Buying a Home in 44 East Ave

44 East Ave is the site of one of the most exciting housing development plans to hit Austin in years. People around the country have expressed interest in owning property at this enormous and exclusive address. But there’s much more to learn about buying a home in 44 East Ave than what first meets the eye.

That’s why we’ve compiled a comprehensive guide to help you navigate all the intricacies and details behind purchasing property here. We’ll discuss why buying a 44 East Ave home might be a smart decision, and we’ll also cover the basics of the housing market in the downtown Austin area. 

This guide to buying a home in 44 East Ave begins with a quick rundown of the best reasons to buy a home in the area.

There’s a reason why so much planning and construction have been focused on the plot where 44 East Ave currently rises from the downtown Austin landscape. The location is unmatched. The building is ideally situated right off the scenic Lady Bird Lake in the heart of the coveted Rainey District. Access to Austin’s leading industries and workplaces is on your doorstep, and you can walk out your door right onto the trail.

44 East Ave has been in development for upwards of 10 years. And for good reason: the architects, designers, and urban planners behind this project have put all their energy into building the most modern and exclusive residence in all of Texas. Buying a home here means you’ve snagged a property that will continue to rise in value for the foreseeable future.

Next, here are the best neighborhoods near 44 East Ave.

This part of town is the ideal place to set up shop if you live an active and varied work life and plan to move into the neighborhood solo. Living here, you get the best of both worlds: you’re close to the thriving downtown area but far enough away to score some of the most affordable luxury homes in the market.

Mueller is a growing neighborhood in Austin, and its reputation is also growing as the best place to raise a young family in town. Over one-fifth of the open spaces in Mueller are considered green or parks, so it’s a great place to spend time in nature and build a family. Mueller is also one of the most walkable areas in Austin, and thanks to its vast space, more residential projects are anticipated.

Perhaps the best neighborhood to buy a home in Austin is Clarksville, in the historic district. This area is definitive Austin: beautifully decorated, diverse, close to the urban nightlife, and great for families and independent homeowners. Property values have skyrocketed in Clarksville recently, as have the number of trendy restaurants and boutiques that collectively make this neighborhood the most coveted place to own a home in 2023.

Now, here is valuable insight into the process of buying a home in 44 East Ave. 

As of April 2023, the housing market in Austin prefers sellers, but only slightly. That’s because there’s a consistently high demand for homes in the area, and homes sell faster than usual. The median sold price for a home in Austin is just under $530,000. That’s down about 15% since 2022. Meanwhile, inventory continues to climb toward a balanced market, with active listings rising by over 300%.

Closing costs in Texas can be challenging to determine if you don’t know which part of the country you’re moving to. In 44 East Ave, you can expect to pay about 2–-5% of the purchase price of your home in closing costs. These costs include the commission to your real estate broker, settlement fees, title insurance, and more.

Here’s where the good news comes in. Texas currently has no property tax, so homeowners won’t owe any taxes on their residence in 44 East Ave at the end of every year.

Here are some details about buying a home and getting sufficient funding to purchase a home in Austin.

A conventional loan is not backed by the federal government, simple as that. That means it’s not part of any program the government runs. These loans are the most common luxury homeowners pursue, but they require that you have above-average credit.

FHA loans are government-sponsored loans that are backed by the Federal Housing Administration. They generally have more lax requirements to apply for them. You can have a slightly lower credit score or other financial issues and still qualify. They’re ideal for first-time homeowners.

VA loans are made by private lenders, but they are also backed by the federal government. You can be eligible for a VA loan if you are a veteran, active or past service member, or a surviving spouse to the former. They provide eligible homeowners with competitive interest rates and near-zero down payments on a single-family home, condo, multi-unit property, or other housing options.

With that, you’ve completed this insider’s guide to buying a home in 44 East Ave in beautiful downtown Austin. If you have any questions or comments about purchasing property here or elsewhere in Austin, don’t hesitate to reach out today! Whether you’re set on 44 East Ave or prefer another Austin destination, Bernardo has you covered. Contact Bernardo de Alba for more information.