In my last blog, I wrote about how small the San Antonio luxury home market is. Only 4% of homes sell above $500,000 and less than one-half of one percent sell for a million or more.
But, if you are selling a luxury home, how can you put the odds in your favor? If you are a buyer how can you make a good decision for future resale value? There is a very small sample size to analyze but lessons can be learned. Even with so few sales, patterns emerge. So, how can you learn from "The List?"
"The List" is what I call luxury homes that are actively on the market. The few that are chosen by buyers each year made it off The List. An important part of my job is figuring out why. This analysis will focus on the data of homes that make it off The List. I'll write about the more emotional factors later: Things that make a difference like a great view, big trees and updated finishes.
Sometimes an amazing view is the reason a house gets off "The List"
I'm going to write about $1 million and higher sales that went through the San Antonio Board of Realtors' MLS. Texas is a non-disclosure state. Unlike nearly every other state, there is no law that forces a seller or buyer to disclose a sales price in Texas. However, most sales, even above $1 million, go through MLS. That's the only way that the real estate industry, the county tax office and the public knows what the sales price is. Though I work a few non-MLS transactions each year, the large majority of sales in all price ranges go through MLS.
I chose not to include homes in places like Horseshoe Bay, Gruene, Canyon Lake, Burnet, Wimberly and Llano. These homes are generally waterfront properties purchased as vacation homes.
There are also sales that are reported in the single family residential MLS that are actually ranches so I excluded them. For example, a "home" sells over $1 million but it has 200 plus acres.
Going back 12 months, there have been 104 sales at or above $1 million.
1. Quality public schools
Though many of these buyers will consider private school, the local public schools are important at the very least for future resale.
Four districts dominate the million dollar sales:
Alamo Heights: 26
North East: 14
2. Neighborhoods with a track record
There aren't many million dollar neighborhoods in San Antonio, so the same areas tend to dominate year after year
- 30 sales were inside Loop 410 - Alamo Heights, Olmos Park, Terrell Hills and Monte Vista
- 23 sales were north of 1604 in the Northside School District. Includes The Dominion and Anaqua Springs Ranch
- 23 sales were outside 1604, further north in the Boerne School District including Cordillera Ranch
- 16 sales are outside Loop 410 but inside Loop 1604 - Shavano Park including Bentley Manor and Huntington
- 12 were in the area outside 1604 generally knows as Stone Oak including Champions Ridge, Champions Run, Waterford Heights and Sendero Ranch
3. At least 4 bedrooms
|22 Sanctuary, Inwood Estates|
79% of homes sold over $1 million have a pool
|228 Cloverleaf, Alamo Heights|
New construction is popular especially in neighborhoods where it's rare
He is an associate of San Antonio Portfolio Real Estate - KW, a boutique brokerage specializing in the high end San Antonio area neighborhoods including Alamo Heights, Terrell Hills, Olmos Park, Monte Vista, The Dominion, Boerne, Cordillera Ranch, Hill Country Village, Anaqua Springs Ranch, Shavano Park, Bentley Manor, Huntington, Inwood, Elm Creek and Stone Oak.