Just ten years ago, buyers had many more options when looking to invest $200 K in the Austin real estate market. The median sales price of residential homes in 2008 was only $192,000. You could buy a cute little Bouldin cottage, pretty much anything east of I35, or a modest sized home in Lakeway.
Today, options are far more limited. In my opinion, with a $200,000 budget in Austin you have four options: a condo, a home in the suburbs, a fixer-upper in a less desirable area or land.
If you’re thinking about putting that $200K into a condo, you’re in luck. There are quite a few condos available for that price today. Unfortunately, the majority of them are 1 bedroom units, and they average around 600-700 square feet.
Need a little more space? You will likely need to go farther out to find the right home. New construction neighborhoods in Buda and Kyle have three plus bedroom homes starting at under 200K. You can also find move-in ready homes at this price point in northern suburbs such as Round Rock, Hutto, Pfluggerville, and Leander. East of Austin in Manor, you can also find homes at this price point.
Considering going the fixer upper route? If you want to be as close to downtown as possible. Your search will likely occur mostly in the East Austin neighborhood of Montopolis. Approximately five miles from Downtown, you can’t find another pocket with this many homes for sale under 200K so close to the city’s center.
If you want to follow the wisdom of Mark Twain and buy land, you have a few options with a $200K budget in the Austin area. You could buy a tiny, postage stamp lot in Crestview or close-in East Austin. Or, you could have your money go a little further and get almost half an acre in Oak Hill. Take your money up north, and you can likely find an acre or more in someplace like Hutto or Liberty Hill.
On a slightly overcast morning, on the last day of July, I sat down with interior designer, Alyssa Rome to discuss design trends, life in Austin, and her company Studio Krewe Design. As Rome mentions on her website, studiokrewedesign.com, a “krewe” is a “an organization or association that stages a parade or other event for a carnival celebration.” As a proud LSU graduate, Alyssa has many joyful memories of Mardi Gras festivities. Now, Rome uses these memories as fuel for her design work as she sets the stage for celebration in ordinary spaces.
You’re fairly new to Austin, what brought you to Austin and what made you declare the ATX as your “forever home”?
My husband and I moved here about 3 years ago. We didn’t really move here for any particular reason. We both loved Austin, and were living back in East Texas when we decided [to move]. We were actually renovating his parents’ ranch house when I decided to go to nursing school for some crazy reason. I had some kinds quarter life crisis; that was short-lived though. Anyway, we were out there in his truck leaving the house, and we just were chatting about where we were gonna live next and I said, “How about Austin?” and he goes “okay!”
So, he just agreed, just like that?
Yep, that was that. He found a job working at a music management company, and actually moved down before I did. I was trying to find a job at an interior design firm, but I didn’t find anything right off the bat. I actually was going to nanny. I felt really bad about this, but the couple hired me to nanny their son, and the next day I found out I got a job at an interior design firm. So, I was like “I’m so sorry!”
And, where was that?
It was at Butter Lutz Interiors. They’re up in Tarrytown.
Ok, so now you have your own company, Studio Krewe Design. When did you start your own firm?
I started it last year. I guess officially in May, and that was sort-of a…I dunno. I wasn’t totally happy where I was at. I loved the designer I worked for… it was just me and her, that was the company. I was doing a lot of the design work, and just sort of feeling like I was ready to be more independent. But, since it was just me and her, and it was her business, everything was still hers. I was ready to have my own designs, my own clients. My mom is an interior designer and she’s been on her own for 15 years, wait no, it’s probably been more like 20 years. She was like I’ll help you get started. So, that was that. I don’t think I could have done it without her.
So, it sounds like your mom really inspired you to lead a career in interior design, probably from a young age.
Oh yeah, yeah.
So you’ve had bouts where you thought about doing other things. I think I read somewhere that you said you wanted to work with animals at some point, maybe in a veterinary capacity, and then you mentioned nursing school, and then ultimately you came back to interior design.
Yeah, I had always dabbled in interior design. I had worked with her growing up, and I always enjoyed it. But, it’s that feeling of not wanting to do what your parents do.
