Local ATX Living!

Blue on the Green Postponed Today Wednesday June 9th

The summer concert series "Blues on the Green" - hosted by local radio station 93.3 KGSR - was suppose to kick off this evening at Zilker Park.  However, due to the rain, it has been postponed to next Wednesday June 16.  The Texas Tornados will start playing at 7:30 pm.

If you have never attended Blues on the Green, it is one of the best summer events in Austin.  This is the 20th year of the event.  Last summer it was moved to Waterloo Park while the new irrigation system was installed in Zilker Park.  It has now returned to its proper home in Zilker.  The musicians play a free concert, and acts have included Carolyn Wonderland, Jimmie Vaughin, Gary Clark Jr., and many more.  It is not uncommon to see thousands of Austinites flock to Zilker for this event.  It's a great way to spend a week night with friends and family.  You can even bring your pets!

Blues on the Green is held every other Wednesday night.  While tonight's performance is moved to next week, the regular schedule will continue.  For more information, visit KGSR's event website!  I hope to see you out there this summer.

Texas First Time Homebuyer Program - Bond Program 77 - Austin, TX

The Texas Department of Housing and Community Affairs (TDHCA) announced last month a new program to assist first time homebuyers in the state of Texas.  With the expiration of the $8000 federal homebuyer tax credit in April 2010, this program provides another opportunity for individuals and families looking to purchase their first home.  The TDHCA has released up to $500 million to fund the program.  Bond Program 77 targets low to medium income homebuyers.

I attended a presentation yesterday explaining the benefits of Bond Program 77.  Two loan types are available for homebuyers - assisted and unassisted loans.  Here are details of this new state program:

• Unassisted loans (those not requiring down payment or closing cost assistance) can lock interest rates near 4.99% on 30 year mortgages - very close to current market rates*
• Assisted loans provide homebuyers assistance with down payments and/or closing costs; interest rates for assisted loans are near 5.74% on 30 year mortgages*
• Homebuyers using the assisted loans program can receive up to 5% of the loan amount to be used towards down payment and/or closing costs; down payment/closing cost assistance is provided through a second lien at a 0% interest rate
• The second lien has no additional monthly payments; The amount (up to 5% of the mortgage) is due in full upon sale, refiance, or repayment of the first lien
• Bond Program 77 allows for homebuyers to use conventional, FHA, VA, or USDA loans
• All participants in the program must complete a "Homebuyer Education Program"; it outlines the terms of the program and prepares homebuyers for the expectations of owning their own home

As with all government assistance programs, homebuyers are required to meet specific qualifying criteria.  The "Homebuyer Education Program" helps to ensure individuals know what they are getting themselves into before making such an important decision.  It is important to know Bond Program 77 does have a recapture tax.  It is equal to 6.25% of the original loan amount or 50% of the gain on the sale of the home.  However, Homebuyers will not be subject to the recapture tax if:

• The property is sold 9+ years after the mortgage has closed; OR
• There is no gain on the sale of the property; OR
• The borrower's actual gross income in the year property sells does not exceed the modified adjusted gross income

This is the single largest financing incentive ever offered by the Texas Department of Housing and Community Affairs.  It is a unique opportunity for first time homebuyers in Texas, but it will not last forever.  If you are interested in learning more about opportunities in Austin and the surrounding area, please feel free to contact me.  I am happy to discuss this opportunity, and get you in touch with a mortgage professional that can provide in-depth details to the Bond Program 77.  Don't miss this one of a kind chance to own your first home!

*Loan interest rates vary.  All loan information may be subject to change.  Please contact a mortgage professional to confirm rates and mortgage details

Formula 1 Racing Heading to Austin, TX

A friend of mine emailed me an interesting article this morning.  It appears that Austin, TX will be the new home for Formula 1's United States Grand Prix.  It is the first time in nearly thirty years that the event will be held in the U.S. at a "purpose-built" track.  The race will be hosted starting in 2011 to 2021.  While the event has been held in many cities across the U.S. over the years, the construction of a new raceway shows huge steps for the racing entity and the city of Austin.

Executives from Formula 1 chose Austin and the state of Texas for a variety of reasons.  The cited Texas as having one of the strongest economies in the world.  It is home to more Fortune 500 companies than any other state.  It hosts 4 of the top 15 largest cities in the U.S. (Austin is #15).  The city itself has maintained a stable economy of the last few years.  Formula 1 also likes the location for access of international fans to visit the raceway.

I myself am not the biggest Formula 1 fan, but I certainly plan to check it out next year.  It is an opportunity for attract more visitors to Central Texas, and the construction and operation will create more jobs.  The article did not specify the location of the raceway.  However, with the first race starting next year, I imagine that construction will begin soon (if not already).

Find more information about Formula 1 in Austin, and the many great statistics about the city and the state of Texas!

