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Updated about 8 years ago on . Most recent reply

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48
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Audrey C.
  • Austin, TX
0
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48
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East Austin new build development -- keep or sell?

Audrey C.
  • Austin, TX
Posted

I have this 850 sq ft "condo" that I am the owner/developer.  The bigger 1580 sq ft house already sold.  2 houses on one lot, 78721 zip code around MLK/Springdale/Webberville area in East Austin.  Very fast growing and highly appreciating area, correct?  Well, it fell out of contract twice.  Yes, twice!  No fault of mine, really.  People just change their minds/buyer's remorse.   It was first listed 11/20/16 and it is now 4/11/17.   Now, I told myself that if this happens twice, then it is mine to keep as I do not owe on a construction loan or to a hard money lender.  What do you all think?  This a "one off" project for me.  I do not like being a developer with a hired partner/project manager.  Any seasoned investor/developer out there who can give me some advice to help ease my feelings of shock and sadness now?  I guess I can hold it, rent it, and cash in later--say 5 years or more down the road?  As it is a small unit, there should be more room to appreciate perhaps?  Please advise.  Thanks to all who chime in.

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