Market Research Report: 211 Far Vela Ln
Background
211 Far Vela Ln is a residential property located in Lakeway, Texas, within the Far Vela Estates subdivision. This area is known for its upscale homes and proximity to Lake Travis, offering a serene environment with scenic views. The property is situated on a 1-acre lot and features a 5,129 square foot single-family home built in 2003. The residence includes six bedrooms and five bathrooms, providing ample space for large families or hosting guests.
Property Details
- Address: 211 Far Vela Ln, Lakeway, TX 78734
- Lot Size: 1 acre
- Living Area: 5,129 square feet
- Bedrooms: 6
- Bathrooms: 5
- Year Built: 2003
- Estimated Value: $1,450,709
Market Analysis
Recent Sales and Valuation
The property was last sold on December 16, 2003, for $740,913. Since then, its estimated value has increased significantly, reflecting the appreciation of real estate in the Lakeway area. The current estimated value is approximately $1,450,709, indicating a substantial rise over the past two decades.
Comparable Properties
Several properties in the vicinity offer similar features and have experienced comparable market trends:
- 212 Far Vela Ln: A 3,759 square foot home built in 2002, situated on a 1.7-acre lot. It has an estimated value of $1,143,170.
- 202 Far Vela Ln: A 6,709 square foot residence built in 2004, located on a 1-acre lot. Its estimated value is $1,599,600.
- 101 Far Vela Ln: An 8,280 square foot home built in 2005, also on a 1-acre lot. It has an estimated value of $1,871,170.
These comparables suggest a strong and appreciating real estate market in the Far Vela Estates area.
Market Trends
The Lakeway real estate market has shown resilience and growth, with properties in the Far Vela Estates subdivision maintaining or increasing their value over time. The area's appeal is enhanced by its proximity to Lake Travis, quality schools, and recreational amenities, making it attractive to potential buyers seeking luxury homes in a tranquil setting.
