Austin, TX Real Estate News

By Sam Chapman
If you look at real estate in the Austin, TX area, you will see a trend that is not following the national average.  As markets like south Florida, southern Californina and Phoenix have slowed, Austin has heated up.The 5 county around Austin is adding jobs at a healthy pace.  Our unemployment rate the last time I checked was around 4.2%.  That is very healthy.  In addition, because of our climate, location and quality of life, people are buying second homes here as well as retiring here. Why?The average price for a single-family home sold in the Austin area in August was around $244,000.  The median price of a sold home was about $182,000.  Compare these numbers to what we saw in markets that were hot a year ago.Some people know that Austin is also where the Central Texas Hill Country s...
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
An LA development firm just bought 20 apartment complexes in downtown Austin. The plan on fixing them up to help them perform better. The key outlook for OTHER investors to learn from here stems from what one executive from the purchasing company said. "We look for markets that are improving, that are turning around from an event that happened previously that had negatively affected the market," the executive says. "We see Austin coming back and we're definitely bullish on that market.Taking a look at previous posts, you can see that trend is backed by additional jobs, angel investors, and better infrastructure. Don't be fooled however, there is still plenty to buy up in the Austin Area... just beware of Texas' high property tax particularly when looking at Single Family Dwellings. The ...
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
It was reported that Behringer Harvard sold nearly six acres that are part of its Lakeway Resort and Spa west of Austin. The developer plans to construct 70 condominium units on the property. Owners of the new condominiums will be offered an opportunity to partner with Lakeway Resort and Spa to offer their units as additional lodging accommodations for Lakeway guests. Behringer adds that the sale and planned redevelopment associated with the hotel property is "another step in our plan to make Lakeway Resort and Spa again one of the Southwest's preeminent resort destinations and corporate conference centers."Lakeway, an already popular suburb town of Austin, has one of nicest Spa Resorts around, being recognized nationally via Spa related magazines, Travel + Leisure & Spa Finder. Travel ...
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
View MLS Map HERE or email me for one. Email me for past month's stats as well.Aug-06MLS AreaAppreciation YTDFC58%OT41%WE29%528%8W22%BU20%5E20%LC18%W18%CC15%RN14%414%1A13%613%2N13%1B12%212%8E11%711%SW11%JA10%1010%TC10%LS10%1N10%310%3E9%N8%HH8%GT8%HW7%LN7%BA7%BL7%117%NW6%RR6%SC6%WW6%HS6%BW6%PF5%LL5%SV5%CL5%HD4%LH3%HU3%MA3%SE2%NE1%EL0%GP0%9-0.049019608
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
Opportunity Austin is an economic developement that was to bring 72000 jobs to the local area. Since the end of 2003 they have been key in bringing in 51000 jobs thus far.They were instrumental in getting 76 companies have relocated to the region only 24 short of their goal in half the time! Some of that job growth was "recovery growth" being that between 2000 and 2003, the region lost 3.7 percent of its work force, or 25,000 jobs. Even with the loss of that workforce Austin continued to have a lower unemployement rate than most major markets and the national avg. A large part of that job loss was due to Austin's lack of Job Diversification. When Tech busted, so did Austin's work force. This time around, diversification is the strategy. Healthcare has already grown significantly, engine...
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
Just as I've reported in past blogs, Central Texas is determined to increase the healthcare industry in this area. Central Texas' healthcare industry leaders contributed $8.8 billion to the local economy, leading to new opportunities and the need to expand the industry, according to a recent report.The primary medical sector directly accounted for 5.7 percent of the area's job base last year. The national average, the report says, is 7.1 percent. If Austin would match that number, the report says the city would create an additional $2.3 billion in output, $820 million in earnings and 22,175 new jobs.New Hospitals are planned or being constructed as we speak in Cedar Park and Round Rock. Round Rock particularly has a large focus on Healthcare Development. With a new Scott & White Health ...