But, here you are, following in your mom’s footsteps, and you sound like you’re loving it.
Yes, I love it. It’s the perfect balance of an artistic release and also problem solving, and working with people.
Do you remember your first design project?
My first solo project, or my first…?
Sure, or even working with your mom for the first time, back when you were a kid
I remember the first time she asked for my help. I was back in high school and she was looking at fabrics for draperies and she was like, “do you like this one or this one?” She just had two fabrics, and I was like, “I really like this one better”, and she was like, “yeah you’re right”, and I was like yeahhhh!
That’s awesome. What was your first solo design project?
That would be Eleve Cosmetics. Well, that wasn’t the first one I completed because it took forever to actually complete it, but they were the first client to hire me.
Gotcha, how long did it take?
We started working on it last summer, and they opened this spring. So, almost a year.
Wonderful, What’s the style of Eleve?
It’s very girly.
Of course, it’s a cosmetic store
Yes, it’s a cosmetics store and a champagne and wine bar. It was such a fun project. It’s definitely transitional. They have two large big blue velvet chesterfield sofas in there and some gold accents, and lots of fun prints and wall paper and tile.
I love that, did you draw inspiration from their product design in any way or what do you think really inspired you in that space?
A little bit. A lot of it was just gauging their personality and what they love. But, they were also super easy. Everything I showed them they loved.
Well you must have just had a great sense of design and understood their taste and had good intuition.
Well thanks, I tried. It’s definitely a lot of my personal style in there too which made it fun.
What is the most frustrating aspect of your job as a designer? And the most rewarding one?
I think the most frustrating aspect is when people don’t listen to me- in a nut shell. I always try to have my clients’ best interests at heart. I’m not going to tell you to spend a ton of money on something that I don’t think is worth it. Or, I’m not going to come up with a design that isn’t feasible or isn’t going to look good. I think the only time the frustration really occurs is when people have a hard time visualizing things. A lot of times this frustrates me, which I obviously don’t let my clients see. You just have to think of different ways to show them and explain to them - this is what it’s going to look like, and it’s going to look awesome! That’s kinda what’s hard. You have to build rapport with your clients, build trust, and get to know them. Which I always do. Once you form that relationship, it gets a bit easier to you know, get them to listen to you.
And the most rewarding?
When I get to see a vision come to life. Like with Eleve. I mean I designed that place from the ground up. It was my vision, and it was just so cool to see that come to life. Now, that it’s like a working functioning business. I don’t know it’s just pretty cool.
Absolutely, and after so long too.
Yeah, for a while there it was like “is this even real???” “Is this ever going to happen?”
What’s your favorite new design trend?
Design trend? Well, I do love wall paper. I think everybody should wallpaper their powder bath. I think it’s such a fun way to add interest to a space and texture. I love grass cloth wall paper. One of the projects I did was a guest bedroom, and we did a grass cloth accent wall behind the bed. It had bluish tones, and I thought it was so pretty. It added some really cool texture and warmth.
Is there any style or trend that you wish would just completely disappear?
I’m personally not a fan of the minimalist look, but I know a lot of people are. I don’t like to walk into a space and feel like it’s sterile, it kinda freaks me out.
What places inspire you?
I love how much nature there is in Austin. If I’m having a stressful day, I’ll take my littlest dog down to the creek, and just look around at the beauty. It inspires me, and allows me to get centered again.
Ok, so this is a personal question of mine. I’ve had this come up. We touched on having disagreements with clients earlier. So this is a disagreement I had with a client of mine. How do you feel about rugs over carpet?
It depends on the carpet
And the rug
If it’s a very low pile carpet, and a neutral tone, and that’s your only option, then I think its ok. But, I wouldn’t purposely put carpet down and then a rug on top of it.
What’s one thing you think everyone should have in their home? It doesn’t necessarily have to be design related…
Dogs! No, I’m just kidding. A piece of art that you love.
Yes, that’s something I really need.
The piece of art we have in our entry is my favorite piece of art in our whole house, and it’s this painting by an artist I love that my husband got for me as a wedding president. He surprised me with it the night of our rehearsal dinner.
