In an ongoing series for Curbed Austin, real-estate analytics site NeighborhoodX is taking a close look at sales price ranges in different neighborhoods.
This week NeighborhoodX is looking at the prices in the East Cesar Chavez neighborhood, as it has several times, most recently in June. As we have noted in all of these updates, the neighborhood—bounded on the north by East Seventh Street, IH-35 to the west, Chicon Street to the east, and the river on the south—has for years been a locus and a flashpoint for civic conversations around gentrification and ethnic displacement.
The current average listing price (excluding properties primarily positioned as development sites and those with incomplete or contradictory information) is $409 per square foot. But the individual properties that compose this average range about 25 percent in both directions—from $297/square foot (1601 East Fifth Street #209, a two-bedroom condo on the metro rail line near the Saltillo Plaza station) to $507/square foot (86 Navasota Street, a one-bedroom, 668-square foot, 1920s house asking $339K).
A quick note regarding 86 Navasota Street: It is positioned as either a rehab or a redevelopment opportunity, but unlike many of the other listings positioned primarily as development sites, it is on a small (or what the city calls "substandard") lot—about 0.10 acre—likely one that falls under the small-lot amnesty rules that the city updated in the spring.
Since those rules allow a neighborhood to approve new construction or renovation on a lot whose size would not be legal for residential building under current codes, it's interesting to look at it in the price-range context of, say, the new-construction units at 1800 East Fourth Street (the brilliantly named Fourth& complex), asking $488/square feet, while the Navasota property is asking $507/square feet for space that needs either a full rehab or demolition.
As always, you can see the full, interactive chart on NeighborhoodX's website.
• Austin East Cesar Chavez Range (July 2016) [NeighborhoodX]
• City Approves Small-Lot Regulations [Curbed Austin]
• Neighborhood Market Watch: What It Costs to Buy in East Cesar Chavez Right Now [Curbed Austin]
• Neighborhood Market Watch: What It Costs to Buy in East Cesar Chavez Right Now [Curbed Austin]
• How Crazy Are the Prices in East Cesar Chavez Right Now? [Curbed Austin]