Austin Dirt...the gist on Austin's real estate market

We have lots of inventory (that is leasing pretty quickly now). Contact us if you need a place for SXSW or if you want to rent your place!

2012-01-25T20:01:00.000-06:00

There are many SXSW attendees looking for Downtown Austin and Central properties to lease. Message me if you are interested in leasing your place. Also, Downtown venue spaces are available for lease for SXSW - including showcases/interviews/office/work space/gallery/HQs/launches/book signings, etc. Contact me for details!

Downtown hotels full for SXSW: kxan.com

2012-01-17T08:27:00.001-06:00

New streets in downtown Austin? Believe it. As part of the redevelopment of the Seaholm and Green plant sites, the city of Austin is adding nine blocks of new streets at a cost of $24.2 million. Read The Statesman article here: http://www.statesman.com/news/local/new-streets-in-downtown-austin-believe-it-2102792.html

Homestead Exemption, don't forget!

2012-01-10T14:29:00.000-06:00

If you purchased your home in 2011 and you live in Travis orWilliamson County, it's time to file your Homestead Exemption, if you haven'talready done so.

You can file your exemption between January 1st and April 30thin order to receive your homestead property tax reduction for your 2011 taxes,which are due in 2012. The exemption only has to be filed once; not annually.

For Travis and Williamson counties, these forms can be foundonline at:

Travis County:

http://www.traviscountytax.org/pdfs/070716ExForm.pdf

Williamson County:

http://www.wcad.org/Appraisal/PublicAccess/Forms/PublicServices/HomesteadExemptionApplication.pdf

For additional details and answers to common questions, please alsosee:

http://independencetitle.com/Resources/Homestead-Exemptions?&Sort=&Cat=1172&SubCat=309

As always, please contact me at laura@theboutiquerealestate.com or 512-659.5590 if I can be of any assistance.

Bastrop County family gets to see new 'Extreme Makeover' home

2011-12-15T08:55:00.001-06:00

Austin real estate round-up: Nov. 30

2011-12-01T10:10:00.001-06:00

A round-up listing of recent commercial deals and announcements in the Austin real estate market since last Wednesday:
http://www.bizjournals.com/austin/blog/retail/2011/11/austin-real-estate-round-up-nov-30.html

Where To Invest In Now? Austin, TX.

2011-11-21T16:13:00.000-06:00

Real estate expert, Greg Rand, explains why Austin is a great market to invest in now for the following reasons:

Highly efficiently run state and city governments
Tourism and culture
National migration patterns show that people are flocking to Austin
Austin has managed to buck the housing recession
Jobs

Watch the video for a more in depth conversation as to why he chose Austin as a top market for investors:

Who inked deals this week?

2011-11-16T21:06:00.001-06:00

Here is a round-up listing of recent deals and announcements in the Austin real estate market since last Wednesday: http://www.bizjournals.com/austin/blog/retail/2011/11/austin-real-estate-round-up-nov-16.html

In this economy, people are spending more time at home.

2011-10-21T10:58:00.000-05:00

Truthfully, is there any place you'd rather be?

Now is the time to find the home you've always wanted at a price you never imagined. Find the big value that's right for you. Let me help you turn your dream into an address.

For more details, contact Laura Macias at 512.659.5590 or at lauramacias@austin.rr.com.

A Personal Approach To Relocation

2011-10-10T20:51:00.000-05:00

The Relocation Professionals atThe Boutique are ultimately in the people business. Yes, it’s business, but it’s also verypersonal.

Relocation is much more thanboxes and moving vans. People areuprooting their families and often leaving thecity where they grew up and all the things that are familiar

to them.

Whether relocation is employmentbased or for other reasons entirely, Personal

Consultations are an invaluablepart of our service. Being able to open a dialogue with

our relocating clients and gainpersonal insight to their needs, requirements, and

concerns, enables us to removesome degree of stress from the process.

Our role is to answer questionsabout Austin and its real estate market, neighborhoods,

infrastructure and schools. As local experts, we are able to provideaccess to local

resources in order to provide asmuch assistance as possible for long or even short

distance moves.

Your business depends on havingthe right people in the right places and our business

is getting them there. TheBoutique Relocation Consultants are ready to assist with a

professional staff that providescustomized relocation and real estate services for both

individualsand corporations.

For more details, contact Laura Macias at 512.659.5590 or laura@theboutiquerealestate.com.

Austin Area Home Sales Up by More Than 30 Percent For Second Consecutive Month

2011-10-10T20:22:00.001-05:00

September 20, 2011 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,978 single-family homes were sold in the Austin area in August 2011, totaling a 33 percent increase from August 2010. During the same time period, the median price for Austin-area homes was $200,000, a figure that was unchanged compared to the same month of the prior year.

Judith Bundschuh, Chairman of the Austin Board of REALTORS® commented, “With the impact of the homebuyer tax credits fully behind us, it’s encouraging to see three consecutive months of year-over-year growth in sales volume for Austin-area homes, particularly the strong growth seen late this summer.”

As reported previously, a total of 1,973 Austin-area homes sold in July 2011, which is 32 percent more than July 2010. Additionally, 2,145 single-family homes were sold in June 2011, nine percent more than June 2010.

Austin-area homes spent an average of 79 days on the market in August 2011, which is two days longer than August 2010. The Austin market also featured nine percent fewer new listings, 22 percent fewer active listings and 19 percent more pending sales than August 2010.

“The trend of decreasing inventory of single-family homes that we’ve seen in recent months accelerated in August 2011, dropping below six months of inventory for the first time since February 2011,” said Bundschuh.

The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the past 12 months. In August 2011, the Austin market had 5.7 months of inventory, compared to 6.9 months of inventory in August 2010. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in August 2011 was 215, which is 16 percent more than August 2010. In the same time period, the median price for condos was $162,000, one percent less than August 2010. When compared to the same month of the prior year, these properties spent 30 percent longer on the market, or an average of 107 days.

Leasing

In August 2011, 1,949 properties were leased in Austin, three percent more than August 2010. The median price for Austin-area leases was $1,300, seven percent higher than the same month of the prior year.

August 2011 Statistics

1,978 – Single-family homes sold, 33 percent more than August 2010.

$200,000 – Median price for single-family homes, unchanged from August 2010.

79 – Average number of days single-family homes spent on the market, two days longer than August 2010.

2,386 – New single-family home listings on the market, nine percent less than August 2010.

8,705 – Active single-family home listings on the market, 22 percent less than August 2010.

1,789 – Pending sales for single-family homes, 19 percent more than August 2010.

5.7 – Months of inventory of single-family homes, 1.2 months less than August 2010.

$516,797,994 – Total dollar volume of single-family properties sold, 31 percent more than August 2010.

2011 2nd Quarter Review - Austin Real Estate Market

2011-08-15T16:36:00.001-05:00

Home prices in Austin remained stable during the second quarter of 2011. Compared to the previous year, the median price of Austin homes rose three percent in April and four percent in May, finishing with a median price of $205,000 by the end of June. In addition, June saw an increase of Austin home sales, nine percent more than June of 2010.

During the first half of the year, a total of 9,299 homes were sold in Austin, five percent fewer than the same period in 2010. However, pending sales, which indicate the number of sales likely to close in the next month, were higher in the second quarter when compared to 2010, with a 53 percent increase in May and a 31 percent increase in June.

Austin homes spent an average of 88 days on market (DOM) in April, 81 days in May and 75 days in June, marking the shortest DOM figures since the Fall of 2010. While these numbers indicate that Austin real estate spent more time on market than during the same period one year ago, they were the lowest DOM figures seen in Austin since September 2010.

"Looking at the results, it's encouraging to see that the demand for homes is strong and that Austin-area homes continue to hold their value," said Judith Bundschuh, Chairman of the Austin Board of REALTORS®. "The increase in pending sales…coupled with stable prices and stronger sales [in June], are encouraging signs that the market is returning to a pre-recession seasonal cycle."

Operation "Big Dawg"

2011-08-02T11:37:00.002-05:00

The City of Pflugerville has hired a prominent consultant to be its confidential go-between in pursuing a huge employer that officials can’t speak of. The project's code name is "Big Dawg"

“What project Big Dawg is, no one knows, but we do know it’s a major employer, a big company that wants to establish a big Austin-area location,” editor of Austin Business Journal, Colin Pope, said.

I love the mystery of it all. Will keep you posted if any new clues arise.

We got jobs....

2011-07-27T15:54:00.000-05:00

Tech Sector Still Growing in Austin

2011-05-11T13:51:00.000-05:00

TEXAS' ECONOMIC RECOVERY CONTINUES, FIGURES SHOW

2011-05-03T16:13:00.000-05:00

AUSTIN (Texas Association of Realtors) – According to the Texas Quarterly Housing Report released yesterday by the Texas Association of Realtors (TAR), Texas homes maintained their value in first quarter 2011. This despite a decrease in sales volume, indicating that economic recovery continues in Texas.

"While Texas has not been untouched by the recent economic downturn as indicated by the decrease in sales, it is encouraging to see home prices hold their value in the first quarter," said TAR Chairman Dwight Hale.

In the first quarter, the median price of existing single-family homes increased 1.3 percent to $143,300 compared with first quarter 2010. During the same period, the volume of home sales was 40,192, 7.3 percent less than the previous year.

"In evaluating the first quarter of 2011, we must remember we're comparing it to the first quarter of 2010," said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University. "That time period included March, which was one of the most heavily government-stimulated months of the year by the homebuyer tax credit. While we expected sales to be down given this anomaly, we expected the decrease in the sales volume to be much greater, suggesting that the market is performing well despite the absence of tax credits."

Texas had 7.5 months of inventory in the first quarter, compared with 6.8 months a year ago.

