How does my home price without a garage?

Over the last couple of weeks I’ve had an increased number of questions surrounding garages, and their impact on a homes value.  In Midtown it’s not uncommon for owners to have enclosed their garage over the years, adding ‘livable’ space for a home office, 2nd living area or extra bedroom.  

“... not all garage conversions are created equally” blogs a fellow real estate agent in California, and I could not agree more.  At times you preview homes with a conversion where you would never know a garage once existed in the space prior to the conversion.  My neighbor is a perfect example (we live in Midtown) of this.  Here are before and after photos from the exterior.   The old driveway was demolished, and in it’s place you now find extended grass / landscape.  The porch and roof line was extended across with   matching windows and siding for total exterior harmony.  

Inside the home a seamless transition flows from the interior to garage conversion - there was no step down, ceiling heights were consistent, extension of matching flooring, similar drywall finish, and the room was tastefully painted.  From inside and outside you’d thought the house was all original structure.

The opposite end of the spectrum would be what I call the “Weekend Warrior” project.  These are somewhat endearing, because they were apparent collaborations with friends & family.  They’d throw carpet over the garage floor, pour some new concrete steps for transition and install wood paneling over the garage studs.  On the exterior, they’d frame a randomly sized window up where the garage door resided, and use different siding material.  Oh, don’t forget the window unit to air condition the space!

These are two extremes, and I find everything in between.  So the real question might come down to how well the conversion looks (interior / exterior) and flows without the garage?  There are a number of scenarios which might increase or decrease the value of your home when considering a garage conversion.  I’d follow my neighbors cue and focus on: quality of workmanship, seamless integration (including traffic flow, purpose of new room & exterior blend), and pull necessary city permits.

So does the added square footage compensate for the lack of a garage?  I’d say for the most part yes.  IF... you follow the suggestions above.  Check back later in the week though for Part II.

North Central Austin, or Midtown as some have begun to reference this vibrant area, experienced what I’d call a cautiously optimistic year for residential real estate.  Drive down the Burnet Rd Corridor, and you’ll find an array of local shops and restaurants.  Pass through the neighborhoods that make up MLS Area 2 and you’ll see active remodels and ground up building taking place.  These include popular areas like Allandale, Crestview, Brentwood, and Wooten.  

MLS Area 2 mainly encompasses the 78757 zip code.  Neighborhoods West of MOPAC, South of 183, East of I-35 and North of 2222.  With 2011 sales data complete, the Austin Board of Realtors published the following sales data from our local MLS.  I fall back to Economics 101, and basic supply / demand.  Most of 2011 we operated at a much lower level of inventory, and towards year’s end saw properties selling faster.  Those quicker sales had been priced appropriately, stagedby a professional and their agent did more than simply place a sign in the yard.

YTD Data for MLS Area 2

Look in Crestview or Brentwood, and builders like David Weekley and Gossett Jones have been able to sell new construction homes before they were ever completed and do not factor into the numbers above.  These builders have either demolished an original home that was no longer habitable, or relocated these 1950’s bungalows to another vacant lot for refurbishing.  Juice Homes posted pictures of this on our Facebook Fan page, as a pier and beam home was hoisted on to a flatbed and hauled off to its new location!

Buyers continue their detailed research, but are feeling more confident about making purchases.  Especially when rates are as low as they are today.  Midtown offers an eclectic array of homes, each with varying levels of condition / updates.  Whether selling or buying in Midtown Austin, make sure you select an agent with experience and knowledge of the area.

This might be one of the best tree lined streets in Austin!  The current owners have paid close attention to maintaining their trees with cable supports and professional trimming to promote growth.  With a canopy of shade, this mid century single story home was built in 1963 and shows just over 1600 sq ft per Travis County tax records.  The home will not disappoint, inside or out, with the modern touches these sellers have carefully selected.

With large front picture windows, there is ample natural light to fill the versatile 2^nd living room and main dining space.  Updated tile flooring sprawls through these two rooms, and is defined by the two wide plank wood accent boards.  Using the natural wood material was a smart finishing touch to warm up the room, and the red wall spices things up a tad as well!

Onto the main family room and connecting kitchen with bar top counter that’s perfect for quick meals and entertaining.  The kitchen actually caries the tile flooring from the front living space, tile counter tops, updated sink and dishwasher.  Recessed lighting was installed adding to the natural light that enters the window above the sink.  Below the bar top, stacked stone was added and compliments the family room fireplace.

The owners opted to stain the concrete floors in the main family room, hallway and two bedrooms, making easy to care flooring.  They removed the old faux ceiling beams, installed a fan and recessed lighting.  You should also notice the old ‘popcorn’ ceiling texture was removed.  The addition of new glass panel French doors now offers views to the multiple outdoor living spaces.

