Lakeway began as a resort community and has become one of the most popular bedroom communities of Austin, Texas, says a local Realtor.

"Lakeway is a community on the south shore of Lake Travis," explains Realtor Ron Helle. "It is, essentially, the best community from the standpoint of resale value, amenities, and location, complete with local city government, police department, parks, greenbelts, marina, golf course and much more."

"In June of 2004 there were a total of 44 sales in Lakeway (1 condos), with a sales volume of $14,675,950.00, and average sales price of $333,544.31, and a median sales price of $321,500.00," says Helle. "In June of 2003 there were a total of 37 sales (2 condos), with a sales volume of $11,691,896.00, an average sales price of $315,997.18, and a median sales price of $329,900.00. On the surface it appears that the average sales price has dropped slightly. To keep the proper perspective, let's look at the year-to-date figures. In the first six months of 2004, there have been a total of 187 sales in Lakeway with a sales volume of $59,502,021.00, and an average sales price of $318,192.62. In the first six months of 2003 there were a total of 150 sales with a sales volume of $45,013,666.00, with an average sales price of $300,091.10. That represents an increase in sales activity of 24.66 percent and an increase in the average sales price by 6.03 percent, and an increase in sales volume of 32.19 percent.

He adds, "There have been very few foreclosures in the Lakeway market in the past two years. When you do see one, they are normally not priced below market in most cases, unless the condition is poor. While the activity has been slow the values have held, making a home purchase here a pretty good investment.Having said that, there is a slight down side to the Lakeway market, and that is the large inventory that is available. There are currently 272 residential listings in Lakeway and The Hills of Lakeway. Given the current sales activity that is just over a 9.3-month inventory given sales activity so far this year. The Lake South market area as a whole has 635 active listings to make it a 8.73-month inventory.

By comparison, notes Helle, the Austin market as a whole has approximately 10,000 residential listings.

"Since very few people coming into the Austin market are aware that Lakeway and Lake Travis are out here," says Helle, "it is imperative that a seller have a Realtor who is proactive in bringing buyers into the marketplace. There are a significant number of new developments in and around Lakeway that are competing for their share of the market. I would point out that sales tend to be directed toward newer homes. Older "lake" homes are becoming much more difficult to sell. Complicating this is that there have been several people who have done extensive renovations and then found themselves upside down and unable to sell without losing a significant amount of money."

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Published: August 23, 2004

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