Local ATX Living!: May 2010

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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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!