The buying season heated up in Central Texas in May according to the Austin Board of REALTORS® Multiple Listing Service (MLS) May 2008 sales report.  Single-family home sales in May are up slightly over April 2008 numbers, when 1,981, homes sold. Homes are spending fewer days on the market and overall, the real estate market continues to reflect conditions similar to those of 2005, before the unusual boom in 2006.

Take a look at May single family sales statistics compared to 2007:

No matter which city you live in, inventory is still high. Still, Texas is fairing better than the rest of the nation. Austin’s current home inventory is below.

AUSTIN REAL ESTATE MARKET FORECAST- Mid Year Update 2008

The Austin Home Builder Association (HBA) held their semi-annual market update last week. Their research shows that the market is slated to remain low through Third Quarter 2008, then pick up by Winter 2008 or early 2009. Mark Sprague with Vesta Strategies thought buyers and sellers should be relieved to see a "cleansing of the market", which was overheated by real estate speculators.

Great areas to buy include the Southtown area in South Austin, but also other areas such as Round Rock, Pflugerville and Kyle due to coming Seton Hospital complexes and other large mixed-use developments.

Read Also: Austin real estate is a great buy for boomers and empty nesters.

(more…)

Popularity: 96% [?]

Who pays if we don’t create affordable housing for Austin real estate? 

This question was posed at the Austin Neighborhood Housing and Community Development’s Affordable Housing Forum, held last Friday (June 13). The third in the forum series on affordable housing issues for real estate in Austin featured Ken Bacon, VP for Housing and Community Development at Fannie Mae. (Fannie Mae recently reduced down-payment requirements nationwide).

Austin real estate consistently ranks among the fastest-growing metro areas in the nation. Demand continues to rise for housing. We recently wrote about the issue of affordable housing in Austin, citing  key issues facing developers and investors. One example of development problems in Central and East Austin includes the building of duplexes on infill lots.

Are the duplexed condos more affordable than regular Austin homes or are developers just going for double their money? 

Read more about the super-duplex debate in Central Austin.

Read also:Is an Affordable Austin just a pipe dream?

(more…)

Popularity: 90% [?]

The Austin Board of REALTORS sent an alert last week to encourage agents to vote for Austin city council candidate Cid Galindo.

Galindo faces Laura Morrision in a runoff that ends on June 14th. The main point of contention is the recent Point of Sale Ordinance that is part of the Mayor Wynn’s Climate Protection Plan.

Read also: Austin Board of Realtors Opposition to the Point of Sale Ordinance

REALTORS support the Climate Protection plan, but oppose the specific provision that requires upgrades before an Austin home sale is completed. REALTORS think this will increase Austin real estate sales times, hampering home sales and causing grief to Austin home buyers and sellers.

Read also: Mayor Will Wynn’s Climate Protection Plan.

(more…)

Popularity: 100% [?]

Austin Habitat for Humanity needs more land to build affordable homes. Austin struggles with affordability, so charities like Habitat are needed to create more home owners. Habitat for Humanity offers affordable housing to low income families. The charity uses volunteers to rehab these newly acquired foreclosed properties or in extreme cases, tears them down and rebuilds.

While many struggle to keep their homes and avoid foreclosure, rising national foreclosures have created a window of opportunity for charities like Habitat, who strive to keep home ownership costs low. This controversial topic has even reached Congress (read later).

The National Foreclosure Crisis Rescues Affordability

The national foreclosure crisis caused hundreds of thousands to lose heir home, but Habitat for Humanity, to purchase properties below market value. Many Habitat for Humanity chapters across the US are snapping up dozens of empty lots and unoccupied homes — some for as little as half price.

"The down real estate market is a wonderful opportunity for all Habitats," said Gage Yager, executive director of Trinity Habitat for Humanity in Fort Worth. "As prices drop, we have the opportunity to acquire at prices that just weren’t available a few years ago."

(more…)

Popularity: 95% [?]

We know that the Baby Boomers account for a large part of the real estate owning population in America. But did you know that they may be the latest trend-setters in Austin real estate also?

Sounds unlikely, but it is very true! As this article in the Wall Street Journal explains, designers and architects are catering more and more toward this fast-growing segment of the population. According to the latest data, most boomers plan to remain in their own homes as opposed to moving into retirement or “assisted living” communities as they age.

