Get it while you can

I monitor the MLS listings for central Austin (MLS areas 1A, 1B, 2, 3, 4, 5, 6, 7 and 9), the area covered by the McMansion ordinance.  I track 2500+ sq. ft. single-family homes listed for less than $300,000.  (I explain why here.)

As of today (October 20, 2006), there is exactly one such house.  It's on Saucedo, near Springdale and Airport.  That's not really even central Austin.

There are no longer any "large" houses in central Austin affordable to families making $100,000 or less per year. 

Comments

[M1EK]

To be fair, almost none of the original houses in these areas would have been 2500 sqft.; so you're talking about a disproportionately wealthy/recent sample here.

Our own search was (1B and 4) for ($300,000 or less), (3 bedrooms, 2 bathrooms or expandable to same at same cost).

[AC]

I'm not sure I understand your comment -- I'm surveying what's out there. That one house is it in the 2500+, <$300,000 category. I know that doesn't say anything about the supply of smaller homes in central Austin. (Nor does it prove the McO's nefarious effects, although I'm mighty suspicious.)

If you exclude 1A and 1B but don't cap the search by price, you'll pick up 32 more 2500+ sq. ft. homes. Only three of these are under $500,000.

I'll bet there's a pretty good inventory of 3/2's if you're not as worried about square footage. Just curious, though, how did you weed out the houses that aren't expandable?

[M1EK]

2500 is very large to search for in these areas - it's a bit of an unfair search. With or without the McMansion Ordinance, I mean - the original housing stock was so small in comparison that you're basically only looking at (Old Enfield) or (stuff people tore down and rebuilt) - biased towards the high-end (per square foot, even, not just overall).

I largely just eyeballed the properties - noting how close they were to setbacks which would otherwise require variances (assuming at the time that going up would be expensive but always allowed). Oops.

[AC]

I don't guess buyers can eyeball anymore, at least if they're planning to expand. FAR calculations are easy, but how do you estimate the building envelope? Just figuring out where to start the side envelopes requires, as best I can tell, a topographic survey . . .

[Real Estate Guy]

I dont know how many more houses their would be that fit your criteria McMansion ordiance or not. There are not many large homes in central Austin. Historically this area has had smaller homes. Additionally, without the Mcmansion ordiance if their were more homes over 2500 they would likely be over 300k. Its doubtful a builder would buy a lot in central Austin, build a 2500+ house and sell it for less than 300k.