Based on what similar homes have actually sold for in the surrounding area, I'd place this property's value at $645,163. I'd recommend coming to market at $393,000 to $403,000 to strike the right balance between value and market velocity. In the current WEST END CONDO market with 7 similar homes available, this price represents the 3rd most expensive of 7 comparable homes on the market. Built in 1979, this home is 9 years older than the average comp, which is reflected in the adjustments. The 0.06 acre lot (larger than the 0.03 acre average) is reflected in the estimate. Right now, 7 similar properties are competing for buyers in WEST END CONDO, listed between $409,000 and $870,000. The trend in 78703 shows prices have fallen 9.3% in the past 6 months. 606 W Lynn ST # 16, Austin TX 78703 nearby adjusts to $585,839; a strong comparable. Based on 7 relevant data points in WEST END CONDO, 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