Austin market strong as coastal punters seek a new bubblezone. wait till they get their property tax bill, LOL! it is hard to make good CF on rentals in this high-sales-price/low-rent-price market given TX property taxes.
The 8,123 active listings last month were 9 percent fewer than a year earlier; new listings increased only 1 percent.
May is shaping up to be a strong month, with a record 2,943 pending sales, a 22 percent increase from a year ago.
Sajovich, who specializes in sales of residential real estate investment properties, said he is dealing with buyers from Virginia, Boston, New Jersey and "many, many from California."
Most investors are buying single-family homes, often more than one, priced at less than $150,000, Sajovich said.
Sajovich is working with an investor from Laguna Beach, Calif., who already has spent $1 million on four single-family homes in North Austin and a four-plex in West Lake Hills.
The investor plans to buy an additional $3 million of residential properties in Austin.
In another case, a New Jersey lawyer bought a duplex in Southeast Austin for $140,000, staving off offers from five other investors, Sajovich said.
Investors account for about 15 percent to 20 percent of current residential sales in Central Texas, Sajovich estimates.
statesman.com |