"Texas is still performing considerably better than other states in terms of maintaining balance between home inventory and demand," Gaines said. "Combined with the fact that Texas has maintained strong property values, this indicates that the market is absorbing foreclosed and other distressed properties without experiencing harmful excess supply."

Survey: Austin one of top 'youngest' cities | Austin Business Journal

2011-04-07T18:33:00.000-05:00

Survey: Austin one of top 'youngest' cities | Austin Business Journal

"Play Me, I'm Yours" - Austin Piano Art Project

2011-03-30T14:42:00.001-05:00

BUILDERS REV UP CENTRAL TEXAS PROJECTS

2011-03-25T15:18:00.001-05:00

AUSTIN (Austin American-Statesman) – MileStone Community Builders is banking on the housing sector recovering from the recession after announcing multiple housing developments in Central Texas. And they're not alone.

The newly founded home builder expects to begin work on several projects this year, including a subdivision along East Riverside Dr. in southeast Austin. The $13.5 million community at Riverside and Faro Dr. will have 89 homes, with prices averaging around $175,000. Construction is slated to begin in October.

Four other communities are in the works from Milestone:

Sixty to 70 homes in the Round Rock 620/ Round Rock 2222 area near Lake Travis, averaging $300,000 in price.

Two projects in the South Manchaca/Slaughter Ln. area in south Austin, one with 80 to 100 homes priced from $150,000 to $200,000 and the other with 80 homes priced from the $140,000s to the $180,000s.

A 115-home luxury community at Parmer Ln. and Brushy Creek in the Cedar Park area, with prices starting from about $280,000 to more than $400,000.

Avalonpark Texas also began its own development, dubbed the Springs of Walnut Creek, near I-35 and Yager Ln. in the northern part of the city. Road and utility efforts for the 53 home sites, which are expected to be ready later this year, have been launched while an additional 56 sites will be made ready by mid-2012. The community will fall in the Pflugerville school district. Homes will range from the low to high $200,000s.

Standard Pacific Homes is nearing the completion of its 111-acre Avaña, with its model home expected to be open in the next two to three months.

Texas metros ranked as healthiest markets for 2011

2011-03-16T17:39:00.001-05:00

Builder Magazine ranked six Texas metros in top spots on their 2011 Builder Healthy Markets Index, which evaluates markets on economic metrics such as home prices, employment, and income. Texas claimed more spots than any other state in the top 20 healthiest markets. The study ranked Austin-Round Rock, Houston-Sugarland-Baytown, San Antonio, Dallas-Fort Worth-Arlington, and El Paso at two, seven, 10, 12 and 15, respectively. Read each market’s description at Builder Magazine.

Owners who turn houses into short-term vacation rentals – like during SXSW – do it to keep homes they love

2011-03-16T16:31:00.002-05:00

Owners who turn houses into short-term vacation rentals – like during SXSW – do it to keep homes they love

Austin Real Estate Report

2011-03-09T19:29:00.001-06:00

Austin area home sales volume up 14 percent in January compared to 2010

Austin Board of REALTORS® releases January 2011 real estate statistics

AUSTIN, Texas – February 21, 2011 - Sales of single-family Austin homes were 14 percent higher in January 2011 than January 2010 with 975 homes sold, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®.

In the same time period, the median price in Austin was $190,000, up six percent from January 2010; and Austin homes spent an average of 93 days on the market, 11 percent longer than January 2010. In addition, new listings were down 14 percent in January 2011 compared to January 2010 and active listings were down five percent, indicating a decreasing inventory of homes.

"The latest figures show that we are seeing the economic recovery continue in Austin," said Judith Bundschuh, Chairman of the Austin Board of REALTORS®.

Chairman Bundschuh continued, "Looking at these results, sellers should be encouraged that demand and prices are strong, but they should expect to be patient to achieve full value. Buyers should know that fewer listings combined with increased demand could mean they will encounter more competition for properties."

January 2011 Statistics

$245,504,025 – Total dollar volume of single–family properties sold, 16 percent more than January 2010.

$190,000 – Median price for single–family homes, six percent more than January 2010.

975 – Single–family homes sold, 14 percent more than January 2010.

93 – Days on market, 11 percent longer than January 2010.

2,403 – New single–family home listings on the market, 14 percent less than January 2010.

8,144 – Active single–family home listings on the market, five percent less than January 2010.

1,410 – Pending sales for single–family homes, unchanged from January 2010.

Austin Rocks!

2011-03-02T12:00:00.002-06:00

TEXAS HOME SALES, MEDIAN PRICES UP

2011-02-28T20:06:00.000-06:00

COLLEGE STATION (Real Estate Center) – Some 10,628 existing single-family homes were sold in Texas last month, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University. That's a 2 percent increase over a year ago.

The median price was also up 2 percent from January 2010, at $139,100. There was a 7.3-month inventory.

January 2011 MLS data for many Texas cities (current as of today) are available on the Center's website. Here is a sampling:

	Sales	Change from Last Year	Median Price	Change from Last Year	Months' Inventory
Amarillo	122	up 14%	$122,700	down 6%	6.9
Austin	1,066	up 8%	$186,300	up 6%	5.6
Corpus Christi	175	up 11%	$128,500	up 2%	9.8
Dallas	2,043	down 8%	$150,100	up 7%	6.4
El Paso	339	up 34%	$127,900	down 2%	6.6
Fort Worth	407	down 12%	$105,000	up 2%	6.8
Harlingen	56	down 20%	$76,000	down 11%	unavailable
Houston	3,085	up 8%	$136,600	down 4%	7.4
Lubbock	135	down 3%	$110,000	up 2%	7
Odessa	50	up 56%	$136,700	up 16%	4
San Angelo	63	up 7%	$118,900	up 40%	6.3
San Antonio	951	up 11%	$143,900	up 4%	7.7
Temple- Belton	77	down 9%	$125,000	up 19%	8.1
Tyler	143	down 11%	$120,600	down 13%	12.6
Wichita Falls	80	down 10%	$90,000	up 3%	7.8
Texas	10,628	up 2%	$139,100	up 2%	7.3

2011 Summer Camps

2011-02-28T17:04:00.005-06:00

It's that time of year again! A comprehensive listing of Austin and San Antonio area camps. Happy Camping!

To get the list, click HERE.

Austin Real Estate Housing and Economic Forecast 2011

2011-02-11T11:33:00.002-06:00

Things That Go Boom: Texas Population

2011-01-26T17:19:00.000-06:00

Real Estate Center economists have been saying it for the past few years, and now the latest census data are supporting it: Texas is on the verge of a population boom.

"Today, one out of 12 Americans lives in Texas — the same proportion that lived in New York City in 1930," wrote Michael Barone recently in the Wall Street Journal.

"Metropolitan Dallas and metropolitan Houston, with about six million people each, threaten to overtake our fourth-largest metro area, San Francisco Bay (population about seven million), in the next decade," he said.

Barone, a resident fellow at the American Enterprise Institute, was comparing census data from the past eight decades.

According to the San Antonio Express-News, initial census numbers last month were necessary so states could know how many congressional districts they would have. Texas picked up four additional districts.

Look for more 2010 census data to be released as the year progresses.

Second Street brings new sense of style to downtown

2011-01-24T18:46:00.000-06:00

How To Avoid the 10 Biggest Mistakes Home Sellers Make

2011-01-15T10:06:00.000-06:00

How To Avoid the 10 Biggest Mistakes Home Sellers Make on Howcast

CBS Evening News - Austin Leads Country in Job Growth

2011-01-10T14:49:00.002-06:00

Chamber, Austin to be Featured on CBS Evening News with Katie Couric

2011-01-05T16:14:00.001-06:00

In 2010 Austin topped some incredible national charts with rankings like the Brookings Institutes "Highest Ranked Recovery," Newsweek's "Top 10 Recovery Cities," CNN Money's "Recession Proof Cities," and Kiplinger's "#1 City of the Next Decade."

As a result, the CBS Evening News with Katie Couric will feature the Chamber's Dave Porter, SVP of Economic Development and a few of our 2010 success stories on this Friday's (Jan 7th) program. Featured will be the $3.6 billion expansion of Samsung Austin Semiconductor and the corporate relocation of SunPower Corporation

Texas Leads The Way In Recovery

2011-01-04T17:32:00.000-06:00

COLLEGE STATION (Real Estate Center) – The Texas economy continues to outperform the U.S. economy in the current recovery, according to the Real Estate Center's latest monthly economic review.

The state’s economy gained 194,400 jobs from November 2009 to November 2010, an annual growth rate of 1.9 percent, compared with the nation’s 842,000 jobs, an annual growth rate of 0.6 percent.

Texas’ private sector continues to play a key role in job creation. The state’s private sector posted an annual employment growth rate of 2.2 percent compared with 1 percent for the U.S. private sector from November 2009 to November 2010.

The state’s seasonally adjusted unemployment rate was 8.2 percent in November 2010, the same as in November 2009, while the nation’s rate decreased from 10.0 to 9.3 percent over the same period.

All Texas industries except the trade and information industries had more jobs in November 2010 than in November 2009. The state’s mining and logging industry ranked first in job creation followed by professional and business services, education and health services and manufacturing.

All Texas metro areas had more jobs in November 2010 than in November 2009. McAllen-Edinburg-Mission ranked first in job creation followed by Brownsville-Harlingen and Austin-Round Rock-San Marcos.

The state’s actual unemployment rate in November 2010 was 8.3 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, College Station-Bryan and Abilene.

Homestead Exemption, don't forget!

2011-01-03T12:46:00.006-06:00

If you purchased your home in 2010 and you live in Travis or Williamson County, it's time to file your Homestead Exemption, if you haven't already done so.

