JR3985 Posted May 17, 2005 Share Posted May 17, 2005 I was wondering if you all could offer some advice to a first time home buyer. I found a lovely place at Churchill, which is at 2425 Augusta drive. The seller is asking $134k for the house. I feel that is a little much, but there is always room for negotioation. My biggest concern is that 9 years ago this place was only worth roughly $70k. That is quite an apprecation jump. Is it plausable that somethine build in 79 could continue to appreciate in this same manner. In additon, is this a good area to be living in. Please give as much advise as you can. Cheers!! Quote Link to comment Share on other sites More sharing options...
Parrothead Posted May 17, 2005 Share Posted May 17, 2005 I have two questions: How do you know the place was worth 70K 9 years ago?My second question is, why do you think 9 years is too rapid for appreciation because it was built in 1979?I can offer some input--the Churchill (and most places on Augusta) are very nice. Older--but well-kept. Be sure to have a good inspector check the place out for you very thoroughly. I live in Georgetown, which is a condo community that was built in 1969. We are near Town & Country. In 1998, my condo was appraised at 60K. Now it is appraised at 100K (mainly due to development of the area). There are many factors that go into appraisal by the county, but what is most important is what that property and its comparables sold for in the past 5 or so years. That is what you need to find out, and an appraiser or your realtor can help you out with that. The area in which you are interested is hard to beat and depending on your square footage, $134K is pretty good.Good luck. Quote Link to comment Share on other sites More sharing options...
JR3985 Posted May 17, 2005 Author Share Posted May 17, 2005 My realator some how found out how much the owner bought it for. He has some report he can look at. It is hard for me to think that as this condo gets older that the value will continue to rise 7 to 10k per year. But then again my it is my lack of knowledge on realestate since this is my first buy. Thank you for the wonderful input!! Quote Link to comment Share on other sites More sharing options...
Parrothead Posted May 17, 2005 Share Posted May 17, 2005 Not a problem--you are right in being prepared that the appreciation will not continue at the same rate. We are hitting a plateau in price per square foot in parts of the city but the Galleria area has not seen that yet. Appreciation varies from year to year, but condos typically fare well in better areas than some other types so that street is a good bet for you. If I were going to live in a condo by the Galleria, Augusta and Bering would be my two top street choices. Good luck with the negotiations and I hope you find your dream place!! It's very exciting buying your first place, you will never forget it! Quote Link to comment Share on other sites More sharing options...
KatieDidIt Posted May 17, 2005 Share Posted May 17, 2005 Just being from that area I would suggest being north of San Felipe for resale. Barrington Place on Bering is a good buy. Quote Link to comment Share on other sites More sharing options...
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