Based on what similar homes have actually sold for within a mile, I'd place this property's value at $2,089,978. I'd recommend coming to market at $848,000 to $858,000 to strike the right balance between value and market velocity. Against 7 similar active listings in 78734, this price point lands at the 2nd most expensive of 7 comparable homes on the market. Being 283 sqft larger than the average comparable sale in this area impacts the per square foot value. The 2.49 acre lot (larger than the 1.08 acre average) is reflected in the estimate. With 7 similar homes currently listed in 78734 (a buyer's market), competition is a factor to consider. The trend in 78734 shows prices have fallen 6% in the past 6 months. 205 Palazza Alto DR, Austin TX 78734 nearby adjusts to $1,661,751; a strong comparable. Based on 7 relevant data points in 78734, I'm comfortable with this estimate. Without stepping inside, I can only go by what the data shows. An in person look would tell the full story.
Ed Neuhaus, Neuhaus Realty Group | Austin, TX