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Photo Credit #2

Open House - Allandale Condo For Sale - Sunday May 23 1-3 PM

I'm holding an open house this weekend for a condo for sale in north central Austin.  It is a two bedroom, two bath condo in Allandale.  The condo is actually right on the edge of the Allandale and Crestview neighborhoods.  These communities are well established and highly desired.  They are filled with unique home styles, and the convenient location to the surrounding areas cannot be overlooked.    

The owner has lived in this home for a number of years, and the work she has put in can be clearly seen.  It is only one of four floorplans like it in the whole community.  It is multi-level featuring two master suites on each floor.  The downstairs master has a custom built birch closet with lots of storage and saves tons of room.  The condo has vaulted ceilings in the living area with ceramic tile.  The kitchen has stainless appliances. 

The community is very quiet and peaceful.  It features welll maintained common areas with large mature trees and a gazebo.  This particular condo has three decks, one of which looks over the main common courtyard.  There's lots of shade and space to enjoy the outdoors.  It also has a pool for enjoying spring and summer afternoons.

This Allandale condo for sale is conveniently located off Burnet Road, an original Austin roadway.  The Burnet Road area has seen a lot of redevelopment of the last few years and has been recreated as one of the premier business corridors in the city.  The property is minutes away from great resturants and shopping.  A few blocks north is the Northcross Mall, which is filled with shops, restaurants and a nearby move theater.  This condo is perfect for anyone looking to enjoy the leisures of central Austin.  Yet, with its convenient access to 2222, Mopac, IH-35, and HWY 183, one can be in any part of town within minutes.

The open house is this Sunday May 23 from 1-3 pm.  It is located at 2104 Cullen # 206 Austin, TX 78757.  It is priced at $137,500.  I encourage you to come by and see it!  If you would like to view more pictures, check out the virtual tour.  Please feel free to contact me for more information! 

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Austin Area Market Statistics - April 2010 - Tax Credits Drive Pending, Closed Sales

Here's a quick review of the Austin MLS area market statistics for April 2010.  The most striking number here is the increase in year to year pending sales.  April 2010 saw a drastic rise - over 65% - compared to April one year ago.  This is without question related to the expiration of the first time home buyer and existing home buyer tax credits.  The tax credits expired on April 30.  The month also saw a strong closing rate with over 2,000 homes closing, a 21% increase.  It is an indication of buyers taking early advantage of the tax credit and historically low interest rates.

While the number of new home listings increased a healthy amount, I would expect to see the area market maintain a balanced inventory (around 6 months or so).  While some niche markets may favor buyers over sellers and vice versa, the area as a whole has maintained a healthy number of listing inventory considering the state of the national home market.  Austin continues to lead the way toward a recovering housing market. 

I would expect to see the number of pending sales level off to more normal rates during the summer months.  We should see a spike in closed sales in both May and June, as the homes that contracted prior to the tax credit deadlines are completed.  The big question on many people's mind is whether or not the tax credit will cause a lull in the market.  The end of spring and beginning of summer usually see an uptick in market activity.  While the numbers on paper may show a drop off, the reality is that the summer market should continue along its normal trend.  Talking with other Realtors in the area, it does not seem that buyers have slowed in their searching for a new home. 

How the summer months will fare remains to be seen.  Informed buyers and sellers are aware that interest rates remain at historical lows with the expectation that they will go up by the end of the year.  How much and how soon we do not know.  However, the opportunity to buy and/or sell a home is as good in the Austin area as it is anywhere.  If you have questions regarding this information, or in general about the area, I encourage you to email me!

Open House - Preserve at Stone Oak - 3210 Arroyo Bluff Ln. Round Rock, TX 78681

Are you looking for the perfect home in Round Rock?  Come visit our open house tomorrow in the Preserve at Stone Oak.  This is a great community located off Hwy 1431 in Round Rock.  Stone Oak offers great amenities for the entire family including including a junior Olympic pool, kiddie pool and clubhouse.  It has several playscapes and parks for the family to enjoy.  The community also has over thirty acres of green belts with caves to explore!

3210 Arroyo Bluff is currently the lowest price home in the Preserve at Stone Oak.  It has a great floor plan that that you're sure to love.  The living room is oversized with laminate wood floors, which allows for flexibility in its layout.  There's nothing worse than a small living space that can only be designed one way.  The kitchen is open the living room, and it quite spacious as well with a large dining space.  It has tile floors, a center island with a breakfast bar, large pantry closet, and lots of cabinet space.  Each of the three bedrooms has laminate floors including the master.  The master suite has a separate shower, garden tub, and walk in closet.  The secondary bedrooms are nice sized with large closets.

