Austin Real Estate Scene

Entries from April 2007

Austin Home Market Is Moderating

April 29, 2007 · No Comments

Continued Record Growth Should Positively Impact Austin Housing Market 

First quarter residential sales in greater Austin showed continued “goldilocks” market conditions with home appreciation rates up market-wide 6% over 2006, and sales down compared with 2006 with inventory dipping to a 3.5 month supply. Fewer sales have not translated into longer days on market with homes averaging faster sales time compared to 2006. The once-sizzling Central Texas home market appears to be moderating.  

Sales of preowned single-family homes in March totaled 2,343 for the month, a slight 1 percent increase over the year-ago period, according to the Austin Board of Realtors. 

“The lenders are becoming a little bit more leery about the loans they are making and underwriting,” said Jim Gaines, a research economist at the Real Estate Center at Texas A&M University. The subprime shake-out is hitting first-time buyers harder and is contributing to slowing sales in lower price ranges —$180,000 and below. In Texas, subprime loans account for nearly 13% of all residential mortgages. Even so, Texas has a strong job market, healthy economy, and moderate home-price appreciation. As a result, it’s unlikely that Texas homeowners will experience what has happened in other markets – where home values have fallen dramatically, leaving borrowers with subprime loans owing more than the home is worth. 

The population of the Austin metropolitan region grew at one of the fastest rates in the country over the last six years, according to recently released data from the U.S. Census Bureau and should continue to positively impact the local housing market. 

The Austin-Round Rock metropolitan statistical area expanded its population 21 percent between April 2000 and July 2006 to just over 1.5 million people. That makes Austin the 19th fastest growing MSA in the country. In terms of overall gains, Austin ranked 15th in the nation with 263,802 new residents over the six-year period.

Categories: Austin Housing · Austin Housing Market · Austin Real Estate · Buying Real Estate · Housing Market · Market Update · Real Estate · austin tx homes for sale

Southpark Meadows becoming a new home & retail community

April 27, 2007 · No Comments

In the location that used to Southpark Meadows where I saw lots of great concerts growing up is now becoming a new community of homes, apartments and retail shopping center for South Austin. 

Construction of the residential portion is about to kick off at the 1.6 million-square-foot shopping center being developed by Austin-based Endeavor Real Estate Group LLC at Interstate 35 and Slaughter Lane.

Lennar expects to start on preparations for streets, utilities and drainage for the first 121 lots in early June.

Construction on the homes would start about six months later, with the first buyers expected to move in by April or May of 2008, Mattox said.

Prices are estimated to range from $280,000 to $350,000, which is in the midrange of Lennar’s price scale. The company builds about 2,000 homes a year in Central Texas, priced from $100,000 entry-level homes to $500,000 homes on 2-acre sites.

A second phase, and possibly a third, would add about 260 homes with similar price ranges, Mattox said.

Mattox said the first phase will take about a year and a half to complete; the first homes in the second phase would be ready by late 2009.

Lennar typically builds in suburban areas, Mattox said. But Southpark Meadows, he said, affords “a rare opportunity for the company to be involved with a mixed-use project of this magnitude,” in a location closer to downtown.

This allure to South Austin is in part of it’s close proximity to downtown Austin. But also because the land prices are reasonable in this area of Travis County. Housing starts in this area of Southern Travis County are very robust according to Eldon Rude, director of the Austin office of Metrostudy, which tracks new home construction in the Austin market. This was the area where homebuyers could find an ample supply of homes under $200,000. But since 2006 that trend is changing as home prices are steadily going up.

More than 1,300 homes, condos and townhomes were started in 2006, representing nearly 8 percent of the total home starts in the region.

New home prices in southern Travis County have been increasing sharply in recent years because of its proximity to Central Austin and the tight supply of lots ready to build on, Rude said.

In 2005, 45 percent of home starts were priced below $200,000, Rude said. By the end of 2006, only 22 percent of starts were priced below that amount, he said.

Southern Travis County also has the tightest market for developed lots in the area, with less than a 12-month supply compared with a 17-month supply overall as of late 2006.