You can file your exemption between January 1 and April 30 in order to receive your homestead property tax reduction for your 2010 taxes, which are due in 2011. The exemption only has to be filed once; not annually.

For Travis and Williamson counties, these forms can be found online at:

Travis County:

http://www.traviscountytax.org/pdfs/070716ExForm.pdf

Williamson County:

http://www.wcad.org/appraisal/publicaccess/Forms/PublicServices/HomesteadExemptionApplication.pdf

Seaholm Power Plant

2010-12-10T10:38:00.001-06:00

New businesses bridge East Austin

2010-12-07T10:06:00.001-06:00

Austin highest-rated recovery in U.S.

2010-11-30T18:58:00.003-06:00

Austin Business Journal - by Staff Reports

Date: Tuesday, November 30, 2010, 2:20pm CST

Austin was ranked as having the 26th best economic recovery worldwide, the highest rank of all U.S. cities, a report from the Brookings Institution said Tuesday. The analysis ranked 150 cities according to three main indicators between 1993 and 2010: employment growth, per-capita gross value added and income per person.

The group said Austin employment has grown 3.2 percent between 2009 and this year, while income has escalated about 2.7 percent.

Austin came in No. 40 for growth between 2007 and 2009, clocking in about 0.1 percent employment growth, but a 3.1 percent decline in income. The city was the 25th fastest growing economy between 1993 and 2007, elevating employment about 3.1 percent and income about 3.4 percent.

The local population has growth about 67 percent since 1993 to about 1,763,192 people, according to the report. Istanbul, Turkey was the highest ranked city worldwide, though Asian cities dominated the listing. Austin edged out Montreal at No. 27, but was just below Sao Paulo, Brazil.

Want To Learn More About the Mopac Improvement Project?

2010-11-17T09:21:00.002-06:00

MoPac Open House Meetings

A study is underway to determine the best way to improve mobility along the MoPac corridor between Parmer Lane and Cesar Chavez Street.

Open House meetings are being held to give the public a chance to learn more about the alternatives being considered and to provide feedback on those options. The open house meetings will take place:

Wednesday, December 1st
6:00 pm to 8:00 pm
O. Henry Middle School cafeteria
2610 West 10th Street, Austin, 78703

Thursday, December 2nd
6:00 pm to 8:00 pm
Murchison Middle School cafeteria
3700 North Hills Drive, Austin, 78731

More information about the MoPac Improvement Project can be found at www.MoPacExpress.com, or by calling 512-996-9778.

THREE TEXAS CITIES AMONG NATION'S MOST AFFORDABLE

2010-11-09T14:25:00.000-06:00

NEW YORK (Forbes) – Three Texas cities made Forbes’ list of ten most affordable U.S. cities.

San Antonio came in sixth with Houston right behind at seven. Austin claimed the final spot on the list and was noted as one of the nation’s hottest cities for high-tech jobs.

Forbes attributed the number of Texas cities on the list to the state’s business-friendly climate, rich natural resources and stable housing economy.

“The state (as a whole), and Houston and San Antonio (in particular) are deriving significant income from domestic in-migration. People are moving to Texas because of job availability and because of the cost of housing being so low,” said Real Estate Center Research Economist Dr. Jim Gaines. “Texas has always been a wide-open laissez-faire, low-control, low-regulation place.”

Return Of The Jumbo Loan?

2010-11-09T14:24:00.001-06:00

NEW YORK (Wall Street Journal) – Are jumbo mortgage loans back? According to Saturday's edition of the Wall Street Journal, yes.

Jumbo mortgage lenders originated $18 billion in loans in second quarter 2010, the Journal reported. That's a 20 percent increase from the first quarter (but still below 2007 levels, according to Inside Mortgage Finance Publications Inc.).

Jumbo mortgages are those that are too big to be bought by government-backed agencies such as Fannie Mae and Freddie Mac. Generally, they exceed $417,000.

Real Estate Center Chief Economist Dr. Mark Dotzour described the return of the jumbo loan as "truly good news."

"The fact that the spread between conventional loans and jumbos has narrowed to very low levels means that borrowing costs for higher priced homes is declining," Dotzour said. "This will encourage home sales in the higher price ranges of Texas homes."

According to Inside Mortgage Finance, J.P. Morgan Chase & Co.'s Chase Home Lending unit increased its jumbo mortgage volume by 146.2 percent in the first six months of this year over the same period last year. Wells Fargo & Co. increased by 47.5 percent, and PHH Corp. of Mount Laurel, N.J., increased by 64.6 percent.

Settled by former slaves, Clarksville now a thriving neighborhood near downtown

2010-11-09T11:18:00.000-06:00

Settled by former slaves, Clarksville now a thriving neighborhood near downtown

Austin's Changing Skyline

2010-11-01T18:42:00.000-05:00

Austin’s changing skyline

Early voting for the November 2 General Election begins today

2010-10-18T11:53:00.000-05:00

Early voting begins today, October 18 and ends Friday, October 29

Avoid long lines. Vote early.
Early voting in person is easier than you think. You don't have to stand in long lines on election day. If you are a registered voter, you can vote early at any convenient location in your county. Find your early-voting polling location.

TEXAS ATTORNEY GENERAL HALTS FORECLOSURES

2010-10-05T16:29:00.000-05:00

HOUSTON (Houston Chronicle) – Because of current widespread scrutiny over how foreclosures are processed nationwide, the Texas Attorney General’s office has called for a halt on all foreclosures.

Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.

The action is being taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” including improperly signing documents related to the foreclosure process, said Jerry Strickland, a spokesman for Attorney General Greg Abbott.

The office also called for a halt on the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.

Eatery-music venue spreads vibe North - ABJ Entrepreneur

2010-10-04T11:26:00.000-05:00

Eatery-music venue spreads vibe North - ABJ Entrepreneur

Austin 'Meet the Lender' picked among best government events in U.S. - Austin Business Journal

2010-09-29T15:57:00.000-05:00

Austin 'Meet the Lender' picked among best government events in U.S. - Austin Business Journal

TEXAS HOME SALES DOWN, PRICES UP

2010-09-24T11:11:00.000-05:00

TEXAS (Real Estate Center) – Newly released data from Texas Multiple Listing Services (MLS) show existing home sales are down from last year while average and median prices are up.

“Texas home sales peaked this year in May rather than the normal June-July period because of the expired tax credit stimulus,” said Real Estate Center Research Economist Dr. Jim Gaines.

“August 2010 sales were down 14 percent from August last year but were up 3.6 percent from dismal July figures, which were down 27 percent from the previous year.”

Gaines said average and median prices showed “remarkable strength” given the generally weaker market, increasing by 5.3 percent and 1.9 percent from last August, respectively.

“The higher average price reflects some improvement in the upper-end market, which has been significantly depressed the past couple of years,” he said. “The number of properties offered for sale declined in August, leaving month’s inventory effectively unchanged from July. However, the total number of properties on the market this year is 14 percent greater than in August 2009.”

While total listings were down from the previous month, the average months inventory of unsold homes at the current sales rate remained virtually unchanged at 7.9 months.

Here is how select Texas cities fared in August (data current as of Sept. 23, 2010):

	Sales	Change from Last Year	Median Price	Change from Last Year	Months' Inventory
Amarillo	247	no change	$130,300	up 4%	6.8
Austin	1,670	down 15%	$196,500	up 5%	7.1
Corpus Christi	317	no change	$148,500	up 8%	11.2
Dallas	3,393	down 19%	$166,900	up 5%	7.2
El Paso	437	down 10%	$137,300	up 6%	6.9
Fort Worth	674	down 14%	$119,000	up 1%	7.3
Harlingen	64	down 25%	$96,700	up 3%	26.2
Houston	4,619	down 16%	$157,500	down 1%	8
Killeen-Fort Hood	189	down 28%	$128,100	up 1%	7.8
Lubbock	251	down 13%	$111,700	down 3%	7.4
Odessa	86	up 34%	$150,000	up 32%	4.6
San Antonio	1,646	down 9%	$157,800	up 7%	8.3
Tyler	238	down 15%	$143,100	up 10%	13.4
Wichita Falls	130	down 5%	$96,000	down 12%	8.4
Texas	17,017	down 14%	$152,900	up 1.9%	7.9

Austin home sales down 15% in August

2010-09-20T16:12:00.002-05:00

Austin Business Journal, Monday, September 20, 2010

Austin home sales fell 15 percent year-over-year last month, while sales so far this have outperformed 2009, the Austin Board of Realtors reported Monday.

The Multiple Listing Service data showed total homes sold fell to 1,490 homes in August, while the year-to-date total increased 2 percent year over year. Austin Board of Realtors Chairman John Horton said the trend reflects the expiration of the first-time homebuyers' credit, but only in that it pushed the summer peak to earlier in the year. He expects 2010 overall to be better than last year. "I think this winter is really going to be the tail end of the soft market," Horton said. "We expect to see a real firming in the market this spring."

The median price of homes sold last month increased 5 percent to $200,000. Horton said this indicates the market is beginning to improve. Sales of more expensive homes have also risen as people rush to catch the last deals and sellers to first-time homebuyers upgrade. The number of days on the market increased 1 percent last month to an average 77 days, while the number of homes on the market rose 17 percent year-over-year.

“The most important thing I see in these results is that our year-to-date sales volume shows steady demand and our real estate values are holding strong. That’s good news as we head into the fall season," Horton said.

Art project revitalizes Seaholm district

2010-09-18T09:07:00.000-05:00

Art project revitalizes Seaholm district

Austin Real Estate Market Remains Stable Despite Expiration of Tax Credits

2010-08-10T20:49:00.001-05:00

According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, demand for real estate in Austin has remained stable despite the expiration of federal homebuyer tax credits at the end of April.

