Austin Real Estate Guru
Austin Real Estate Guru
Pricing a Unique Home- Based upon a TRUE STORY
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