By Carey Eskridge

Many weekenders from Houston and Dallas think of the hill country as the area anchored by Kerrville and Fredericksburg, I’m here to tell you those are the foothills and just the beginning.

Your family may be looking for a "home away from home" or maybe you need winter getaway for some R&R. Whatever your fancy, head further west into the heart of the hill country to the area bounded by Vanderpool, Leakey, and Utopia. You’ll have a hard time remembering you’re in Texas when you see what has been called "the Swiss Alps of Texas."

Featuring Lost Maples State Natural Area, Garner State Park, and the Frio and Sabinal Rivers, this area has long been an attraction for outdoor enthusiasts and families. Lost Maples is home to a forest of Sycamore trees that literally explode with New England-esque color in the fall, usually in November.

Keep in mind that conditions are generally more wintry in this part of the
state, building a fire and opening
presents in the middle of such spectacular scenery is a gift itself.

WHERE TO STAY

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By Maria Scinto and DeeinAustin™

We have more good news to report for Dallas real estate update. The market
continues to dodge the housing doom bullet.

Although home sales are down by 7%
in the Dallas/Fort Worth area as compared to last year, nationwide
that figure is closer to 20%. This isn’t a shabby performance considering the mortgage industry crackdown on
sub-prime lending.

GOOD NEWS FOR THE DALLAS REAL ESTATE MARKET

Although
the National Association of REALTORS® predicts continued hard times for
the housing industry nationwide, the Dallas/Fort Worth area and Texas in general are seen as being somewhat immune to the worst of the fallout.

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By DeeinAustin™

So here’s some great news. The national real estate community is still highly interested in Texas!

Need proof? REALTOR.com featured more of our posts yesterday. We were previously featured for an article on the Mueller Austin new urbanist community. Yesterday’s feature was for our updates on Houston and Forth Worth markets.

Now that the mortgage market is making a comeback, investors and buyers are flying in to get some great December deals.

AUSTIN REAL ESTATE MARKET STATISTICS-OCTOBER SUMMARY

Below is a chart from the Austin Board of REALTORS® showing October 2007 MLS Statistics compared to October 2006. You can click it to view a larger picture.

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By Casey Eskridge

Here’s one for you sports or hockey fans. I recently spoke to Buffalo Sabers fan who attended the Stanley Cup finals between the Sabers and the Dallas Stars years ago. She said it had been easier and cheaper to fly from New York to Texas, and get a ticket for the games held in Dallas than to go to a game in Buffalo. On top of that, she said there were probably more Buffalo fans than Stars fans at the games in Dallas.

Besides the fact that she went to the game, I can’t say if any of her story is really true. I do know that it took a while for hockey to catch on in Texas and I have to admit it seems a bit out of place so far south. With the Austin Ice Bats doing well, the groundwork is being set for another Central Texas hockey team in Cedar Park.

DETAILS ON THE $43M HOCKEY COMPLEX

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By DeeinAustin™

How’s the Texas real estate market? Are we still selling houses? Has the mortgage market gotten better? Is now a good time to buy? Sell?

Yes! Good news is that Texas real estate agents are still selling houses and the mortgage market is on a rebound. In fact, December is often the month for investors and buyers to get the best deals of the year.

The real estate market statistics for October posted last week for most Texas cities, so our team will provide summaries soon.

In the meantime, Mary Stephens, Loan Officer from City Real Estate and Mortgage, provided a Texas mortgage market update. I met Mary on an Austin property tour and she recently stepped in to help one of our investors with a land deal once their lender couldn’t come through.

TEXAS MORTGAGE MARKET UPDATE: Q&A WITH MARY STEPHENS

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By Maria Scinto

Seems like mixed-use developments are hot right now all over Texas  - and for good reason. Who wouldn’t want the convenience of having shopping, dining, and entertainment facilities all within walking distance, free of the parking hassles and safety concerns that can come with living central?