The volume of Austin area home sales in June 2010 was 1,987, down four percent from the same month in 2009. The median price of real estate in Austin increased four percent from June 2009 to $208,750 for June 2010.

“I think this report shows there is life for Austin real estate after tax credits,” said John Horton, Chairman of the Austin Board of REALTORS®. “Sales volume was down only four percent compared to June 2009, which was last summer’s peak month. In addition, the average time it takes to sell a home in Austin decreased for the sixth month in a row. Both of these factors point to long-term stability for our market.”

HOUSTON, AUSTIN - 'GREAT' PLACES TO BE YOUNG

2010-08-02T11:09:00.001-05:00

HOUSTON (Houston Business Journal, Yahoo! Real Estate) – Both the Bayou City and the Capital City have made it onto Kiplinger.com’s Top Ten Great Cities for Young Adults.

The study based its list on youth-friendly factors such as cost of living, rental costs, culture, nightlife, time spent in traffic and the percentage of people younger than 35.

Houston’s average annual wage is $41,074. The median monthly rent is $775 compared with the national average of $819.

Houston was chosen primarily because of its diversity, with more than one million of Houston’s inhabitants born outside of the United States, along with its proximity to the Gulf Coast.

Austin, meanwhile, had an average annual wage of $41,380 (as of 2007). Median monthly rent is $864.

The city was touted for its cultural scene, "vibrant" nightlife and eclectic neighborhoods. It also has the fourth-lowest jobless rate among cities with populations of one million or more, according to Kiplinger.com.

AUSTIN TOPS FOR START-UPS

2010-07-23T15:08:00.000-05:00

AUSTIN (Austin Business Journal) – Austin has a longstanding reputation as being one of the greenest U.S. cities, and now it has another honor worth boasting about.

Entrepreneur.com has named the Capital City the best in the country when it comes to supporting start-up companies.

In identifying 50 cities that best promote entrepreneurial pursuits, the publication touted Austin’s innovative spirit, commerce and emerging technology culture.

Austin is home to many successful start-up companies, and in the past year Facebook Inc., LegalZoom Inc. and Host Gator LLC have announced offices in Austin.

This year alone has seen 31 relocations and expansions in the technology-related space, representing nearly 3,000 new jobs, according to the Austin Economic Growth and Redevelopment Services Office.

AUSTIN REALTORS REPORT 'STABLE' HOUSING MARKET

2010-07-20T16:39:00.001-05:00

AUSTIN (Austin Board of Realtors) – Demand for existing homes in the Austin area has remained stable despite the expiration of federal homebuyer tax credits, according to the latest report from the Austin Board of Realtors.

The volume of Austin area home sales in June 2010 was 1,987, down 4 percent from the same month in 2009, the board reported, using the most recent MLS data. The median price of real estate in Austin increased 4 percent from June 2009 to $208,750 for June 2010.

Despite a decrease in the volume of homes sold in June 2010, the total dollar volume of real estate sold increased 6 percent compared with June 2009, primarily from increased demand for properties in higher price ranges.

In June 2010, homes remained on the market an average of 70 days, a 14 percent decrease from the same month in 2009. In the same period, pending sales decreased 23 percent to 1,610, new listings increased 2 percent to 3,287, and active listings increased by 16 percent to 11,749.

Austin Market Statistics

2010-06-07T21:10:00.003-05:00

According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in April 2010 was 2,043, up 31 percent from the same month in 2009. In the same period, pending sales increased 47 percent to 2,813. The median price of real estate in the Austin area remained unchanged in the same time period at $190,700.

“The considerable increase in sales and pending sales indicates increased activity among buyers trying to beat the April 30 tax credit deadline,” said John Horton, Chairman of the Austin Board of REALTORS®. “Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward.”

Sales of condos and townhouses remained strong in April 2010, increasing 63 percent to 213 sales as compared to April 2009. Also during the same period, pending sales for condos and townhouses increased 70 percent to 338.

Mr. Horton continued, “The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit. The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.”

In April 2010, the days on the market for single-family homes decreased 13 percent to 69 days as compared to April 2009. Additionally, the month’s supply of inventory in April was approximately 6.5 months, which represents a balanced market.

Horton concluded, “People buy homes because they want to be homeowners. The tax credits have made it more attractive for some buyers to purchase now, but there are a lot of buyers who have been waiting to purchase until they were confident in the economy. Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”

April 2010 Statistics

$485,772,282 – Total dollar volume of single-family properties sold, a 33 percent increase from April 2009.

$190,700 – Median price for single-family homes, unchanged from April 2009.

2,043 – Single-family homes sold, a 31 percent increase from April 2009.

10,749 – Active single-family home listings on the market, a nine percent increase from April 2009.

2,813 – Pending sales for single-family homes, up 47 percent from April 2009.

Kiplinger names "10 Best Cities For The Next Decade"...Austin, TX #1

2010-05-26T10:21:00.001-05:00

Farmers' Markets booming in central Texas

2010-05-24T08:41:00.000-05:00

Find Affordable Housing

2010-05-13T17:35:00.003-05:00

Texas Home Programs provides a summary of housing-related programs for homebuyers in the state of Texas. A number of programs provide homebuying assistance to individuals based on income.

http://www.txhomeprograms.org/

Austin real estate sales volume surges, prices remain stable

2010-05-12T08:16:00.000-05:00

According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in March 2010 was 1,784, up 27 percent from the same month in 2009. The median price of real estate in the Austin area remained unchanged in the same time period at $180,000.

“Though we’ve seen increases in year-over-year sales volume consistently in recent months, it’s likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30,” said John Horton, Chairman of the Austin Board of REALTORS®. “What’s most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin.”

Sales of condos and townhouses were particularly strong in March 2010, increasing by 129 percent to 215 sales as compared to March 2009. This follows sustained increases in demand for this property type since September 2009 and a year-to-date increase of 86 percent.

RISK OF MAJOR HOME PRICE DECLINE LOW IN TEXAS

2010-04-27T16:20:00.000-05:00

A new study from the Real Estate Center at Texas A&M University explains why Texas’ housing market fared far better than other states during the current downturn. It also suggests why the state’s economy is expected to continue to do better than the rest of the nation in the coming months.

“Texas’ lower-than-national-average housing cost is one reason for the state’s higher-than-national-average growth rate,” said Dr. Ali Anari, a Center research economist and one of the study’s authors. “When Texans are able to spend more on nonhousing goods and services, the state’s economy is strengthened and more people attracted.

“These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year,” said Center Chief Economist Dr. Mark Dotzour. “The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life. Texas offers a lower cost of living than many places in the United States.

“This allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy,” said Dotzour.

Since 1987, the average annual expenditure for shelter per consumer increased in every major American metropolitan market.

Texas data for the study came from the Dallas-Fort Worth and Houston-Galveston-Brazoria metro areas because they are among the major metropolitan areas for which consumer expenditure data are available. These two metros accounted for 60.3 percent of Texas labor force last year and 64 percent of Texas GDP the previous year.

“Houston and Dallas consumers spent the smallest shares of their incomes on shelter in 2008 (18.6 percent),” said Anari.

The two Texas metros in the study had virtually no increase in their shelter expenditure shares from 1987 to 2008. Houston’s share rose 1 percent while Dallas’ share increased 2.2 percent.

CA investor buys $43M in Austin real estate - Austin Business Journal:

2010-04-22T15:34:00.000-05:00

CA investor buys $43M in Austin real estate - Austin Business Journal:

Austin 3rd best city to relocate to

2010-04-21T08:55:00.000-05:00

Tuesday, April 20, 2010
Austin Business Journal

Austin was ranked the third best city to move to in the United States, according to a RelocateAmerica.com report.

The relocating resources website listed Austin just behind Huntsville, Ala. and Washington D.C. for overall best place to move. Those listed were nominated by RelocateAmerica.com users and then selected by the site's editorial team. The company also analyzed reviews, interviewed residents and looked at economic, environmental, education, crime, employment and housing data.

The Texas State capital took the No. 2 spot on the "America's Top 100 Places to Live for 2010" report for recovery, among others less impacted by recession and therefore expecting a swift recovery. Huntsville, Ala. was ranked first on that list.

Austin was also listed as the fifth-best "earth-friendly" location behind Portland, Ore. (No. 1); Boston, Mass. (No. 2); Madison, Wis. (No. 3); and Boulder, Colo. (No. 4).

Austin Recycles Buildings

2010-04-18T12:38:00.002-05:00

AUSTIN FORECLOSURE FILINGS DOWN, MARKET EXPERT CAUTIOUS

2010-04-18T12:10:00.001-05:00

AUSTIN (Foreclosure Listing Service Inc.) – Foreclosure filings in the Austin area fell 22 percent over the past month, dropping from 1,451 to 1,139, according to Foreclosure Listing Service Inc. (FLS).

"This decline is welcomed news, but I must warn that one month's activity does not change a long-established trend," said George Roddy Sr., FLS president. "Foreclosure postings have been on the high end for some time now. In fact, for the past 16 consecutive months, posting activity has topped 1,000 each month in the Austin metro."

Roddy added that Uncle Sam might have played a role in the drop in filings.

"In six of the last ten years, Travis County foreclosure posting activity for May has been less than in April," he said. "I suspect that as some families have received an IRS tax refund, they have applied that toward their delinquent mortgages to save their homes."

Roddy said a more important factor to watch than month-to-month activity is the same month comparison from one year to the next.

"Over the last year, May's foreclosure posting activity in the Austin Metro dropped 11 percent," he said. "This was the first time in 28 successive months that same-month-to-same-month posting activity declined. Now, this is definitely welcomed news, but even it does not warrant a happy dance. I will be looking for declines for six months in a row for the long-term trend to truly change.”

