Everything is insane right now. Lots of people like the southwest and dripping springs area. I have a lot of friends that live in Steiner Ranch.

Circle C, Steiner, Travis Country, Sweet Water.

Just lost another one yesterday. Offered 25k over, no option period, appraisal waiver. Fml.

I had a pretty strict criteria and have been looking for almost a year. If this house was on the market a year ago it would've sold for over 50k less. Either I'm going to have to stay put, and renovate my current place, or reduce my expectations. It's hard to spend more knowing how much money you send to the state, city and county.

AgSoccer2007 said:

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I live in Millwood and will be putting my house on the market in the next few weeks as I'm almost through with construction out off Ronald Reagan and 2243. Looking like I couldn't have timed my move any better. Locked in my build price before any costs shot up, and selling in this rage of a market.

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I called this builder this weekend. 0 lots available and you can be on a waiting list if you would like to wait and see.

Wife and I bought 8 years ago in Cedar Park (almost Austin). Seems like we timed it out perfectly. We've now done 2 renovations so that we didn't have to deal with moving. Most recent converted our loft into a bedroom.

Small-ish house next to us sold a couple years ago for way more than we thought it would. Apparently entry level homes prices are even more out of control right now.

One thing I learned from experience, is that market appreciation and demand is so much stronger and protected the closer you are to town.

I owned a home near Cedar Park HS that was purchased in 2009 for $243. I think the current market price is around $375-$390 at best. I see larger homes selling for $425 so not sure.

However, the house I currently live in near 38th and Jefferson was $300 in 2010 and now around $700-$725 if we sold today. If only i bought in 2010.

There is just so much land and competing commutes the further you go out.

evan_aggie said:

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One thing I learned from experience, is that market appreciation and demand is so much stronger and protected the closer you are to town.

I owned a home near Cedar Park HS that was purchased in 2009 for $243. I think the current market price is around $375-$390 at best. I see larger homes selling for $425 so not sure.

However, the house I currently live in near 38th and Jefferson was $300 in 2010 and now around $700-$725 if we sold today. If only i bought in 2010.

There is just so much land and competing commutes the further you go out.

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What do you think drives that, and will those drivers remain true in the future?

All government jobs, or nearly all I assume, are based downtown and workers for those jobs will want to be close to their place of work - I don't see this changing.

Not all jobs moving to Austin are based downtown, Apple and Tesla and Samsung new or expanded facilities are outside of downtown for example - however, this probably isn't unchanged from the past in that there are a mix of downtown and outside area growth

Pandemic has changed thought processes about working in the office vs from home - will this persist and impact real estate in major cities and even rural areas?


Or does the desire to be downtown have little to do with job location and more to do with liking to be in a dense area, with more dining and entertainment choices within 20 minutes of your house? Or perhaps just for the cachet of "living in town"?

I'm always curious about these societal trends, for the most part the past 20 years seemed to be a resurgence of rehabilitating downtowns and getting more dense downtown residential built - across the nation and also in Austin. Any future trends that might change that, beyond this changed adoption of working remotely?

People thinking life will forever be changed for the majority of people due to pandemic are going to be disappointed in 2022. Sure, we can see now that WFH is effective for many high tech jobs. But Tesla, specifically, is a factory. WFH isn't even going to be an option. Samsung new fab being discussed is also a factory.

I switched companies during the pandemic working in high-tech, and all is currently remote, but both said they intended to have people back in the office asap as vaccinations were more prevalent. Even if they allowed more flexible WFH for 1-2 days a week out of 5, it is still going to be a necessity to meet in person and have white board discussions and chats.

Moreover, I think people will go crazy to not socialize with coworkers at some point.

You are seeing quick shifts in trends to deal with the circumstances, but it is not going to be a long term lifestyle rewrite. And realistically: most of the companies based out of the Bay Area and SF have long expressed a desire to start leaving high cost of living areas in favor of more reasonable locales. The pandemic just pulled in the timeline and gave them a quick out.

jah003 said:

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Wife and I bought 8 years ago in Cedar Park (almost Austin). Seems like we timed it out perfectly. We've now done 2 renovations so that we didn't have to deal with moving. Most recent converted our loft into a bedroom.

Small-ish house next to us sold a couple years ago for way more than we thought it would. Apparently entry level homes prices are even more out of control right now.

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Same. We bought in Avery ranch in 2012.

