Category Archives: Downtown Condos

It’s Always Spring In Austin

Posted on by
photo by S. Nascimento

photo by
S. Nascimento

The notion that spring is the prime real estate season to buy and sell a home in Austin has not proven itself to be true in the last few years. There is so little inventory in the greater Austin area that fall buyers are becoming winter buyers, winter buyers are being pushed into the spring season and so-on. New buyers are entering the market all of the time and because existing buyers have not purchased a house yet, they don’t leave the market. In a balanced market buyers and sellers are flowing in and out of the market as inventory constantly turns over. The inventory of buyers right now, largely outweighs the inventory of homes.

Multiple Offers in Austin

When a house for sale receives multiple offers, there can only be one buyer. That buyer is not only relieved that the search is over, but truly feels like a winner. The rest of the buyers go back into the market pool and wait for the next home to try again. The lack of inventory has created an influx of buyers that stay in the market while new buyers are entering it. I get emailed lists of buyer needs daily from agents looking for homes for active buyers. They have seen everything available and are waiting for new choices.

Moving to Austin

There are some areas of Austin that will get an even bigger boost of buyers this spring and summer along with a little more inventory, because some buyers and sellers are driven to move based on the school year calendar.  Additional inventory would have to radically outweigh the number of buyers, which most likely will not happen. The seller’s market in Austin will continue to be a year round event until a change in economic conditions forces a shift.

Austin is a Global Market for Buyers

In real estate, we talk about the perfect marriage of price, condition and location to sell a home. When all 3 factors are in line with one another, buyers will come and a home will sell. Buyers are coming from all over the world to Austin because it offers the perfect marriage of price, condition and location for those who wish to call it home. When it comes to real estate, it is always spring in Austin.

Austin is Growing Up and Growing Out

Posted on by

construction picAustin is experiencing growing pains. It is hard to turn a corner right now and not experience a construction zone, road closure or at best, a wall of traffic. Texas overall has had a net gain in new residents for several years now and within it, Austin is one of the top cities showing the fastest growth.

Austin by the Numbers

Reports show that the number for increased residents in Austin for 2014 nets at 110 per day. The growth for Austin started surging years ago, but the infrastructure never had a chance to keep pace and is now playing catch up. As residents, we have experienced this in commuting times and all the way down to line for groceries.

With all of this change in the air, Austinites are forced to face a new normal. Austin is literally growing up. Mixed-use office, hotels and apartments buildings are under construction or in the planning stages throughout Austin. Over 17,000 apartment units alone were under construction or planned as of April 2014.

Austin Real Estate Trending Now

One real estate market trend has been in the greater Austin area, which is very hot right now and where I am seeing most of the growth. Now buyers are looking and buying in Cedar Park, Georgetown and Leander because the core of Austin has become less affordable for many.

Another trend is in new construction. New communities are popping up or expanding. People are out with the old and in with the new.

The largest real estate trend I see in Austin is in market area searches. As the Austin area inventory is low, buyers are expanding their search area. It used to be that I had a search set up for someone just in one subdivision like Travis Heights. That buyer today, would be looking in the greater Central Austin area just to have the same selection of homes.

Lakeview and Lakefront Homes for Sale in Austin

Posted on by

viewSome of my clients are looking for lakefront property or at the very least, one with a lake view. Austin waterfront homes are scarce simply due to the limited real estate available that surrounds the lake. What can limit the search even further is the intended use one expects to gain by owning waterfront property.

Homes Near the Lake in Austin Texas

Lakefront homes do not always mean easy access to the lake. Even direct access can vary from walking across a lawn to descending a steep flight of stairs. Maybe you want to have a boat docked in the water or the potential to have one. All of these are points to consider including the biggest one — do you even need to access the lake? Sure, water access may be nice to have, but maybe you only really want the view.

For many, water activities are seasonal. A nearby public boat dock or neighborhood park may offer enough convenience for water access. Maintenance, on the other hand, is not seasonal. If a home has direct lake access, there may be a boat dock and a steep flight of stairs used to access the lake to maintain. These are added expenses that can be costly. Another data point to be mindful of is flood insurance. Flood insurance is often required, which is another expense a buyer will need to budget for.

Homes for Sale in Austin Texas

There is nothing like having the lake as your neighbor. The lake can provide constant entertainment like kayaking, stand up paddling and boating. For others, a lake view affords homeowners some added privacy and a peaceful setting. Just consider what you want and what you need from it — before starting your search. The greater Austin area touches Lake Austin, Lake Travis and Lady Bird Lake.

Downtown condos can offer easy access to the Town Lake Hike & Bike Trail along with unparalleled views. Downtown lakefront condos like the Milago, offer the luxury of lakefront living without the maintenance of the expansive decking, stairs and dock. There is a waterfront page on my website that captures lakefront properties for sale or I can customize a search.

Negotiating Space when buying a Austin Downtown Condo

Posted on by

Downtown Austin
Many buyers are looking to live in the downtown area of Austin. Downtown condo buyers enjoy going to the Town Lake Hike and Bike Trail, the convenience of living a close distance to a variety of eateries and entertainment venues and can often walk or bike to work.

Buyers choose living in an Austin condo because they don’t want the maintenance of a house and the yard that typically accompanies it. Every buyer is moving from somewhere, whether it is from an apartment, a house, a condo or even mom’s house. Knowing how much space you need can be challenging for some especially when downsizing.

Downtown Austin Condos for Sale

There are different types of space to consider too when deciding if condo living is right for you, specifically for living, storage and for guests. For most buyers, living space is easy enough for gauge especially if a unit is already staged. How does your couch or TV compare to the size that is there? How big is your table? Do you need a table? In other words, living space has parameters and within every given space you can either make it work – or you can’t.