Austin Weathering The Recession by Supporting Local Businesses

2010-04-16T11:55:00.001-05:00

Homebuyers Still Buying As Interest Rates Rise

2010-04-08T08:27:00.000-05:00

Wednesday, April 7, 2010, 10:09am CDT

Austin Business Journal

Increasing mortgage rates haven't seem to deter homebuyers racing to meet the soon-to-expire tax credit.

While the number of refinance applications fell as mortgage rates hit their highest level since August, requests for home purchase loans were steady, according to the Mortgage Bankers Association.

The purchase index rose half a percent from the week before, but was still down 18.1 percent from a year earlier. The increase pushed the share of government purchase applications to 49.9 percent of total applications, its highest share in more than 20 years, according to the bankers' group.

The Austin Board of Realtors said home sales here increased 4 percent year-over-year in February, its most recent statistical period, and properties are spending less time on the market.

The national Market Composite Index, which measures mortgage loan application volume, fell 11 percent on a seasonally adjusted basis for the week ending April 2, compared with the previous week.

"Mortgage rates jumped last week as the Federal Reserve completed their purchases of mortgage-backed securities," said Michael Fratantoni, the association's vice president of research and economics.

Refinance activity fell to 58.7 percent of total mortgage applications from 63.2 percent. That’s the lowest observed in the survey since the week ended Aug. 28, 2009, according to the association.

The average interest rate for 30-year, fixed-rate mortgages increased to 5.31 percent from 5.04 percent, the highest 30-year rate recorded in the survey since the first week of August 2009.

The average interest rate for 15-year, fixed-rate mortgages increased to 4.54 percent from 4.34 percent.

The average interest rate for one-year adjustable-rate mortgages increased to 7.03 percent from 6.88 percent.

Austin Shows How To Make New Jobs

2010-03-31T14:03:00.001-05:00

The Workforce: Where Will the New Jobs Come From?

2010-03-31T13:58:00.000-05:00

The Workforce: Where Will the New Jobs Come From?

Clock ticking on homebuyer tax credits

2010-03-31T11:03:00.002-05:00

Clock ticking on homebuyer tax credits

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ROBUST CONSTRUCTION EXPECTED FOR AUSTIN RETAIL MARKET

2010-03-16T14:50:00.001-05:00

AUSTIN (Marcus & Millichap) – The prospect of a shallow economic downturn has restored developer optimism in Austin, resulting in a leap in supply this year that will hamper property operations in older assets, according to the 2010 National Retail Report by Marcus & Millichap.

Although anchors are in place at most new developments, including the 500,000-sf Domain II, lenders continue to show restraint when considering small business loans, limiting owners’ ability to fill in-line space.

“Sidelined investors with capital are poised to re-enter the retail market, although significant activity is not anticipated until mid 2010, when a pricing floor will emerge,” said J. Michael Watson, regional manager of Marcus & Millichap’s Austin office.

Some findings from the Austin Retail Research Report:

Employers will increase payrolls by 2.5 percent, or 19,100 jobs, in 2010.
Developers are projected to add 1.6 million square feet of retail space to the market this year, more than double deliveries in 2009.
After a 40 basis point rise last year, vacancy is expected to push up 50 basis points to 10 percent by year-end 2010.
In 2010, asking rents are forecast to retreat 1.3 percent to $19.68 per sf, while effective rents will slip 4.1 percent to $17.12 per sf.

Forbes: Austin best economic recovery in U.S. - Austin Business Journal:

2010-03-08T14:03:00.000-06:00

Forbes: Austin best economic recovery in U.S. - Austin Business Journal:

Conventional Residential Lending Report

2010-03-08T12:03:00.000-06:00

Home Affordable Refinance Program (HARP) extended to June 30, 2011

On March 1, 2010, the Federal Housing Finance Agency (FHFA) announced the extension of the Home Affordable Refinance Program (HARP). FHFA is the regulator and conservator of Fannie Mae and Freddie Mac. HARP is a component of the Obama Administration's Making Home Affordable Program. Borrowers with loans guaranteed or owned by Fannie or Freddie with loan-to-value ratios between 80 percent and 125 percent may be eligible to refinance their mortgages under HARP. In 2009, there were nearly 200,000 refinancings under HARP, far short of the original goal of helping up to 5 million homeowners.

For Sale: 4BR/2+1BA Single Family House in Austin, TX, $173,500

2010-03-06T15:56:00.000-06:00

For Sale: 4BR/2+1BA Single Family House in Austin, TX, $173,500

January home sales show improvement - Austin Business Journal:

2010-02-19T16:05:00.000-06:00

January home sales show improvement - Austin Business Journal:

Best Place to Invest? Texas, Report Shows

2010-01-28T13:46:00.000-06:00

(RECON, 01/05/2010)

Grubb & Ellis Co. ranked Austin the best U.S. city for long-term investment in commercial real estate, while Houston placed sixth.

The California-based company expects commercial real estate to falter at a slower rate in 2010, bottoming out at the end of the year and beginning a slow recovery in 2011.

Grubb & Ellis forecasts the investment market to rebound slightly in 2010, with some assets entering the market. This uptick should prompt increased sales volume of 20 to 30 percent. The forecast also predicts the record-high office vacancy rates to continue, stretching as high as 19 percent by the end of the year.

City of Austin wins healthy worksite award - Austin Business Journal:

2010-01-14T16:18:00.000-06:00

City of Austin wins healthy worksite award - Austin Business Journal:

Prices to bottom : 10 Things to Know About Real Estate in 2010 - US News

2009-12-23T14:54:00.001-06:00

Prices to bottom : 10 Things to Know About Real Estate in 2010 - US News & World Report

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Foreclosures trend down for fourth straight month - Austin Business Journal:

2009-12-16T10:32:00.000-06:00

Foreclosures trend down for fourth straight month - Austin Business Journal:

Mortgage rates inch up in U.S., TX - Austin Business Journal:

2009-12-15T15:13:00.000-06:00

Mortgage rates inch up in U.S., TX - Austin Business Journal:

Will Bank Execs Repay Favor to American Taxpayers?

2009-12-14T14:01:00.001-06:00

Obama Presses Bank Chiefs to Lend More
The heads of the largest U.S. banks will meet with President Obama on Dec. 14 to discuss the decline in lending over the past five quarters and the need for financial reform legislation.

Obama has called the top bankers to the White House because he wants the banking industry, which has lobbied heavily against more oversight, to lend more.

The administration says banking executives should show proper gratitude for its efforts to help rescue the industry, which has tapped public aid to return to profitability.

Source: Washington Post, Binyamin Appelbaum (12/14/09)

Washington Report: FHA Condo Rules

2009-12-14T10:31:00.001-06:00

The Federal Housing Administration puts its long-awaited new financing rules for condominium units into operation last week -- immediately affecting sales in hundreds of condo projects across the country.

Among the key make-or-break rules that condo marketers, buyers, lender and realty agents now need to know about are the following:

FHA won't insure mortgages in buildings or complexes where less than 30 percent of the units haven't already been sold.

At least 50 percent of the units in a project must be owner-occupied or sold to purchasers who intend to occupy them.

No individual owner or investor can hold title to more than 10 percent of the units in the entire project.

No more than 25 percent of the square footage of a condo project can be non-residential -- in other words, used for commercial purposes.

No more than 50 percent of the units can have FHA insured financing on them. FHA doesn't want to “concentrate its risk” in any single project.

No more than 15 percent of the units in a project can be 30 days or more delinquent on their monthly payments to the condo association.

Although some developers and in urban areas welcomed the new rules, industry critics say they will actually curtail the availability of low-downpayment FHA financing for many individual buyers. Others say some of the percentage thresholds are off the mark.

For example, Phil Sutcliffe, a national condo financing expert based outside Philadelphia, says he recently had to turn down two condo projects that sought FHA financing - even though both were more than 50 percent owner occupied and pre-sold. The reason: The developers had chosen to rent out more than 10 percent of the unsold units to generate cash flow. But by doing so, Sutcliffe said, they crossed the “single owner” maximum, thereby denying future FHA financing to all remaining units in the building.

“It just makes no sense in this situation,” he said. With no FHA loans available to potential purchasers, “the owners may have to hand back the keys to the bank.”

Andrew Fortin, vice president for government affairs at the Community Associations Institute, which represents condominium, cooperative and planned unit developments across the country, told Realty Times that the 25 percent commercial-use cutoff is “problematic” because many projects have been designed for “mixed use” in urban areas.

Fortin's group also is critical of the new 15 percent delinquency ratio on association dues. Not only is a 30-day delinquency measure “a very arbitrary standard,” he said, but it's also not a good indicator of the association's underlying financial health.

Source: RealtyTimes; by Kenneth R. Harney

Tips for Selling a Home in Austin

2009-12-10T11:23:00.004-06:00

Selling your home can be a huge undertaking, especially if it is your first time. A REALTOR® will help you through the process of putting your property on the market and finding the best buyer. REALTORS® provide guidance and advice on how to sell your home quickly and for a great price. If you are ready to sell, the following tips will start you in the right direction.

Take off your rose-colored glasses

If you have lived in your home for several years, it may be difficult to look at the property with an objective eye. Your REALTOR® can suggest upgrades to increase the value of your Austin real estate and make it appealing to the widest range buyers. For simple ways to increase the value of your home, click here.

The “three golden rules” of real estate
Homes that sell quickly at or above their market value usually have three things in common: great location, great condition and a great price. Keep reading to learn more about what buyers evaluate when they consider homes in Austin.

Location - Buyers look for homes in locations that best suit their lifestyles. They may consider how many parks or schools are located near your property, or they may ask about the history, population and demographics of your neighborhood. A REALTOR® can answer these questions easily and inform buyers or buyers’ agents of all location details.

