re: This new custom home in Austin has gone unsold for a year; price dropped from $2M to $1.6M

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Are we entering a 2008 type of housing market correction here?

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Not exactly. A lot of people bought at lower prices with sub-5% rates, so they can't really afford to make even a lateral move without seeing their mortgage jump significantly. In other words, they're going to be less likely to miss mortgage payments as the economy slows.

2008 was heavily weighted with mortgages people couldn't really afford and those mortgages caught up with them.

The economic issue we're facing this time is a consumer debt bubble coming from credit cards, car loans and student loans. Housing will be impacted, but we shouldn't see the massive crash of the real estate market we saw in 2008.

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Tax assessed value: $437,500

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It’s assessed as just the lot. The property tax of $2600 is a lie as well - taxes on that thing will be $30k+ per year.

Carpet floors, no crown molding, pool on opposite side of house from outdoor kitchen, shaker cabinets in small kitchen, unfinished lattice work staircase to external deck looks like it belongs on a camp not a 2mm house.

It is a nice house, but some of these builders are just getting lazy with their layout/design. I wouldn't pay what they are asking either.

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Are we entering a 2008 type of housing market correction here?

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We have been heading there for a long while.

The clowns on here will tell you the market is tip top magoo. It’s not.

Woof. Looks more like an academic building than a home. No wonder it is reduced.

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unfinished lattice work staircase to external deck looks like it belongs on a camp

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It's shockingly bad. Not sure what the staircase underneath that lattice is like, but I have to imagine it look way better exposed.

Man nice place but stupid price.

I'd put a corn feeder and shoot deer off the porch.

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The property tax of $2600 is a lie as well - taxes on that thing will be $30k+ per year.

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Everyone new to Texas gets surprised by a new build and the valuation on the unimproved, or partially improved land. You can warn people over and over, but they don't pay attention.

I am very familiar with that area. There are a couple of things you don't know:

1. Look at it on Google maps. It is effectively part of the little enclave of houses around the corner on Durango Hills. Every single one of those houses is white. Every. Single. One. You can see that ridge line for miles, it sticks out.

2. Why? I suspect it has something to do with demographics. I have never seen anyone who wasn't of Indian (as in West Pacific) outside in that enclave. I think it may be 100% Indian. Do they like white houses? I dunno, this is just an observation. A substantial portion of that section of Travisso closest to this enclave is also heavily Indian. That's the section bordered by Venezla View.

3. The complaints about the topography ITT are unfounded. That's actually why people buy out there. Views and wildlife.

4. If the community to the NE bordered by Roaring Fork had that kind of time on market, you might be onto something. Same price range, but more ethnically diverse.Both communities are a short (by CA standards) commute to the Apple main campus, Firefly Aerospace, Dell, and a lot of other major employers.