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Real estate prices, while currently being hit by
the mortgage crisis, are expected to stabilize in
2008. Currently, Austin's median price
for a three bedroom, two bath single family dwelling is
$185,000, well below the national average, although the
average sale price is $249,000, above the national
average. Austin has a number of distinctive
neighborhoods, and modest homes priced from the low
$100,000s to million dollar estates and ranches on the
outskirts of the city are for sale. In general, Cedar Park Leander, Round Rock, areas in
East Austin
, areas northeast of the
Austin
city limits and much of
South Austin
and outlying areas south and southeast are the more affordable parts of town.
Condominiums and town homes are for sale from the
low-$100,000s to the high $650,000s, depending on location.
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Forest Creek (512.255.4499) is a lovely
condominium development (for all ages) that sits nestled along
Forest Creek Golf Course and has 1,400 sq. ft. units available for
lease for $1,100 per month.
Austin has a variety of
assisted-living facilities throughout the city, and the Housing
Authority of Austin has dedicated senior communities, but there
are no active adult (55+) communities within the city. The
closest one, Sun City of
Texas, is in Georgetown, just north of Austin. This is a
5,600-acre, master-planned residential community
that offers homes, social activities, three 18-hole golf courses,
tennis courts, and trails for walking and biking. A new home in
Sun City can be purchased for as little as $145,000.
There are many apartment complexes throughout
Austin; rents average $600 per month for a one bedroom unit about
$800 for a two bedroom unit, but less expensive units are
certainly available as are more expensive ones. Some
apartment complexes are for seniors only, such as Primrose of Shadow
Creek (512-419-1525). This community, designed for those over the age of 55,
offers comfortable living at an affordable price.
Residents enjoy amenities that include an Olympic-size swimming pool, clubhouse, business
center, library, and bus and shuttle services. One-bedroom floor plans that
ranges from 665 square feet to 735 square feet lease for $600 per month.
The two-bedroom unit is $722 per month.
All real estate is appraised at full market value, and taxes
are assessed by local county assessors on 100% of appraised
value. The tax rate averages $2.165 per $100 of
value, depending on the county. For homeowners 65 and older,
$10,000 (in addition to the regular $15,000 homestead exemption)
of the property's assessed value is exempt from school taxes and
$3,000 is exempt from other local taxes. The annual
tax on a $200,000 home, without the exemption, would be
$4,330. Texas does not have an income tax, and
retirement income is not taxed.
Austin,
Texas, Continued...
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