Condition - Your REALTOR® can form a plan to improve your home’s condition, which will attract more buyers and allow you to sell your home for a higher price. Such a plan may include making repairs and changing the functionality of some rooms to make your home more appealing to buyers.

It is wise to make the renovations recommended by your REALTOR® before putting your Austin home on the market. Failing to make these upgrades or waiting too long to make changes means you could miss out on potential buyers. If you cannot afford everything your REALTOR® suggests, ask him or her to recommend ways to get your home buyer-ready without blowing your budget.

Price - Sellers who put their homes on the market without a REALTOR®’S guidance typically price their property unrealistically and have difficulty making the sale. Be sure to work with a REALTOR® who understands the current state of the Austin real estate market and is aware of prices for homes of similar value. Pricing a home correctly at the start eliminates the need for you to reduce your asking price and increases the likelihood that your home will be sold.

Make a great first impression
From the moment potential buyers arrive at your home, they are evaluating everything from sights to smells to sounds. It is usually small details like a recently vacuumed floor, clean windows and the scent of fresh flowers that really impress buyers. Some REALTORS® may work with home stagers to present your house in the best light, while others may help by creating a list of reminders for you to check off daily to ensure your home is clean and comfortable when buyers walk through the door.

Communication is key
Be open with your REALTOR®. The more information he or she has regarding your needs and goals during the selling process, the better he or she can serve you. Tell your REALTOR® your motivation for selling and what your ideal time frame is for moving out. Ask him or her what options there are for preparing your home for show, and be honest about what you are willing to do. It is also a good idea for you and your REALTOR® to write down your selling strategy to avoid confusion.

source: Austin Board of Realtors

Top 5 Reasons to Live in Austin

2009-11-17T09:09:00.000-06:00

Austin is a place where the best of both worlds collide – trends meet rich culture, political passion embraces open-minded views and big business thrives in a laid-back atmosphere. There are many great reasons to make Austin your home, but don’t take our word for it. Judge the following facts for yourself about what makes Austin such a great place to live.

#1 - Quality of life
For its economy, affordability and variety of fun things to do, Austin ranked third on U.S. News & World Report’s “Best Places to Live 2009.” In addition, Austin maintains its status as a “fit” city and one of the greenest in the nation. It comes as no surprise that Outdoor magazine considers Austin’s overall quality of life among the best in America.

#2 - Great jobs
You can earn a great living in Austin and find comfort in knowing the city is poised for continued job growth, ranking first in long-term employment potential. In fact, the Austin-area unemployment rate has consistently been below the Texas and national rate. According to the Texas Workforce Commission, Central Texas gained 1.3 percent more jobs, or 10,919, from 2007 to 2008.

Austin was the second-fastest-growing metropolitan area in the nation between 2007 and 2008 and its population is expected to grow to more than 2.7 million by 2025. Historically, Austin wages have also grown faster than anywhere else in Texas. In fact, from 2002 to 2007, Austin had the largest median family income of all Texas cities, according to the Real Estate Center at Texas A&M University.

#3 - Smart people
Not only is the greater Austin area home to five successful universities, it was named the 24th "Smartest City in America" by Forbes magazine in February 2008. Among Austinites ages 25 and older, 85 percent have graduated high school and more than 35 percent have a bachelor’s degree or higher.

Austin is also a town of innovators and among the top cities for entrepreneurs. According to the Austin Chamber of Commerce, more than 2,100 patents were assigned to Austin innovators in 2007. In addition, Entrepreneur Magazine recognized Austin as the third "Most Innovative City" in the United States in December 2008.

#4 – Friendly neighbors
Good neighbors are the backbone of the Austin community, making it a great place to raise a family and get involved. Accolades that attest to this include a ranking of second among cities where Americans are relocating, and inclusion among the "Top 20 Best Places to Raise a Family" by Best Life Magazine in May 2008. Throughout these reports, the city’s safety, diversity, pedestrian and bike friendliness as well as the presence of parks and public spaces (more than 14,000 acres) were noted as key qualities.

Also, Travel + Leisure Magazine recently took notice of Austin’s residents in its study on "America's Favorite Cities" in 2008. The city came in second place for friendliness and athleticism and third place for intelligence and attractiveness.

#5 – Entertainment
Austin is has been coined "The Live Music Capital of the World" and is home to two of America's largest music festivals, South by Southwest and the Austin City Limits Music Festival. In addition to its renown music scene, Austin was also was named one of the "Best Cities for Singles" by Forbes in 2008. For those seeking excitement outside the city, Austin is also within 20 minutes of Lake Travis and surrounded by the beautiful hill country, offering terrain and activities for outdoor enthusiasts of every type.

Austin Real Estate Report

2009-10-21T16:53:00.000-05:00

Austin-area real estate market shows improvement over last year

Austin Board of REALTORS® releases September 2009 real estate statistics

October 19, 2009 - According to the September 2009 Multiple Listing Service report by the Austin Board of REALTORS®, activity in the Austin-area real estate market has shown signs of improvement from September 2008.

In September 2009, 1,780 homes were sold, a six percent increase from 1,673 homes sold in September 2008. The median home price for Austin in September 2009 was $185,250, up two percent from the same month the prior year.

"This spur in activity compared to last year is a good sign," said Jay Gohil, chairman of the Austin Board of REALTORS®. "It shows the Austin-area real estate market is healthy and has remained stable."

According to the report, the average median home price in the third quarter of 2009 is statistically similar to that of the third quarter of 2008. In addition, the third quarter of 2009 represented the highest quarterly average for home sales this year. There was an average of 1,857 homes sold during the third quarter of 2009, a 3 percent decrease compared to the third quarter of 2008 which averaged approximately 1,912 homes sold.

Gohil continued, “As the deadline for the first-time homebuyer tax credit approaches on Nov. 30, we may continue to see increases in home sales into October and November.” On Nov. 30, the tax credit for first-time homebuyers of up to $8,000 expires. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more.

WHEN WILL RECESSION END?

2009-10-16T15:42:00.000-05:00

COLLEGE STATION (Real Estate Center) – Three things have to happen before the current recession can be declared ended. One is underway, said Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University.

"I think the economy will begin to turn for the better once the health care and cap-and-trade issues are settled. Those two political debates are creating substantial uncertainty for business owners and investors," he said.

The personal savings rate is the second trend to watch, said Dotzour.

"Over 70 percent of the U.S. economy is consumer spending," he said. "When the savings rate finally levels out, consumer spending will start to increase again."

Increased corporate profits are the third trend that must occur to bring the recession to an end. There is some indication that has already begun. The last three data points were all up. Rising profits lessen the urge for companies to lay off workers.

Research Economist Dr. Jim Gaines added that the increased corporate profits have come from reduced costs, not the kind that leads to expansion.

"Keep your eye on these three issues," Dotzour said. "When they are resolved, the economy will begin to turn the corner."

Report says recession ended in August for Austin - Austin Business Journal:

2009-10-15T16:03:00.001-05:00

Report says recession ended in August for Austin - Austin Business Journal:

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8,000 Reasons To Buy

2009-10-12T14:45:00.001-05:00

By Michele Chan Santos

SPECIAL TO THE AMERICAN-STATESMAN

Sunday, October 11, 2009

If you've been dreaming and saving to buy your first home, the next few weeks present a unique opportunity.

For first-time home buyers whose income falls within certain limits, purchasing a house, condominium or townhome might make them eligible for a tax credit worth 10 percent of the purchase price of their home, or $8,000, whichever is less. This amount reduces the amount of taxes you owe, or increases your refund, dollar for dollar, according to the IRS. For example, if you normally would have a refund next spring of $100, with a qualifying home purchase your refund could be $8,100.

Because of the tax credit and other factors, "my perception is that it's a great time to buy," says Carol Dochen, who has been in real estate for 28 years. She is the owner of Carol Dochen Realtors.

"Interest rates are at a historic low," Dochen says. "Because the market has dipped, you will be buying at a lower price point instead of a higher one."

Amy McGowan, an agent with Keller Williams, says she's been urging her clients to understand the unique benefits of this tax offer.

"The biggest thing I try to tell them is, say they are looking at a $200,000 home, the tax credit is equal to a 4 percent appreciation in value," McGowan says. In fact, it's a financial bonus that requires little effort on the buyer's part. "It's money that comes to you in your mailbox."

Here is a guide to what you need to know to take advantage of the tax credit and get into your first home before the holidays:

Who is eligible for the credit?

People who filed individual income taxes for an income of $75,000 or less, or couples who filed jointly with an income of $150,000 or less. You must not have owned a home within 36 months of your date of purchase. You must occupy the property you buy as your primary residence (this program is not for people who want to buy something and rent it out, nor does it apply to vacation homes).

When do I need to have found a house?

Right now. Late October might be pushing it. "The program as we know it ends Nov. 30," says Diane Dopson, owner of Diane Dopson Properties. "This means that you must have closed on the house by that date. It is possible that the government will extend the deadline, but in case this does not happen, the latest time to have a house under contract would be mid-October," Dopson says. "Loan approval is taking four to six weeks." In other words, once you find a house and put it under contract, it could take another four to six weeks before you are able to close on it, and that needs to be done before Nov. 30.

"Try to be under contract no later than Oct. 25," Dochen says.

What should I do first?

If you have not already done so, you should get preapproved for a home loan and find a reliable real estate agent to help you shop for a home. You need to know what price range to search, as well as the part of town you'd like to live in.

"We sit down with our clients and have them talk to a lender, so we can show them the right-priced property, and we match neighborhoods to that price range," Dochen says.

Should I buy a house just because the tax credit is available?

