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I've been in Austin for the past three years (moved for work after attending grad school in NY). I've been renting in the Clarskville area (close to the border with Lamar and 6th) and I've been extremely happy with the location.
Now, I'm changing jobs from working Downtown to the 78727 And Im starttkng to evaluate the option of buying a property. I know the Austin market is hypercompetitive and, since I've never owned property here or elsewhere, I'd love to hear your opinion (I'm also speaking with my financial planner later this week).
Key things to know:
-I'm 30 and single, no kids on the horizon hopefully ever, so I don't need a lot of space (600ft would be OK for myself) nor do I need access to good schools
-Make around $100k
-Completely debt free
-carless and would love to remain without a car thought it'd the location of my new job I'll probably need to buy something (I probably buying a cheap car in cash)
-hopefully, I'll be in Austin for as long as I can work here
-Looking to spend between $200k and $350k. The cheaper the better. If only one bedroom, it needs to be cheaper. If more than one, I can go up and lease or the room (not necessary to afford it but would make it easier for me). Id be ok with a 600ft one bedroom or 800ft two bedroom
-So far, I've loved loving in the 78703 and would love to remain in the area. Obviously this limits my options to older condos and I'm ok with that.
-that being said, I'm worried about HOAs. Not only the fees but the lack of control on your own property and the history of mismanagement and even embezzlement
-also worried about the condo market tanking (I guess the risk is there in the housing market in general but looms larger for condos)
-78703 makes sense because of its proximity to downtown (I like to walk and bike) and don't want to be out in the boonies
-not looking for investment property per se, but someplace to live while I build some equity instead of paying rent
Does this make sense? Is there something I'm not considering? Should I continue renting? Are there other neighborhoods I should look at? I thought about 78702 but it's almost as expensive and my commute to the new job would be painful (seems easier just to jump on Mopac from Clarksville).
The long term prospects for any kind of property in Clarksville are good, though I would just be wary of new construction condos as the value proposition is stretched when HOA fees come into play. Given your circumstances and space requirements a condo does seem like the best bet.
I do see one on West Ave that says the HOA fee includes a parking space. Wonder if that could be used as a commodity to offset costs if you don't have a vehicle?
If I was working in 78727 I would strongly consider The Domain. Yes, it is not perfect but like Mueller it is getting better all the time.
Your risk of big fall in prices in 03 is near zero outside a systemic crash. Even then the '03 values will hold up much better than just about anywhere else. That area has it all and the market isn't going to stop preferring it for any reason. Older condo makes a ton of sense if you can find one in good shape. I'd be less worried about HOAs and more concerned over possibility of a special assessment for some unforeseen maintenance issue. Do your due diligence.
Based on what you've said, I would look for a smaller single family home near Duval/Mopac, in Millwood. You should be able to find one $300K +/-, which you can afford. No HOA, Great area minutes from the Domain and across Mopac from 78727. You'll never regret owning the home as it will make a great rental property if you ever need to move or want something bigger. Meanwhile you have the option of taking in a roommate or two and really making the most of it as an investment.
The long term prospects for any kind of property in Clarksville are good, though I would just be wary of new construction condos as the value proposition is stretched when HOA fees come into play. Given your circumstances and space requirements a condo does seem like the best bet.
I do see one on West Ave that says the HOA fee includes a parking space. Wonder if that could be used as a commodity to offset costs if you don't have a vehicle?
If I was working in 78727 I would strongly consider The Domain. Yes, it is not perfect but like Mueller it is getting better all the time.
Thanks, Gnome. I don't see the listing you mention but it may be worth looking into the potential of renting out a parking space. Still, with me moving to work up north, I feel I'll probably need a car (the only other option is to live by the train, and I'm not sure I want to compromise on my location based on the limited train stops).
I haven't looked into the Domain, but will definitely research the area. I know it's up and coming and with the tech boom north Austin, it's desirable for workers there. I'll let you know what I find.
Your risk of big fall in prices in 03 is near zero outside a systemic crash. Even then the '03 values will hold up much better than just about anywhere else. That area has it all and the market isn't going to stop preferring it for any reason. Older condo makes a ton of sense if you can find one in good shape. I'd be less worried about HOAs and more concerned over possibility of a special assessment for some unforeseen maintenance issue. Do your due diligence.
That's what I've got from my research, too. That 03 will likely maintain it's value very well. I agree it's one of the best if not the best area central downtown.
Assessments do freak me out -I'm trying not to buy "too much house" to end up house poor so I have a nest egg for unforseen house expenses. I think this is the biggest issue for me -as a perennial renter, it's difficult to wrap my head around potential repair costs when I've never had any. But I know that, at my price point, I'm getting into old properties, so I need to get comfortable with that (and make friends with a contractor!).
