(photo from Realtor.com)
Regarding the Tower’s Article “Uneasy Neighbors: Zilker Residents Want to Keep Downtown “Downtown” I appreciate they are writing about our neighborhood and I thought the photo of Jeff and David was fetching, but I completely disagree with the spin put on the real estate pricing. The lot discussed is an outlier and not a bell weather of what is to come.
I wrote a letter to the editor, and included the market analysis that show sales of 2010 Rabb Rd and Largest Lots in Zilker.
I’m writing to express my disappointment in the lack of fact checking regarding the article about the Zilker Neighborhood.
Mr. Jack’s is not a realtor, but I think the numbers he quoted are COMPLETELY WRONG and EXTREMELY MISLEADING. The example given by Mr. Jack is an outlier and his facts are wrong (per MLS records). Not to mention the property was developed WELL UNDER what would be allowed per current building code for SF-3 lot so it is unclear how it represents his argument regarding land development.
Information regarding 2010 Rabb Glen (Lot 4 & 5 Zilker Hills) from the MLS
Lot Size –
The double lot next to Mr. Jack was one of the 10 largest residential estates that has sold in the Zilker Neighborhood in the last 30 years.
The property is .812 acres and now has 6 units. Divided evenly that would give each unit 5,898 sqft of dirt to each unit which is LARGER than the 5,750 minimum for an SF-3 lot size.
If the property could have instead been divided into 6 separate SF-3 lots that would have allowed for 6 houses and 6 ADUs for a total of 12 units. If anything, per current code, this property is under developed.
Not sure where the $1.3 number came from, but the highest sale in the MLS for a unit in this development is $1,065,000. Only three of the units sold for over a million and two of the units sold for under $500k.
Unit Size –
Furthermore, two of the units in this development are under 1000 sqft which, which seems to be in direct contradiction :
“There are essentially no small houses being built in this neighborhood. They’re all built to the very maximum of the building code. ”
The average size of a unit in this development is 1700sqft which is dramatically less than the .4 FAR that the building code allows for surrounding lots. If the property had been developed to maximize FAR the units would have been 2350sqft.