Georgetown, Texas Real Estate Blog      Your Host: Edward Lui

Don’t worry, I’m not talking about this Big Lots,

I’m talking about THIS:

That’s right, .25 acres of beautiful irrigated grass that backs up to a panoramic view of the woods. It’s hard to find a lot like this in Georgetown Village. The lot has a nice slope towards the back of it, which would be ideal for building an in-ground pool with a negative edge that gently slips off into the horizon. You can best get this view from the back patio, living room and kitchen:

The kitchen is connected to the living room through a space that’s perfect for a large breakfast table and all of the counters and art niches have granite counters. Wood floors are in the kitchen, great room, study, dining room and hallways and the owners have used top quality plantation shutters, honeycomb shades and blinds in all of the windows. There are also granite countertops in the hallway “Tech center.”

One of the unique features of this home is that it is over 2400 SF and has 3 bedrooms and 3 full baths. The owners designed the floorplan to give this home two master suites so that you can have maximum flexibility:

There are also many great energy saving features in this home: Radiant barrier paint in the attic, Low-E windows, ceiling fans and a very efficient 13 seer air conditioning unit. The home also has 10 foot ceilings, an oversized garage and a front and rear covered porch. If you’ve been wishing homes had bigger yards in this neighborhood, you can stop wishing and check this home out for yourself. The price is $269,900 and it is also available for a lease or lease purchase for $1600/month for the first year.

Sellers Disclosure: sellersdisclosure

Survey: survey

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Craftsman-style home by Green Builders in Georgetown Texas

A few weeks ago, I helped one of my favorite clients, Rod and Carol, purchase a home by Green Builders in my neighborhood Georgetown Village. This was very special for me because it now meant that I have sold every major builder that has been built in this neighborhood! That would include Perry Homes, Bowen Homes and Origin Homes; which are the current builders, and also some past builders like David Weekley, Lennar and Morrison. That seems like a lot of builders for a small neighborhood of around 500 homes like Georgetown Village, but as we move forward, it seems as though only Green Builders and Perry Homes will be doing the bulk of the building.

After I showed the home to Rod and Carol I jokingly told them that I liked the floorplan so much that if they didn’t buy it, I would! The funny thing is, soon after they closed on the home, a contract on this home (pictured above) fell through and it came back on the market. It was the same exact floorplan as the one I had sold to Rod and Carol! So after a few days of negotiation, I am now the future owner of a Green Builders home! The beauty of this is that it’s just 5 houses down on my same street…so no moving truck needed:)

My wife is pretty excited because we gain an extra bedroom and lots more space. It may not look very large, but it’s 2400 SF and has 4 bedrooms, a gameroom, a study and a large studio above the garage which adds an additional 400 SF.

This studio is the main reason we’re moving. I’ve been blessed to be able to work from home, but the downside is that it’s hard to focus and concentrate with 3 kids running around in the home! Now, I can bring clients to my office without having to do the “5 minute house clean-up”, I can better focus on my work, and I’ll be better able to STAY AWAY from work when I’m with the family. I mean, what good is it to work from home yet not gain any additional quality time with the family?

So, here’s to HIGHER quality family time and LOWER energy bills!

If you have an experience with Green Builders please share them with me on this post! This blog is boring without any outside feedback and what you have to contribute can help somebody else!

Check out my home video for the tour:

123 Village Park Drive: Classic David Weekly with acres of wooded parkland for a front yard…maintenance-free.

A Georgetown Village Classic: Ideally located in the heart of the neighborhood. You don’t have to cross one major street to get to a wooded park, an exemplary Village elementary school or the Village playscape and pool. If one or all of those amenities appeal to you, this ideal location will give you the peace of mind and convenience most homeowners only dream of.

The home’s all-brick construction with a front porch, dormer windows and an alley-accessed garage bring out the charm in this David Weekly home. The classic design and architecture makes this home stand apart from your typical box-shaped two story and, like Mary Poppin’s bag, you will be amazed at how well 2900+ SF will fit in here.

