Texas Realty Blog

Spotlight: Las Casas Verdes, Austin’s First Eco-Friendly Neighborhood

Las Casa Verdes will be the first eco-friendly neighborhood of its kind in Texas. Designed by architect, David E Martin, this new project is located in Southwest Austin, a mile for major shopping areas, on local mass transit routes and includes one of Austin’s best high schools.

Read the full story at Austin Real Estate Today...

½ Year Texas Home Sales Fall

The National Association of Realtors® latest forecast calls for improvement in existing home sales during the fourth quarter of 2008, as buyers start taking advantage of benefits provided in the recently signed Housing and Economic Recovery Act.

This forecast is certainly welcome news on the heels of the doom and gloom reports that are so prevalent these days. Let’s take a look at housing sale statistics for Texas’ major metropolitan areas for the first half of 2008 to see how our local markets have fared.

Housing Statistics January through June 2008

Austin

Number of Homes Sold:  12,072, down 19% from 2007

Homes Currently for Sale:  11,619, up 29% from 2007

Months of Inventory:  5.2, up 44% from 2007

Median Sales Price:  $189,400, up 4% from 2007

Average Sales Price:  $244,500, no change from 2007

Dallas

Number of Homes Sold:  25,291, down 16% from 2007

Homes Currently for Sale:  29,902, down 5% from 2007

Months of Inventory:  6.5, up 7% from 2007

Median Sales Price:  $159,000, down 2% from 2007

Average Sales Price:  $216,000, down 2% from 2007

Houston

Number of Homes Sold:  34,370, down 13% from 2007

Homes Currently for Sale:  40,799, up 4% from 2007

Months of Inventory:  6.5, up 12% from 2007

Median Sales Price:  $152,300, up 1% from 2007

Average Sales Price:  $206,800, up 2% from 2007

San Antonio

Number of Homes Sold:  10,188, down 17% from 2007

Homes Currently for Sale:  13,188, up 17% from 2007

Months of Inventory:  6.9, up 33% from 2007

Median Sales Price:  $150,000, up 2% from 2007

Average Sales Price:  $183,200, up 2% from 2007

Sales are down in all four major metropolitan areas, but prices have remained the same or appreciated in all areas except Dallas, which is excellent news for Texas.

Statistics provided by A&M University Real Estate Center.

American Dream Goes International In Texas

The American Dream of owning real estate has gone International according to the 2008 National Association of Realtors® Profile of International Home Buying Activity. Low interest rates, a softer dollar with advantageous exchange rates and an abundance of inventory has lured an influx of international buyers, who recognize real estate as an excellent investment.

The latest report indicates international buying activity in the U.S. is widespread. NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular.

The typical international real estate buyer purchased a single-family vacation home costing $297,400. Four in 10 paid for their U.S. property with cash, compared with 7 percent for all domestic buyers. The typical international owner stayed at his or her U.S. property for 2.6 months during the year, according to the NAR findings.

International buyers vary in many ways from domestic buyers. They tend to purchase more expensive properties, which cost an average of 36 percent more than the typical domestic buyer’s home purchase. In fact, more than 14 percent of properties sold to international buyers sold in excess of $750,000. Foreign buyers also show a greater preference for condos and townhouses compared to domestic buyers.

People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany. This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent.

Search all Central Texas real estate and homes for sale.

Austin Real Estate Weekly Market Update

Austin Real Estate Weekly Market Update – August 1, 2008

The median single family home price in AUSTIN for the week of August 1, 2008 was $329,500. The 5448 homes have been on the market for an average of 103 days.

Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.

AUSTIN REAL ESTATE OVERVIEW

Read more about Austin real estate trends.

Proposed RV Park For Homeless Put On Hold

Many east Austin neighbors are resting easier now that plans for an R.V. park for the homeless has been put on hold. City Council member Mike Martinez heard the neighbors’ opinions and promptly asked city leaders to table to project for at least a year.

Among the many issues presented by upset citizens at an informational meeting about the park was the opinion that the deal had been “backdoored,” leaving neighbors in the dark about the plans. The project aimed to provide mobile homes and manufactured housing on city-owned land – an 11-acre property off Harold Court in east Austin – in partnership with Mobile Loaves and Fishes Habitat on Wheels program.

So – where are the homeless of Austin to go? Martinez says he will remain committed through the next year to finding a place for the homeless. Whether or not they end up with housing on city property remains to be seen, but in all likelihood the subject of the RV park will not come up again for at least a year.

Austin TX Real Estate Still A Sound Investment

Amid rumblings of a national recession and general real estate "slump," many experts still believe that investing in Austin TX real estate is a safe, stable investment.  According to the Austin American-Statesman, however, this could mean more difficult times for builders as new home buyers expect better deals because of the plummeting market.

What Affordable Housing Problem?!

With all the talk in Central Texas lately about creating more affordable housing, I thought it might be fun to take a look at one property in particular that will surely give the average sales price around Austin a noticeable bump up once it sells (if it sells, that is!).

Listed at $16.9 million, the Miller Ranch in Blanco County – about eight miles outside Johnson City - is the most expensive property for sale in all of Central Texas.  The ranch is in select company - according to the Austin Board of Realtors, it is also one of only eight properties listed over $10M in Central Texas. 

Modular Homes – A Greener Alternative to Traditional Construction

The modular homes built by Discovery Custom Homes have won award after award for their unique design and innovative construction.  Modular homes are less expensive than traditionally built homes, can be constructed more quickly, and are more customizable than your average home.  But did you know they also offer advantages for the environment?

Why Central Austin Lot Values Could Decrease by 50% Tomorrow

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.

Read the rest of this article at Austin Real Estate Today.

Spotlight: Park Place Village Homeless RV Park in East Austin Creates Criticism, Praise

By DeeinAustin™

Today's spotlight is on controversial Park Place Village, a 10-acre gated RV site for 150-175 "chronically homeless" individuals.

The 99-year ground lease for the city-owned land in East Austin was approved by council to help fight homelessness.

Opposing East Austin residents faced an uphill battle at this week's city council meeting. Reporters said hundreds of homeless Austinites and their supporters packed council chambers to ensure approval for the 3-year project. Park Place Village residents would rent the RVs and cottages for $100 to $375 a month, including electricity, water and TV services.

Three Major Reasons Why East Austin Opposed Park Place Village