdivisions have different restrictions. Sellers have even placed restrictions on use. You will need to use a Title Company in the purchase to search these. Do not ever buy property with out a Title Policy, even when you pay for it and even if it is from a relative and especially if it is from a taxing authority.
Clearing the tax bill does not clear the title, and with out a title policy even when you know the seller you do not know if the title has always changed hands properly or if there has ever been a lien brought that the seller does not know of.
There is such a thing as saving too much, so have a title company assist you and a Realtor as well.
I assist people in my area. I can not assist you I am not in your area. Goog Luck
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