Georgetown Village Case Study: Which homes sell for the highest?

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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.

233 Village Park 136 Westbury 1111 Cedar Elm 801 Westbury

109 Cedar Elm 387 Westbury 743 Westbury 113 Cedar Elm

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:

301 Greendside 113 VP 107 VP 109 VP

207 VP 203 VP 130 Chestnut 108 Greenside

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!

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