Hot Hot Houses
In Austin's hot real estate market, many homes sell in a flash, but there are still a few properties whose stats will wow you. In its latest special report, real estate website Redfin puts a spotlight on the "Hottest Homes of 2014," three of which are in Austin.
To determine the hottest homes, Redfin used its "Hot Homes" algorithm, "analyzing home attributes, local market conditions and user behavior to identify homes with a high likelihood of getting snapped up within two weeks." The site then factored in days on the market, sale price over list price and if bidding wars ensued.
The hottest homes in Austin spent no more than three days on the market and sold for well over their list price.
Located in Windsor Hill, the three bedroom two bath home at 5007 Pecan Springs Rd. sold for $370,000 ($76,000 over listing price) and was on the market for three days. In the Brentwood/Crestview area, a three-bedroom ranch home at 1004 Brentwood St. sold for $331,000 ($66,000 over listing price) in just three days. That home has already been torn down and will likely be rebuilt as two homes, each selling in the mid-$700,000s, says Redfin.
Perhaps the most impressive sale of the year was in East Austin at 3008 East 14 1/2 St. The one bedroom home, marketed as a teardown, spent only one day on the market and sold for $190,000 ($40,000 over list price).
Redfin asserts that the hottest neighborhoods in Austin — where homes sell the fastest — are "primarily in heavily residential neighborhoods like Crestview, Brentwood and Windsor Park." The appeal? Proximity to downtown. Plus, these areas are zoned for condos, meaning investors can swoop in and do upgrades on the main house, and add a second residence in the back for maximum profit.
You can see more of the country's hottest homes on Redfin.