Preston Oaks Update 1 Year Later

It has been a while since I have updated the Preston Oaks neighborhood market report for a couple of reasons. After the last report in August 2007, the public was ambushed with bad news from the media at that time from the Subprime fall out. Afterwards most of the stats throughout Austin took a dive and the learning curve of homebuyers regarding new credit/lending standards have still not caught up.  So the main reason was that there was not much activity at the end of last year to do a quarterly or 6 month report.  Only 3 homes sold and 1 leased in between Subprime’s last rights and the end of 2007, but things picked up this past spring.

In all, 19 or about 10% of the total neighborhood’s homes has sold within the last year.  The activity picked up this March when a group of homes flashed on the market and flashed right back off within a week or so as if there was buyers waiting.

The thing in common with those quick sales were the homes were under 2000ft2, which could coincide with the fact people are moving in closer to where they workand downsizing home space. 13 of the 19 sold were 1 story, less than 2000ft homes and took an average of 28 days.

The larger homes over 2000ft to 2700fts took a little longer to sell averaging 56 days. This price point does begin to reach the upper price range for MLS Area N and competition from Scofield and other areas factor into play.

Currently there is one home on the market which is in the larger square footage size bracket.

Below is the trends for the neighboorhood for the last 5 years.

Wanna know more?  Simply contact me to get started or search Austin Properties now!

Christopher

RE/MAX Capital City

 

 

Preston Oaks Pocket Listing

Coming at the end of the second week in March, this 2074 ft2 home built in 1997 will have a fresh coat of warm neutral colored paint throughout, complementing frieze carpet, and new 18″ Porcelain tile throughout.

Below is the homes Orellano floor plan which is a highly popular floor plan within Preston Oaks primarily because of its dramatic vaulted ceiling as you enter the home. Move in ready, all that awaits is your personal touches.

Also be on the look out for my Neighborhood Spotlight: Preston Oaks market update coming soon later in March.

For more information, feel free to email me or call me directly at 512-744-4553.

Christopher

RE/MAX Capital City

Neighborhood Spotlight: Preston Oaks *Update*

Time to check in on Preston Oak’s activity for the past 6 months. Once again I will look at 2 different home size segements: 1500-2000 ft2 and 2000-2800 ft2. Also I will look at the average days on the market as well as average price per square foot. Of course even though this is a genreal analysis, each home’s characteristics and a professional home evaluation determines your home’s price.

Currently in the 1500 – 2100 ft2 group there are 2 homes actively on the market, 1 pending, and Since March, 5 homes have sold (One home I personally represented a buyer on). The homes that sold took an average of 8 days at an average price per square foot of approximately $128. Of course the majority of those homes were sub 1700ft2. Once you get close to 2000 and above the average is around $113/ft. The active homes have been on the market an average of 39 days. One of the homes I thought was over priced and is evidence by the high days on market. Same for the pending. After the price adjustment, the house went under contract.

In the 21 and up square footage section, only 2 homes were listed and sold. It took 2 days to sell both and at an average square footage of 2200, they sold for around $105/foot.

So the neighborhood in the 21 and under crowd rose in value a couple dollars in price per square footage, and in the 21 and up it stayed constant, but there is not much data to judge from with only 2 homes involved in transactions.

Not too bad and still a healthy neighborhood. It is about as for north as you can be and still cater to Recognized Summit Elementary, Recognized Murchison Middle, and Academically Acceptable Anderson High School in Austin ISD.

For more information feel free to contact me or for immediate service, please call 512.744.4553.

Christopher