I just checked out Zillow thinking their value was way out of wack. Sure enough checking the comps it's probably way under than what we could actually get for our house. Hard to believe our home went up in value 150% in 8-9 years

12law said:

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What about Buda or Kyle? Is it worthwhile to buy there? Or is Round Rock better? Assume I need to commute to downtown and don't mind a 45 minute drive.

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If you go to Buda/Kyle, make sure it zone for Johnson or Hays H.S. Johnson is probably preferable of the two.

Also amenities, proximity to other and "culture" keep people in the city over just WFH

Are you the Aggie House at the end of Beverly that had the big Trump sign? I'd so I think we chatted a few times

Nope. We're off of Idlewild near the Grove.

Our neighbors would never talk to us again if I had any sort of sign not supporting the democratic candidate.

Dripping is completely bonkers right now.

Ha yeah exactly! I was like respect bro but I don't want my house burned down. Our rental was on bev during our remodel

South Austin near 290/William Cannon - houses that were going for $500k are now going for $700k in less than a year. The growth from California and NY transplants as well as new companies coming is causing a massive "short squeeze" (short on housing). Looking at Zillow in Bee Cave it's insane to see in Winter $3MM homes already pending and under contract.

Its not just Austin seeing dramatic value increases. Its nationwide in varying degrees

http://www.mortgagenewsdaily.com/01262021_case_shiller_fhfa_home_prices.asp

Yes, the same is happening in Cedar Park, Leander, Liberty Hill, & Georgetown. New builds have long waiting lists as well.

I did an appraisal in the Ranch at Brushy Creek the other day. The median sale price went up over a $100k in less than a year. We are talking 20-30% appreciation. I see the same thing all over town right now to varying extents.

I offered in this area back in ~july-ish. I offered 35k over asking. got outbid by 15k. The house next door, with less sqft and no pool just sold for 100k more than that.

w.
t.
f.

My neighbor will be selling his house in late spring / early summer. We are in sw Austin (78749). Quiet neighborhood. We are in a cul-de-sac. Everyone has lived here for well over 20 years. 4 of us are original owners.
Would love an Aggie neighbor vs a fool from Cali.

We bought a house in Sonoma in Round Rock in April for $116/ft, and that was the upper middle $/ft for the area at the time. Today, houses in the neighborhood are listing anywhere between $150-163/ft. With those prices, we've gained $100k+ in equity in our house in 9 months.

TxAgg07 said:

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We bought a house in Sonoma in Round Rock in April for $116/ft, and that was the upper middle $/ft for the area at the time. Today, houses in the neighborhood are listing anywhere between $150-163/ft. With those prices, we've gained $100k+ in equity in our house in 9 months.

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I can't figure out how builders (even large ones) build and sell for $150 a ft making money?

Seem like central Austin is running $250/ft new build not including any land acquisition costs!

Getting really curious as to whether it is a bubble. We have a BIL who is searching and lost out on a house despite 40k over.

Houses in Austin ain't worth that much.

No house is is worth that much if you talk about material costs etc. it's the influx of people making $150k-$300k into an area. Pure and simple.

IMO it's the type of "bubble" that will correct post-COVID, but people that buy will only have to wait a year or two before prices get back the 10-15% they paid over asking now.

The outlying areas could be bubble but they aren't making more land in central Austin.. Sure maybe a few spots like the grove or continuing to gentrify the east, but the issue lack of supply. If the economy tanks prices will fall but of course they will. Only if people stop moving here or they start cranking up interest rates will prices fall

This one is 825, will sell this weekend and needs a complete gut Check out this home at Realtor.com
$825,000
3beds 3.5baths
4202 Avenue B Ave, Austin

https://b1iw.app.link/usCWfjbGtdb

https://www.realtor.com/realestateandhomes-detail/4202-Avenue-B_Austin_TX_78751_M87877-91806?cid=other_shares_core_ldp

For sure, we told him to wait until next year.

Timing also depends heavily on when people start return to office. The people who bought in Liberty Hill and Elgin may be a little disappointed...

The problem with growing values and prices is that it kills liquidity in the market. Sure you can sell, buy that makes you a buyer unless you are moving away, and as that price increases more rapidly between a sale and purchase, selling becomes less attractive.

Agreed. I'm in RR but when Austin heats up like this it overflows to here. Only way I move is out. Should know by the end of the year whether the wife is at home permanently.

Lost another one today in Forest Oaks. Realtor told me more than one person came in 150k above asking.. almost 30% above asking.

This might be the loss that causes me to quit looking for a bit. This has gone full stupid at this point.

That is bat****

3k sqft, 4bd 2.5bth with a pool. Updated, but not renovated. Dumb.