That’s something that I feel you shouldn’t rush into purchasing. It’s something that you have to find that’s right and it calls to you.
Yeah I have a cardinal. His name is Spartacus, he bangs into the window all day every day. Anyway…locally what are some your favorite spots to shop for home decor items?
A lot of it depends on budget. I do love all the vintage spots. I’ve been incorporating a lot of vintage pieces into my work lately. Uptown Modern, that’s a really cool mid-century place. Revival Vintage… let’s see I’m blanking on the others now. You’re putting me on the spot. But, you can follow a lot of them on Instagram and see what’s new. They’ll post new items daily, so I’ll check and see if there is anything I have to have. Sometimes, I even buy unique pieces and then I’ll store them in my garage so when the right project comes along I have the perfect piece.
If you are only going to splurge on one item for the home, what should it be?
Probably upholstrery… the sofa. Because you can buy a cheap sofa, but then you’re just going to have to keep buying cheap sofas every couple years. Especially if you have kids, or pets or whatever. So, I always tell my clients it’s better to just put down the money now. Buy a sturdy sofa that’s going to last you twenty years, and it’s going to be worth the investment.
That’s interesting. I’ve actually been wanting to take upholstery classes.
Oh that sounds fun! I’ll do it with you.
What differentiates you from other interior designers?
I can’t say this about all designers. But, I think that there are some designers out there that are doing it for different reasons. I would say that I definitely have a lot of heart into this. I know designers that markup 20% across the board, no matter what. They will charge you this price, if you can’t afford it too bad. It means more to me to make the client happy, and to make our vision, our project come to life, than to make a ton of money on a project.
Alyssa Rome lives in Austin, Texas with her husband Chris, and her three dogs Roux, Riley, and Chunk. She works with both residential and commercial clients to bring simple spaces into aesthetically pleasing works of art. If you are interested in learning more about Alyssa, and Studio Krewe, please visit studiokrewedesign.com
It’s HOT, HOT, HOT right now. With temperatures in the triple digits, the idea of jumping into a pool sounds absolutely glorious. But, does having a pool make your home more desirable to buyers? If you install a pool, will you recoup your investment? Does being able to make a splash really result in extra cash?
In 2017, homes in the greater Austin area with a pool had a median sales price of just under $550K. In comparison, homes without a pool had a median sales price of just under $300K. Looking at these stats, it’s easy to come to the conclusion that homes with a pool sell for more money than those without. In the luxury market, this is especially true. 2017 home sales in the 78746 zip code, which covers the greater Westlake area, showed that homes with a pool sold for almost half a million more than those without a pool. When you look at more moderately priced neighborhoods, the economic value of a pool is less extreme. In the south Austin zip code of 78745, homes without a pool had a median sales price of $300K in 2017. Those properties that allow owners to cannonball at their leisure show a median sales price of $350K.
Slightly less than 10% of homes sold in 2017 had a pool, and it doesn’t seem like people have been adding pools to their homes either. This percentage has remained relatively constant over the past ten years. Maybe, this is because a basic pool will start at around 25K. Start adding decking, waterfalls, and a hot tub and that number can easily reach 60K.
In reality, deciding to install a pool is a complex decision. First of all, you need to consider how long you will stay in your home. In order to break even on a pool investment, you will likely need to live in your home for at least 10 years. However, you also want to consider the lifestyle implications. Is having a place to relax after a long day in 103 degree weather important to you? Are pool parties with all of your family and friends going to add value to your life. Will being able to go for a quick swim save your sanity?
Lastly, you want to consider the characteristics of your property. Is your home located in an affluent neighborhood where pools are considered the norm? If so, you will most likely recoup your investment more quickly. Is your lot large enough for a pool? Does the general topography lend way to a perfect place for a pool.
All in all, having a pool this time of year is awesome. But, deciding if your home should have a pool or if you should just crash the neighbors is a personal decision. Dip your toes in the water before you plunge.
If you’re just sick of the heat and ready for a home with a pool, take a look at these Austin area home with pools.