Innovating Better Living

Recently, this "aging in place" phenomenon has triggered home renovations and new construction including halls and doorways wide enough for walkers and wheelchairs, and master suites and laundries on the ground floor so residents can avoid stairs. Now, the technology behind home appliances and fixtures is catching up – making all kinds of appliances and home design elements more senior-friendly. 

(more…)

Popularity: 88% [?]

You may remember reading a couple of months ago that the “Titanic-size” Villa Muse development project was in trouble and going under fast; a statement made by Villa Muse last week confirms the ship has sunk – at least in Austin.

After Austin City Council refused to release some 2,000 acres in East Travis County from its jurisdiction, it is now being reported that Bastrop, TX, despite its efforts to keep the dealings hush-hush, is courting the film-based developers. Villa Muse says it is also considering several other cities, all in Texas, with hopes to break ground before the end of the year.

(more…)

Popularity: 80% [?]

Austin Board of REALTORS® sent an email alert today to propose a change to Mayor Wynn’s Climate Protection Plan.  So far, it looks like REALTORS® agree with most aspects of the plan. Like most solutions, there’s a few areas of contention. Here’s what the email alert outlined:

What’s this about?
In early 2007, Austin Mayor Will Wynn released the Climate Protection Plan with the goal of making Austin the “greenest” city in the country, [including] the “Proposed Point of Sale Ordinance”….The city’s proposal would require that homeowners upgrade their homes and obtain a “Certificate of Compliance” from the city before they’re able to sell it. We oppose this plan for several reasons:

• Affordability – This type of out-of-pocket expense will prevent many homeowners from having the option to sell their home, particularly if they need to sell due to a difficult financial situation. In addition, the cost will inevitably be passed on to homebuyers, making it even more difficult to afford a home in Austin. 

• Extended sales process – Arranging the additional inspections needed to obtain a Certificate of Compliance (not to mention actually making the upgrades to properties) would draw out the time required to sell homes substantially. Further, Austin doesn’t currently have enough home inspectors in our city to fill the anticipated demand, promising even further delays. 

• Mandates- Do we want to require a “license” for homeowners to sell? – As it’s proposed now, this ordinance would essentially require that homeowners apply to the city for a “license” to sell their home (i.e. Certificate of Compliance). Do we want to spend our city’s resources on this activity and add this complication to the real estate process? Austinites buy and sell more than 25,000 homes each year…

What’s the alternative?

(more…)

Popularity: 84% [?]

If you own or recently purchased a lot in Austin with the intent to build more than one unit or a duplex, throw your current plans away. A crucial City Planning Commission vote tomorrow could drop some Central Austin land values by at least 50%.

For background, the Austin City Planning Commission reviewed changes to city design standards through a task force. The Residential Development Standards Task Force first met December 2007 and briefed Austin City Council in February.

Most guidelines are well-received, but one in particular may negatively impact Austin duplexes and infill lots, especially in East and Central Austin. (more…)

Popularity: 42% [?]

This hot alert was sent from Becky Hopkins at Austin Title.

A Special Edition of Real Estate Radio!

LIVE with David McMillan Saturday from 1-3 pm on TALK RADIO 1370AM…

You will not want to miss this special edition of Real Estate Radio Saturday from 1 to 3 on 1370AM.  We will get both sides of the controversial Austin City Council proposal calling for every home in Austin to pass an energy compliance inspection before it can be sold.

Attendees: Mayor Will Wynn along with Brewster McCracken and Mike Martinez of the city council, candidate Randi Shade and Socar Chatmon-Thomas from the Austin Board of REALTORS.

Live streaming audio on www.talk1370.com.

Popularity: 24% [?]

 Texas State Senator Kirk Watson and Austin City CouncilMember Brewster McCracken have led the charge to change how we commute to within Central Austin.

After struggling with congestion from our population growth, Mayor Will Wynn charged various groups, community leaders, transit experts and other residents to come up plans for a final vote in November.

Roma Design Group was hired as a consultant to the city to evaluate the dire situation and make a proposal. Roma’s final solution: place 14 miles of light rail line through Central Austin.

Top concerns for Central Austin light rail were:

(more…)

Popularity: 23% [?]