A covered rear patio existed when the owners purchased, but it’s the several levels of deck they added that truly make the outdoor living space so appealing.  Relaxing with the family, entertaining with friends or just enjoying some reading time, and you still have space for the kids or dogs to run around.  The recently constructed outbuilding is not your average Home Depot shed.  In fact it’s best appreciated in person, but perfect those with hobbies or collection of tools, allowing you utilize the two car garage for it’s intended purpose………parking your car!  Outside you will also find a drip system to help maintain a stable foundation, multiple rain barrels and tankless water heater.

Entering through the two car garage you step into a spacious laundry / MUD room complete with sink, storage cabinets and counter space for folding laundry.  A room that never seems to be fully appreciated till you are able to utilize its features.

On the other side of the home, 3 well proportioned bedrooms and 2 full baths.  The master bedroom now sports a walk in closet and custom designed vanity in the bath, along with hand scraped wood floors.  The guest bath was updated with tile counters similar to those in the kitchen, new sink and faucet. 

We haven’t even mentioned the updated double pane windows, crown molding accents or proximity to the popular Mueller Development.  HEB has just announced plans for a first of its kind store at Mueller as well!

Virtual tour and more pictures here!

Recently we pulled the numbers from the Austin MLS to compare how the new year is doing compared to 2010.  Below is what we found when comparing Q1 2011 to 2010.  Remember, last year there was a Federal Tax Credit available through April that we all felt pushed up the normal Summer busy season:

Most compelling aspect in my opinion are the number of homes sold between the two time frames.  Slightly longer sales cycle and the buyers in 2011 'appear' to have received a slightly better value when looking at price per sq ft.  What it tells me is there are buyers out there, and spending a little more time to make the home in 'show condition' and pricing accurately are the keys to a successful sale.

Location, location, location!  This is always the long sung rule in real estate. So when you get location plus a stylish home at a great price it’s the total package, right? Well check out our new listing at 1803 Princeton Ave, which offers walk-ability to great restaurants (Enchiladas Y Mas / Crestview Little Deli & Pizzeria) and morning coffee shops (Genuine Joes). At the same time shows the pride of ownership both inside and out.

This 3 bedroom / 2 full bath home highlights both cosmetic as well as energy efficient updates. Gleaming wood floors, refinished in 2009, welcome you at the front door and flow throughout the home. Buyers should note the newer double pane windows that allow abundant natural light to fill the main living room and dining space, controlled by the faux wood blinds. Updated ceiling fan and dining room light add a modern touch to each space.

No longer the original kitchen, today it fulfills the modern needs with tile countertops, updated cabinets, dishwasher and built in microwave / oven. From here you can stay connected to what is happening in the main living space, or through a pocket window into the flex space currently used as home office / play area.

Situated at the rear of the home, buyers will savor the master bedroom with two closet spaces, updated bath vanity and tile flooring / shower surround. For the rest of the family, vintage pink and gray tiles finish out the guest bath / vanity with storage above the tub. Relax under the shady trees in the newly created sitting area in the backyard, or just kickback under the covered patio. The owners hope new buyers will continue harvesting fresh produce in their raised bed gardens located in the backyard.

Virtual Tour Here ~ more pictures, information and panorama views!

Holiday decorations are now a distant memory, and if you can believe it, many are preparing for their Spring Break family vacations.  Others are gearing up for SXSW, and the invasion of out of town music/film fans ready to flood our favorite restaurants, watering holes and make grabbing a breakfast taco at Whole Foods downtown nearly impossible.  We thank you for the tax dollars though.

Come of you are preparing your home for sale during the typical busy Spring and Summer selling season.  A linked graph from the Real Estate Center at Texas A&M illustrates historical data showing sales usually peak May, June and July (last year sales were a bit front loaded with the federal tax credit expiring in April).  With the typical sales cycle taking 30 - 45 days from contract to close, that means buyers are getting serious now.

Here is what the numbers are looking like for 78757 and N Central Austin (numbers take late February from Austin Board of Realtors / MLS):

- Number of homes for sale: 71

- Homes under contract, waiting to close: 29

- Average list price: $272,788

- Average days on market: 100

The absorption rate can a helpful indicator of what's happening in the market.  If 100 sellers have listed their home (71 active and 29 under contract) that means nearly a third of those trying to sell have found a buyer.  In other words, you have a 1 in 3 chance of selling in any given month.  You could leave it to chance, or call John for an effective marketing plan and strategy if you are looking to sell.

Real Estate Market Snapshot for N Central Austin and 78757 Zip Code

Another year behind us in the Austin Real Estate Market, and one with mixed reviews from our local publications.  This year's ‘X' Factor was the end of Federal Tax credits not just for first time buyers, but existing homeowners who had lived in their primary residence for a number of years and elected to ‘move up'. 

There is no doubt the April deadline enticed buyers to close on a home earlier in the year, instead of waiting till the customary busy Summer months in real estate.  This front loaded many of the 2010 sales in the first 6 months, making the remaining half of the year look dismal or flat at best.  We are waiting on final numbers, but it appears the difference in 2009 / 2010 YTD total # of homes sold will be a minimal. 

