RRR Austin

Sunday, October 01, 2006

Exciting Housing Opportunity for NORTH AUSTIN!!!!

A group of investors bought an apartment complex in North Austin with the purpose of renovating them into Townhomes, which was the property's original purpose. Today, the property owner has completed the conversion of the 76-unit Willowbrook North Townhomes in North Austin.

All of the units were completed gutted and outfitted with features such as slab granite countertops, ceramic tile and brushed-nickel fixtures. The reopened community includes a security gate and a security guard in the evenings.

The units will be 2 bedroom units ranging from 985 square feet to 1,100 square feet priced between $135,000 to $160,000.

The HOA fees are not determined yet, but currently there isn't a lot of housing available for under $185,000 in that area, so this may provide some special alternatives for those wanting to move into the area.

From my experience that has been an increased surge of investors interested in purchasing apartments to convert into condos/townhomes. This kind of trend may be due to the need for housing ownership and the opportunity available because older apartment buildings are becoming more and more vacant due to the many newer apartment buildings throughout the area.

Hotel/Condo options are also springing up in the Austin Area as another alternative to housing. Condo/Townhome housing continues to grow as the "busy bodies" prefer paying Association Fees to paying to keep up with landscape and other things that a house entails.

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