The home will be open Saturday from 1 to 3 pm.  It's great home at a great price.  If your in the Preserve at Stone Oak neighborhood, it's worth the time to come for a look.  Those looking to take advantage of the tax credits should hurry by.  It was under contract once, but the buyers got cold feet!  Be sure not to miss this great opportunity.  I look forward to seeing you on Saturday!

Check out the Virtual Tour!

Barton Hills Neighborhood - Eclectic Central Austin Community - Austin, TX 78704

As a follow up to last week's post a great south central Austin community, I wanted to describe a very popular 78704 neighborhood - Barton Hills.  It is a unique community found in Central Austin west of South Lamar Boulevard between Barton Springs Road to Ben White (Hwy 71/290).  The first thing that comes to mind when discussing Barton Hills is the lush green landscapes.  Drive any of the rolling hilled streets and you'll notice the large, mature streets through the neighborhood.  Owners take a lot of pride in the curb appeal of their homes.  You'll be surprised as you drive up a hill to be met with a clearing in the trees and see a breath-taking view of downtown Austin. 

The access to green spaces, parks and trails is nearly limitless.  Barton Hills is wedged between the Barton Creek Greenbelt and Zilker Park.  There are loads of trails that lead to these local hot spots.  During the spring and summer, Austinites flock to these locations to get a taste of the great outdoors.  Perhaps the best spot to spend a hot summer afternoon is Barton Springs Pool, literally right down the street in Zilker Park.  For those who want to enjoy a jog around Lady Bird Lake, they can access one of the many nearby entrances in the neighborhood.  The trail encircles the lake and provides over 10 miles of trails, and it filled with people year round.  Green thumbs enjoy afternoons at Umlauf Sculpture Gardens and the Zilker Botanical Garden.

The second great features of Barton Hills are diverse home styles throughout the community.  This is where the eclectic nature of the area really comes out.  Most of the traditional homes are small bungalows, colonials, and ranch-style.  However, much of the Austin funky taste are seen in newer, more modern and contemporary styles.  Some residents have remodeled or torn down older structures to create a more updated feel.  It's not uncommon to see a hip bungalow next door to a small modern condominium.  Accompanied with the rich landscape, it really makes this neighborhood one of a kind.

The prices on homes for sale certainly reflect the popularity and great location of Barton Hills.  Most start out in the low $300's and rise well into the half a million to over a million range.  Most homes tie in with great schools like Barton Hills and Zilker Elementary, Fullmore and O. Henry Middle, and Austin High School.  The location cannot be underestimated.  Few neighborhoods in Austin offer the great access to parks and recreation while being minutes for the downtown area.    If you like to learn more about Barton Hills, and homes for sale in the neighborhood, I would be happy to discuss it with you.  I encourage anyone looking for an area loaded with amenities and unique qualities to consider this area.  Drive through one sunny afternoon and you'll understand what I mean.

Battle Bend Springs - South Central Austin Community  - Austin, TX 78745   

Battle Bend Springs is a subtle community located in the heart of south central Austin.  Located snuggly between Ben White (Hwy 71) and Stassney just east of South Congress, most passers-by never even realize that it's there.  My business partners recently listed a home for sale in the community, and I myself didn't know much about it until then.  What I've come to find is a delightful, tight-knit community in the heart of Austin.  It's funny that such a neat area can go relatively unnoticed.  Driving through the neighborhood this time of the year, you'll see plenty of homes with bluebonnets in full bloom!

I get the impression that many of the residents of Battle Bend Springs would like nothing more than to keep it a "secret".  Taking a quick glance at the market stats, there are currently only 4 homes for sale in the community, and only 7 have sold in the last year.  Logic tells me that 1) homes for sale don't come up too often, and 2) residents who do live here have done so for a long time.  The owners' of the home we listed for sale spoke highly of the Battle Bend Springs home owners' association.  It's a voluntary group that holds neighborhood functions often in Battle Bend Park (right off South Congress).  The community HOA is having an Easter egg hunt this Saturday for all the children in the neighbohood!  As you can imagine, it's no surprise that there is a great sense of community here; take  drive through and I bet you will see neighbors taking afternoon walks and others working in their yards and gardens. 

Most of the homes in the area were built in the 1970's.  A majority are one story homes ranging from 1200 square foot to 1600 or more.  Another great feature of the area is the large established oak trees.  They line the streets, and anyone who has spent time in this area knows nothing provides better shade in the spring and summer than a tall oak.  Over the last years (March 2009-2010) the homes for sale have range from the $180's to $230's.  When you consider the location of Battle Bend Springs, these homes present a great opportunity to live near downtown without paying downtown prices.  A straight shot down South Congress and you're in the heart of the business district in less than ten minutes.  Most homes in the popular 78704 area (just north of Ben White) start in the $230's and shoot up well in the $300 range and higher.  Just food for thought...

