The #ohfour, the neighborhood that keeps Austin weird, arguably the hottest real estate in Austin, is one of the most competitive areas to buy or sell in this incredibly competitive Austin market. When people think of 78704, most think of Travis Heights, Zilker and Bouldin, the historic neighborhoods bound by Lady Bird Lake to the north and Oltorf to the south – but the zip code actually extends further south, encompassing another neighborhood from Oltorf to Ben White. If you’re looking to buy in this area, you may be surprised to find the difference just a few blocks makes in price and availability. Our 78704 expert, Morgan Smith, thinks this fun niche neighborhood that some call Galindo is the one to watch.
We pulled real estate stats from 2009 to 2014 in both sections of the ’04, and the comparison is striking. From 2009 to 2014, Galindo real estate price-per-square-foot rose $62/sq. ft. (from $228 to $290). During the same time frame, Travis Heights real estate rose $106/sq. ft. (from $279 to $385). In today’s market, a house south of Oltorf is almost $100 less per square footthan north of Oltorf!
‘Average days on the market,’ is another commonly measured variable that indicates how hot an area is. Austin, as a whole, is experiencing record low average days on the market this year, and 78704 is no exception. Travis Heights homes average just 23 days on the market. Homes in Galindo, while not far behind, stay on the market an average of 35 days. Interestingly, in 2009, the two neighborhoods averaged almost the same at 77 days and 82 days, respectively. This would seem to indicate that the southern part of 78704 is increasing in popularity; however, the price difference is still pretty significant. Average price for a home south of Oltorf this year is $385,470; average price north of Oltorf is $625,754 – more than 60% higher.
Both areas have the same proximity to awesome Austin perks like the unique local shops, restaurants and bars of South Congress, South First and South Lamar. With easy access to Lady Bird Lake, Barton Springs, Zilker Park and downtown – 78704 is the perfect blend of natural beauty and urban chic. If this sounds like the life for you, you should consider extending your search south of Oltorf. There are a number of new-build projects in the works, and the area really has some gems. Particular streets to watch are: 1) South Center Street, just off South First, where there are a number of properties available now; 2) Garden Villa Lane, which has several desirable cul de sacs extending from it; and 3) Del Curto, a cool neighborhood just off South Lamar.
Inventory is low, and homes in the ’04 move fast. When you are ready to buy or sell in 78704, it’s important to be in the know. Call Morgan today (512) 466-5224.