Almost $600K for this house?

[pinkytoe]

http://www.gottesmanresidential.com/idx/mls-3832660-2702_cavileer_ave_austin_tx_78757
This is becoming very typical in my hood where flippers buy a dated 50s house from an old person going to assisted living. This one went for about $325 last summer. They put a mid-century modern spin on it and someone actually buys it (usually from California) at this crazy markup. I guess for them is is a deal but it still amazes me that they actually sell for that amount. Another one (http://www.allandalecottage.com/) a block away just sold - a really cute fairy tale cottage with courtyards and gardens. I hope they leave it somewhat as it is but not likely.

[iris lilies]

That mid-century modern renovation is sleek and nice. The cottage looks cute, wish I could see the inside.

[lessisbest]

I really enjoyed the mid-century modern home, but what a difference it makes where it's located. You can purchase a similar house for $87,000 here and toss in $20-30K to remodel it and sell it for $150-175K (depending on location). $325K will buy you a NEW McMansion in the "best" part of town. The average income here is $44,000 and the cost of living is very low.

[JaneV2.0]

The interior is gorgeous; no matter what it looked like before, the flippers did that house a huge favor. It seems a little small for the price. But it has a big lot, and if it goes for what they're asking, then that's what it's worth.

[catherine]

It is really nice, but is the flip worth 200k, I wonder? Seems like a really nice profit for cosmetic changes + a pretty standard kitchen redo. I don't know what it looked like before, or what the market is in the area, but I can't imagine that flip costing more than $80k

I love the cottage and I hope the next owners don't destroy the character. However, I can see that they'll probably do hardwood floors to replace the vinyl, and open up the kitchen/living area, and gut the kitchen to make way for the obligatory new cabinets, granite countertops and stainless steel appliances (sigh).

[rodeosweetheart]

It's pretty, but what are those floors made of in the lving room/kitchen area? At that time, they would have been wood, I think, maybe terracotta in a hot climate?

[rodeosweetheart]

Iris, if you hit virtual tour you can see the cottage and it is awesome!

[Teacher Terry]

That was fun to see the houses! The cottage will benefit from a wall removal & updated kitchen but an awesome house.

[pinkytoe]

The cottage was home to an artist/professor who was an icon in the neighborhood. Right up until her death at 90 something, she would be outside sitting on the ground tending her flowers with her cat beside her. I heard she made many trips to Mexico so maybe that is why so much tile.

[Packy]

Yes, it's a rip-off price. Markets that are hot can end up being cold--and the owner upside-down in his mortgage on a 60-year-old house that prolly sold for under $30,000 when new. That place suffers from price inflation....just because it's Awestun. Around here, it would be a slow-seller at $150,000. It's both too old/too new to have any value on account of it's age. Just glad I am not chasing a career in some trendy place. Which makes me think: If they have such high earning potential because they are so smart, then why is it all about location, location, location? You'd think that such capable, talented, ambitious people could find a place where the rents are low and people need jobs, find that niche, meet that need by starting up a business adding value to whatever. Why do they all have to crowd into Yuppieville or Techievalley? See what I mean?? P.S.--is the previous owners catt included in the price? It would already know zackly where the mice tend to lurk around the place.

[pinkytoe]

Awestun
I'll have to remember that one. I just wish we were ready to sell so we could make some serious money off our over-valued house. Keep those techies and trendies coming - at least for another year.

[rodeosweetheart]

I'll have to remember that one. I just wish we were ready to sell so we could make some serious money off our over-valued house. Keep those techies and trendies coming - at least for another year.

Are you planning to sell in a year? Maybe this is opportunity knocking. My best friend did this--sold her amazingly overpriced how in NJ commuter suburb and bought a much smaller house in the same neighborhood. I think she got a million for the one she sold and paid 400 for the one she bought. They bought within the school district, so their daughters could finish high school there.

[pinkytoe]

Yes. I think we will be selling so we can pay cash for something much less expensive. Still trying to figure out where though...

[iris lilies]

Iris, if you hit virtual tour you can see the cottage and it is awesome!

I did finally look at the interior, thanks to your tip.

It's not very cute on the inside, I was disappointed. There's nothing architecturally interesting. The outside is tarted up though to be very cute.