The 2 charts below show North Central Austin has not incurred much fluctuation when looking at the bigger picture.  Too often our local publications focus on a small time period, ie one month, and that can show a large decrease or increase.  Keep the big picture in mind!

One lucky buyer is going to make their Holiday Season with this beautifully remodeled home in Brentwood.  1210 Arcadia Ave hits the market just in time for those ready to start the New Year off on the right foot.  The owners decided to meticulously work in getting the home ready before the holidays kicked into full gear.

Located in the heart of Brentwood Neighborhood in N Central Austin, this home offers conveniences like proximity to downtown, light rail stop at Crestview Station, along with easy strolls to The Little Deli and Thunderbirds Coffee.  Those are added bonuses for this home which underwent a major renovation in 2007.  Since, the owners have continued adding the little touches which make the home so special.

Enter through the recently installed Mahogany front door to what most likely was the only living space of the original home.  Currently used as a formal dining space, with an exquisite chandelier worth noting, this space could have various options.  The original wood floors welcome you into this room, and sprawl down the hallway into two graciously sized bedrooms.  The guest bathroom offers ample storage space, a pedestal sink and hidden powder space behind the door. 

Buyers will find the heart of this home upon entering the open kitchen and rear living space with views into the backyard through a glass door.  Surely not to disappoint, the family chef will savor the kitchen layout, as will the buyer who likes to entertain.  An industrial 6 burner gas stove, Bosch dishwasher, granite counters with high bar top, additional storage cabinets and added food prep area or space for buffet style dinners. 

Additional storage / pantry space can be found just off the kitchen/living, hidden by a sliding pocket door.  The current owner's opted to make this their main living space as it also connects well to the sprawling outdoor deck space, which spans nearly the entire length of the home.  The wood floors pick up after the kitchen tile flooring, flowing through the back living and master bedroom. 

Tucked away in the corner of the home is a sizeable master suit not found in many neighborhood homes.  Enough room for the bed and furniture, the sellers established a relaxing sitting space looking out into the backyard via glass doors.  As expected, the bath has a separate tub / shower, vintage vanity with two sinks and granite top, and wisely used pocket doors hide the clothes and water closet.

Replaced energy efficient windows throughout the home allow just the right amount of sunlight.  Buyers will find a wealth of storage along side of the home or the added backyard shed.  A wood fence allows for a touch more privacy with the additional foot of height and trim cap.  This is what must see is all about!  View more photos and complete virtual tour here.

If you haven't noticed, there is a trend right now in housing to go green and to live more simply. That's all great in theory, but what to do when you just need more space? Perhaps the answer is a shed...yes, a shed. We're not talking about the rusty tin shed leaning against the back of your house. We're talking high style eco-friendly modern dwellings.

There are good reasons why sheds are so popular. Adding on a room to a house is really expensive and disruptive, and doesn't really let you get away. On the other hand, a shed can be stylistically different, can be installed temporarily, and can be a quick fix if you have a need for more space. Yoga, meditation, guests or work, they provide a separate and different environment.

There are several companies that have come about in recent years that offer these unique products. Depending on the company, they will help you choose the style that is right for you, deliver it, and install it. If you have the DIY bug, they all come with detailed instructions and can be assembled by yourself, or with some handy friends.

Pricing varies depending on how fancy you want to get. The basic models start somewhere around $5K and go up from there. You can trick out your shed to have electricity, heat, plumbing, kitchens...surround sound, disco dance floor...you name it!

Here in Austin we are lucky enough to have our own local shed company, Kanga Room Systems.

http://www.kangaroomsystems.com/) . They recently set up shop on Burnet Road and have several of their models on display. Additionally, in Austin, the building of a shed under 200 sq ft is considered an accessory structure and a permit or inspection is not required unless you want plumbing or electricity.

Think about it, wouldn't it be nice to have a peaceful space to get away from the hustle and bustle of your urban lifestyle, just in your own backyard? Sheds. They're where it's at.

There are certain things you just don't want to do when your house is for sale, and filling your yard with multitudes of mismatched and falling-down signs advertising it's availability is one of them. The old adage, "less is more" can apply here too.

This is all part of curb appeal, which has been talked about in previous blog posts. We often focus on the interior, but keeping your yard neat and clutter-free goes a long way to creating an inviting first impression. The buyer does not need to be bombarded with signs, they need to see your house and the lot.

Avoid "overselling" your house as it can reek of desperation and that is not the impression you want to give. The buyer should feel as if your house is a hot commodity and they need to act quickly with an offer.  Not as if they are getting it in the bargain bin on clearance. A good tip if you are looking to list your house is to look around your neighborhood and at the homes for sale. What signs catch your eye in a good way? Are they neat, aesthetically pleasing and professional?  Juice Homes often receives a lot of compliments on our memorable green bottle cap signs.

Chances are the agents behind those signs will also be professional and organized in their approach to selling your house. The moral of this story is this...if you see your agent pull up with a van full of generic or dilapidated signs, it might be time for a serious conversation.