Ritch Haenke

Ethan:

Hello and great questions! There has been a fair amount of this type of activity in Austin in the last couple of years largely due to the general economics of being able to sell two units versus 1 duplex. Duplex's have traditionally been great rental vehicles and could only be sold as 1 package (2 units = 1 sale). With the creation of a 2 unit condo, you could actually sell the units individually. This opened up a part of the market to buyers that did not exist - get a more "single family" type residence with generally only 1 common wall. This is something that is appealing to both buyers and sellers. Before the creation of the 2 unit condo, sellers would need to seel the both sides to the same person or group. Now, they can go after a more traditional condo buyer.

Also, most deeds for duplexes specifically state that the land can not be subdivided - split it apart and sell the units seperately - this would be more closely related to a townhouse. Because of this, the land itself is owned by the association with ownership rights granted to each owner for the common interest.

There are definitely pro's and con's to the arrangement. If you buy one to redo (duplex), keep in mind that there are two of everything as you redo it (fridge, ac, stove, bathrooms, floors, etc...). Make sure that you factor these things into the overall expense.

The creation of the condo association does require legal documents to filed with the state about the creation and ongoing care and feeding. This can be done through an attorney. I have specfically worked with Julie Alexander's office in Austin to do this. She and her Team have done a considerable number of these conversions. She is top notch.

Now to answer your specific questions:

1. Answered above - greater opportunity to sell and attract a buyers that you would not have traditionall with a duplex.

2. This is true. You will establish as the developer the starting point of the HOA. Yes you can dissolve the condo association through the legal process, but you will not be able to own the units individually - most likely due to deed restrictions. You may be able to own them together. It could be turned into a single family home, but again would require legal assistance to uncovert from a condo. If it would ever loose its desigation as multi unit - even though you could buy both sides as well as open it up to make 1 home.

3. Benefits without dues... This really should be driven by the units, homeowners and needs of the hoa. I have worked with one recently where the HOA dues was only for water. It was established at 50 per each side per month. There was 1 water meeter coming into the structure. The HOA could actually decide to increase this to include lawn care or other items for the common benefit. Insurance is another thing that dues usually cover for the common area. Depending on the structure - different roof lines that can be insured seperately may allow no common area insurance. AGain, you will want to consult an attorney.

4. You will want your legal formation documents to clearly state how things are to be resolved. You need to understand that going into it you are still sharing a wall with someone. This is pretty close to single family ownership - but not 100%.

Hopefully this has provided some extra help in understanding how these have come to be. I would be glad to talk further if you have an interest.

Thanks
Ritch Haenke, Realtor
Coldwell Banker, United
512.633.3909
rhaenke@sbcglobal.net - Yesterday, 05:30

Carlota:

I think the best course of action is to contact the buyer's agent and find out why the offer was not sent. There are many possible answers to this question that may or may not be related to your home.

In working with sellers as clients, I spend a great deal of time in the offer process to understand the buyer, their intentions, their qualifcations to purchae the home, etc... This is an important service that agents provide to their cleints. It helps to ensure no surprises.

Good luck.

Ritch Haenke, Realtor
Coldwell BAnker United
512.633.3909
rhaenke@sbcglobal.net - Thu Nov 20 2008, 10:51

Ethan:

Hello and congratulations on considering East Austin for a home purchase/investment. One of the best areas for appreciation happens to be around the Mueller re-development. There are some outstanding homes in area 5 right now. They are solid homes in a great neighborhoods.

Your price range is a good range for this area and it will help you identify several homes to consider. The areas closer to 35 and 51st have seen the most appreciation. There is also a new development underway on the West side of 35 in the old Concordia campus. This should also continue to make this area sought after.

To answer your price per sqft, anything between 140 - 150 is a good range - depending on size, condition and location.

Thanks again for a great question!

Ritch Haenke, Realtor (R)
Coldwell Banker United
512.633.3909
rhaenke@sbcglobal.net - Tue Nov 4 2008, 05:23

Andie:

Hello! Congratulations on considering an area in the ausitn real estate market that is considered to be one of the most stable. This is an area that I am very familiar with. There are presently two properties that meet your general criteria. One is bit further north than far west.

To answer your question regarding purchasing a fixer or a totally remodeled, it really depends on you and your interest in moving into something that is updated or dont mind going through the renovation process. If you will renovate, you need to buy the property at a price that allows you to make those investments and be in a position at resale to recoup your investment.

I would be glad to show these two properties or any others that may be of interest.

Thanks,
Ritch Haenke, Realtor
Coldwell Banker United Realtors
512.633.3909
rhaenke@sbcglobal.net - Mon Nov 3 2008, 19:24

Ann:

Your update provided just I needed to give you the best answers! Austin has Brackenridge Hospital which is a truama center. The new Lakeway hospital is planning for trauma 2 designation.

Regarding communities, here are a few to think about:

1. Northwest Hills
2. Westover Hills
3. Northwest Austin
4. Highland HIlls
5. Balcones Woods

I just did a quick search in these areas and found 37 homes that fall within the general critieria. There will be lots to look at.

When you are ready, just let me know and I will send these and other details over to you.

Thanks
Ritch Haenke, Realtor
Coldwell Banker, United
512.633.3909
rhaenke@sbcglobal.net - Tue Oct 28 2008, 11:44

Ann:

Congratulations on choosing Ausitn! It is a wonderful city with so much to offer.

From your request, I can see that you are interested in working at a hospital and would like your home to be close to that hospital.

There are many different choices to consider. There are a number of top notch hospitals in Austin, Round Rock, Cedar Park, etc...

If you could provide a bit more information, I would be able to give you some better answers to your questions about options in these areas. Once you have the option, you can check some specific police websites for crime statistics. This will allow you to compare your level of tolerance with the types of things that are happening in the neighborhood.

I am a full time agent in the Austin area. I completed 4 sales in September with 2 listings on top of this. I have a great october underway as well.

I love working with people in finding their ideal home, community, area, neighborhood, etc... It is was makes me tick.

Let me know if I can help.

Thanks
Ritch Haenke, Realtor
Coldwell Banker United Realtors
512.633.3909
rhaenke@sbcglobal.net - Tue Oct 28 2008, 11:09