If you’re preparing to put your home on the market, you are probably staying busy cleaning, de-cluttering, and starting to pack. You may also find time slipping away from you as you spend hours perusing Zillow searching for your dream home. However, have you even thought about gathering these important documents? By taking the time to locate the following items will make selling your home much easier. After all, you don’t want to find yourself unpacking box after box looking for that overstuffed home folder when you have a ready buyer prepared to purchase your home. So, do yourself a favor and gather these docs now; you’ll thank me later.
When you purchased your home, you likely obtained a survey for the property. If you haven’t made many structural changes to the footprint of your home, and it hasn’t been five decades since you purchased the property, you can likely still use the survey when you sell the property. When a buyer submits an offer on your home, they can select to use the existing survey or opt for a new survey. If you have an existing, reliable survey, it’s unlikely the buyer will ask you to purchase a new one. A new survey will cost at least a few hundred dollars, so do yourself a favor and find that survey today. It’s important to make sure the survey has the surveyors seal; however, you don’t have to have the original copy.
2. Floor plans
If you have existing floor plans for your home, find them. A prospective buyer may have different needs than you, and may want to alter the home to fit those needs. Floor plans make it easier for buyers to make an informed decision about the costs of remodeling. Floor plans also save buyers time and you the inconvenience of allowing them back into your home to take measurements. With a floor plan, a buyer can easily start imaging how their furniture would fit in your home.
3. Repair receipts
Did you install a new roof a few years ago? How about HVAC work? These big ticket items are often areas of interest to prospective buyers. If you can provide documentation that a new roof was installed just last year, buyers will find your home more appealing knowing they won’t have to incur roof repair costs in the near future. It’s also good to document bids for repairs you didn’t make. Maybe you thought about adding an external propane tank so you could install a gas stove but you never did. Buyers may similarly express interest in installing a gas stove, and this bid could be the last piece propelling them to put an offer in on your home.
4. Loan Statement
This one is muy importante! In order to determine how much you should list your home for, and to assess if an offer is acceptable to you, you must know how much money you have in the home. You likely receive a monthly statement from your loan provider and it will state the loan payoff amount. Keep this number in the back of your mind as you prepare to sell your home.
5. Utility Bills
Buyers often want to know about utility costs. This is another piece of the puzzle that makes up their monthly living costs. If you can provide documentation for your utility costs (especially if they are low) it will make it easier for a buyer to commit to your home. If you can find your statements for electric, water, gas, and trash for the last 12 months. You or your agent, can then average the costs to provide an estimate to prospective buyers.
6. Manuals and Warranties
If you kept all your manuals for your appliances, good for you! A buyer will find these documents helpful and you can put them all in an envelope with a pretty little bow to deliver to them at closing. Warranties will work in your favor, if they are transferable. Remember that fictitious roof repair I alluded to earlier. New roofs usually have a one-time transferable warranty attached to them. So if something happens to the roof after you sell the home, the new buyers will still be protected by the contractor’s warranty.
For other great tips on getting ready to sell your home take a look at these posts:
Prioritizing Upgrades When Preparing to Sell Your Home
Increasing Your Home's Value
Prepping Your Home Now to Net the Most Money on Your Austin Home Sale
If you’re thinking about selling your Austin area home, contact me today.
Sunset Valley is a small independent city surrounded by Austin. It is located about 15 minutes southwest of downtown Austin near the intersection of Hwy 290 and Mopac. Sunset Valley is probably best known for its large shopping centers with a variety of big box retailers such as Home Depot, Home Goods, TJ Maxx, Academy Sports and Outdoors, Nordstrom Rack, Old Navy and many others. However, this small city also has some of the most beautiful tree lined residential streets.
Sunset Valley was founded in 1954, and the entire city measures just one square mile. According to the 2016 Census, Sunset Valley has a population of 696 residents. There are only about 150 residences in the City of Sunset Valley. Homes in Sunset Valley tend to be on larger lots, and residents of Sunset Valley enjoy an extremely low property tax rate of just under 1.8%. Much of Sunset Valley is dedicated conservation land; Williamson Creek runs through Sunset Valley, and a handful of residential lots are partially located in the floodplain.
