Austin Market has truly gone to **** (San Antonio, Garland: bankrupt, good schools, quality of life)

[ScoPro]

Originally Posted by ashbeeigh

Would you move to Lockhart?!

We considered it, but most of our family was on the far north side of Austin at the time 25 years ago.
In other circumstances it would certainly have been high on the list.

We are no strangers to small towns, as my wife was raised in Taylor and our first home after marriage was a two year stretch in Giddings.
Lockhart is a much better option than Taylor IMO, and lightyears above the latter.

[ScoPro]

Originally Posted by Trainwreck20

Back in the day, the 'smell of money' in Lockhart was not far behind the same smell in Luling. Both have improved enormously, but there are still whiffs of it here and there. That has always been the biggest deterrent for most people. There is an HEB there and a Walmart, although no Target or Home Depot. It is a pretty quick trip into San Marcos

Heh, my wife did her student teaching in Luling in 1967.
There was a working pumpjack 20’ out the door from her garage apartment.

[Need4Camaro]

Originally Posted by ashbeeigh

Nope. Driving more than 10 minutes to get to things I like is even a stretch for me.

I’m trying to understand this analogy though. Not trying to be mean but trying to be realistic, there are over 1 million people who live in the burbs of Austin currently, I’m pretty sure many of them want commutes less than 10 minutes in which in irony drives up the cost to live in places closer in, however; many are willing to sacrifice commute times for other quality of life attributes, that or equity (or both).

If you knew 100% for certain that you would never be able to purchase in the area you wanted to live in, would you still choose to live there? Don’t get me wrong I’m not knocking you but trying to understand what your biggest priority is ... I personally would rather live further away and accrue equity and I’m sure thousands of people would love to be closer but not everyone can and they have to make compromises... and I’m not specifically inciting you to move to Lockhart specifically but trying to grasp your concept of suburban living and why you would never consider it when it could potentially be beneficial in other areas of your life.. ..in general as I personally see nothing wrong with living further out to make the best means of financial resources as well as more property rights in sacrifice for a longer commute.

[ashbeeigh]

Originally Posted by Need4Camaro

I’m trying to understand this analogy though. Not trying to be mean but trying to be realistic, there are over 1 million people who live in the burbs of Austin currently, I’m pretty sure many of them want commutes less than 10 minutes in which in irony drives up the cost to live in places closer in, however; many are willing to sacrifice commute times for other quality of life attributes, that or equity (or both).

If you knew 100% for certain that you would never be able to purchase in the area you wanted to live in, would you still choose to live there? Don’t get me wrong I’m not knocking you but trying to understand what your biggest priority is ... I personally would rather live further away and accrue equity and I’m sure thousands of people would love to be closer but not everyone can and they have to make compromises... and I’m not specifically inciting you to move to Lockhart specifically but trying to grasp your concept of suburban living and why you would never consider it when it could potentially be beneficial in other areas of your life.. ..in general as I personally see nothing wrong with living further out to make the best means of financial resources as well as more property rights in sacrifice for a longer commute.

I don’t know the answer to any of that. That’s why I’m renting and move every few years. My top priority, honestly, is easy access to dog activities and safe running options. In all the places I’ve lived in Austin I’ve had both. I’ve done 45-minute commutes in Austin and it out a toll on my quality of life. I’ll figure it all out one day, even if it means buying a cheap condo in 78741 with a postage stamp backyard. Or just have my funding ready for an affordable home in mueller to come up. I think we both have different values and interests here. You seem to put a premium on being a homeowner, even if it means being far from things you like (but you like to drive) my priority is being close to things, even if that means renting until the time is right. I can walk to one workplace and am six minutes to another. The rest are twenty minutes away. I’m not sure why I would change that just to own a home without the quality of life I need that is forty minutes away from work.

[Need4Camaro]

Originally Posted by ScoPro

We considered it, but most of our family was on the far north side of Austin at the time 25 years ago.
In other circumstances it would certainly have been high on the list.

We are no strangers to small towns, as my wife was raised in Taylor and our first home after marriage was a two year stretch in Giddings.
Lockhart is a much better option than Taylor IMO, and lightyears above the latter.

Way off topic but since we’re on topics of small towns, have you ever been to Bowling Green KY? It kind of shocked me the first time I saw it. It was actually a pretty nice place for a place most would consider remote. Not an easy commute to Nashville but it kind of felt like a diamond in the rouge in some ways.