Interior Pictures (Click to enlarge):

If you have ever visited a park and wished you could just take your home and stick it right in the middle of it, this is probably as close as it gets. Imagine drinking your morning coffee on the front porch and listening to the sound of chirping birds and rustling leaves of giant oak trees.

Located within this park is an enormous playscape underneath a canopy of trees with nearby picnic tables and built-in grilling stations. There is also an in-ground heated pool that is a stone’s throw away from the playscape. If you’re looking for a more intimate setting, the backyard on this home is just perfect for a small dinner party with friends or neighbors. All of the cutting, trimming and edging on this home is maintained through the HOA. Go ahead, sell your lawn equipment on Craigslist. You won’t need it anymore, and if you’re like most Texans, you could probably use more space in your garage anyways. The time you save maintaining the yard, can now be spent enjoying it. Enjoy the large park in front of you too, because all of that is meticulously maintained by the city.

There are 4 bedrooms, 2 upstairs and 2 downstairs. This allows the next owner the flexibility of having a guest room or in-law suite on the first floor. There is also a bonus room on the first floor that you can convert into a gym, home office or media room. Upstairs are two additional bedrooms that are adjacent to an over-sized game room.

The great thing about this home is that there is 2900+ SF and no wasted space here.  Even the laundry area  is refined to a closet so that you can just wash clothes, dry them and put them away.  Instead of having a place to accumulate “stuff” it’s in a closet to help keep your life simple.  Another example of great space-saving design is the attic space.  The gameroom has several doors that lead into some very useful attic storage. While you’re checking out the attic storage, don’t forget to look at the roof, there’s a radiant barrier there that helps to keep the inside of the home cooler so you’re not paying those outrageous Texas air-conditioning bills.

There’s a tricky balance between being close to daily conveniences and being too close! I mean who wants to live behind a CVS Pharmacy? This home achieves the perfect harmony: Located on one of the quietest streets with the best views and still walking distance to everything. Interested in viewing this home?

Contact Edward at 512-554-9594

Hooray for the little guys! Well, I guess they’re not that little if they’re on the American stock exchange. However, Green Builders is not somebody you hear about all that frequently, yet they just got recognized by the National Association of Home Builders for being the “2008 Single Family Affordable Home of the Year” at the National Green Building Awards. Nice to know that you don’t have to pay an arm and a leg to have something environmentally friendly eh?

Congratulations to their President and CEO, Clark Wilson, and the whole Green Builders crew. To learn more about Green Builders or to visit their homes in Georgetown or the Greater Austin area, give me a call. We’ll car pool and make it an earth friendly day as we shop for earth friendly homes. They’re literally building 2 homes down from where I live in Georgetown Village!

Full article is below:

Green Builders, Inc. Honored at NAHB National Green Building Awards

Green Builders wins award for Single Family Affordable Home of the Year

Austin, TX—May 12, 2008–Who says it’s not easy being green? Just ask the folks at Green Builders, Inc. (AMEX:GBH), a leading large-scale community developer of sustainable homes in the Austin, Texas area, who have been selected as the 2008 Single Family Affordable Home of the Year at the National Green Building Awards held by the National Association of Home Builders (NAHB).

Now in its 10th year, the National Green Building Awards recognizes individuals, companies and organizations for excellence in residential green design, construction practices and for green building programs and advocacy efforts. Competition for this award was particularly intense, but Green Builders stood out amongst the nominees for their continued innovation and advancement in the field of environmentally sustainable home building, a hot topic throughout the housing market.

“We were thrilled to be nominated. We are even more thrilled that we won. I think that this award speaks to how important environmentally sustainable home building has become nationwide. We look at this as not just a win for our company, but a win for the green movement and those in our industry who truly care about the efficient use of natural resources when building homes, “stated Clark Wilson, President and CEO of Green Builders, Inc.

Green Builders, Inc. incorporates energy efficiency, water and resource conservation, the use of sustainable and/or recycled materials, and indoor air quality control – all of which are considered when evaluating a green home. In addition, Green Builders’ homes are built to the stringent Green Building Standards set by NAHB.