Based on what you've said, I would look for a smaller single family home near Duval/Mopac, in Millwood. You should be able to find one $300K +/-, which you can afford. No HOA, Great area minutes from the Domain and across Mopac from 78727. You'll never regret owning the home as it will make a great rental property if you ever need to move or want something bigger. Meanwhile you have the option of taking in a roommate or two and really making the most of it as an investment.
I hadn't looked at houses in the Milwood area. Indeed, it looks like a great neighborhood. It's also cool that some homes are zoned to RRISD, which I hear can be in high demand. Thanks for the recommendation!
I'll start doing some research on it. I just saw a small three bedroom listed for under $180k but I guess it's sold, because I don't see it for sale anywhere. Still, I'll keep an eye out on the area. It'd allow me to live mostly car free, which will also be good for me. I'm a little worried about the large yards in some houses (OK, I know houses with under .3 acres are not large by TX standards but for me, an urban apartment dweller, they seem daunting and are definitely more space than what I need!). I'd rather live in a place with outdoor public amenities than large houses and yards. I just like how smaller homes force people out of their homes and help make more of a neighborhood feel.
It seems that the market here moves crazy fast, so I'm speaking with my realtor early next week hoping to find something soon.
If there's anything I'm missing, please keep the feedback coming!
I hadn't looked at houses in the Milwood area. Indeed, it looks like a great neighborhood. It's also cool that some homes are zoned to RRISD, which I hear can be in high demand. Thanks for the recommendation!
I'll start doing some research on it. I just saw a small three bedroom listed for under $180k but I guess it's sold, because I don't see it for sale anywhere. Still, I'll keep an eye out on the area. It'd allow me to live mostly car free, which will also be good for me. I'm a little worried about the large yards in some houses (OK, I know houses with under .3 acres are not large by TX standards but for me, an urban apartment dweller, they seem daunting and are definitely more space than what I need!). I'd rather live in a place with outdoor public amenities than large houses and yards. I just like how smaller homes force people out of their homes and help make more of a neighborhood feel.
It seems that the market here moves crazy fast, so I'm speaking with my realtor early next week hoping to find something soon.
If there's anything I'm missing, please keep the feedback coming!
If you like what Clarksville has to offer, and you seem to, you'd be absolutely miserable in Milwood, a standard suburban neighborhood which is not aging well. I'd reconsider this 'advice' seriously.
If you like what Clarksville has to offer, and you seem to, you'd be absolutely miserable in Milwood, a standard suburban neighborhood which is not aging well. I'd reconsider this 'advice' seriously.
Why do you say it's not aging well? That can be said of any neighborhood in Austin entering or already well into the revitalization stage of the neighborhood life cycle. Prices have popped the past 3 years and I don't see any reason for a reversal. Location is stellar as it comes for a non-walkable but convenient location.
Also, many buyers cross-shop seemingly opposite lifestyle areas. Buyers can and do anguish over a 5 acre ranchette out past Dripping vs a Downtown Condo. Happens all the time. I can give countless anecdotal accounts. Just because someone feels attracted to a skinny redhead doesn't mean they can't also feel it for a Rubenesque Brunette.
Finally, I'm a believer in "know what you're saying no to", and think people should avoid ruling something out prior to investigation, especially when so many housing criteria are whimsical and/or superficial.
I absolutely love the amenities in Clarksville. I especially like that those amenities are within walking distance (I'm OK with walking a mile or two to get places). I also like the Clarksville neighborhood feel (I haven't been to Milwood yet, though) which I suspect is strongly correlated to its walkability. Just for comparison, I'd pretty much prefer the "rougher" areas of East Austin with people outside their homes and kids playing/walking around than suburban neighborhoods that are of course nicer but feel more "sterile" because people just hang out inside and not outside. In many posts here I see people leaning towards the latter because they have kids and also want access to specific schools, which are a non-issue for me.
Milwood (and in general the area around the Domain) would offer a shorter commute, which sounds awesome. Though the commute from Clarksville is not bad (40 min in traffic, 20 no traffic).
Still, there are two factors that I need to evaluate, though:
It's very likely that, because of the location of my new job, I'll need to get a car anyways to get to work. I'm not crazy about it but there's not much I cant do (the bus would take forever!). If I'll be commuting for work anyways, I need to determine where my "play" area will be -right now, for example, is limited to a radius of 3 or 4 miles from my apartment. I'm not sure if changing that will good or bad but so far I've never felt I'm missing out on something because it's too far
Opening my search to areas around the Domain makes single-family homes an option. Again while I'm not after sq footage or a having a yard, not dealing with HOA fees and surprise assessments does sound enticing. Still, as a first time owner, an HOA could be a good thing instead of the trouble I'm picturing
I'm crunching some numbers this weekend. It also seems that total cost of home ownership is a lot more than I expected. Not awful, but I still need to take this into consideration.
With Clarksville being my preferred 'hood, I want to keep an open mind. I'm looking at condos DT too (older properties) and next week I'm going to go to Milwood but are there other neighborhoods I should consider? Are there other factors you see I'm missing but could be relevant?
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