In 2017, there were only 8 residential sales in the City of Sunset Valley. The following trends are based on these sales.
Average Home Size: 4 bedrooms, 3 baths (2,940 square feet)
Average Lot Size: .956 Acres
Average Year Built: 1983
Average Days on Market: 39
Median Home Sales Price: $665,950
If you are interested in purchasing a home in Sunset Valley, you can click here to view all available homes for sale in Sunset Valley.
The most recent market report for Austin area home sales was just released by the Austin Board of Realtors. May’s market report showed continuing trends of rising prices, low supply and strong demand in the Austin market. The median price for homes within the city limits rose to the greatest price ever of $389,000. Outside the city limits, prices continue to rise as well. In the greater Austin area, the median sales price increases 5% year over year to $325,000 last month.
Rising home prices in the greater Austin area continues to make it challenging for many first-time home buyers to purchase a residence in the Austin area. Home prices are increasing at a rate far greater than median family income. Data from the Department of Housing and Urban Development (HUD) shows the Austin-Round Rock median family income increased 17.5 percent from 2013-2018. Over the same time frame, median home prices in the Austin-Round Rock MSA increased 42.5 percent.
With the steady demand for Austin housing, builders struggle to keep up with the steady influx of buyers. Antiquated building restrictions, and an inundated city staff further delay the creation of more housing. As we have seen in past months, buyers are flocking to the suburbs in search of more affordable housing options. In order to encourage the growth of affordable housing within the city limits, there must be changes made to the city’s land code. Conflicts over the City of Austin’s CodeNEXT plan are further delaying the ability for developers and builders to take action towards the City of Austin’s housing crisis.
If you’re interested in learning more about what’s happening in your specific local market, contact me today. I’d be happy to provide a detailed market report for your specific zip code.
Looking for a fun activity to spend the day with Dad this Father’s Day? Look no further; here are 10 ideas for celebrating the day with Dad on June 17th, 2018 in Austin, Texas.
Father’s Day in the Park by Austin Symphonic Band
Zilker Park- Hillside Theater
Austin, Texas 78704
Banger’s Sausage House & Beer Garden Big Band Brunch
79 Rainey St, Austin, TX 78701
Father’s Day at Live Oak Brewing Company
1615 Crozier Ln, Del Valle, TX 78617
Father’s Day Screening: True Grit @ Alamo Drafthouse Slaughter and Lakeline Locations
5701 W Slaughter Ln, Austin, TX 78749
14028 U.S. 183, Austin, TX 78717
Round Rock Express Baseball Game
3400 E Palm Valley Blvd, Round Rock, TX 78665
Marble Falls Soapbox Classic
3rd and Main St. Marble Falls, TX 78657
Chocolate Tastings and Whiskey Pairings at Delysia Chocolatier
2000 Windy Terrace #2c, Austin, TX 78726
Father’s Day Bikes and Beer Bash at Friends and Allies Brewery
979 Springdale Rd #124, Austin, TX 78702
Father’s Day Brunch Buffet at the Oasis
6550 Comanche Trail, Austin, TX 78732
Father’s Day BrewBCruise
208 Barton Springs Rd, Austin, TX 78704
If you’re looking to purchase a property in the Austin area, it’s important to consider property tax rates. Throughout central Texas, these rates can vary drastically from just under one and half percent to over four percent in some areas. These rates can make a big difference in your monthly mortgage amount and in your purchasing power. For a $300,000 home with a 1.5% tax rate your annual taxes would be around $4,500. With a 4.9% tax rate, you would expect to pay about $14,700 annually for a home of the same price. Of course, if you intend to use this home as a primary residence you would be eligible for a homestead exemption which reduces your annual property taxes. Regardless, if you’re considering moving to the Austin area you may want to look for homes in areas with lower tax rates. Thus, I have compiled this list of South and West Austin neighborhoods with property tax rates under 2%.