[Trainwreck20]

Originally Posted by Need4Camaro

Way off topic but since we’re on topics of small towns, have you ever been to Bowling Green KY? It kind of shocked me the first time I saw it. It was actually a pretty nice place for a place most would consider remote. Not an easy commute to Nashville but it kind of felt like a diamond in the rouge in some ways.

I was there for the Bowling Green Massacre and decide it was too rough for me!

[Austin97]

personally I would take the smallest crappiest sfh as close in as I could afford. I prefer SFH to condos because as your circumstances change you can add more square footage.

The smallest lot size is something like .07 acres. If you buy something with a .15 acre lot, you might be able to split it and recoup your costs. if the house is pier and beam it is only moderately expensive to move it on the lot.

Something like this home, 375K, 1200sq ft, .17 acres. If you cant afford a traditional loan, get a hard money loan, move the house on the lot, split the lot, and sell the other lot for 250-300K. Or sell the house+half lot for the same amount and then build your house on the empty lot.

This is definitely hard, which is why everyone doesnt do it.

[Westerner92]

A couple of my friends in Austin just started being able to get into the housing market this past year. So far, just one success story, and a lot of things had to line up just right.

The house was ~80% renovated, with most of the "hard stuff" like HVAC, electrical, and exterior having been updated, but there was no landscaping, the interior could use some updating from the 90s, and a couple appliances were missing. The owner was renovating his deceased mother's house while living in Dallas and didn't want to pony up the taxes to extend the renovation time. This put it in a sweet spot where it wasn't quite valuable enough for the flippers and quick turnaround money, not turn-key ready like what most buyers and rentiers are looking for, and an eager seller. It didn't have any offers for 10 days, so my friend put in a serious offer for asking price with 15+% down, accepted a +$5K counter under the condition the go under contract before that evening's showings.

I know all this because they asked me to look over the appraisal to see if I had the same issues with it as them. It came in $15K under the contract price, which would have been a big hit to their renovation budget to make up in cash. The renovation budget was already only possible because they worked it out with their lender to reduce the down payment. I noticed that the appraiser didn't value the covered outdoor space, had inconsistent lot size adjustments, and most bizarrely, adjusted for market appreciation assuming 1.1%/year. Pointing out those specific things in the appeal helped get them to come up to the contract price. That contributes to market inflation, sure, but it helps less cash-heavy buyers get in as well. I'm doing my first Austin visit since the pandemic to lend a helping hand for some of the interior reno in exchange for beer and a place to crash.

[VAF84]

Originally Posted by Need4Camaro

Way off topic but since we’re on topics of small towns, have you ever been to Bowling Green KY? It kind of shocked me the first time I saw it. It was actually a pretty nice place for a place most would consider remote. Not an easy commute to Nashville but it kind of felt like a diamond in the rouge in some ways.

@Need4Camaro - Not to derail the thread to far, but glad you brought Bowling Ky up. We have to move to Madisonville KY for a couple of months for my next project. I was hoping to stay in BG, KY as it seems to have more to do, and because of the Corvette museum/track (love cars). You're comment made me more excited for the time we're going to spend in that area. Also, another colleague of mine said, give it a month and you'll be moving here. Looking forward to the visit!

@Austin97 - Buddy of mine told me that was the way to go. Get one lot, fit two townhomes, then one practically pays for the other.

If I had to bet on the next up and coming area I'd say Lockhart. I've long considered another rental there or making it my primary hub. It has easy access to quite a few cities (Austin, San Antonio, San Marcos, New Braunfels, Bastrop), and real estate is still accessible. Also, if COTA gets developed similarly to the Domain, then it will be like driving from RR to the Domain (20min). That will make it much more appealing.

[ashbeeigh]

Originally Posted by VAF84

If I had to bet on the next up and coming area I'd say Lockhart. I've long considered another rental there or making it my primary hub. It has easy access to quite a few cities (Austin, San Antonio, San Marcos, New Braunfels, Bastrop), and real estate is still accessible. Also, if COTA gets developed similarly to the Domain, then it will be like driving from RR to the Domain (20min). That will make it much more appealing.

And you investing and making these big claims is what makes housing lesss affordable for first time and financed buyers to buy. Saying COTA will be like the Domain is saying the Del Valle will actually get an HEB. Oh wait, COTA is in Del Valle, Austin just annexed it so they could get the tax revenue.