How much more would you pay for location in Austin

R

Ramathorn

1,000+ Posts
Condo A = 135 K, in Allandale, Burnet/Anderson
Condo B= 101K, Gracie Farms and Burnet.


Condo A is slightly nicer, and smaller though. I guess the question is is location really worth roughly 30K, in Austin.


I'm not some hipster. I am a young guy with a kid, but I still like to have some fun, and I do love the Allandale area.
 
the difference in your mortgage payment will be, what, $25? That's worth the sanity you save by being central.
 
25 bucks? Isn't it more like 300 bucks? For every 10k financed, isn't it usually 100 dollars a month?


And what new arrivals?
 
How long do you intend to live in this condo before moving on?

Which property has a better potential for appreciating in value over whatever term is the answer is to the 1st question?

Which property is newer?

Which peroperty, if in similar age range for when it was built has new(er) appliances & fixtures?

Have you gotten any kind of an inspection on either one of the buildings to look for defects?

Which one has brick on all or most of the sides & which one has Hardie panel / Hardie siding?

Does either one have Masonite?

What kind of age does the roof have? If it's more than 10 years, there is every potential that a thorough roof inspection should be performed. Even though it's a condo, you do share a roof with the other building inhabitants & you'll want to limit your potential exposure to special assessments... (Note: Burnet & Anderson Lane was right in the 'blast zone' for the Good Friday hailstorm 3 years ago; the roof of EVERY structure in this area was hammered, so the bldg. in this area should have a pretty recent re-roof).

What is the sovlvency of the respective homeowner's association? This can't be overlooked as an association that is running on empty won't be able to withstand any kind of unforseen expense like a busted water system or old siding that is falling apart.

You should also look into the makeup of the board & talk to other residents about these people. You don't want a super nosy board, but then you don't want people hosting parties every night of the week.

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Condo A will soon have a fancy new Wal-Mart within walking distance.

Seriously, I don't know specifically where either of these are but when I hear the words "Gracy Farms" I think "run down early 80's NPC crap now turning into crack alley". I guess Gracy Farms/Burnet, though, is closer to Mopac, away from the Gracy Farms/Braker/Metric stuff. How close is it to The Domain?

Still, I'd spend the extra money and get into Allandale.
 
guapo, i think it's stoneliegh at gracie farms. There's a dirt cheap foreclosure there. They look exactly like apartments and they're somewhat isolated. But that price cant' be beat.
 
I paid about $50K more than condo B to live in the Enfield/Exposition area. But I am young and like to cab it downtown for <$10. I also work downtown and it is really convenient to live down here.

Some people I work with live in San Marcos or even San Antonio and I can't understand why in the hell they would choose to live that far away and work in downtown Austin. If it takes me longer than 15 min to get to work I get pissed.
 
Definitely check the HOA fees and when they were last increased. What do their books look like? Are the fees likely to increase soon? The Property Manager should be able to provide insight.

What has been the property tax trend? The Allendale area land values have been increasing rapidly.

There are quite a few condo foreclosures around for very attractive prices so be sure you've done your homework. I suspect the Gracy Farms property is considerably newer and may not have as much maintenance coming up. There are some decent properties along GF and it's very close to the Domain which should help valuation. Not sure how close the other property is to Northcross, but that giant Wal-mart may not be a big plus depending on the exact location.
 
amount of other units in the complex for sale, and for how long too. you might get into a place you can't get out of when/if you want to do so.
 
Rama, are you looking at the condo conversion extend a stays in Allendale? If so, I really like the layout of the actual units. The maxed out ones are pretty sharp with all the new appliances and upgraaayeeds. Also, wal mart is putting in some massive hedge row between them and the complex to ease any 'fears.'
 
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