Sunset Valley (1.87%) is a small city about fifteen minutes southwest of downtown Austin. Homes in Sunset Valley are in the lowest tax rate on this list, and it is also one of the closest neighborhoods to Downtown. Unfortunately, the population is small (less than 700 residents according to the latest census), and that makes available inventory in Sunset Valley scarce. Click here to view all homes for sale in Sunset Valley.
Rollingwood (1.96%) is another independent city adjacent to Austin city limits. Residents of Rollingwood enjoy a great quality of life enjoying the benefits of a small town community feel while also being less than 10 minutes from downtown Austin. The median home price in Rollingwood is one of the highest in the Austin area. However, homes in this neighborhood do feed to the exemplary Eanes ISD. Click here to view all homes for sale in Rollingwood.
West Lake Hills (1.91%) is located just west of Rollingwood. It is another one of Austin’s most affluent neighborhoods. The median sales price was over 1 M last year. However, you can find homes in the 500-800s in this Austin suburb. Also, there are some unincorporated pocket neighborhoods where you can find homes that have lower property tax rates like this home in Westwood with a 1.846% property tax rate. Click here to view homes for sale in West Lake Hills.
Cuernavaca (1.86%) is located further west in Westlake off of Bee Caves Rd. The community is located between Bee Caves Rd (2244) and Lake Austin. This community is the most affordable area feeding to Westlake High School. Residents of Cuernavaca also have the ability to join the voluntary Lake Hills Community Association granting residents access to the lakeside park and swimming pool. Click here to view all homes for sale in Cuernavaca.
Rob Roy (1.84-1.95%) is a community in Westlake located between Loop 360, Bee Caves Rd. and Lake Austin. The gated community consists of a number of micro neighborhoods that were developed staring in the 80s with the original section of Rob Roy. Overtime additional sections were added to Rob Roy including Rob Roy on the Creek and Rob Roy on the Lake.
Deer Creek Ranch (1.98%) is a moderately-priced single family residence community in Dripping Springs, Texas located between Hamilton Pool Road and R R12. The area was first developed in the early 2000s and consists of Highland Creek Lakes, Mountain Creek Lakes, Valley Lake Hills, and Twin Lake Hills. Homes in this area are usually priced in the 300s. Residents of Deer Creek Ranch enjoy a number of community amenities such as walking trails, lake access, and fishing ponds. Homes in this area also feed to Lake Travis ISD.
Montebella (1.98%) is also located about 25 minutes west of Austin in Dripping Springs off Hamilton Pool Road. Construction began about 5 years ago in this community which features an array of styles with most homes boasting open-floor plans. Most homes in Montebella tend to be around 2,000 square feet and sell in the mid 300s. Montebella homes feed to Lake Travis ISD. Click here to view all homes for sale in Montebella.
Pedernales Canyon Ranch (1.98%) is a community in Spicewood, Texas located west of Hwy.71 and South of the Pedernales River. Pedernales Canyon Ranch is about 26 miles west of downtown Austin, and about 10 miles west of The Hill Country Galleria where dining and shopping opportunities abound. Residences in this neighborhood tend to be on larger lots and many offer gorgeous hill country views. Click here to view all homes for sale in Pedernales Canyon Ranch.
Angel Bay (1.98%) is a quiet gated community in Spicewood, Texas. Homes in Angel Bay tend to be on the larger side, between 4,000-7,000 square feet and usually are on lots of at least a few acres. Angel Bay is a waterfront community offering ample opportunities for residents to enjoy Lake Travis. Many homes in this neighborhood are also suitable for horses. Click here to view all homes for sale in Angel Bay.
Milam Ranch (1.98) is a community in Spicewood located between Old Ferry Road and the Pedernales River. Homes in Milam Ranch also feature large lots usually of at least a few acres. Milam Ranch feeds to Lake Travis High School. Click here to view all homes for sale in Milam Ranch.
Shady Hollow (1.91%) is a community in South Austin located east of Circle C and about 15 miles from Downtown Austin. Homes in Shady Hollow were built from the 70s to the early 2000s. The median home price in Shady Hollow is just under 400K. Shady Hollow is located in Austin ISD with homes in Shady Hollow feeding to Bowie High School. Click here to view all homes for sale in Shady Hollow.
