Hi y’all, welcome back to Selling Austin - your weekly local real estate recap. We’ve taken a couple month hiatus but we’re back, excited to dig in. 💪 

Inside: World’s Most Expensive IHOP 🥞 + Black Friday Hits Houses 🔻 
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(*unbiased opinion)

WHAT'S INSIDE

• 🔢 THE DATA

• 🤠 WHAT’S HAPPENING AROUND TOWN

• 🤤 HOUSE WORTH DROOLING OVER

🔢 THE DATA

I’m an ex-dentist turned Realtor - let’s work together! Email me, tweet me or send me a carrier pigeon. 🐦️ 

Key numbers at a glance:

• Median Austin–Round Rock sale price: down 8.2% YoY vs. U.S. median up 4.8% YoY

Mortgage activity:

• Q3 mortgage originations down 40% from a year ago (7,500)

• Peak originations in Q3 2020 were 36,000 👀

• Austin had the steepest drop in mortgage activity among large U.S. markets

What this means for you:

Austin is a buyers market. Sellers are slashing prices to get properties sold, and buyers have more leverage here than in the rest of the country.

🤠 WHAT’S HAPPENING AROUND TOWN

World’s most expensive IHOP is up for sale

The IHOP I’m sure y’all have seen and wondered who in the world eats there is coming up for sale. Situated next to the tallest building in Texas (Waterline) and the new convention center overhaul, it is the definition of “location, location, location.”

Coming in at 0.8 acres, its appraised value is $26,800,000. The property will be up for a foreclosure sale on 12/2 (plenty of time for you to get your funds together).

This IHOP site is one of the last big chances to build something significant in the Rainey Street area. Most likely we’ll see a major high-rise take its place and become home to a hotel/apartments/retail combination.

Why is this going into foreclosure? It’s part of Nate Paul’s portfolio, which has been unraveling since a 2019 FBI raid. I’ll save this story for another time – it’s a wild ride.

🤤 HOUSE WORTH DROOLING OVER

Luxury comes discounted too on Black Friday - 22% off original list price!

Yours for only $8,950,000

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