Despite the current trend in the Housing Market, the housing market is Austin has increased! If you can find a house for $100 per sq foot in Austin, your doing good. East Austin is even better, at prices well below $100 a sq foot.
Now is the time to buy up those houses that are within 30 mins from Austin that are in that are well below that price range. If you can find a HUD home for say 130k that is 1700+ sq foot, put 10k into repairs, paint, carpet, etc... you can make 20k in a month! There are a lot of homes in the Cedar park, Roundrock area that are HUD foreclosed homes and can be flipped fast and easy.
Look for those diamonds in the rough... Some areas of Austin are up and coming, like Anderson Mill area. You have a lot of older homes there that are being scooped up, fixed up and flipped for big bucks. This is a hot area for doing this because of its close location to Austin and its retail development that has been coming to that area.
One of the hottest areas right now is the Bee Caves/71 area where the new Galleria Mall has gone in. You can get $150 a sq foot in this area. The taxes in this area are fairly low and the city has a surplus of funds which means that property taxes in this area will not go up anytime soon. With the new galleria mall, the retail market will start booming and the taxes from that will help this part of town grow fast. Expect big changes in this area of Austin over the next 5 years.
Lago Vista! This area is beautiful. The retail market is coming in, developers are building, and land values are going up. Homes in this area go for $100 a sq foot and up. Expect prices in this area to grow 5% - 10% a year. Good investment area.
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