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
Austin's new toll roads will open to traffic on Nov. 1 -- a year ahead of schedule, according to the Texas Department of Transportation and under budget!Austin has traditionally had unusually high traffic congestion for a city of its size, and the 40 plus miles of extra road way will surely create some relief. In the past, there was a lot of opposition to adding roads in an effort to maintain the same ecosphere for the environment, as well as to keep Austin having a "small town" feel to it. Unfortunately for everyone wishing any of these two ideals, Austin became more than just a college town that got heavy traffic only during State Congression Sessions. Primarily due to the emmergence of the technology industry and DELL's headquarters, jobs and business began to sprout, bringing in mo...
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By Scott Turner
(Turner Residential)
Circle C Ranch is is one of the most sought after neighborhoods in the Austin, Texas area. It is only about 10-15 minutes from the hustle and bustle of downtown Austin, and it's 4000 acres of beautiful treed land makes you feel like you are in the country.Circle C also is home to one of the most beautiful golf courses around. (Voted in the top 20 of Texas golf courses.) http://www.thegolfclubatcirclec.com/page/101-2512.htmAdd to the ammenities a gorgeous heated pool that is open year round to residents, and within close proximity is Austin's Veloway. The Veloway is the perfect spot for you "outdoorsy" types. It is a 3.1 mile paved loop through Austin's beautiful hill country and parkland. No cars allowed!Prices in Austin's Circle C area range from the upper 200's into the millions for n...
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By Scott Turner
(Turner Residential)
Austin's robust housing market is doing just fine! There are less homes for sale however, (listings down 7% from last year) and prices are rising. The average Austin median home price is $172,480. Austin has yet to catch up with the rest of the US as far as home values are concerned, and that makes it a great place to invest. Many people are doing just that. I get calls every couple of days from eager California investers looking to grab a piece of Austin paradise before the secret gets out!The Austin area will add 20,800 jobs in the next 12 months, a 2.9 percent growth rate, compared with a 1.5 percent rate nationally. ( The state of Texas itself is at the top of growth for the nation, and Texas is at the top of growth within it's own state.)Austin is one of the few markets left with a...
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By Scott Turner
(Turner Residential)
You see a lot Austinites driving around with some of the best bumpers stickers around. "On Earth as it is in Austin", "Austin: We're all here because we're not all there", "Keep Austin Weird". What is it about Austin that so many people love? For me it was the ability to swim just about anywhere, the beautiful clean lakes and the open minded, educated nature of the city. People here are protective of their city. Don't Mess with Texas applies here in full effect!Austin is also known as The Live Music Capitol of the World. We are spoiled with some of the best music around on any given night of the week. There is even a large Hollywood movie production company opening here soon. Austin is quickly becoming a booming hotspot for the movie industry. We have it all, and no earthquakes!We made ...
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
About 6 months ago, when the gas prices were just beginning to rise, I wrote a letter to my congressman like many others did as well. BUT my letter wasn't about how gas prices should come back down. It was about the fact besides gas prices, real estate throughout most of the major markets in the country had risen an exhorbanant amount within just a few years. The basis of the letter was that I don't have a problem with real estate appreciating in the double digits and gas prices doubling IF the American Salaries/Wages followed a similar pattern. ***According to a recent report in the State of Texas, the avg. Salary actually went down from a year ago.*** Texas recently is always within the top 5 for foreclosures and Austin specifically is within the top 6 for foreclosures.  Of course the...
