Homes at Mueller Austin are filling fast as Phase II is well underway and new neighbors are moving in. How long will it be before development is complete, and what implications does this have if you’re trying to sell your home at Mueller?
This is the first part of a three part series which examines the status of development at Mueller, what the challenges for re-selling your home are, and how to compete with the builders if you need to sell in a growing development.
At what stage of development is Mueller Austin?
348 Homes sold in Phase I of the Robert Mueller Airport Redevelopment in Central East Austin, with the first pioneers moving in at the end of 2007. As pioneers ourselves, we were lucky enough to win a high ranking in the pioneer lottery and close on our home in February 2008. By the summer of 2008 we already had parks, a pool and the energy efficient Gold LEED award winning Mueller Central building.
Around 350 homes are available in Phase II, out of a total of around 2400 planned houses in nine planned residential phases. The remaining planned 2200 housing units will be apartments and condos, and Phase III of residential development will commence in Summer 2009. So for years to come, the builders at Mueller are going to remain active selling their homes until the residential development is complete.
Will I be able to sell my Mueller home? Invariably, life circumstances change. People move to other cities, circumstances change and you may need to relocate. What happens if you bought at Mueller and need to sell? Will you be able to sell your home?
Firstly, you have to consider the nature of the title you hold to the home. If you live in an affordable home, there are restrictions on the sale. In the first year of ownership, you must sell it back to the Mueller Foundation at the price you paid for it. If you wish to sell it after this period, the Mueller Foundation has first right of refusal to buy it at market rate (as determined by a third party).
If your original purchase was at market rate, then you have the right to sell your home to whomever you wish. The question then becomes: Under what terms can I sell my home? and What is the market value of my home? We look at these in part III.
Part II of this series looks at the challenges of competing with new home construction, and part III looks at the solutions to yield a successful sale.
Garreth Wilcock is a Realtor ® residing in Mueller Austin. 512 215 4785