South Grove (1.86%) is a community of free-standing condos in Manchaca, Texas about 12 miles south of downtown Austin. Homes in South Grove were built between 2015-2017 and usually sell in the high 200s - low 300s. Most homes in South Grove have 3 bedrooms and 2 baths although there are some 2 bedroom and 4 bedroom homes. South Grove feeds to Austin ISD and Akins High School. Click here to view all homes for sale in South Grove.
Enclave at Estancia (1.87%) is a planned gated community in South Austin. Homes in this community are relatively new with Lennar beginning development of this neighborhood in 2015. Residents in the Enclave at Estancia enjoy community amenities such as parks, trails, a community center, and pool. Homes in the Enclave at Estancia range from around 1500 sqft. to 4,000 sqft. and usually sell for between 350-450K. This community is located about 20 minutes south of downtown Austin and also feeds to Akins High School. Click here to view all homes for sale in the Enclave at Estancia.
If you’re looking to invest in Austin, you may be considering purchasing a property to use as a short term rental. Oftentimes, you can earn significantly more renting your property out short term than you can long term. Unfortunately, it has become more and more difficult to find properties you can use as vacation rentals in Austin as the city limits the number of permits available for short term rentals.
The City of Austin classifies short term rentals into 3 categories: STR Type 1, STR Type 2, and STR Type 3. Type 1 refers to primary residences used occasionally for vacation rental purposes. Type 2 refers to non-owner occupied single-family investment properties, and Type 3 refers to multifamily short term rentals. Take a look at this article to learn more about the different types of short term rentals.
The City of Austin is no longer issuing Type 2 permits. So, if you want to purchase a property to use solely as a vacation rental in Austin, you have two options. You can look outside the city limits to find a single family property or you can find a unit in a multi-family building to use as a short-term rental.
If you want to buy a single family home, consider the type of people that would like to procure a short-term rental in the Austin area. Austin has become a very popular wedding destination. Consider looking for homes outside the city limits near wedding venues. Areas like Dripping Springs, Driftwood, and Bee Cave are all outside the city limits of Austin and popular for tourists coming into Austin for weddings or simply for a weekend getaway to check out the breweries/wineries. A home with a pool tends to perform well as a short term rental as well. Guests are willing to stay a little bit further out if they can envision a group get-together with plenty of room to relax and play poolside. A number of tourists also come to Austin to enjoy the lakes. Consider looking at lakefront communities in the Austin ETJ such as Apache Shores, Volente, Hudson Bend, and Cuernavaca.
If you want to purchase a condo to use a short term rental, you will want to make sure the condo allows for short term rentals, and that there are STR Type 3 permits available for the building. Below is a list of downtown condo buildings that have units which have been issued STR Type 3 permits in the past. This list is for informational purposes only, please note that condo regulations can change and that permit availability is not guaranteed.
If you are interested in purchasing a property to use as a short term rental in Austin, contact me today. My background in vacation rental management coupled with my real estate experience is sure to give you the upper hand in procuring a solid vacation rental investment property.
Yesterday, I was at a closing, and my client and I decided it would be funny to track exactly how many signatures were required to officially sell the property. I always make jokes about closing saying “you sign your life away” or “you’ll practically get carpal tunnel in the process”. But, we were curious, exactly how many signatures would it take.
As my client continued to sign a variety of forms, many of which seemed to cover the same thing, I started tallying. All in all she signed her name 24 times yesterday, and initialed 6 times. This was part of a 1031 exchange so I speculate she may have endured a little less pain had it not been.
This process got me thinking. I wonder how many signatures and initials are required in total from the listing to the closing. I looked back through my records and uncovered these stats:
All in all my client signed her name 29 times and her initials 28 times. Keep in mind this was for one seller client. Also, this was a multiple offer situation and there was no countering on the contract. All in all, these numbers were actually less than I thought, and, as my client pointed out, almost all signing before the closing was done electronically which makes it a lot easier than by hand.
Erika Rae Albert
Sharing my Austin real estate updates, home owner tips, & more.