Texas Realty Blog

World Congress on Information Technology (WCIT) Coming to Austin

The World Congress on Information Technology (WCIT 2006) has been likened to the Olympics of the Information Technology Industry. The event will be covered by the Austin Business Journal, Wired News, The Walstreet Journal, Fortune Magazine, and others.

The Information Exchange program eatures over 60 presentations of interest to the technological and commercial communities. Following three topical tracks, the IE Program offers presentations on Technology, Trade and Investment, as well as a Technology-Trade Policy Forum, which will address issues of innovation and technology-based trade.

March 1st is the the last day to register for the event.

Austin Rental Market Heats Up

The Austin rental market is on the rise. News 8 Austin recently reported that the rents were the highest they have been in the past five years. Areas outside of Austin are slated to grow as part of the spillover from the recent increases. A major reason for the rise includes the influx of hurricane evacuees who liked our city so much that they wanted to stay.

Other factors, in my opinion, include rising interest rates and our move towards a seller's market. With a stable economy and job growth, less sellers are facing foreclosure and can sell their homes at top dollar. Combined with rising interest rates, homes will be less affordable in 2006 and 2007, keeping some renters from purchasing.

View the complete story from News 8 Austin.

American Foreign Investors in Real Estate (AFIRE) Survey Results Posted

American Foreign Investors in Real Estate (AFIRE) posted their annual survey results for 2005.

"Even though the appetite for US real estate remains extremely high and consistent, foreign investors in cross-border real estate will spread their capital more globally in 2006 than in previous years, according to the results of the annual foreign investor’s survey released recently by the Association of Foreign Investors in Real Estate (AFIRE). The survey respondents said their 2006 acquisition plans call for approximately $45 billion to be spent globally with 47 percent allocated to the US".

According to the survey, the investment in the U.S. dropped below 50% for the first time while Western Europe and the UK increased in 2005.

Highland Village (Dallas) Ground to Break May 1

According to Dallasnews.com, HIGHLAND VILLAGE- The Shops at Highland Village, a $100 million retail village, will get underway next month on 45 acres four miles west of I-35E at the northwest corner of Justin Rd. and FM 2499.

Regency Centers will begin demolition work on March 1 to remove old storage buildings and housing on the site. Groundbreaking for the 374,000-square-foot development is scheduled for May 1.

A 52,000-square-foot AMC cinema and a 27,000-square-foot Barnes & Noble store will anchor the retail village. Regency is negotiating with potential tenants including Ann Taylor, Banana Republic, Chico’s, Victoria’s Secret and Eddie Bauer.

Links for More Info on McMansions Development Regulations

For those interested in the Interim Single Family and Duplex Development Regulations, here is a compiled list of links. This does not affect commercial building.

1. City Planning and Zoning
2. Receive Email Notices
3. View a PDF of the Ordinance
4. View a PDF of the Task Force
5. Planning Commission Regulations
6. View a PDF of the Public Hearing Notices
7. Email City Council

Texas Tops Lists of Undervalued Markets

Sixty-five of the nation's 299 biggest real estate markets are severely overpriced and subject to possible price corrections, as published on CNN Money in an article on January 3, 2006.

Housing experts say Texas is bucking a national trend in real estate. Investors are flocking here when sales are slow across the country. Nationally, sales of existing homes are expected to fall a little more than four percent this year, according to the National Association of Realtors.

But Travis County is booming. Housing experts say land in Texas is undervalued and is more affordable compared to states such as California and Florida. An estimated 269,000 Texas homes were sold in 2005 - a 34 percent increase from 2002.

Property is being bought by out-of-state investors looking to get a lot more house for their money. Analysts say Texas has nine of the 10 most undervalued housing markets in America, including Bryan-College Station, El Paso, Killeen, Dallas, Beaumont and Fort Worth. Naples, Florida, is the most overvalued market, where houses cost 84 percent more than what they should.

Austin Market Update Feb. 2006

AUSTIN SET FOR SELLER'S MARKET. Austin is moving towards a seller's market. Absorption rates are shorter and multiple offers are becoming more common.

I reported previously that Downtown Austin is seeing an overhaul. Highrise Condominiums are scattering across our skyline with many more in the works. These properties offer excellent prices with the great potential to appreciate. With Downtown being more pedestrian-friendly, they make great a vacation property or second home.

So what is causing a boom in certain areas? First, new home prices are on the rise due to increased material costs. Builders will no longer be able to offer the huge incentives that they could before Hurricane Katrina and Rita. Second, investment and relocation buyers from various parts of the country are selling their homes and moving to our warmer client and more stable housing market. Although Texas has "higher" property taxes, we do not have a state income tax, thus making our market attractive. Austin in particular is highly attractive due to our friendly, relaxed, progressive, and highly-educated population.

According to local analysts, resale home values will appreciate in 2006 and 2007. Now is definitely the time to buy because there are still less buyers paying attention to the market. Once we reach March and April, it will be markedly more difficult to buy a home before it's gone.

KXAN Austin News Station Reports Crime Rates by Zipcode

KXAN covered a news story revealing the highest crime rates by zip code, as reported by the Austin Police Department for 2005. The link to Full Reports can be found on their website. Users can download a pdf of crime statistics by month for each of the zip codes in Austin.

Among the top zip codes are high rental areas such as 78701, 78702, 78704, 78741, 78744, and 78753.  Some of the zip codes, such as 78701, 78702, and 78704 are centrally located and, therefore, popular investment areas since they are also near the college campus'. It should be noted that most instances were non-violent property theft.

Houstin Investment Club (Rich) Provides Investor Guidance

The Real Estate Investment Club of Houston (RICH) is not your ordinary real estate investment club. The group has General Meeting & Trade Show meets on the first Saturday of each month at the Hilton Hotel at the University of Houston. The group provides ongoing training, classes, and a newsletter that helps provide valuable information to investors interested in the area.

RICH is one of the largest investment and most successful real estate investment clubs in the nation with 2000+ members. According to the group, 800 or so vendors and investors attend their monthly trade show. The group also has several levels of membership, including Business and Invidual. As with most investment clubs, the first meeting is free.

With opportunities and resources for agents, related vendors, and investors, this club is highly recommended.

"McMansion" Regulations Further Defined

There are still heated debates regarding the new "McMansion" regulations in Austin.  The city is further defining the regulations, which limit the building of new homes or additions to existing homes.

Under the new rules new houses in place of old homes can only be 2500 square feet. An addition to an existing house can only be 20 percent more space.

Link: Interim McMansion Regulations.