- Source: Austin American Statesman

Categories: Austin Housing · Austin Housing Market · Austin Real Estate · Business Growth · Buying Real Estate · Housing Market · Investing in Austin Real Estate · Market Update · Real Estate · austin tx homes for sale · homes for sale in Austin texas

Downtown Austin has the “Ladies Are Funny Festival”

April 25, 2007 · No Comments

If you are up for some rocking good comedy in Downtown Austin this weekend then:
It’s time to LAFF: Ladies Are Funny Festival  
 

Funny Female Improvisers from Texas and Beyond Shows! Classes! Panel Discussions! Parties!

“It’s Shelarious!”


WHERE: At The Hideout Theatre, 617 Congress Ave
WHEN: Friday, April 27 - Saturday, April 28
HOW MUCH: $7-10, tickets purchased at the door
MORE INFO: laff.austinimprov.com

These ladies will make laugh, cry, and think like a human being or not!

Categories: Austin Entertainment · Austin Music · Comedy · Downtown austin events · Motivational

Austin Residential Market Up Again

April 25, 2007 · No Comments

A total of 2,343 existing single-family homes were sold last month according the Austin MLS. The almost $570 million in sales represented a 6 percent increase in total monthly revenue from March 2006.The median price for single-family homes was just over $177,000, a 6 percent increase over last year’s price. March homes spent an average of 65 days on the market, a 4 percent decrease from a year ago.

Townhouse and condominium sales collected close to $60 million for the local economy, a 19 percent increase from last year. The median price also rose 14 percent from a year ago to $170,000.

If you are a seller, this is good news! The few months are the best times to put your house on the market and sell. And the market is going up. So even if you make a mistake in pricing your home a little too high, you can wait and the market will catch up to it. That won’t always be the case. So don’t wait too long.

What does this mean if you are a buyer? It means the longer you wait, the higher the home prices are going to increase monthly. Right now we’re looking at about a 6% yearly increase on home values. So if you bought a house 2 years ago you might have saved around 10-12% on your purchase from what you could buy it for now. I’ve had buyers tell me they want to wait 6-12 months before the purchase. That’s fine if you need to save up money or fix your credit ratings, but if you are thinking that prices are going to come down, they aren’t anytime soon. NOW is the time to ACT, if you want to save some money on your next home purchase. There’s an old saying that goes, “He who hesitates, waits, and waits, and waits, and waits,……etc!”

My message to you is simple, Don’t Wait!

- Source: Austin Board of Realtors

Categories: Austin Housing · Austin Housing Market · Business Growth · Buying Real Estate · Housing Market · Investing in Austin Real Estate · Investment Property · Market Update · Real Estate · Selling · homes for sale in Austin texas

Austin Real Estate Market Update for March ‘07

April 24, 2007 · No Comments

AUSTIN MARKET NEWS UPDATE
April 23, 2007

The Month in Review:  March 2007 New listings were down by 14.37%  (result of home builders scaling back on new inventory of lower priced homes). Solds increased by 7.80%. 

As for Average Prices:“New Listings” average list price is up 19.42% to $316,402.
Sold average sales prices increased 9.13% to $239,496 compared to $219,451 in 2006.

For more detailed info on any area of Austin contact me.

Now for The Week in Review:
April 15 – April 21, 2007 (compared to the same week in 2006)

New listings up 2.97%.Pendings down 11.56% Solds down 26.95%.
As for Average Prices: April 15 – April 21, 2007 (compared to the same week in 2006)“New Listings” average list price is up 3.49% to $306,254.  Sold average sales price increased 3.09% to $231,488.

In 2006 it was $224,551 during the same week.

Did You Know…? That we had 8,862 active listings in the Austin, TX area during the same week in 2006? 
Today there are 8,951 Austin active listings! 

