Housing starts are up, but down
Posted on June 22, 2009
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Increase in housing starts are up for the month, but down 45% from a year ago.
Not in Austin, but nationally, there is still a glut of homes on the market, many of which are foreclosures or distressed properties. The low interest rates and the $8,000 tax credit have had a major impact on the reductions in that glut, but it’s not over yet. As interest rates rise, more people will be excluded from the market. Some experts feel that the rates will be forced lower to sustain the housing recovery. Some hope for a $15,000 tax credit for all buyers to significantly alter the damage done by the falling market. We in Austin will reap the benefits as our housing market ramps up this summer.
Cows at work for the planet
Posted on June 22, 2009
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As they graze, they eat lots of Omeaga 3. In the winter most eat corn or soy, but at Stoneyfield Farm they get flax, alfalfa, and other grasses that have cut their belches 13%. That’s 13% less of the 2% cows in general contribute to global warming in the form of methane gas. Plus their hair’s prettier! Maybe we should all eat a little bit more flax and a little less corn… [Link]
Calculate the walkability of any address
Posted on June 10, 2009
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I’ve added a link under “Tools” to “Calculate a Property’s Walk Score.” The link is to Walk Score, a site where you can enter a property address and calculate its “walkability.” From the site’s “how it works” page:
Walk Score helps people find walkable places to live. Walk Score calculates the walkability of an address by locating nearby stores, restaurants, schools, parks, etc. Walk Score measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking.
The Walk Score calculator produces a Google map while it’s creating the score, and that map’s mashed up with businesses, services, schools etc. in the area. In the example below, you can see that the White House is in a very walkable neighborhood:
Noelle Knox, AP Real Estate Editor
Posted on June 10, 2009
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From the Coldwell Banker channel on Youtube:
Get a fresh start in Austin!
Posted on May 21, 2009
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Austin is the best city to get a fresh start, according to Relocation.com (via Austin Business Journal). Austin’s at the top of a list “based on consumer requests for moving quotes to move to that city; economic-growth prospects; home affordability; and the strength of a community as reflected by volunteerism rates.”
Austin residential market update
Posted on May 21, 2009
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Market activity is picking up – with interest rates still below 5%, with teh $8,000 first time home buyer tax credit, and with the decline in the number of homes available – our local market appears to be in balance. That’s a very good thing – that means buyers can buy and sellers can sell without the anxiety and pressure that comes with a one-sided market. Area-wide, homes are selling within a six month time frame. In actuality, homes priced belwo $200,000 are beginning to see multiple offers again. See today’s Statesman article about the Austin home market, or call me for specific information on your home.
New Rules…
Posted on May 21, 2009
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Cars and trucks will soon be getting 10 mpg better mileage largely due to new technology coming online such as direct fuel injection and computer controlled transmissions. There will be more hybrids and lighter weight vehicles in more compact versions, costing an average of $1300 more. They claim it will only take three years to recoup the cost in gas savings. Think there will be a tax credit or incentive here?
Let’s see – I’m glad to see the changes at last, but how will my daughter and her family of 5 big kids ever be able to go anywhere in one vehicle? Oh, they are going to take away cargo space for more seating! So I guess they will have to get a trailer for everybody’s stuff if they can still afford to go on a vacation. I guess around town they will save gas, but when they travel, it will be much more. Will it even out? Hope so!
Galleria’s Chapter 11
Posted on May 8, 2009
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The Hill Country Galleria in Bee Cave filed for Chapter 11 bankruptcy protection ahead of foreclosure earlier this week, so it’s not going away. The Galleria is a huge beautiful new outdoor mall similar to The Domain in North Austin. Go see for yourself - it has a state of the art movie theater, book store, sporting goods store, lots of restaurants and boutiques. With all the looming activity in the Lakeway area, it should be a huge attraction for a long time.
Opus and officials from the City of Bee Cave, which had provided sales tax incentives to the mall, said the bankruptcy was not the result of the mall’s performance.Rather, John Greer, executive vice president of Opus West, blamed constricting credit markets and the complexity of refinancing the $191.8 million construction loan that was held by a consortium of 10 banks, which include Bank of America, Sovereign Bank and Guaranty Bank.
“With the protections afforded by bankruptcy law, we hope to complete a successful restructuring of the project’s debt on terms that will allow us to optimize value for the project’s lenders and other creditors,” Greer said in the release.
According to Opus, the mall had been meeting its debt obligations until earlier this year, when the short-term construction loan matured. At that point, no refinancing was available, the interest payment doubled, and the project went into default, Opus spokeswoman Winston Hewett said last month.
Housing market boosts stock market
Posted on May 5, 2009
Filed Under Economy, Homes, News | Leave a Comment
The S&P 500 had a 3.4 percent surge Monday, erasing the last of its 2009 losses, and the Dow was up more than 200 points. Leading the recovery:
A double dose of good housing news ignited the advance: Pending U.S. home sales rose more than forecast and had their second straight monthly gain, while construction spending rose unexpectedly in March after five straight declines.
More detail:
The rally came after the National Association of Realtors said its index of pending sales for previously occupied homes rose 3.2 percent to 84.6. That was well ahead of the 82.1 economists had been expecting and the second month of gains after the index hit a record low in January.Separately, the Commerce Department said construction spending rose 0.3 percent, the best showing since a similar increase in September. Economists surveyed by Thomson Reuters had expected spending to drop 1.5 percent.
Does this mean we’re out of the woods? Possibly not. David Kotok, chairman and chief investment officer of Cumberland Advisors, notes that the real estate market is still weakening and banks are still taking losses on loans. He says the question is whether we’re looking at a “V,” a dip followed by a surge, or a “W,” with another big dip ahead. What do you think?
Do rising appraisals reflect the current market?
Posted on May 2, 2009
Filed Under Austin, Economy, Homes | Leave a Comment
The Austin American-Statesman reports that average Travis County home appraisals rose an average 3.8% this year - still an increase, but the smallest in five years. How real is this? Reporters asked local real estate consultant Charles Heimsath, who noted that appraisals are based on the previous year’s sales, and in 2008 most sales occurred while prices were still trending higher. However “next year, the appraisals will reflect the lower home values that people are currently experiencing.”
So while appraisals are higher now, sales prices for homes are actually dropping. This is all very localized, depending on the neighborhood.
If you’re selling your home, be sure you get complete information on trends for the area and your specific neighborhood. You don’t want to be chasing the market down. And you want to catch it when it starts trending up again.
If you’re a buyer, be sure to review market data before making your offer. Even though a home is more than just numbers, you want to make a wise financial decision.
keep looking »
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About Marsha Lebkowsky
Marsha Lebkowsky, GRI has over fifteen years of experience in Austin real estate.
Marsha at Twitter: http://twitter.co/marshamoves
Marsha at LinkedIn: http://www.linkedin.com/pub/6/a76/b6
Marsha at Austin Board of Realtors -
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From Realty Times