Based on what similar homes have actually sold for within a mile, I'd place this property's value at $2,910,328. I'd recommend coming to market at $3,081,000 to $3,248,000 to strike the right balance between value and market velocity. With 2 comparable homes on the market in SPANISH OAKS, this price positions the property as the most expensive of 2 comparable homes on the market. Being 103 sqft smaller than the average comparable sale in this area impacts the per square foot value. Built in 2008, this home is 9 years older than the average comp, which is reflected in the adjustments. Current inventory shows 2 comparable homes in SPANISH OAKS; a buyer's market based on recent absorption. The trend in SPANISH OAKS shows prices have fallen 6.5% in the past 6 months. 4700 Monte Carmelo PL, Austin TX 78738 nearby adjusts to $2,551,346; with a larger floor plan. With 4 solid comps to draw from, the data tells a consistent story. Of course, without seeing the property in person, this is a data based estimate only.
Ed Neuhaus, Neuhaus Realty Group
