Based on what similar homes have actually sold for within a few blocks, I'd place this property's value at $523,075. I'd recommend coming to market at $151,000 to $161,000 to strike the right balance between value and market velocity. With 7 comparable homes on the market in HYDE PARK, this price positions the property as the most expensive of 7 comparable homes on the market. Being 518 sqft smaller than the average comparable sale in this area impacts the per square foot value. Built in 1926, this home is 12 years older than the average comp, which is reflected in the adjustments. With 7 similar homes currently listed in HYDE PARK (a balanced market), competition is a factor to consider. The trend in HYDE PARK shows prices have risen 2.2% in the past 6 months. 4205 Speedway Ave # 301, Austin TX 78751 nearby adjusts to $178,210; a strong comparable. With 7 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