Green Builders’ energy efficient and green, sustainable homes are priced from the $180,000s to $600,000s and available throughout the Austin area.
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About Green Builders, Inc.
Green Builders, Inc. (AMEX: GBH) combines the equal necessities of progress and preservation by building homes that tread lightly on the earth. Our success is measured by continued sales in a growing number of sustainable communities, which we believe to be vital to a sustainable planet. With respect for the world’s resources and for the needs of our clients, we create healthy, beautiful, long-lasting homes that people, and the earth, can afford. To learn more visit, www.greenbuildersinc.com.

I am a real estate agent. Let’s face it, when it comes to nest egg options, I doubt my broker has a 401k prepared for me. Therefore, I’m also a real estate investor. I buy homes and hold them for the long term. But what happens when these two roles collide? What should I do if, during the course of listing a home, I tell myself, “Gee, this is the exact type of home I’m looking for!” (Note: I really don’t use the word “Gee” in real life.)

Real World Situation

I just got off the phone with a nice young lady in my neighborhood, Georgetown Village, and was following up after a listing presentation I gave a few weeks ago. I was just about to finish the phone conversation when she made a comment that went something like this:

Some of my neighbors mentioned that you might not have my best interest in mind. They said that homes are selling in the $100/SF range and you list yours lower to maintain your statistics and sell your homes quicker (Note: My career average is 35 days). They also felt that there might have been a conflict of interest since you bought our neighbor’s home at a low price when you listed it, thus lowering values in our neighborhood.

I told her that it was a great question…and an honest one at that. I really respect the fact that she had the guts to confront me with this situation and give me an opportunity to respond. Whether I get this listing or not…thanks for doing the right thing! I encouraged her to call the individuals I bought the home from and get their first-hand testimonial when working with me. They would be the ones who could tell her whether I was being straight-forward and whether I tried to “pressure” them in any way. (Now I need to find their phone number!) In the meanwhile, I decided to dive deeper into the statistics of how much homes sold for in Georgetown Village….and how much I paid for my own listing.

Real World Numbers

The home I bought was built by Lennar and was 1603 SF. It was built in 2002 and although it didn’t have any significant upgrades, it was in very good condition. I paid $153,000 which comes out to $95.45/SF.

Since January of 2006, there were 10 resales that sold in the MLS that were built by Lennar and in the 1600 SF range (1603 SF - 1674 SF) and not ONE sold for $100/SF or higher. Do you want to know what the average $/SF was? $92.56/SF.

But wait, it gets better! In that same time period, there were two homes that sold in the MLS that were BRAND SPANKIN’ NEW! These homes were decked out with stainless steel appliances and upgraded hardware throughout the home…or rather, they didn’t have any ugly gold fixtures! Guess what the average $/SF was for these homes? $94.54/SF.

Yes, you read that correctly: I paid more $/SF for my home than the average comparable home that has sold in Georgetown Village for the past two years! In fact, I paid more $/SF for my home than two homes that were 5 years newer, had stainless steel appliances and were never lived in! Man, I need to quit letting my clients rip me off!

The Bottom Line: My integrity is worth far more than any investment home. Although I am self-employed, I do have a boss…he’s God. Ripping off a client is the last thing I want to do, because I am accountable for what I do and my actions reflect on the truthfulness of who I believe in. Here are a few important points to think about:

1. Did I really buy this home at a “great” price? It’s funny, but true: the home I bought was NEVER posted in the MLS and this is the FIRST time I have published it’s purchase price. So, how do people know how much (or how little) I paid for it? Neighborhood gossip is the last place to get accurate real estate information. Kudos to the lady who came straight to the source rather then rely on second-hand assumptions!

2. It seems like everybody is a real estate expert…except the real estate agents themselves! Read my most recent Georgetown Village case study to get the real scoop on what is selling for $100/SF or higher. $/SF is a good measurement for value, but if used out of context, and without supporting data, can be a dangerous and misleading catch-phrase. Get the facts! Only comparable homes that have recently sold determine the value of your house. If a real estate agent is determining the value of your home with something that hasn’t sold…run away….run away fast…..and hey, if you can multi-task , run away fast and call my number!

