If you look at the housing market in University Hills in East Austin, you’ll see that house prices span a wide range. There are foreclosed homes in the $120,000 range, and remodeled homes in the $250,000 and up range, with one home on Bradley Drive listed at $325,000.
Why is University Hills such a popular target for remodelers? There are a lot of homes that are ready to be transformed. A real estate broker who lives in the neighborhood is fond of telling me that the area used to be the prestigious area where UT Professors would buy large homes just a quick jaunt down the road to the campus. One thing I noticed when I lived there is that there are many original owners living in the 1960s homes. Some of these owners have modernized, some have left their homes in original condition, which makes a ripe target for someone remodeling a home.
After: One home on the market right now is an example of a high-end remodel. Starting at the ground up, the foundation was leveled and warrantied. Then back to the studs, with new plumbing, electrical and HVAC work. Hand-scraped wood floors and new kitchen and bathrooms, energy efficient windows complete the picture. This listing is marketed by Julie Nelson of the Nelson Project, Keller Williams, and I include a short tour video.
Before: At the other end of the spectrum are some of the more original homes, which would make an interesting target for a remodel. The prevailing sense I hear in real estate circles right now is “buy and hold” rather than “buy and flip”, so if that’s the majority advice being put out to investors, I would do the opposite (with adequate research to back it up of course!)
I’m marketing a few of these homes right now in the $120,000 to $155,000 range. Click on the pictures below to see more info on each. Any of these homes would make a great project for either an investor or a first time home buyer wanting to build some sweat equity.
Garreth Wilcock is a Realtor who is an expert in University Hills Homes for sale. 512 215 4785.