"Be careful and make sure that for your personal situation, you are ready," says Nancy Taute, an agent with Carol Dochen Realtors. "You need to be ready to accept responsibility for homeownership." She cautioned that buyers need to be prepared to be able to sustain six months to a year of mortgage payments in case they lose their jobs.

For those who are financially ready, the time couldn't be better.

"If you are prepared, if you have done your budget and your job is secure, it's time to get serious," McGowan says. "The combination of low interest rates, the tax credit and affordability in the market" make it worth pursuing homeownership now, she says.

What types of properties does the credit apply to? Can I buy the property from anyone?

You can buy a single-family home, townhouse, condominium or mobile home (and the land under the mobile home), as long as it will be your primary residence, according to the IRS. You cannot buy the property from your parents or grandparents, or from your children, grandchildren or your spouse.

If I buy a house and receive the tax credit, but end up moving next year, do I have to pay the government back?

Yes. You must repay the credit if the house stops being your primary residence (your home) in the 36 months following the purchase date. As long as you live in the house for 36 months after you buy it, you don't have to pay the credit back, Dochen says.

How do I receive my tax credit?

You can file an amendment to your 2008 taxes, or wait and file it with your 2009 tax return. You will be filing Form 5405. Go to www.irs.gov for more information at http://www.irs.gov/newsroom/article/0,,id=205416,00.html.

What price range are most first-time home buyers looking in?

Most first-time home buyers are probably looking at properties between $100,000 and $350,000, Dopson says.

Angela Brutsch?, spokeswoman for the Austin Board of Realtors, says there has been a definite rise in the percentage of sales in houses in the $100,000-to-$150,000 range.

In August 2008, sales in this category made up only 3.7 percent of the houses sold that month, but this August, that category made up 7.9 percent, more than double the former amount.

In August, 55 percent of the houses sold were in the $100,000-to-$200,000 range, and another 19.2 percent were in the $200,000 to $300,000 range. Together these made up 74.2 percent of the homes sold.

The number of sales in "these price ranges are trending higher than last year," Brutsch? says, because they are popular with first-time buyers taking advantage of the tax credit.

What Central Texas neighborhoods are popular with first-time home buyers?

First-time home buyers looking in the $100,000-to-$200,000 range and seeking a three-bedroom, two-bath house are looking in Cedar Park, Leander and Round Rock, as well as in Rancho Alto in Southwest Austin and Olympic Heights in South Austin, McGowan says.

Other neighborhoods popular with first-time home buyers include Maple Run, Westcreek, Cherry Creek, University Hills, Windsor Park, Balcones Woods and Pioneer Crossing, Taute says. Pflugerville, Buda and Kyle are also in demand.

Any other last words of advice?

The real estate agent's mantra is "location, location, location," and that holds true in this situation as well, the agents say. "Make sure the location works for you, job-wise, community-wise, school-wise," Dochen says.

Arlene Maze, an agent with Carol Dochen Realtors, says, "Do the morning and afternoon commutes from the house. Go to your activities to and from there. It has to work with your lifestyle."

Where can I look if I have other questions?

Talk to your real estate agent. In addition, there is a lot of information about the program at the IRS Web site: http://www.irs.gov/news room/article/0,,id=206291,00.html.

Upscale Riverside development a test case for lakeside high-rises

2009-09-24T11:26:00.001-05:00

Houston developer offers to pony up for affordable housing - but is it enough?

By Marty Toohey
AMERICAN-STATESMAN STAFF
Thursday, September 24, 2009

As part of a special zoning agreement, a developer who wants to build an upscale East Riverside Drive apartment complex has offered almost $4 million for low-income housing in Austin. But as the City Council prepares for a possible vote today on the plan, a last-minute question has emerged: Is $4 million enough?

Grayco Partners says it's giving the city a generous contribution to offset the loss of 600 relatively low-cost units, in addition to enhancing public waterfront access and numerous other concessions.

But critics of the project say that, based on an opinion issued late Tuesday by the city's legal department, Grayco should have to pony up closer to $8 million — an amount Grayco says would kill the project.

The $200 million project — which pits a Houston developer, Grayco, and advocates of a denser urban core against neighborhood activists who oppose high-rise development near Lady Bird Lake — was postponed by the council a month ago and has become a test case for new city zoning rules and priorities.

Differing interpretations of those rules have bogged down the project and may further delay a final council vote.

Grayco and city officials were working frantically Wednesday to resolve those differing interpretations.

Council members said some significant questions remain unresolved going into today's council meeting.

"Clearly there's some confusion in all this," said Council Member Randi Shade, who added that she thinks a final vote is unlikely today.

The developer wants to build four buildings, with 1,200 apartments and 97,000 square feet of street-level retail space, on about 30 acres bounded by Riverside, South Lakeshore Boulevard and Tinnin Ford Road.

Grayco wants permission for one building to be up to 120 feet tall and two others to be up to 90 feet tall.

But the area's zoning rules cap heights at 40 feet.

So Grayco is asking for special status as a "planned unit development" — a designation that allows the City Council to waive height limits and other zoning regulations.

The over-arching idea is that a development can be higher, denser or otherwise different than zoning normally allows if its builders can prove the changes make it "superior."

That judgment is at the discretion of the City Council.

Previously, debate had centered on whether Grayco's buildings were too tall and whether the development would give the city enough other goodies to be worth the extra height.

Grayco's proponents said the project's height is fine given what the developer is offering in exchange: more people living in the city center, increased waterfront access, $25,000 for renovation of the historic Norwood House nearby, and a retention pond that will capture about 22,000 pounds of pollutants that wash into Lady Bird Lake every year, among other concessions.

But critics said the project violates the spirit of new height limits established along the lake earlier this year. Neighborhood activists pushing for those limits said they feared high-rise projects could spoil vistas of the lake and block public access.

Late Tuesday, the city's legal staff threw a curveball.

Earlier this year, the council passed guidelines to set criteria for a "superior" development worthy of special zoning status.

Among those criteria was a donation to build low-income housing or pay property owners to provide it. In this case, low-income means a household income of $58,650 for a family of four.

Grayco figured that amount was about $3.7 million to help replace elsewhere the 600 units that would be torn down to make way for the project.

But the city's legal department, interpreting the guidelines differently, calculated Grayco would need to contribute $7.8 million, according to a memo sent Wednesday afternoon to council members.

Steve Drenner, Grayco's attorney, said the requirement is "beyond the pale."

"We can't get anywhere near it," he said.

The council has discretion to deviate from that, or any other, criteria.

Council members reached this week said they generally wanted to follow the rules, but some were considering whether to make an exception. Council Members Bill Spelman and Chris Riley said they were still trying to determine the proper trade-off for 600 units.

"I'm pleased to see this kind of redevelopment in such a crime-filled area," Council Member Sheryl Cole said. "From what I can see, it meets our criteria and should be approved."

Council Member Laura Morrison, a Grayco critic, said the council should require the entire $7.8 million. Morrison said that's one of a number of problems she has with the project.

"At this point," Morrison said, "I'm not inclined to support it."

Austin among best performing U.S. metros

2009-09-15T17:28:00.002-05:00

Tuesday, September 15, 2009

Austin Business Journal

Austin and San Antonio will be the first two U.S. cities to recover from the recession, according to a new national forecast from IHS Global Insight.

The forecast from the Lexington, Mass. economic research firm suggests the two Texas cities will bounce back to their pre-recession job levels sometime next year.

Eight other metropolitan areas are predicted to recover by 2011, a group that includes Texas’ two largest markets, Dallas-Fort Worth and Houston, along with Washington, D.C.

IHS Global Insight said most metros will start adding employment next year, but the increases are likely to be tepid. “Solid gains will not return for the majority of the country until 2011,” the report said.

Austin is also named one of the 20 best performing metropolitan areas in the second quarter of 2009, according to a study by the Brookings Institution.

The second quarter MetroMonitor report tracked nine metrics in 100 U.S. metro areas, and found Austin was a leader in many of those, from percent change in gross metropolitan product to percent change in housing prices.

Employment in Austin fell 0.5 percent from its pre-recession peak, that was the second-narrowest gap in the nation. The Texas Capital was also one of only three metro areas that surpassed their pre-recession peak output by the second quarter of 2009. Along with the other two cities, McAllen and Washington D.C., Austin was one of those least affected by the downturn.

The report’s authors said the figures reveal some stark differences in economic performance among metro areas.

“Signs at the national level that job and income losses are slowing continue to mask the highly variable performance of individual metropolitan economies,” said Alan Berube, co-author of the report. “While several metro areas may have reached a turning point, there are many others that still have not touched bottom, as well as a few that have almost fully recovered.”

Texas had the strongest showing, with six cities among the 20 strongest metro areas: Austin, Dallas, El Paso, Houston, McAllen and San Antonio. Florida dominated the list of the 20 weakest metro areas with eight, including Bradenton, Cape Coral, Lakeland, Miami, Orlando, Palm Bay and Tampa.

For the full report, click here.

Rehabbing? Value Added Repairs Are Crucial.

2009-09-11T10:31:00.004-05:00

What repairs should you do when rehabbing a home?

When investing in rehab properties, you often run into homes that are in really bad condition. These are the homes I love that are in complete disrepair, ugly and unlivable. To many this is a turnoff and says headaches. To rehab investors it says profits and the evaluation process begins. When creating your rehab list and budget, it is crucial to focus on completing Value Added Repairs. Items that add value usually have to do with Kitchens, Bathrooms and Curb Appeal.

It is key to get people to fall in love with your property and get emotionally attached. They must imagine themselves living in the home and it starts with the property being inviting when they first lay eyes on it. The first impression must be “WOW.” The home is inviting with nice landscape, fresh paint and some pop in the colors used. Sometimes it is as easy as adding a little paint and cleaning up the landscaping. Putting about 2K into Curb Appeal can often increase value significantly.

