Prices go off the rails at Austin’s Galewood Crossings

It’s been nearly six years since we first looked in at The Enclave at Galewood Crossings, the 15-acre residential portion of a 50-acre mixed-use development on a former railroad site in Austin. The site is nearly a mile east of the Galewood neighborhood.

When we checked in for an update two years ago one of the original developers had been convicted of bribing the local alderman, who pled guilty to receiving payoffs for facilitating the rezoning of the site.

Original buyers have typically fared poorly when they’ve resold, typically at 40% or more below their original purchase price.

A few developer units (pdf) are still for sale at Galewood Crossings, priced $100K and more below their original price levels from six years ago. A 2-bedroom, 2-bath resale is priced at $85,000, over 60% below its original purchase price. It’s competing with a similar developer unit a few doors away priced at $139,999.

The Enclave at Galewood Crossings is a gated community. Here’s a look at its surroundings.

The units fronting Laramie Ave look out on a large barren field.

There are mixed residential and industrial uses immediately south of the development.

Railroad tracks border Galewood Crossings on the north.

A vast parking lot for the AMC ShowPlace theaters is the western border of Galewood Crossings.

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