3. The seller is in control. It’s not just a good business practice, it’s also the law. Don’t you just hate pushy real estate agents that strong-arm you into making decisions you’re not comfortable making? Well, I do too. That’s why I always encourage my buyer AND sellers to make their own decisions when coming to a price. It’s my job to equip them with the data and inform them of pros and cons…it’s not my job to tell them what price to offer or list their home at. If you’re ever faced with a real estate agent that winks too much and has a gold tooth….or is using a high-pressured sales tactic on you, drop him like a ton of bricks.

In 2007, my homes stayed on the market for an average of 45 days (it was a tough year) versus the Georgetown average of 148 days. Don’t be fooled by real estate agents that “buy the listing” by offering to list your home for an inflated price. If a home takes 148 days to get an offer, trust me, it’s inflated…and around the 60 day mark, they’ll be coming to you for a price reduction that will mysteriously fall into my original recommended price range. So you decide: Sell it for market price now…or make some extra mortgage payments, deal with 20 extra showing appointments, and sell it for market price later.

So what do you think? Should I continue investing in my own neighborhood? Should homes be listed higher than market value so there is “room to negotiate?” Has a real estate agent ever bought your home? What was your experience? Please comment on my blog! Your comments are very much appreciated and keeps the conversation interesting!

“…and what about the pool?” the excited, but naive, 26 year old was buying his first home and he couldn’t wait to tell his fiance all about it.

“Well, that is a community pool and you can swim in it anytime you want!” mentioned Tim, the slick salesman for David Weekley. His Otis Spunkmeyer cookies were warm and freshly baked and the air conditioning inside was blasting…I couldn’t resist….he had me….I had to buy the home.

The year was 2002, and Georgetown Village was just starting to take off. After relocating from Arizona and attending Military Intelligence Officer Advanced Course, my next assignment lead me to Ft. Hood, Texas. I fell in love with this cute neighborhood located on the Northwest side of Georgetown, Texas and the concept of unlimited swimming in a heated pool certainly had it’s appeal. Unfortunately, it wasn’t until after I signed the dotted line did I find out that this was a CITY POOL and not a COMMUNITY POOL with unrestricted 24 hour access.

Now, 6 years later, the developer is making the same mistake.

So how do you know if neighborhood marketing is a little too good to be true? The residents are a good litmus test for this. On the community website, here’s one comment by a resident:

Has anyone heard the ad on the radio for Georgetown Village? It is very nice and appealing - but the line that gets me is “Swim on a whim”.

Is there a new pool that has been built that I do not know about?

Because having a pool that is only open 3 months a year, only 6 days a week and for only 6 hours each of those days - does not constitute swimming on a whim.

My friend, David, joking made the sarcastic comment to me last night, “Hey check it out, we have a community pool and community center now!”

Bottom Line: Although this promotion is great for Georgetown Village, it’s important to be diligent in accurately promoting the amenities of a neighborhood. The developer, builders and real estate agents have that obligation to the future buyers of our great community. If the developer is promoting it as a community pool, I say, buy it back from the city or build another one! Most Georgetown Village residents want it and so will future ones.

Three Great Reasons to Rent in Georgetown Village

I just rented out two homes this week in Georgetown Village and there are only three more available! Why should you rent in Georgetown Village when you can buy? Here are three good reasons:

1. You’re relocating to the area and want to get familiar with Georgetown, Texas before you purchase
2. You want to build up your credit and down payment to avoid locking in to a high interest rate
3. You aren’t certain how long your company will keep you employed in Greater Georgetown, TX

If you’re still deciding on a neighborhood, read my post about Georgetown Village!

FEATURED RENTAL PROPERTY

What makes this home so special?

1. It’s practically brand new. I closed on this home in December and the renters only stayed for 4 months.

2. Flexibility - You might be wondering why they only stayed for 4 months. If you’re moving here for reason #1 and are looking to purchase a home, I offer you the opportunity to break the lease with no penalty so long as I can represent you as a buyer’s agent. How’s that for win-win? That way you will never miss a deal and can purchase a home on YOUR TIME FRAME without worrying about being locked into a lease contract.

3. This home is located on 1105 Boxwood Loop, which is a quiet street off the main road. No smokers have lived here and the home has been kept very clean.