Storage space is subjective which makes it a little harder to determine. This is when knowing thyself really well comes into play. Some of us are pack rats so unless a zen moment comes along, paring down is going to be a challenge. Sometimes we want that challenge. Downtown condos in Austin often have limited closet space but additional storage space may be available or assigned to a particular unit in the parking garage.

Downtown Condominium Amenities in Austin

Guest space is another thing to consider when moving into a downtown condo in Austin. There are some condominium communities that have a suite available for out-of-town guests. The suite is an amenity for residents and can usually be reserved several times a year at a rate less than a hotel room. The guest suite takes the question of where visitors might sleep when space is limited.

The typical Austin downtown condo buyer wants convenience and often enjoys the simplicity of limited space. Living with less space and more convenience is often a bit a negotiation. For those who can make it work – the trade-off is worth it.

Home Improvements and Accessories

Posted on by

360-2006_10_15_(5)_kitchen_viewThe difference between a house and a home is you.  The memories, the pictures, the furniture, even the paint color combine to create a unique blend that reflects your own personality and style.  Improvements and accessories personalize, improve and/or allow for added functionality that a home may not have had before.  Consider them enhancements when it is time to sell an Austin home because they add appeal whether it’s monetary or simply enhances the functionality of a room.

So what items convey with the property and what items move with you when selling your home?  There are often many assumptions made here by the seller but make no mistake, the opposite thought process is often made by the buyer.  When I have a listing appointment I try to go through items I see and review a contract since many of the items are noted.

Austin Homes for Sale

When buying an Austin home Improvements generally affixed to the dwelling or property are considered permanently installed and built-in so they convey with the sale as real property.  They include items like: shrubbery, plumbing, light fixtures, wall-to-wall carpeting, garage door openers, shutters, mounts and brackets for televisions and speakers.

Accessories include items like stoves, curtains and rods, blinds, draperies, artificial fireplace logs, above ground pools and pool equipment.

Sometimes there are items Sellers want to take typically because they have some sort of personal attachment to them.  Grandma’s chandelier is hanging in the dining room, there are bookcases in the living room or maybe you just really like the curtains.  If it is yours and you want to take it with you, the best thing to do is to remove the item before we list it.  Removing grandma’s chandelier and replacing it with another fixture is simple enough to do and avoids discussions or assumptions later on.

If there is something that is going to stay visible that a Buyer would expect is staying, the best thing to do is to post of little sign on it so that potential buyers know up front that the item is not conveying.  Later on when an offer arrives any improvements and accessories that will be retained by the Seller should be listed into the contract under the exclusions section.  This way it is crystal clear to both parties.

Holiday Season Home Inventory in Austin

Posted on by

house

Once upon a time November and December were the months that home buyers slowed down and investors came out of hibernation. During the holiday season days are shorter, not only because of the amount of daylight hours, but because of the added tasks taken on this time of year. Shopping for presents, food, cleaning, parties and travel can add to the daily grind and often put the thought of buying a home on the back burner. Historically, with fewer buyers in the real estate market this time of year, inventory would tend to rise a bit because houses would tend to stay on the market longer than spring and summer. With a larger supply of homes available, prices would tend to fall and investors would enter the market to get a good deal or two.

Austin Home Sales

That was then, this is now. The Austin real estate inventory hasn’t really grown that much in the past month and in many select markets, it has only gone down which has pushed prices up. The home buyer that expected to be settled by now who had plans to host Thanksgiving dinner is still in the real estate market. Interest rates and home prices have gone up in the last 6 months, but inventory has not.

Inventory on Austin Investment Properties

The inventory of multiple family units, like duplexes, has not increased either. The buyer pool albeit is smaller, but the supply and demand is not any more level in that market which is leading to multiple offers, even for investors.

Keep the New Home Bug Alive during the Holidays

Do not cross that new home off your holiday wish list. Stay in the market at whatever level you can. It is a lot easier to find the time to see one or two houses a week you really might like, than to see 10 you really won’t, which is what happens when buyers start over. Buyers who bow out this time of year with too much to do will literally be starting from scratch in January along with a new crop of people with New Year’s resolutions to buy a new home.

Finding the perfect home is often about being in the right place, at the right time. If it’s meant to be while everyone else is at the mall, then so be it.

Austin Homes for Sale with Garages

Posted on by

10424 Beard AveWhen I have an initial consultation with new buyers moving to Austin, one of the questions I ask is whether or not they need a garage.  The answer is often “of course, I need a garage – why would a house not have a garage?”   Understanding there are areas of the country where everyone has one,  I explain that, in Austin, garages can be somewhat of a luxury item depending on where in this fair city one wishes to live.  There are many homes that have garages, but some areas in Austin began development in the early 1900’s and simply don’t.  Houses found in neighborhoods like Travis Heights and Hyde Park for example, have the charm and warmth of yesteryear, and often don’t have garages.

Within the City of Austin roughly 15% of houses that are actively on the market, do not have garages.  With condos, about 38% of the active real estate market in Austin to do not have garages.  Overall that percentage may seem rather low, but in certain subdivisions the percentage is much higher.  In the last 90 days in the Travis Heights subdivision, 7 out of 18 houses for sale did not have a garage.  Remember not garages are created equal either.  I’ve seen many that are ready to fall over.

Moving to Austin

It’s very hard for people to live without a garage when they have always had one.  With roughly 25,000 people moving to Austin in the next year from all over the country, it is important to understand what new Austin buyers are expecting and need so the criteria can be set rather than an assumed.  As I have stated, not all garages are created equal, but I can search for houses and even condos that have a garage.  With some flexibility, finding a garage in Austin does not need to be a needle in a haystack.  Just don’t ask for a basement – because that, on the other hand, is a very small needle.