Comments on: Crestway – R. Earl Dillard

By: rdevarga

rdevarga — Thu, 04 Mar 2010 20:54:16 +0000

Oh and by the way, Crestview is under contract within 2 weeks and never made it to the MLS.

By: rdevarga

rdevarga — Thu, 04 Mar 2010 20:53:18 +0000

Thanks Eileen, I just saw the comments going south about a topic of passion for many of us that are fortunate enough to own an architecturally significant home.

My goal was to explain the risk, time and capital required to restore these older homes. It hurts to see comments based on drive bys or photographs negating sales price and restoration efforts. This all causes me to say …if you do not like that one, then go by the other one. And if you can not afford it or the other one, then move on without your uneducated comments. We are a proud group!

By: Eileen

Eileen — Thu, 04 Mar 2010 16:45:04 +0000

I am the girl who owns Lakemoore. The reason it has not sold is because it has NOT been on the market since August. We took it off (left it on the Marye Company website) because it had to be completely replumbed to the tune of 75k. Now it has all new plumbing, done from the exterior of the home. To find a MCM with all new plumbing is a dream. We are relisting it in the next couple of weeks.
As far as the house across the street goes, well, it’s just there. In any part of town there are going to be crap houses surrounding gems…it’s Austin after all.
And to respond to your “i don’t want to drive down 2222″—we do not access town from 2222. Far West (where shopping and schools are) is a 2 minute drive. This makes this home 8 miles to downtown.
As far as your assessment of value goes, do you have access to comps? 800k in Tarry Town would get you squat and 800k houses sell like hotcakes in Tarry Town.
And RV–thanks for taking the time to try to educate the masses about the cost to build a home these days. I did your math on our home and for 225 a foot, new build construction on this house would be right at 800k. A half acre view lot in this area would be 250-300.
I know people on here wish that prices were less, but there are still lots of people here with money. And older people who would “move down” to a property like this. Remember, there are plenty of people who like in upwards of 7k sf in this town. You just don’t know them.

By: brad

brad — Wed, 03 Mar 2010 08:26:27 +0000

I totally agree bulfinch! Gold and Silver?

By: bulfinch

bulfinch — Sat, 27 Feb 2010 04:06:50 +0000

Indeed, I am sure that at least a percentage of that money (say, 6 percent?) would do *much* better in your back pocket than staying on the sidelines.

Save your money folks. You’d have to be *really* dumb, or just a willing fool to not understand that real estate is the last pit you should be hurling your money into right now. The ONLY reason ANYTHING is moving is because the government is throwing EVERYTHING it has does not have at the housing market. With that in mind, a 1% increase over 2008 doesn’t sound so robust.

The tax credit is like bug bait, entreating you to your demise by playing upon your base larcenist instincts: something for nothing.

If you are in a hurry, you will pay more.

By: bulfinch

bulfinch — Sat, 27 Feb 2010 03:53:54 +0000

I am sorry, but give me a break…it’s only aggressive marketing/suggestion and government lending aid that makes the prices in Austin seem feasible to the easily convinced. Austin is not the Bay Area, and the Bay Area is famously grossly overpriced. It is also not Manhattan, and prices are falling there like anvils.

Look at the price of any house or lot 10 years ago. It was but a fraction of what the asking price would be today, guaranteed. You had a lot of equity vultures that moved/transferred here during the housing bubble because their windfall went a helluva lot further here than it did back West — and their company probably had a branch here in Silly Con Hills.

By: ???

??? — Sat, 27 Feb 2010 00:54:33 +0000

FWIW- I found this place the other day on the way home from work. It was priced right for the lot and street appeal.

As an aside, I noticed they succeeded keeping it out of MLS. Does that avoid public disclosure of sale? Tax benefits from that?

By: ph

ph — Fri, 26 Feb 2010 20:24:40 +0000

If you can find a lot, there are interesting modern plans for sale at Hometta.com. But in Austin proper, most lots will break the bank.

By: cj

cj — Fri, 26 Feb 2010 14:22:31 +0000

Yes! Both Alterstudio and Baldridge have done some very excellent work.

By: bulfinch

bulfinch — Fri, 26 Feb 2010 10:24:03 +0000

A 700K window? Are you spending five to seven times annual income? That’s housing bubble jive. A house purchase should not exceed 3X income. Technically, ideally, 2x.