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UTPhil2006

By UTPhil2006
in Business and Markets

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hornian

hornian 5214

Posted
Posted
51 minutes ago, jimmyjazz said:

LMAO.  In the early 'aughts we bought a few acres in Ruby Ranch, and I convinced myself I'd be fine with my commute to work -- north Austin, near Braker and Metric.

I am very glad my wife came to her senses and confessed that she didn't think she could live that far out from central Austin.  Lord knows I had no common sense whatsoever.  We sold the lot, and lost $5K (plus fees) on the turn.  Well worth it.

We bought a house in Hudson Bend with lake access in 2018. Remodeled it, with the intent to move in. When it was just about finished my wife (who was newly pregnant) broke down and said she couldn’t do the commute to the kids preschool/the Y in NW Austin (where she was a fitness teacher). We pivoted and turned it into an AirBNB for 2 years, then sold the in 2020 and used the proceeds for the down payment on our current home near 2222/360. Best thing we did I think was not move in. 

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mchookem
mchookem

alrighty...i haven't wanted to jinx anything so i've been pretty quiet... but we just closed on our new home in Denver this morning so i can now officially say YEAH! 😃 in a nutshell - we sold

Esque
Esque

Thank you for this - gave me a good laugh.  But also a good reminder of how the general public does not understand what is going on in real estate and thus why so many get caught offsides when the tid

Neonmoon
Neonmoon

Realtor: You should list your house at 500K Client: But three houses down the street sold for 700K Realtor: Yeah, but those are overvalued due to pandemic Fed policy and institutional invest

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jimmyjazz

jimmyjazz 45903

Posted
Posted
3 minutes ago, hornian said:

We bought a house in Hudson Bend with lake access in 2018. Remodeled it, with the intent to move in. When it was just about finished my wife (who was newly pregnant) broke down and said she couldn’t do the commute to the kids preschool/the Y in NW Austin (where she was a fitness teacher). We pivoted and turned it into an AirBNB for 2 years, then sold the in 2020 and used the proceeds for the down payment on our current home near 2222/360. Best thing we did I think was not move in. 

Hey neighbor.

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Pato del Muerto

Pato del Muerto 52489

Posted
Posted

When I moved back to austin in 2011 we settled in Kyle and I commuted to NW austin. It could be brutal because of the river crossings.  
now I’ve moved back again and again am commuting to north Austin (Parmer/45).  I’m 20 miles north in Georgetown but it’s a consistent 30-35 minute drive, with multiple options of there’s construction or a wreck.  It’s an easy half hour. With all of the construction we shall see how that evolves but this is likely a 6-10 year stop anyway. 

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South Austin

South Austin 52469

Posted
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I also dabbled with a long commute years ago.  In 2005, before kids, my then-wife and I lived a block away from the Alamo Drafthouse on South Lamar and thought it would be cool to buy a bigger place out by the lake. We eventually put a house under contract in a neighborhood at the end of Cuernavaca. We thought it was idyllic, until we each had to take off work and haul our ass from downtown to meet with inspectors and contractors during the option period. And that was 2005, long before the added growth out that way. We decided to part with the option fee and terminated the contract, and eventually bought a place in NW Hills. And even that afternoon commute from downtown 10 years later was no walk in the park.

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HRSchenker

HRSchenker 2268

Posted
Posted

Listed my rental in Forney and got an offer $50k above asking price. It cash flows pretty well but the city is going through an anti-growth phase at the worst possible time so I'm worried about the long term future of the location. I might be better off cashing out and looking at other cities who desire long term growth but this market....goddamn lol

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UT_OB1

UT_OB1 2218

Posted
Posted
3 hours ago, HRSchenker said:

Listed my rental in Forney and got an offer $50k above asking price. It cash flows pretty well but the city is going through an anti-growth phase at the worst possible time so I'm worried about the long term future of the location. I might be better off cashing out and looking at other cities who desire long term growth but this market....goddamn lol

Didn’t know Forney was an STR location. Does it have to be on the lake to do well?  What is the city doing that is anti growth?  

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Chewbacca

Chewbacca 7774

Posted
Posted
4 hours ago, HRSchenker said:

Listed my rental in Forney and got an offer $50k above asking price. It cash flows pretty well but the city is going through an anti-growth phase at the worst possible time so I'm worried about the long term future of the location. I might be better off cashing out and looking at other cities who desire long term growth but this market....goddamn lol

Anti growth policies are fantastic for property values, FYI...

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Guadaloopy

Guadaloopy 10960

Posted
Posted

Just sold the house here in Chula Vista, CA.  We were pretty aggressive with our listing price and still got more than 8% above ask with 1 month rent back at no cost.  
 

Met the buyers today.   Rolled up with Tijuana plates and no hablan ingles.  
 