So how does this affect you if you are going to put your home on the market?  Your Realtor can Check out the “Months of Inventory” from the their local MLS to get the details for your MLS area and price range so you can see how to best position your home in your market area to get it SOLD.Check out the Consumer Market resources at http://www.alamotitle-austin.com/resources.php

Categories: Austin Housing · Austin Housing Market · Buying · Buying Real Estate · Housing Market · Investing in Austin Real Estate · Market Update · Real Estate · Real Estate Trends · Resources · Selling · austin tx homes for sale

Luxury Community Planned for Lake Travis

April 23, 2007 · No Comments

You can expect to see a luxury community being developed on the former Covert family ranch on Lake Travis’ south shore.

Called “Vizcaya,” Spanish for “an elevated plain,” the project will be built over a ten-year period on 1,050 acres off Bee Creek Road toward Pace Bend Park. Vizcaya will include trails, a marina and an 18-hole Reese Jones–designed golf course. Design guidelines will limit the amount of land that can be covered with structures and pavement, said Paul Fay III, chairman and chief executive of Haas & Haynie.

“We’re trying to create a Shangri-La in the Austin area,” Fay said. “This is the Hill Country, and we want people to feel like they’re in the Hill Country.”

A preliminary subdivision plat will be filed soon with Travis County. Phase one infrastructure work is targeted to start next spring, followed by construction of the golf course and water and wastewater plants.

Construction on the first of the planned 450 to 500 custom homes is expected to start in 2009.

The developer is a San Francisco based construction company called, Haas & Haynie. Developer Haas & Haynie

The project is large, “but not in terms of density,” said Austin lawyer David Armbrust, Haas & Haynie’s attorney. The lots will range in size from about half an acre up to 2.5 acres.

In December, the Lower Colorado River Authority board approved water contracts for the project. A municipal utility district will be created to issue bonds to finance water, wastewater and drainage facilities.

Source: Austin American-Statesman

Categories: Austin Housing · Austin Housing Market · Austin Luxury Homes · Buying Real Estate · Housing Market · Investing in Austin Real Estate · Market Update · Real Estate · austin tx homes for sale · homes for sale in Austin texas

Steven Wright is just Funny

April 22, 2007 · No Comments

I have always loved comedian Steven Wright and his brand of humor. He inspired my brand of comedy when I got started doing Stand-Up comedy. Here is a funny clip of one my favorite jokes by him in a animated clip here. Steven Wright Comedy

http://www.youtube.com/watch?v=sNzQEQjfYog

Categories: Comedy · Resources

Supreme Court Rules in Favor of Banks…Lookout!

April 20, 2007 · No Comments

Supreme Court Rules in Favor of Banks

According to a new ruling by the U.S. Supreme Court in the case of Watters v. Wachovia, the mortgage lending subsidiaries of federally chartered banks are exempt from state oversight.

Here is the Court’s synopsis of the opinion:

Wachovia Bank sued Watters, the Commissioner of the Michigan Office of Insurance and Financial Services, for a declaratory judgment stating that the National Bank Act and its regulations preempt the state of Michigan from regulating national banks. Wachovia also sought an injunction to prevent Michigan from stopping Wachovia’s mortgage lending activities. Wachovia Bank is a national banking association. Wachovia Mortgage registered under Michigan law to make mortgage loans, and later became a wholly owned subsidiary of Wachovia Bank. On April 3, 2003, Wachovia Mortgage advised the State of Michigan that it was surrendering its lending registration in Michigan. The Commissioner responded by advising Wachovia Mortgage that it would no longer be authorized to conduct mortgage lending activities within the state. Wachovia sought a declaration that the Michigan statutes at issue are preempted by the National Banking Act. Under 12 U.S.C. ‘ 484(a), national banks are not subject to state “visitorial powers,” which are inspection and regulatory powers, except when allowed by federal law.

The Office of the Comptroller of the Currency (OCC), the federal administrative agency in charge of regulating banking, issued 12 C.F.R. ‘ 7.4000, which prevents states from using visitorial powers on national banks. The OCC also promulgated the rule that the laws apply equally to national banks and their subsidiaries in 12 C.F.R. ‘ 7.4006. Michigan argued that a subsidiary of a national bank with a state rather than a national charter should not fall under the definition of a national bank, and that preventing a state from regulating a state entity violates the Tenth Amendment. The district court granted Wachovia’s motion for summary judgment, and the United States Court of Appeals for the Sixth Circuit affirmed.

