There has been great discussion about whether condo conversions are a wise purchase, particularly the MonteVista condominium project in West Austin. We have had a chance to do some initial research on the MonteVista condos, and here are our findings.
MonteVista Condos Overview
Our initial reaction to MonteVista is that the location is spectacular. Being on the corner of 360 and 2222, as a resident you would be nearly equidistant to downtown Austin and Lake Travis. This would be great for a resident who worked downtown, but likes to spend their weekends on the lake. The grounds themselves are beautiful, with two resort-style pools and outdoor BBQ grills. The amenity center is complete with a private theater and a modernized fitness center. Unit finish-outs vary from basic to upscale. All units have 9 foot ceilings, and feature large balconies.
MonteVista Condos For Sale
There are currently 18 MonteVista condos on the market, 2 are pending and taking backup offers, and 5 have sold since January 1, 2010, according to recent Austin MLS data. Units that are currently for sale range from $99,900 to $229,900. Square footage ranges from 608 to 1150.
Are Condo Conversions a Wise Purchase?
In my opinion, condominium conversions are generally a poor purchase. Reason being that there are usually plenty of better alternatives in a similar price range. Any of these alternatives would generally hold their value better than a condo conversion, for a bounty of reasons. A few that come to mind are quality of workmanship, overall quality of living, and most importantly financing challenges. I have personally seen some condominium conversions that cannot obtain any financing at all, and most of which are not FHA approved.
MonteVista Bucks the Trend
But in the case of MonteVista condos, I think it makes sense. There are not many alternative condominiums near MonteVista that offer a similar lifestyle, and none can match the spectacular location in West Austin. And the best part, MonteVista condos are FHA APPROVED. Finding a condominium conversion in West Austin that offers FHA financing in today’s market is worth serious consideration if you are a looking for an attainable way to live in this upscale area.
Do you have an opinion about MonteVista condos? We’d love to hear your thoughts.