We are relocating to Austin next month and after 10 years (formerly lived in Canyon Creek)

Asked by Pamela Burton, Lexington, KY Mon May 26, 2008

and considering the Highlands at Oak Forest, Aerie Cove street to purchase. What is the difference between this area and Great Hills for resale or long term living? Have home values increased/decreased recently? Also, what are tax rates? And final question, lease with purchase option, is this really a good way to go?thanks. PAB BTW, I love this site and all the resources--it has helped so much in our decision process!

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Carol Pease,…, Agent, Austin, TX
Thu Aug 7, 2008
I would never be involved with a lease purchase agreement. I agree with Lynn. There are all sorts of liability issues. Never do one without using an attorney. That somewhat limits the liability for the agent and for the buyer.

Carol Ann Pease, ABR, CRB, CRS, e-PRO, GRI
2 votes
Betina Forem…, Agent, Austin, TX
Wed Aug 13, 2008
in my humble oinion Great Hills is the better buy. The location is more central and the property values have risen slightly more than the Highlands at Oak forest. The tax rates vary slightly depending on which Phase of Great Hills you look at. For example: Highlands at Oak Forest-2.1558%, Great Hills-Section VII- 2.1558%. Great Hills Section XXXI is 2.316%,

Also I would advise against a lease purchase. These are very complicated and you need a real estate attorney to draw up the paperwork.

Please let me know if I can do anything else for you & I wish you luck. Please call me if I can assist you further.
Web Reference:  http://www.BetinaForeman.com
1 vote
Betina Forem…, Agent, Austin, TX
Fri Aug 15, 2008
Dear Pamela,
You did not mention if you had children or not. Even if you don't have children, schools are a big factor in resale value. You may want to check out the schools in the neighborhoods you like best. You can go to http://www.SchoolMatters.com to check out the student to teacher ratio and the overall perfomance of the individual campuses. Good luck and call me if I can help!
Web Reference:  http://www.BetinaForeman.com
0 votes
Emily Matthe…, Agent, Austin, TX
Thu Aug 14, 2008
I agree that the Great Hills area may be a better investment. Another area to consider that is nearby is the Northwest Hills area. You get the best of both worlds, being centrally located and being surrounded by nature. Tax rates in this area sit around 2.1% and homes have good resale value.

Best of luck!

0 votes
Jeffrey Schn…, Agent, Austin, TX
Mon May 26, 2008

Portions of Great Hills extend South of 360, but mainly sit North of 360 and West of 183. The Oak Forest area is North and West of the Great Hills area. Historically, Great Hills sees slightly stronger appreciation primarily due to the type of homes and the fact that the neighborhood sits further away from 183. Average price per square foot in Oak Forest is running about $140, whereas the Great Hills area is in the $165 range. So if you have a specific limited budget in mind, you'll get more home for the money in Oak Forest, but slightly less appreciation over time.

Most of Great Hills currently runs about 2.15% whereas Oak Forest primarily runs about 2.30%, but both areas have some properties with equivalent tax rates.

Nearly all of Oak Forest attends Westwood HS, whereas Great Hills is split, with a slight majority attending Anderson HS. Elementary schools are also split. So if you have school age children and have developed a preference, you need to be aware of where the splits are.

I would highly recommend against a lease to purchase option. You're already at a significant enough disadvantage as a buyer from out of town, don't add to the problem through a lease purchase that "looks like" a good deal on paper. You're the one to likely get taken in most lease purchase situations.

If I can be of any further assistance, please let me know.

0 votes
Dallas Texas, Agent, Dallas, TN
Mon May 26, 2008
I would never do a lease purchase those always end up with serious problems
0 votes
Perry Hender…, Agent, Austin, TX
Mon May 26, 2008
1. Those are comparision equal in both appreciation and long term sales
2. Home values are up in Austin. I haven't seen a single property go down. Even the few foreclosures have multiple offers and sell higher than asking.
3. Tax reates are between 2.3 - 3.6%. The father you live outside the city, the more likely to have higher taxes due to Municiple district taxes father out.
4. Lease options - Good for the following. Tenant: 1. some portion goes to purchase price versus none going. 2. Lets you wait to see if this is the home for you. 3. Easy to refi after a year of steady payments. Landlord:1. Tenant takes better care of the property 2. higher price for home 3.less repair expenses

Good luck Pamela. I'd suggest Anil Bell in that area as an agent. I strickly recommend people who specialize in certain areas. If you ever want to be downtown or near downtown, let me know as I can really help you in that area. He can be reached at 483.6000.

0 votes
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