If you're looking for a home in the area, I encourage you to take a stroll through this great neighborhood.  I'd be happy to provide you with a free updated market report about homes for sale.  All you have to do is send me an email or give me a call! 

Austin, TX Market Statistics - An Overview of Residential Real Estate in February 2010

I reviewed the market statistics from the Austin Board of Realtors for February 2010 (we Realtors have access to a whole slew of market details).  The stats for March should be out in a few weeks, so I wanted to share the info from last month and some thoughts.  The chart belows gives a comprehensive comparison of multiple factors in the residential market including new listings, pending listings, solds, days on market and much more.  Take a look here:

It can be a little confusing to read at first.  These market statistics cover the entire Greater Austin area.  It includes both rural and urban areas from Georgetown to San Marcos and Hutto to Blanco/Burnet County.  With that in mind, the numbers start to show a positive outlook for what's happening in the market.  Active listings have increased over 13% from this year to last year in February.  This can be attributed to both the first time buyer and current home owner tax credits.  Also, home owners may be looking to list their homes to take an early advantage of the typically higher activity markets of the spring and summer.

The figure that really jumped out was pending sales.  It was a 40% increase!  This without a doubt is directly influence by the April 30 deadline for the tax credit.  Closed sales remained consistent with last year.  These are pendings from late December and January - a time when the market tends to be a bit slower.  It'll be very interesting to see what the numbers for pending and closed sales will be for March.

Median sales price and average sales price each took a minor dip from last year.  Again, this is an indicator of many first time buyers in the market who tend to purchase lower priced homes thus lowering the median and average sales price.  A very interesting figure for both buyers and sellers is the over 14% drop in average days on market.  With 6.5 months inventory, we're very much in a neutral or balanced market.  Some areas lean more toward a sellers market while others favor buyers.  As a whole, this shows that as more homes are coming on the market, there is a strong wave of buyers to absorb the increase.  Homes are being sold quicker on the whole, and the closer to list price. 

I'll be sure to post the results for March as soon as they are available.  A few things to take away are it is clear that the tax credits along with lower interest rates are having an impact in the market and there is a clear increase in activity from both buyers and sellers.  The market as a whole isn't leaning strong in one direction in favor of buyers or sellers.  Again, it comes down to the individual neighborhoods and areas.  I'll be paying close attention to see what impact following the tax credit deadlines.  The market statistics for the Austin, TX area give a postive outlook.  With cutoffs for government incentives looming, the activity should continue along the typical spring and summer activity levels.  Even a small drop off in activity following the deadlines shouldn't affect the overall outlook for the market.        

If you have questions regarding this information, or about buying/selling a home in the area, please feel free to email me.  I appreciate your comments and thoughts! 

What do you see when you dream of your home?

We all have our "dream" homes.  For some, it's nestled on the side of a snow caped mountain where you can open your back door and ski right onto the slopes.  Others imagine beach front living with a large deck to enjoy ocean breezes and breath taking sunsets.  I've got mine just like you got yours.  But that is not what I thought of when I started writing this.  My question really is... what do you see of when you dream of your home? 

We all know that the home buying process is detailed.  What I am saying is put aside all the internet searching, the open houses you're attending, and all the neighborhoods you keep driving through.  We all know price is an obvious factor, but let's place that to the side for the moment as well.  What do you really want? 

If you're buying for the first time, this can be your first real challenge.  Are you single and looking for at least one extra room so a roommate you can help offset some of your monthly mortgage?  Do you have a flexible work schedule that allows you to perform your job outside of an office?  If so, you may want a dedicated home office outside of your living areas and/or bedrooms.  Are you recently married and soon to be?  You'll want to consider whether your home should fit your immediate needs, or if you plan to start a family in the future.  You may love to entertain so a large living room and extra bedrooms will be needed for your pseudo bed and breakfast.  Or perhaps you're looking at all the empty space now your kids have finally moved out and wondering if all that vacuuming is really worth the trouble.

Here is Austin, TX - like many metropolitan areas - there are a diverse number of communities and with a seemingly limitless array of home styles to choose.  We've got high rise condos in the heart of downtown, funky bungalow homes built nearly 100 years ago, ranch homes in the ‘burbs, and luxury homes with breath-taking views of the hill country and lakes.  The style that fits your personality exists.  It's requires patience when searchingfor your dream, but you know what you want - so what's the hurry?!?

What you may start to find is what you're looking for may change as you look for that first/next home.  If you find that to be the case, you're mostly certainly on the right track.  You'll even be surprised when your "must haves" change or simply get struck from the list (and how quickly too)!  What I tell anyone looking for a home is - don't sacrifice what you really want.  Yes, you need to have realistic expectations.  There's no such thing as wasting time when it comes to your dream.   So prepare yourself for what you want and be willing to wait for it if necessary.  It's not your Realtor's home or your lenders or your best friend's.  It's your home.