A recent report from Florida Atlantic
University ranked Austin as the second
most overpriced metropolitan city in
the US on average home buyers in our
area are paying about 67% more than
they would in a normal market. K views.
Darini Sharon joins us now in studio
tonight to show us how that's affecting
the idea of a luxury home in our area.
Quita we've all heard the saying you
get what you pay for, but there are
a lot of jokes on social media about
can't play homes like this up for sale
for upwards of $1,000,000 in our area,
and while that's pretty funny,
we really wanted to know what can
you truly give for $1,000,000.
Well, I took a tour of two hot areas,
Dripping Springs and Austin to find out.
This is downtown Dripping Springs
and now that we're driving through,
realtor Garrett Beam has been holding
on tight to the wheels.
The town itself is actually fairly small.
We're probably about 5000 residents ISH,
but we have the largest ET J,
SO extra territorial jurisdiction
in the state of Texas
as Austin's housing boom takes
the outskirts on a wild ride,
according to Redfin,
and made the median home price
in Dripping Springs hit $962,000,
up 44%. Compared to last year,
you will be hard pressed to find anything
that doesn't need a massive remodel or
overhaul for less than $600,000 out here.
Theme typically calls luxury
anything over $1,000,000,
but with the median home price sitting so
close the word luxury is getting loose.
So is $1,000,000 getting you
luxury and if not what is.
Being took my photographer
and I around Dripping Springs
to show us our first stop,
a home on Peabody Place in the Etj
right next to Walnut Springs Elementary.
This sits on 2 unrestricted acres,
which is the big draw to it.
In fact you can have horses,
chickens, country living exactly
Country Living's finest.
These homes four or five years ago
were probably going for about 4:50
to 485 depending on the condition.
Today the three bedroom, 2 Bath
custom home built in 1995 is on the.
Market for $1.2 million.
Let's see what you get.
Nice clean home.
Obviously they've done some
updating since it was originally
built formal dining, formal living.
The primary bedroom is very,
very expensive and you got
upgraded counters in here.
You've got a large built-in stainless
steel KitchenAid refrigerator,
which again not usually
standard in a regular home
and an open backyard
with a Casita or guest house, which Beams
says is in higher demand as prices rise.
What we're seeing is a big push
for multi generational families.
Kids are moving out here.
Mom and Dad want to be close.
Maybe they can't afford the house.
Mom and Dad say we'll help you buy it,
but we need to live on property
so you get free babysitting.
Next we're gonna go over to
headwaters so Headwaters is a master
plan community out here that's
got handful of builders in there,
such as Ashton Woods and David Weekley.
Beam says most of these are tracked homes.
Tract homes typically have a variety
of flooring and paint options,
but supply constraints have limited
buyers options while pushing up costs.
It's being built as a spec home.
I mean, you can't change
anything out that you get.
So buyers really are hand tied in
terms of what they asked for in a home
when parts of the neighborhood were built
in 2019, homes started at about $450,000.
Now they usually go for 900,000 to 1,000,000.
This brand new two story, four bedroom,
5 Bath home on Smoke Tree circle.
It's just over 4100 square feet and on
the market for just over $1.3 million,
beam says. While it's built by
David Weekley, it's considered custom
unobstructed views of the Hill
Country looking out towards Austin.
Get a nice big patio outside for
entertaining that's covered.
And as you can see, a big open floor plan.
But Beam says it's missing some higher.
And amenities that would make
it quote UN quote luxury.
I wanna see upgraded Windows and
these are just again build upgrades to
David Weekly home and which is great,
but then I also like to see hardwood
floors or some sort of nice tile.
So what could $1,000,000 have gotten you
in Dripping Springs a few years ago?
Welcome to the preserve.
This sits on just over 4.6
acres and the house itself is a
little over 6000 square feet.
As you can see, very impressive home.
You've got very, very tall ceilings.
You've got travertine flooring
that's five bedrooms,
3 baths, has two half baths.
The primary bedroom actually
has a steam shower, has a sauna.
You've got a movie room,
you've got a pool room over here
so it has a lot to offer for
people which can really defines
what luxury is looking for.
And that's just the inside
when you step in the backyard.
It's resort style living.
This estate was sold five years
ago for just under $1.4 million.
Today is going for just under 2.8 million.
The track homes that are
being built now are beautiful track
comes, but they're not not this.