Then they enter and find warm neutral colors and new or at least nice flooring. But the Kitchen is usually the place they head. Women love kitchens and this will be a huge part in the purchase decision. Don’t overdo it though, putting in a 40K kitchen into a 100K home does not make sense. Spending 5K could with nice appliances can already get the buyers thinking about cooking and enjoying dinner with family and guests.

The 3rd part of the home where significant value can be added is the Bathrooms, especially the bath in the Master bedroom, the one the buyers will be using. They will instantly imagine using the bath and what it will be like to sleep, live and spend time in this Master bedroom and bathroom. Adding a bathroom or converting a half bath to a full bath can also add significant value to buyers with children.

Finally, the mechanics, plumbing, electrical, roof, foundation, etc must not create red flags during the inspection period. That can kill a deal really quick. It is important to not go overboard on items such as finishing a basement, materials that overshoot what is common and expected in the neighborhood and doing any upgrades that will not add value. If you ask yourself, will the $ I am spending on this repair add value to the sales price? If not, save the money. Focus on Value Added Repairs with Kitchens Bathrooms and Curb Appeal.

source real return | real estate

Austin Home Sales Reaches 2008 Pace for July

2009-08-21T14:53:00.001-05:00

Area Market Statistics

Austin-area home sales volume continues momentum, reaches 2008 pace for July

Austin Board of REALTORS® releases July 2009 real estate statistics

August 20, 2009 - According to the July 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales reached 2008 levels for the first time this year.

In July 2009, 2,069 homes were sold, statistically unchanged from the 2,068 homes sold in July 2008. The median home price for Austin in July 2009 was $191,500, a two percent decrease from the same month the prior year.

“The sales volume momentum in Austin continues, now reaching 2008 levels. That’s good news, but I think it’s even better news that we’ve achieved that increase while maintaining a steady median home price,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “Throughout 2009, the median price has fluctuated only slightly compared to 2008. Looking back further, prices have remained above 2007 levels, one of the most lucrative years of the last decade in Austin real estate. That long-term price stability, particularly in the face of market fluctuations, bodes well for Austin’s future.”

July 2009 Statistics

$508,810,549 was the dollar volume of single-family properties sold
$191,500 was the median price, a two percent decrease from one year ago
2,069 was the number of homes sold, unchanged from July 2008

House Hunting & Battle of the Sexes

2009-08-21T14:19:00.001-05:00

PARSIPPANY, N.J. (Coldwell Banker) – Men may be from Mars and women from Venus, but every day millions of couples must work through those differences to make life-altering decisions. Like buying a home, for instance.

Coldwell Banker Real Estate LLC recently enlisted International Communications Research to survey 1,000 individuals to find out how much men and women differ in the homebuying process.

Some highlights from the study:

When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, versus 62 percent of men.
Fifty-five percent of women find it more important to be closer to their extended family than to their job, compared with only 37 percent of men.
Sixty-four percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
When respondents were asked how they would use a spare 12x12 room, the uses that proved most popular with both men and women were bedroom, office/study and family room.
Of the 8 percent who indicated they would turn that spare room into an entertainment center, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation and entertainment.

Austin Homes Sales Hit Highest Level In A Year

2009-07-24T10:51:00.001-05:00

By Claudia Grisales
AMERICAN-STATESMAN STAFF
Tuesday, July 21, 2009

Austin-area sales of existing homes hit the highest level in a year last month, according to figures Monday from the Austin Board of Realtors.

Last month, 2,135 single-family homes were sold in the area, down 4 percent from a year earlier. That was the smallest decline since a 2 percent drop in July 2007, when the market began to soften amid an emerging national mortgage crisis.

This year, sales were down 19 percent in May and 18 percent in April from a year earlier.

Pending sales — those in the pipeline to close in July — were up 4 percent, to 2,084.

"We've seen the year-over-year gap in sales volume close steadily throughout 2009, and that momentum continues this month," said Jay Gohil, chairman of the Board of Realtors.

Jim Gaines, research economist for the Real Estate Center at Texas A&M, said there's not yet a clear signal that the Austin market has hit bottom.

"That's the $64 million question," he said.

He said Texas is seeing more signs that the recession has landed with full force, such as a weakening job market — including in Central Texas — and falling sales tax revenue.

But there is growing evidence nationwide that the housing market is starting to stabilize. Combined, sales of new and existing homes hit an annual rate of 5.1 million in May, the highest level this year.

In Central Texas, the market is benefiting from low mortgage rates and a healthy supply of homes for sale. Another strong incentive: an $8,000 federal tax credit for first-time buyers who close on a home before Dec. 1.

But the market faces a long climb back. Home sales last month were down 23 percent from June 2007.

Mark Sprague, Austin partner for Residential Strategies Inc., which tracks the housing market, said the Austin market appears to be improving.

As fewer developers build homes and the number of available lots continues to shrink, it will mean more demand for existing homes, he said.

"Resales are a little better," Sprague said. "I'm cautiously optimistic."

Sprague reiterated that the Austin market has not slumped as deeply as the national market. The median home price in Austin last month was $199,900, unchanged from a year ago. Nationwide in May, the latest data available, prices were down 15 percent from a year earlier.

Mortgage broker Ashley Hall said June was a busy month for her firm, with a large percentage of homebuyers looking to move to Austin from destinations such as California and Arizona.

"We have seen a great deal of activity," said Hall, president of Barton Hills Mortgage.

Hall said her firm saw purchases increase about 15 percent in June. Of those, 60 percent were buyers moving from other cities or states, and 40 percent were previous customers moving to bigger or better homes. The average purchase price was in the $450,000-to-$500,000 range, with a few sales over $1 million.

Tom Polk, a broker associate with Stanberry & Associates, said June's figures finally reflect what he's been seeing in his own business.

Polk said he's also received interest from prospective homeowners looking to move to Austin as well as investors.

"It's about time," he said. "There is a distinct change in activity and attitude out on the street."

Austin market shows strength in second quarter 2009

2009-07-21T12:12:00.004-05:00

Austin Board of REALTORS® releases June 2009 real estate statistics

July 20, 2009 - According to the June 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of single-family home sales in June 2009 was 2,135, down four percent from June 2008, and the median price was $199,900, unchanged from June 2008.

"We've seen the year-over-year gap in sales volume close steadily throughout 2009 and that momentum continues this month," said Jay Gohil, Chairman of the Austin Board of REALTORS®.

Home prices in the Austin area have also continued to gain momentum from the beginning of the year. Over the first two quarters of 2009 (January 2009 to June 2009), the average sale price for a single-family Austin home has increased $20,824, while median sales price has increased $24,400.

Also, from January 2009, sales volume is up 61 percent and active listings are up 14 percent. “This signifies a healthy Central Texas real estate market and good news for both local home buyers and sellers,” said Gohil.

June 2009 Statistics

$537,981,570 was the dollar volume of single-family properties sold
$199,900 was the median price, unchanged from one year ago
2,135 was the number of homes sold, a 4 percent decrease compared to June 2008

Need a fresh start? Move to Austin!

2009-07-20T16:40:00.002-05:00

According to a recent report from Relocation.com, Austin, TX is the BEST city in America to start over and seek out new economic opportunities.

75% of my clients have relocated from outside the state of Texas. What brings them here? Job opportunties, affordable real estate and a better quality of living. Yes, it's hot here...but Austin, TX has such a cool vibe.

Read the Relocation.com report at http://www.relocation.com/library/fresh_start_release.html

Austin, TX...A Booming Technology Center

2009-07-20T16:29:00.004-05:00

Bizjournals recently developed a "5 part formula" to identify cities with the highest concentration of high-tech companies, technology oriented jobs, and employees with advanced degrees. It's a no-brainer that San Jose ranks first. However, not too shabby that Austin, TX comes in at #7. Too bad that American Airlines is cancelling the "nerd bird" direct flight between these two high-tech hot spots.

Texas Dominates In Job Growth Potential...Austin #1 On List

2009-07-20T16:23:00.003-05:00

The trend for Texas is to continue bucking national trends. All this good press is good news for the Austin real estate market.

Austin ranks No. 1 on the list of big cities for employment potential from NewGeography.com. See the entire list at http://www.newgeography.com/content/00745-large-cities-ranking-2009-new-geography-best-cities-job-growth

Ten Cities Where Americans Are Relocating

2009-07-20T16:08:00.003-05:00

In Forbes Top 10 List of these cities, the state of Texas fares well with people seeking new opportunities and change. Many Texas cities are popular relocation destinations...Austin is tops ...coming in at #2 nationwide. What sets Austin apart? One of the lowest unemployment rates in the country, and of course, its vibrant music, film and fine arts scene.

Construction Down Now...Supply Down Later

2009-07-20T16:03:00.002-05:00

New home construction down 47%. The Austin area is moving towards some of the lowest new home inventory levels we have seen in our market the last 10 years.

Forbes: Top 10 Things To Buy Before Recession Ends

2009-07-20T15:56:00.004-05:00

"Housing" is #1 on the list...(Diamonds also make the list...go figure)

Austin 2nd Fastest Growing City In The Nation

2009-07-20T15:36:00.002-05:00

Austin was the nation’s second-fastest-growing metropolitan area between 2007 and 2008, according to new data from the U.S. Census Bureau.

Why people relocate to Austin...25 reasons to name a few

2009-07-20T15:33:00.004-05:00

"The quirky Texas capitol sways to the strum of its own guitar"

Interesting note

2009-07-20T15:32:00.001-05:00

Local mortgage guy says 3 out of 4 of his YTD loans are First Time Home buyers. Very good sign for Austin housing market!