The Sixth Circuit applied the analysis used in the United States Supreme Court case Chevron U.S.A., Inc. v. Natural Resources Defense Council. Under Chevron, the courts must defer to administrative agencies unless the actions of the agencies are contrary to the statute enabling their power or are unreasonable interpretations of the statute. The court found that, although the statute was silent on the issue, the OCC’s interpretation was reasonable in light of the OCC’s power to both exclusively regulate banks and also regulate powers incidental to banking. Also, the Tenth Amendment did not apply because the National Bank Act was a valid use of Congress’s Commerce Clause power, and the Tenth Amendment only protects unenumerated powers.

The National Association of Realtors  (NAR) fears that banks want to get into real estate and that the Supreme Court will rule that in sales and rentals banks won’t have to follow state laws either. That could have devastating effects on licensed brokers and agents. Mary Trupo, NAR’s public issues director, explains, “What this means is the ruling allows the OCC to preempt state regulatory pwoers, so for us, it could be something similar that happened with state insurance rules. The national banks used the OCC preemption rules to enter into the insurance brokerage business. Our concern is that this could open the door to do the same with real estate.

…Excerpt from Realty Times

Copyright © 2007 Realty Times. All rights reserved. 4/18/07

Wow! What a scary thought. Banks are already almost as bad as HOA’s when it comes to power. Imagine it you set a closing date and if you can’t get it closed by that date because of them they charge you the home buyer or seller another 2.25 percent late fee! That will teach you to set a date that they couldn’t get the loan docs done on time.

or try this on for something really scary about what could happen with the banking industry getting to real estate from:

Jay Rogers, ABR, C-CREC, ePRO said:

Here is a little abstract thought for a Friday.

1. Banks Preempt state regulatory laws

2. Banks don’t need a Brokers License

3. Banks don’t need Agency Agreements because they represernt their own best interests.

4. Banks create and use their own sales documents because they will be able to!

5. Banks pay ANYONE a Referral Fee be cause they will be able to.

6. Banks might be make ANYONE a real estate agent (not a Realtor)

Come one Cone All! Refer your friends to our bank - Get free checking, receive referral fees, and we will discount any loan you take out with us forever and ever!

or Banks simply buy real estate companies!

IS THIS THE BEGINNING OF THE END?  DO BANKS WANT THE LENDING FEES AND THE REALTOR FEES?  WILL BANKS TAKE OVER REAL ESTATE?  YOUR COMMENTS?

Categories: Buying Real Estate · Housing Market · Investing in Austin Real Estate · Market Update · Mortgages/Financing · Nationwide Update · Rants · Real Estate · Real Estate Trends

Austin among top 20 fastest growing regions in U.S.

April 13, 2007 · No Comments

Austin is now ranked as one of the fastest growing cities according the US Census report. The Austin-Round Rock metropolitan statistical area increased its population 21 percent between April 2000 and July 2006 to just over 1.5 million people. That makes Austin the 19th fastest growing MSA in the country. In terms of overall numerical gains, Austin ranked 15th in the nation with 263,802 new residents over the six-year period.

Austin is also one of the hottest new job markets for young adults too. Twenty-nine percent of Austin’s residents fit in the 18-34 age range. That’s the highest concentration of young adults in any of the top-10 markets. Many are attracted by the healthy economy. Austin has added 62,100 jobs in the past five years, roughly 1,000 every month.

