Texas Realty Blog

Is Affordable Austin Real Estate Just a Pipe Dream?

By DeeinAustin™

Austin is consistently one of America's top places to live, causing demand for housing to remain steady in most areas of the city.

As the Greater Austin metro area grows, we face rising home prices. Austin and other Texas cities are among the few in the nation to continue to appreciate while we face a recession.

We face tough questions every day. Their answer will affect our children and future generations.

Top Housing Issues in Austin

1. How can we create walkable, sustainable communities as the population increases?

2. How far should we take density if we want to remain livable?

3. How can we keep our city affordable, not just for low income wage earners, but for the working class, students, artists, musicians and young professionals.

What is affordable Austin real estate? An "affordable" home in Austin is about $160-180k with payments around $1300 to $1500 per month. This can get you a 3 bed, 2 bath, 1200-1700 square-foot home with a 2-car garage.

Three Reasons Why Austin is Among Top U.S. Real Estate For Empty Nesters, Boomers

By DeeinAustin™

Empty Nesters are moving to cities like Austin and Las Vegas in droves, keeping the local economy afloat in during the current recession while growing housing demand.

Empty Nesters are couples whose children no longer live at home. They're often members of the Baby Boomer generation, between 55 and 64 years of age. Baby Boomers have made huge impacts on health care and real estate due to the fact that there's going to be about 78 Million of them.

Both Empty Nesters and Boomers are mobile and unafraid of change. In their lifetimes, they experienced America sending a man to the moon, the advent of the television and internet, and huge swings in retirement planning.

Top Three Reasons Why Empty Nesters and Baby Boomers are Hot for Austin Real Estate

Spotlight: $85M 'Villagio' Brings Mixed-Use Luxury to Northwest Austin

By DeeinAustin™

This week's spotlight focuses on the $85M mixed-use project breaking ground in Northwest Austin.

The Villagio will be located at RR 620 between US Hwy 183 and TX Hwy 71 minutes from Lake Travis. This project is sizable, with 29 acres of retail, office and luxury residences, all with an Italian style.

• 117,310 SF Retail/Restaurant space
• 31,800 SF Professional Office space
• 300 Apartments and a 5-acre lake

Who will live, work and shop at the Villagio Austin?

How will Dell Layoffs of 900 Jobs Affect Austin Real Estate?

By DeeinAustin™

A surprise announcement by Dell, Inc. earlier this week sent the Austin real estate community into shock. Dell plans to close it's North Austin manufacturing facility, cutting almost 800-900 jobs in early 2009. Globally, the company will remove up to 10% of it's workforce, about 8800 jobs, saving up to $3 billion.

Readers asked me to cover the topic. Specific questions:

"How will the closing of Dell's North Austin manufacturing plant affect Austin real estate values?"

"How will the 800-900 lost jobs impact the local economy?"

"Is this an indication that Austin is set for a real estate bust?"

These are good questions, but there are no easy answers. The purpose of this article is to start dialogs and create a basis for discussion.

Austin Real Estate Stats Since the Tech Bust of 2000 

Austin Real Estate Update: "Houston, We Have a Glut of Inventory"

By DeeinAustin™

Last month, I reported that home sales in North and South Austin were doing well despite a down market from last year. At that time, previously "hot" areas such as Central East Austin and the South Congress area (78704) were suffering. Those trends continued in February.

View the Slideshow for the latest Austin real estate market statistics, based on February MLS data from the Austin Board of REALTORS®. Click to Download the February Update (copywritten).

| View | Upload your own

AUSTIN REAL ESTATE MARKET SUMMARY- FEBRUARY 2008

$2.5 Billion Villa Muse Takes Titanic Downturn after Critical Austin City Council Vote

DeeinAustin™

The Titanic-sized Villa Muse development is in trouble and sinking fast.The viability of the project in Austin took a controversial downturn after Austin City Council narrowly denied their request to release acreage in East Travis County.

As a result, News 8 Austin reported that developers are seeking bids from other cities.

You may recall that Villa Muse consists of a mixed-use arts and entertainment community and complex. The slated location is in East Travis County near Manor, just outside of Austin's jurisdiction.