If you’re ready to start renting, here are some details you must be comfortable with:

Rent is $1375/month and Security Deposit is also $1375. Do you have pets? There is a $500 non-refundable pet deposit for your first pet and $250 refundable deposit for each additional pet. There is also a $40/person application fee.  AVAILABLE MAY 5th, 2008

Application can be downloaded here: lease-app-_-residential-lease-application-10-16-07

Here are additional pictures:

If you want to purchase or sell a home in Georgetown Village, I would love the opportunity to represent you. I live, work and invest in this neighborhood and would love to put my expertise to work for you! Call me at 512-554-9594 or email me at Edward@gtownrealty.com.

What sells for $100/SF and higher in Georgetown Village?

Time is just FLYING by this year and I wanted to write about a series of case studies on my own neighborhood, Georgetown Village. One of the most common questions I get asked is, “How much $/SF are the homes going for in Georgetown Village?” This is simply too difficult to answer because the median $/SF would not accurately reflect the value of your own home. For example, since Jan 2007, homes in Georgetown Village have sold from as low as $78/SF to as high as $112/SF! For a home that’s 2000 SF, that is a range of $156,000 to $224,000! The best way to assess an accurate value of your home is not to use a sloppy average, but to call on your friendly neighborhood real estate man (that’s me) and to look at the top 3 or 4 recently sold homes that best match yours.

I was curious to know which homes sold for a premium ($100/SF and higher) and there were 16 that sold since Jan 07 that fit the bill:

Half of these homes are New Construction homes (surprise, surprise). New homes in Georgetown, Texas will naturally have a higher premium stuck to them.

The first and second home on the first row is built by Cobblestone Homes and they are no longer building in this neighborhood. The third home is built by Bowen Homes. Once they finish building on their existing lots, they won’t likely be building in the new sections. The second home on the second row with the turret is built by Rothenburg Homes. They are a smaller builder that has built only 1 other home in Georgetown Village. All of the rest are built by Perry Homes and they have plans to continue building in the newer sections.

Here are the resale homes:

It’s interesting that 5 out of the 8 resales are located on Village Park Drive. What makes this street so appealing?

1. They are within excellent walking distance to the Village Elementary School. You don’t have to cross a single street!

2. All of the homes are 4 sided brick with rear entry garages. Less maintenance and nice curb appeal!

3. All of the homes face a massive park that is kept by the city. All play and no work!

4. Because they have a no-maintenance park to play in, their own yards are quite small…

5. All of the homeowners hire a landscaping company so that their own yards are also maintenance-free. Are these homeowners lazy or what?:)

This street has a lot of appeal to a family that wants a low-maintenance lifestyle, but wants something bigger than an apartment or townhome. The third home on the second row is located on Chestnut Court, which is another desirable, private street located towards the back of the neighborhood. It backs to a “greenbelt.”

All of these homes are built by David Weekley (they pulled out several years ago) with the exception of the last one in the second row which is a Lennar. You won’t see many Lennar’s go for a premium in this neighborhood…it must have been those Brazilian Cherry hardwood floors!

Bottom Line: You can’t make a resale into a brand new home, but you can make it look like one! Make sure you have your home professionally staged and you spend the $1 in repairs to get the $10 in return. Simple things like cleaning your windows, fresh paint and new carpet will help you compete against new homes and command a higher premium.

What can we learn from the resales? Well, it might be a little difficult to create a park in front of your home when there is none, or grow a greenbelt behind your home overnight. I recommend turning your bland backyard into a park-like setting and work on your landscaping. This will also help your home command a higher premium and compete against those that may be adjacent to a park or greenbelt. It will certainly help you stand out against the other homes with bland backyards.

If you’re interested in knowing how much your home is worth in Georgetown Village give me a call! I employ cutting-edge marketing techniques and will put my experience to work for you to sell your home fast and for top dollar!