(Source: Austin Business Journal)

Categories: Austin Housing · Austin Housing Market · Business Growth · Housing Market · Investing in Austin Real Estate · Market Update · Nationwide Update · Real Estate · Resources · austin tx homes for sale

Zilker condo developers offer affordable-housing donation

April 11, 2007 · No Comments

There was an article in the Austin Statesman today about downtown condo developers offering to contribute as much as $1 million for affordable housing in the Zilker park area in exchange for speedier reviews and waived fees for the development, BartonPlace Condos, which would replace a mobile home park on Barton Springs Road. The developers are planning to build 250 condominiums at 1600 Barton Springs Road, incorporating the Austin Java restaurant that fronts the 4.3 acre site. The project would have six stories of condos above two levels of parking, one above ground and one below.The project is due start early 2008. The Units are expected to be priced between $250,000 to $500,000.  This is about the norm for condo pricing in this area. It will be interesting to see what kind of affordable housing will be built in the Zilker area. The affordable housing is aimed at for families making 60 percent or less of the median family income in Central Texas, or $43,200 for a family of four. What kind of homes will be built for under $200,000 in this area? The location is certainly prime!

By Shonda Novak
AMERICAN-STATESMAN STAFF
Wednesday, April 11, 2007

Developers of a proposed $85 million luxury condominium project in the Zilker Park area are offering to contribute as much as $1 million for affordable housing in the area.

The contribution would be in exchange for speedier reviews and waived fees for the development, BartonPlace Condos, which would replace a mobile home park on Barton Springs Road.

Developers increasingly are negotiating contributions to affordable housing, or park land or improvements, as they seek neighborhood support for zoning changes and other city approvals for their projects. At $1 million, the contribution by Constructive Ventures Inc. would be the largest such donation.

The developers plan to build 250 condominiums at 1600 Barton Springs Road, incorporating the Austin Java restaurant that fronts the 4.3 acre site. Austin Java co-owner Rick Engel is partnering with developers Perry Lorenz and Larry Warshaw on the project.

After extensive negotiations with the developers, the Zilker Neighborhood Association agreed to support a zoning change for the project, based on certain conditions.

Those include a provision that, in exchange for certain waived fees and expedited city reviews, Constructive Ventures would contribute $500,000 to $1 million to the city’s Affordable Housing Trust Fund, overseen by the Neighborhood Housing and Development Department.

The money would be earmarked for Zilker-area housing for families making 60 percent or less of the median family income in Central Texas, or $43,200 for a family of four.

The developers and Jeff Jack, executive director of the Zilker Neighborhood Association, have submitted the proposal to the city for review.

The developers are seeking a zoning change to allow them to build as high as 75 feet on parts of the site, 15 feet higher than the rules allow. The Planning Commission recently voted 9-0 to recommended the change. The request goes to the City Council next.

Warshaw said the developers did not need to make the affordable-housing offer to win approval of what he called a minimal zoning change.

“Neither the private sector nor the public sector can tackle this issue alone,” Warshaw said. “Like the city, we care about the issue, and we hope this helps.”

Under state law, the city can’t make zoning changes contingent on donations to affordable housing. But developers can negotiate ad hoc deals with neighborhood groups on donations for affordable housing, park or public trail improvements, and other reasons. Constructive Ventures would make the contribution after 90 percent of the condos are sold.

As part of the deal with the neighborhood association, the developers also agreed:

•To save a dozen of the oldest trees, including a 300-year-old pecan tree in the middle of the site. Several other native trees would be moved to the park across Toomey Road at a cost of about $250,000.

•To make access to the site from Toomey Road, not Barton Springs Road, unless the city requires otherwise.

•To deed a trail easement through the property to the city to create a pedestrian and bike connection from the neighborhood to the ball fields and Town Lake.

•Permanently restrict development of the front part of the property to protect the restaurants along Barton Springs Road.

BartonPlace would replace the Shady Grove RV Park, now home to about three dozen people who pay $500 a month to live within walking distance of Town Lake, Barton Springs Pool and Zilker Park. Two adjacent RV parks on Barton Springs Road, Pecan Grove and Mobile Manor, are not part of the proposed project.

The soonest the work would start on the condos is early 2008. Units are expected to cost from about $250,000 to $500,000. The project would have six stories of condos above two levels of parking, one above ground and one below.

Categories: Austin Condos · Austin Downtown Austin Condos · Austin Housing · Austin Housing Market · Buying Real Estate · Downtown Austin Projects · Housing Market · Investing in Austin Real Estate · Market Update · Real Estate · austin tx homes for sale · homes for sale in Austin texas