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The new Blanton Museum of Art opened the doors of its new building in April. Located at Martin Luther King Jr. Boulevard at Congress Avenue, the Blanton's new home is an impressive 180,000 sq.-ft. two-building museum complex. This move makes the Blanton the largest university art museum in the country and the third largest art museum in Texas. Honoring the 400th anniversary of Rembrandt's birth, the Blanton Museum hosts "Rembrandt's Etchings," a collection of 23 examples of Rembrandt's work from the museum's collection. Also including 22 pieces by peers and admirers of Rembrandt, this exhibit features illustrations and prints commemorating the master painter and etcher. More info and directions on their site: http://www.blantonmuseum.org/
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By Scott Turner
(Turner Residential)
The dilapidated Don-Mar Motor Court on South Congress Avenue is up for sale for $2.4 million after being bought in November for $1.5 million....this time for $2.4 million! The motel, which was built in 1935, is still in use. This small little "eyesore" of a building is sitting on some of Austin's most precious commercial land. We own a business on South Congress and have watched the home values and commercial buildings skyrocket in value. If only I had paid closer attention to the little Don-Mar Motor Court years ago....It's one of those places that you would drive by a million times and never even notice it was there. http://www.statesman.com/business/content/business/stories/realestate/08/12donmar.html
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
Qoute from the Austin Business Journal Sept 14, 2006: "Before Austin's Chinatown Center, people had to travel to Houston or Dallas for a true Asian experience, whether they were looking for dining, shopping or entertainment," says Alex Tan, the developer of Chinatown. "This is also a great addition to Austin for the economy. We will soon have over 300 people employed at the center."Austin's Asian population has been steadily increasing over the years. After living in the Philippines for 2 years I try to keep up with the Filipino growth in Austin. 2 Years ago there were only 2 Filipino stores in the whole Austin area. Now there are around 5. Filipino's of course don't represent the Asian Community as a whole, but it provides a glimpse of overall growth when such a small group is meeting ...
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By Scott Turner
(Turner Residential)
Even though we have had small amounts of sporadic rain, there is currently a burn ban in effect for Travis county. The following 8-31-06 rules are from the Travis County Fire Marshal regarding outdoor burning:The Current version of the Outdoor Burning Rule is the result of a concerted effort to produce a streamlined, unambiguous rule that could be applied consistently and fairly throughout Texas. The purpose of the rule is to protect the environment, promote public health and safety, and avoid nuisance conditions through the sensible regulation of outdoor burning.Summary of the RuleThe Outdoor Burning Rule first prohibits outdoor burning anywhere within the state of Texas, and then allows for exceptions for specific situations in which burning is necessary or does not pose a threat to t...
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By Robert Rees - Austin Real Estate
(Robert Rees Realty, Inc)
I have 2 clients that were looking to sell their homes in Lago Vista but just informed me they would rather wait. I asked them both "why" and of course they had a Great Reason!The REASON: Ground just broke for a large Grocery Store!The IMPACT: Lago Vista is located on the North End of Lake Travis (advertised as the cleanest and largest lake in central TX) and primarily has been populated by retirees because of it's driving distance to Austin. YOu have to go around the lake. By boat it's just a matter of minutes to be within lots of fun stuff, but you need a car on the other side of the lake! However, despite the drive to "fun stuff" and major places of employment, land in Lago Vista has steadily appreciated. Afterall you are minutes within the lake, golf courses and views abound in this...
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By Scott Turner
(Turner Residential)
Here are the midyear 2005 demographic projections for Austin: Population2005: 670,726Growth 2000-05: 2%2010: 690,438Growth 2005-10: 3% GenderMale: 52%Female: 48% Race/ethnicity*White/Caucasian: 63%Hispanic: 35%African American: 9%Asian: 5%Other race: 19%Two or more races: 3% AgeAverage age: 33.1 Marital statusMarried (of age 15+): 47%Single, never married (of age 15+): 39%Widowed or divorced (of age 15+): 14% EducationAge 25+ with less than a high school diploma: 17%Age 25+ with a high school diploma: 17%Age 25+ with some college: 21%Age 25+ with an associate degree: 5%Age 25+ with a bachelor's degree or more: 40% HouseholdsPopulation per household: 2.5Average household income: $47,710Owner occupied: 45%Renter occupied: 55%Households with children: 27%Median home value: $147,125 Source:...
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