I have been wanting to write about my neighborhood, Georgetown Village, for quite some time. I live here. I buy and sell homes here. I invest in rental homes here. One day in the future, I will even shop here, once the developer starts working on the much anticipated multi-use development that many residents are waiting for. To get you a bit more familiar with my neighborhood, here are three good reasons to look at Georgetown Village if you are making a move to Georgetown, Texas:

1. This is the ONLY neighborhood in Georgetown, Texas with an on-site Elementary School. Yup, that’s right. And not only that, Village Elementary has been given the highest rating (Exemplary), making it one of the best schools in Georgetown, Texas. Now if that doesn’t give parents who send their kids to private school or who home school, a reason to switch, I don’t know what will!

2. The developer-owned Green Builders is making an industry statement in Georgetown by building environmentally friendly homes that are also friendly to the homeowner’s utility bills. All the other builders in Georgetown, Texas can say they have ceiling fans and double-paned windows…big deal. These guys take the next step and utilize foam insulation, low-volatile organic compound paints, and other architectural details like awnings or overhangs that provide additional shade in the home. Here are a couple homes in Austin they put their brand on:

3. Primo-location - Georgetown Village is super close to Hwy 195 (for those working in Killeen/Ft. Hood), SH130 and future Parmer Lane/Ronald Reagen Blvd (for those still stuck in their Austin jobs) and ofcourse the wonderful Interstate 35 for those who work in Temple or Round Rock. Even if you’re fortunate enough to work from your home, this makes it easier for friends and family to find you.

(”A” icon denotes location of Georgetown Village)

FREAK - Frequent Real Estate Asked Kuestions

“Back in the day” when we were just starting the accumulation of toys for our children we used to go after some real bargains on Craigslist. Sometimes we would get a toy for such a great deal that when the kids got tired of playing with it, we would sell it on Craigslist again…for a profit!

Well, unfortunately, selling a home in Georgetown, Texas is not the same as selling a toy. I just received this letter today from a lady in my neighborhood:

___________________

Hi Edward.

I believe we may have met once or twice in the village and it seems you do quite a bit of work out here.

I own a home in Georgetown Village and have just accepted an offer for a job with my company out of state. Because I’m only planning to be gone for about 2 years I am considering whether to try to rent my home rather than sell. My husband and I built this home and really like the floorplan, etc. so I’d like to hold on to it if it makes sense financially since we anticipate being back in this area in the future.

To help me make the decision of whether to rent or possibly sell I’d like to get an idea of what rentals in the village go for and how cumbersome the rental process really is - from observing the activity it seems many homes have been up for rent and appear to have people in them now. Is this something you can help me with?

Thanks,
Sarah

_________________

Wow, that’s a great question Sarah and you’re certainly not the first to ask it. That’s why I’m posting this in my new Frequent Real Estate Asked Kuestions Category. Ok, I know that’s not grammatically correct and there is maybe just one spelling error, big deal. How else could I make the acronym spell FREAK?

The thing with selling a home is…it’s EXPENSIVE! The costs you have to pay as a seller, although negotiable, are typically around 8% of your sales price! And if you plan on buying a home here in 2 years Sarah, you’ll also have to pay title fees and lender fees…adding up to an additional 2% (minimum) of fees. That means, if you decide to sell a $200,000 home and then buy it again in two years (assuming zero appreciation), you’ve already spent $20,000 just to make the two transactions happen! Good thing selling toys on Craigslist doesn’t cost this much!

Even if that $200,000 home sat vacant for 1 year and the mortgage was $1500/month, you would only be out $18,000! By the way Sarah, rents in the Village average $1200/mo. - $1600/mo.

If you make this decision for purely financial reasons, then it just seems as though keeping a home that you already love is the way to go. Two years goes by quickly. However, like Master Card says, “There are some things that money just can’t buy.” For $20,000, how would you like to:

1. Not having to ever worry about making two payments.
2. Be able to pull out the equity in your home (tax free) for investments or other uses.
3. Get out of the property management and/or landlord business
4. Have the option of buying another home/neighborhood when you come back to Georgetown, Texas
5. Having the freedom to stay longer and maybe never come back to Georgetown, Texas
6. Have the best real estate agent in Georgetown, Texas help you buy and sell a home!

Wow, I really like #6! Sarah, I hope that helps. Feel free to comment on this blog or call me anytime.