AN INTERESTING NEW TWIST

A new twist to this trend seems to be "themed" developments, like Austin’s arts and entertainment-oriented Villa Muse. Now according to the Houston Chronicle, developer David Wu is planning a project called "The Land of Oz".

No, there won’t be yellow brick roads or green buildings as far as we know, but the development will be located in Houston’s Chinatown area on the west side of Beltway 8 near Arthur Storey Park.

FEATURES OF THE LAND OF OZ DEVELOPMENT

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By Maria Scinto and DeeinAustin™ (editor)

Houston real estate developers are turning away from
entry-level housing. "Starter homes" are typically priced below $150,000.

New home starts in
the area are down to about 9,725 single-family homes for third quarter 2007. The Houston
Chronicle reported the recent data, which had been gathered MetroStudy. and they say that
this number is 28% below the number of new home starts for third
quarter 2006. Turns out, though, home starts in the $225,000+ range
were actually up 6.5%.

This was balanced by the fact that
housing starts for homes priced $150,000 or below were down 36%.

DEMAND FOR ENTRY LEVEL HOUSING

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By Carey Eskridge

Most Austinites are aware of Responsible Growth for Northcross (RG4N), a neighorhood group of residents around Northcross Mall that was formed in response to construction of a 24-hr Wal-Mart superstore. (Photo By John Anderson of Austin Chronicle.)

NORTHCROSS MALL LAWSUIT TIMELINE

1. As originally conceived, the Wal-mart would be the second largest retail store in the state of Texas. Eventually, RG4N filed suit against the city and the developer, Lincoln Property Company, claiming that the store’s site plan violates Austin’s land development rules.

2. Earlier in the month, the Allandale Neighborhood Association had separately filed for a summary judgment
against the development. That motion was denied, so the RG4N claims are
the only ones keeping the construction from moving forward.

3. Last Friday marked the end of the trial and the judge expects to make a ruling by mid-December. Renovations have already begun on the buildings near Burnet Road, but no work will be done on portions of the property involving the Wal-Mart until the suit is resolved.

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By DeeinAustin™

I have not been paying attention to Fort Worth real estate, but all signs point to rapid appreciation in downtown Fort Worth real estate within the next 2-5 years.

A builder told me yesterday that the Fort Worth real estate market is currently where East Central Austin was about 5 years ago. Most homes are in disrepair and the area is crime-ridden, but the location was wonderful.

The areas undergoing revitalization in Fort Worth are similar to areas that grew rapidly in Austin. Here’s the revitalization playbook:

The first revitalization efforts are typically focused downtown. Areas central and near bodies of water are next. Then, Fort Worth should expect to start building out old warehouses and converting delapitated apartment buildings. The final swing comes when institutional investors buy large tracts of land to build mixed-use "urban villages" to provide density.

In East Austin, the urban village was built at old airport, Mueller Austin. Villa Muse in far east Austin is up next. Read about Villa Muse and Mueller Austin.

JUST A FEW FORT WORTH PROJECTS THAT ARE COMPLETED OR UNDERWAY

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NOTE: This article is part of the forthcoming book, the Gotcha Guide™ to Buying or Investing in Real Estate. Email us to join the mailing list for the release date.
–by DeeinAustin™

You may wonder why I’m writing about apologies and what they have to do with real estate gotchas.

I’m a strong proponent of a well-placed, well-thought apology. On the other hand, I believe that an insincere or poorly-made apology is the quickest way to diminish trust in a relationship. Trust is key to any business transaction, especially in real estate since there are so many parties involved. 

Successful agents and investors realize is that bad things happen. People make mistakes. Wires get crossed. Deadlines get missed. Paperwork becomes lost. This is all part of navigating the waters of a typical real estate transaction.

The instant these "bad" things happen, you step into the spotlight as a professional. You could be the buyer, seller, agent, inspector, lender etc., the role doesn’t matter. You’re on stage and will propose a solution that will either deepen OR weaken your relationship with the other party. In addition, an apology may be due in some instances.

STOP! BEFORE YOU APOLOGIZE…

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