Pretty sure this just happened:

1ABA1D1D-9435-4FAB-A9F7-60EA7338ED7A.gif.05d319ca589f08395626aab412bd9eaf.gif

 

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Gil Bang

Gil Bang 25944

Posted
Posted
13 minutes ago, Guadaloopy said:

Just sold the house here in Chula Vista, CA.  We were pretty aggressive with our listing price and still got more than 8% above ask with 1 month rent back at no cost.  
 

Met the buyers today.   Rolled up with Tijuana plates and no hablan ingles.  
 

Pretty sure this just happened:

1ABA1D1D-9435-4FAB-A9F7-60EA7338ED7A.gif.05d319ca589f08395626aab412bd9eaf.gif

 

WTF dude...shoulda listed it with me. 

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hornian

hornian 5214

Posted
Posted (edited)
7 hours ago, mapplewhite132 said:

checking in. 360 and 2222 by bull creek across 2222 from county line

Hi neighbor! I'm in the house that cleared the back yard/put in retaining walls and STILL has my crushed granite being washed away be these storms down towards driftwood drive. 

 

7 hours ago, jimmyjazz said:

Apparently I could throw a baseball and hit you.  Well, when I was 20.  Now I'd have to drive it over.

It'd probably roll down the hill to me. 

 

Edited by hornian
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jimmyjazz

jimmyjazz 45903

Posted
Posted
1 hour ago, hornian said:

Hi neighbor! I'm in the house that cleared the back yard/put in retaining walls and STILL has my crushed granite being washed away be these storms down towards driftwood drive.

I think I know your house, and I think my neighbors are your relatives.

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Armybrat

Armybrat 40832

Posted
Posted (edited)
10 hours ago, Wulaw Horn said:

Yeah- was gonna mention that. It’s a big part

of why ATX property values are going parabolic. 

Article reporting 1,500 Austin houses sold for $100k above asking price so far this year....

https://www.kxan.com/news/local/austin/1500-austin-homes-sold-for-100k-over-asking-price-since-jan-1/

Edited by Armybrat
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jimmyjazz

jimmyjazz 45903

Posted
Posted (edited)

Does anyone think a property tax reset upon sale and new purchase will start diminishing the supply of existing homes even further?  My property taxes would be some 35% higher if I didn't have my exemptions.  That's a lot of money, annual.  I could downsize quite a bit and effectively see no changes in my property tax.  

Add in some 5%-8% cost of selling, I'm here to say I'm really not all that interested in trying to downsize, especially in a still-rising market.

Edited by jimmyjazz
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APMP

APMP 688

Posted
Posted

This boom is ridiculous. We had a ton of damage due to the freeze, and have to rebuild entire chunks of the house, including the kitchen. I really thought my insurance was being reasonable until I started getting GC bids that are twice the insurance payout...all blaming increased materials costs.

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Beantown Express 2.0

Beantown Express 2.0 6559

Posted
Posted

I was talking to my brother in the Tampa area.  They live in a area on the beach in Clearwater that is all townhouses but the are on the water with docks for your boat in back of your home.  He said a guy bought a townhouse last July for $750K.  It was one of the worst townhouses in the subdivision as it did not have water access and had not been renovated.  The guy did zero renovations and put it on the market end of April for 1.5 million.  He got 1.25 million cash offer and sold it a week after listing it.  He has other homes so he had a place to go but it seems nice to make $500K on a house in about 9-10 months.  

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troph

troph 24784

Posted
Posted
11 hours ago, APMP said:

This boom is ridiculous. We had a ton of damage due to the freeze, and have to rebuild entire chunks of the house, including the kitchen. I really thought my insurance was being reasonable until I started getting GC bids that are twice the insurance payout...all blaming increased materials costs.

They aren’t blaming anything. We are way over budget on our build and mu girlfriend is a builder.  We are half way considering pausing development on new projects because of cost increases. It’s really, really bad right now.

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ZB'Tejas

ZB'Tejas 593

Posted
Posted
On 6/6/2021 at 9:51 PM, troph said:

They aren’t blaming anything. We are way over budget on our build and mu girlfriend is a builder.  We are half way considering pausing development on new projects because of cost increases. It’s really, really bad right now.

Have a friend doing a remodel that was originally estimated for $350 a sqft now looking at close to $1000

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UT_OB1

UT_OB1 2218

Posted
Posted
2 hours ago, ZB'Tejas said:

Have a friend doing a remodel that was originally estimated for $350 a sqft now looking at close to $1000

You accidentally add a zero to those numbers?  Tear down and rebuild would be cheaper than 1000/sqft.  Feel like we have to be missing some context. 

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ZB'Tejas

ZB'Tejas 593

Posted
Posted
1 hour ago, UT_OB1 said:

You accidentally add a zero to those numbers?  Tear down and rebuild would be cheaper than 1000/sqft.  Feel like we have to be missing some context. 

Not doing a remodel on the whole thing so I think that's the price on the rooms he is remodeling and inclusive of a big yard project/pool (so yes missing context). Point being price might end up being 3x what he was originally discussing a year and a half ago.

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