Wednesday, August 20, 2014

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Lake Travis home prices drop with lake levels

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TWC News: Lake Travis home prices drop with lake levels
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The summer rainstorms are a welcome sight for Lake Travis residents, where the real estate prices are dropping along with the water levels.

Volente Chamber of Commerce Vice President Tim Davis says residents who have been accustomed to living on the water are considering moving.

“They are used to having water, and if they don't have water, it is like, well, 'maybe we can move to a place that does,'" he said.

Davis, who is also a long-time Volente resident and realtor, says home prices begin to drop whenever Lake Travis falls to about 20 feet below average, and according to the LCRA, the lake currently sits close to 30 feet below average.

"I just got off the phone with an individual who bought in 2007, and unfortunately, because the water is not in front of his place -- he is on a cove -- his values dropped about 20 percent," Davis said.

Davis hopes the lake will return to a healthy level soon, and in the meantime, Real Estate Advocate A.J. Farrer, who runs the blog AustinRealEstateAdvocate.com, advises residents with lake front real estate to wait on selling their property until the situation improves.

"They are asking me, ‘What should I do?’ And if they can hold on, I am asking them to hold on. This is not a good time to sell," she said.

Find out more about the situation around Lake Travis in the video above.

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