Let me tell you a story about pricing a unique home in Austin

In November 2020 I listed a rare property in a neighborhood (off of Bee Caves Road & Cuernavaca Drive near Austin Lake Estates.  This small affordable section Called Lake Ridge Estates is located blocks from Lake Austin where hippies and lake enthusiasts hung out in their mobile homes in the 60’s.  The important point is that  the city of Austin has grown and families moved in to be within 15-20 minutes of Downtown, located in the renowned Eanes School District. The neighborhood has matured but as folks have torn down and rebuilt homes the amount of turnover and recent comparable sales in that section peaked @ a price of $850k.  The home I marketed sits on about an acre land, with a custom pool and had been remodeled from the studs and a casita was added in 2019. How was I going to capture a fair price the home? Here’s What happened.  

I priced the main house with price per square foot adjusted it upwards due to for low number of days on the market

I priced the casita separately.  

I priced recent lots that sold and added that to the value 

I added the price of a pool (50% of value)

I adjusted for market conditions (nothing on the market) Nothing recently available in ANY part of town.

The seller COMPLETELY prepared for resale

PRICE - $1.25M several hundred thousand above the comps

LOCATION

Austin’s most desirable school district

One of a kind OVERSIZED lot 

The setting was gated and private

CONDITION

The main house was Vacant, freshly painted and ready for move in.

It included features that are important to many buyer types including smart home technology, custom inground pool, a variety of decks and idillic vantage points

AVAILABILITY OF SIMILAR PROPERTIES

The home had a casita built just over a year ago

The property was gated with a detached garage.

Few properties like it existed in the area but none had sold in the past year so it was viewed as an anomaly

What’s the moral of the story?

Pricing by dollar per square foot only just might leave money on the table that you deserve

Hi! I’m Lisa Marie Contaldi and my family has called Austin Texas home since the late 80’s.  I’ve celebrated hundreds of success stories and memorable housing experiences helping buyers and sellers achieve their personal financial goals. We’ve all witnessed the astounding changes from a rapidly evolving housing market in Austin through many real estate cycles. Is it time for you and your family to cash out and make the change you’ve been planning for months; or dreaming about for years?

WE ARE knowledge brokers offering an authentic ongoing conversation that will develop your natural intelligence in real estate and other endeavors.
http://lisacontaldi.com