The Latest on Austin’s first house sale
The Austin real estate market is in a bubble, but there are some signs that buyers are ready to step up to the plate.
A couple from South Korea who recently bought an $800,000 house for $2.3 million in the city’s booming downtown has set up a website to sell it on the same day as the sale.
It’s called the Austin Real Estate Market and it has a goal of selling at least one home a week.
The buyer, Kang Chul-young, is the first Asian to win a Texas home for sale in the state, and he’s already sold more than 100 properties, including in Dallas.
Chul-Young said his family is now looking to sell some of the houses they bought in the South Korean city.
He said he bought the $800.5-million house in Austin’s historic district for $800 a month, but now he’s looking for a more affordable price.
The home is just a block away from a grocery store and there’s a lot of activity around the area.
He added he wants to see if he can find a buyer willing to give up the house for about $1.5 million.
He said he’s working on getting the paperwork approved for a mortgage and that he’s hopeful the buyer will accept that offer.
But that’s not the only way to get a home for under $1 million.
Chul of South Korea is also looking to buy a home on the east side of Austin for about the same price.
He’s looking to move in by May.
If the home he’s interested in sells, he said he’ll probably sell it at a loss and use the proceeds to pay down his student loans.