The Carvajal Group Blog

Buy for less than you can rent in Rosedale

June 3rd, 2011

We have just listed this amazing 1/1 condo in the heart of central Austin, in the highly desired Rosedale neighborhood.  Located at 2209 Hancock Drive #36, this 713 sq. ft., luxury condo is more than a great investment opportunity.   With beautiful, real hardwood floors, granite countertops and a rare gas stove, this 3rd story unit is one of a kind and very affordable.  The open floor plan flows nicely into the large master bedroom, full size walk in closet, and luxurious bathroom which can be accessed from the bedroom or through the main living room.  The kitchen opens up nicely to the living area and features a bar style counter area that makes for a perfect place to enjoy a gourmet meal.  There is also a unique nook off the living room, perfect for a small table for dining or desk for additional work space.  Full size washer and dryer connections complete this unit and make for a very comfortable living environment in the heart of Austin.

Plenty of natural light illuminate this central Austin condo making it light and bright at all hours of the day.  Step outside onto the oversized, private balcony/patio area and enjoy beautiful west Austin views or a brilliant sunsets.  Each unit comes with a reserved, covered parking space and there are plenty of guest parking spots available.  The community is completely gated for added security.

Why is this property a good buy?

First off, the property is being offered at $164,000 which is below what the current owner paid for the unit in 2006.  Currently, this unit would lease for at least $1300/month and at a purchase price of $164,000 putting 10% down and assuming a 5% interest rate, this property would cost you less than $1300/month to purchase (including taxes and HOA expenses).  The HOA dues are $175/month which are relatively low and cover insurance from the studs out, exterior and common area maintenance, landscaping, access to the on-site fitness center, and common area electricity and water. Insurance on a home would cost you a minimum of $100/month and when you factor in repairs and yard work this is a great value.

The Rosedale area is highly desired and there are very few, if any,  homes for sale under  $300,000.  There is a planned redevelopment at the front of this property (2211 Hancock Drive) which has been designed to be ground level parking, a level of office and residential condos on the top floor.  There has also been much redevelopment on the Burnet corridor such as Rosedale Village and the 5350 Burnet mixed used project along with the recently expended HEB at the corner of Burnet and 2222.  Lamar, near the intersection of 45th street has also seen some nice redevolpment and the Triangle has seen huge success.  This area will continue to redevelop and growth and value increase are imminent.

The Ventana Condominiums were built in 2001 and are constructed from stone and stucco with a metal roof.  The structure appears to be very solid limiting the potential for large future expenditures. Currently the HOA is very healthy with cash reserves and no planned special assessments.  Metal roofs, if maintained, are expected to last a lifetime adding to the stability of this complex.

Lastly, market rent on this unit is currently $1300/month and the rents in Austin continue to rise.  As more and more people migrate from all over the country due to our strong and stable job market, demand for central Austin real estate will continue to increase.  At anytime, the buyer of this unit could rent it out for at least what it will cost to own, making it a safe and sound investment without the liquidity issue.  The cost of purchasing real estate in Austin has never been lower and now is the time to invest!

To schedule a private showing of this unit or for assistance with your Austin Home Search, contact our team today at (512) 419-7770.

Tags: Austin Home Search · Austin Homes for Sale · Austin Real Estate