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Market Conditions in Austin : Real Estate Advice

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  • Local Info181
  • Home Buying759
  • Home Selling116
  • Market Conditions60

Activity 110
Betina Forem…, Real Estate Pro in Austin, TX
Sat Aug 2, 2008
Betina Foreman answered:
The over condoization of Austin is killing the weird vibe of Austin. In my opinon we already have plenty of condos and we are loosing the very things that draw people to Austin. Most of the musicians and artists that make Austin great, don't live here anymore because its too expensive!

The latest death knell of old Austin is happening on Barton Springs Road right now. Developers are chopping down 200 year old pecan trees on two waterfront parcels of land to build you guessed it, MORE CONDOS that look just the same as everything else built in the last five years. This is absolutely crazy. The traffic on Barton Springs is already terrible, how bad will it be when another 1000-2000 people are living there?!? The icing on the cake it so much of it is generic design and cheap construction.

I don't know about anyone else, but my clients that want to be in 78704 want single family homes, not condos or duplexes parading as condos. Where will it all end???
Betina
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0 votes 8 answers Share Flag
JMangan,  in Austin, TX
Mon Jul 21, 2008
JMangan answered:
You may considering locking the rate with a one-time reduction available (if needed) before closing. The money you pay for a lock can be refunded to you at closing - ask your lender.
0 votes 10 answers Share Flag
DeeinAustin,  in Austin, TX
Tue Jun 3, 2008
DeeinAustin answered:
Top Producer creates what's called a "market snapshot" for agents that you can sign up for. You can see it at http://www.AustinRealEstateToday.com.I also found a very neat tool http://altosresearch.com. To get access to zipcode data is not cheap, but you can get overall price data. If it's really worth avoiding a real estate agent, it's about $79/mo. Otherwise, feel free to use the home value tool on Austin Real Estate Today. ... more
0 votes 11 answers Share Flag
Betina Forem…,  in Austin, TX
Sat Apr 26, 2008
Betina Foreman answered:
Dear SRT,
This is a wonderful neighborhood and values have continously gone up. Bear in mind a single family home tends to gain value more quickly than a condo. However with the price of single family homes in Austin skyrocketing, more people are considering condos as a better choice than renting an apartment.

Choosing a condo is also a lifestyle choice. Do you want to maintain a yard, or have someone do that for you? Do you want more space between you and your neighbors?

Remember that most condos will have monthly HOA fees that are mandatory. These fees can be as low as$30 a month or as high as $400+ per month. You will need to factor that into your hard cost each month.

Think about what is important to you and please give me a call if I may be of assistance.
Good luck!
Betina
512-771-6318
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1 vote 6 answers Share Flag
Myrna Gasc, Home Seller in Dallas, TX
Thu Apr 24, 2008
Myrna Gasc answered:
Hello,
Austin is awesome for families you will be happy there! Due to a relocation from my husband's job I had to move out . I miss it so much, specially the neighborhood I lived in, so peaceful and beautiful. a perfect location, great neighbors, beautiful and safe area. The Uplands in Bee Cave, Texas, 15 MILES from DownTown, it is the considered the Hill Country already. 7 Miles to Lake Travis and beutifully hillie. I am currently leasing my property, however, my tenant is moving oout soon and he has been a great Tenant. I am looking to lease again or perhaps considering selling, you MUST look at my house. We are willing to do short term, short term furnished, long term furnished , or even lease with an opotion to buy. It is gorgeous, plenty of room for the kiddos, great school district, fun and close to much upscale shopping and dining. Honestly, it is a priviliged gated community. Please reply if you would like to see it or if you are interested. Contact us! ... more
1 vote 7 answers Share Flag
Michael,  in Austin, TX
Thu Jan 24, 2008
Michael answered:
Ok, first of all, I agree with a lot of the comments posted. Second, I think it is important to understand that when you are thinking investments and appreciation, you can not bank on appreciation. Also, investments should never be emotional. They are simply business decisions. If they make sense, then they should be bought. If not, then you should pass!
Understand also that if you are owner occupying a unit in a multi unit building, that will help you qualify with up to 75% of the rents being added to your income to qualify with. If you go above 4 units (5 and above), these are considered commercial and they require typically 30-35 % down and they have loans that are tied to LIBOR or PRIME. They are not something that I suggest you start with. If you are experienced, and can weather/stomach issues that come up, than you might consider buying as many units in a complex (or a larger complex) as possible because yes, the more units, the more the cash. Also, more risk!

Be smart! Dont bank on appreciation because if you do, and the units do not appreciate or you get emotionally involved, you might get burned. If you need help, ask!

HAVE AN OUTSTANDING DAY!
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0 votes 8 answers Share Flag
Ray Mungia, Real Estate Pro in
Mon Dec 3, 2007
Ray Mungia answered:
There are many different components that make up your premium. To name a few: age, marital status, credit score, how many claims in your area, garaging location, multi-policy account, components of house, age of house, recent storms that have wiped out many insurance profits over the last three years. So, there is not one person you can compare yourself to. I would defintely look at an insurance companies financials when deciding who to go with. You don't want a company that may go insolvent, if a big disaster were to wipe out a whole town.

On another note, something that may help premiums for customers this winter is recently, the Texas State Legislature passed a law restricting insurers’ ability to surcharge for claims. The law states that, "An insurer may assess a premium surcharge at the time an insurance policy is renewed if the insured has filed two or more claims in the preceding three policy years." This means that insurance companies can no longer apply a claim surcharge for the first loss on a property policy. This is great news! This means that some insureds, will be getting a decrease in their premiums if they only have one property claim. Hope this helps
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0 votes 9 answers Share Flag
Dena Davis, Real Estate Pro in Austin, TX
Wed Nov 28, 2007
Dena Davis answered:
These homes do not make an easy investment . Most people in the market to rent a home like that will be next years buyers of an upscale home. Unless you are buying this significantly under market value--- I would be careful.

I like homes that are well under the median family home price yet still semi centrally located.
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0 votes 7 answers Share Flag
Perry Hender…, Real Estate Pro in Austin, TX
Tue Nov 13, 2007
Perry Henderson answered:
You can only have 2 people who are not related live in the same house in San Marcos. This pushes renters away orm the area and is the reason why people like to invest. It's up to you but i don;t think the $$ are so bad... ... more
0 votes 1 answer Share Flag
Perry Hender…, Real Estate Pro in Austin, TX
Thu Nov 1, 2007
Perry Henderson answered:
Try the forest creek condos for cash flow.... for $188900, you get $2000 a month rented for 2 years.
1 vote 3 answers Share Flag
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