Villa Muse is an extremely critical decision for Austin. The $2.5 billion project promises up to 110,000 jobs.

WHAT'S SO CONTROVERSIAL ABOUT VILLA MUSE?

Austin Real Estate District Spotlight: Austin's Southtown, Lower Congress Area

By DeeinAustin™

Today's spotlight is on SouthTown Austin, a growing area of South Austin that lacked the media attention of it's popular cousins in the SoCo (South Congress) and SoLa (South Lamar) Districts.

SouthTown Austin has been quietly booming for the past few years. Home prices steadily rose. The area is affordable, ripe for rehabs, and ready for new construction. The latest Austin real estate update showed South Austin homes selling in 30 days, SouthTown included.

SouthTown may share the same fate as SoCo, which now has too many condos coming. The Austin Statesman published an article entitled, "It's called LoCo and it's getting a redo".

WHERE IS THE SOUTHTOWN DISTRICT(aka SOUTH SOCO, SOUTH SOLA, LOCO, LOWER CONGRESS)?

Trend Spotlight: Modern Prefab (Modular) Homes in Austin

By DeeinAustin™

Earlier this week, we discussed the Boomerang Home Buyer trend in Central Austin. A style gaining popularity since 2005 is Prefab Modern, also called modern modular. 

Modern prefab (modular) homes can be designed to suit a variety of tastes and price ranges.

In a previous post, we debunked the myths of prefabricated homes. Top benefits included solid construction, shorter build times and green techniques.

WHAT'S SO COOL ABOUT MODERN PREFAB?

Most modern prefab home have green, sustainable elements. The companies in Austin use green construction materials, have less on-site waste, and use energy-efficient appliances. Modern prefab styles can be seen in all areas of Greater Austin, including popular "suburban" areas like Dripping Springs, Leader, and Buda.

TOP 5 TIPS TO AVOID THE DOWNSIDE OF PREFAB MODERN HOMES

Waller Creek Tunnel Project Brings 'Riverwalk', Tackles Big Problems in Downtown Austin

By DeeinAustin™

Austin City Council Member Sheryl Cole is a local hero for cleaning up the Waller Creek Tunnel in Downtown Austin. The project will bring a new vibe to downtown and is likened to the Riverwalk in San Antonio.

Waller Creek is often called Austin's lost stepchild. Located in the heart of Downtown Austin, Waller Creek is known for dangerous flooding, an "aggressive" homeless population, and pollution.

Some say Waller Creek puts a black eye on Austin's reputation for being clean, green and safe. Many city leaders have tried to tackle the issue, but it Cole,  along with Mayor Pro Tem Betty Dunkerley, were finally victorious.

WHAT  WILL THE WALLER CREEK PROJECT DO?

The $127 million Waller Creek Project is basically a tunnel that will help control flooding, erosion, and pollution at the site, which is located around 12th Street and Red River. The project is mostly paid for by tax-increment financing. You may wonder...

"What are the benefits of a really expensive tunnel in this area of Downtown Austin?"

Boomerang Buyers Dominate Central Austin Home Trends

By DeeinAustin™

Spring is the time of year that real estate really heats up and 2008 is no exception for Austin real estate.  What's different this year? A phenomena that I call "Boomerang" Home Buyers. Boomerang Buyers have a big effect on new construction and resale homes in Central Austin.

IS YOUR FRIEND MOVING BACK TO AUSTIN?  THEY MAY BE A BOOMERANG

• Boomerangs are 30-somethings who left Austin to pursue a career, Ivy-league or out-of-state university, or other endeavor.
• They now have a small family or career change and want to come back.
• They usually have 20-40% CASH to put down.
• They like the Austin climate, friendly nature, unique atmosphere, family values, and lower cost of living.
• They'd settled in Seattle, Chicago, Michigan, Iowa, Los Angeles, New York, and other international cities, so often have eclectic taste.

Simply put, Boomerang Buyers want to be closer to the friends, family, and city they now miss.

BOOMERANG BUYERS WILL DOMINATE CENTRAL AUSTIN HOME TRENDS IN 2008