Austin Film Festival 2013

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AFF-Logo-The Austin Film Festival celebrates its 20th anniversary this week, starting October 24 and continuing for 8 days ending October 31. The Austin Film Festival and Conference focuses on inspiring and honoring the work of seasoned and rising writers, directors, producers, actors and editors.  There will be about 19,000 attendees between the film festival and conference, which include panels, competitions, round table discussions, Q&A sessions mainly at The Driskill and Stephen F. Austin Hotels.

There will be 130 films, 75 shorts and 55 features screened in 8 theaters around Austin including the Paramount, Galaxy Highland 10, Alamo Drafthouse Village, Texas Spirit Theatre, Rollins Theatre, State Theatre, IMAX Theatre and the Hideout.

Homes for Sale Near Movie Theaters in Austin

Here are Average List Prices of homes located less than 1 mile from these neighborhood theaters:

  • Paramount (Downtown) Average List Price: $663,759 based on 43 active home
  • Alamo Drafthouse Villlage  Average List Price $295,478 based on 12 active homes
  • Galaxy Highland 10  Average List Price $328,694 based on 7 active homes

Austin City Limits Music Festival 2013

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Austin City Limits Music Festival

Austin City Limits Music Festival in Zilker Park

Zilker Park took center stage once again at the 12th annual Austin City Limits Music Festival.  Last weekend marked the first of 2 consecutive weekends, October 4-6 and October 11-13, with both weekend line-ups being virtually identical.

ACL Music Festival 2013

Austin City Limits Music Festival entertains a crowd of about 75,000 each day.  Headliners this year included Muse, The Cure, Vampire Weekend, Queens of the Stone Age, Artic Monkeys, Wilco, Phoenix, Eric Church, Depeche Mode,  FUN,  The Black Angels, The National,  Dawes, Franz Ferdinand, Kendrick Lamar, Kings of Leon, Atoms for Peace,  and Lionel Richie.  The ACL Festival takes place on 8 stages, throughout the 3 day weekend with over 130 bands.

ACL-Schedule-Weekend-Two

ACL Weekend 2 Schedule

Buy a Home Near Zilker Park

Zilker Park touches  3 different areas in the Austin Multiple Listing Service.  Currently, within a 1 mile radius of Zilker Park and the ACL Music festival, there are 11 Active single family houses in the Austin Real Estate market ranging from $365,000 for 650 square feet and $2.4 million for 5,286 square feet of living space

The ACL Music festival draws attention to Austin from all over the globe with the variety of artists performing.  Visitors travels to Austin from all over the world to attend.  Many of the performances will be streamed live on YouTube for many to enjoy from the comfort of home.

Austin Homes for Sale with Garages

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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.

Austin Real Estate Market a challenge for Contingency Offers

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money houseI had a buyer call and ask how strong a contingency offer is perceived in the Austin real estate market. What makes an offer a contingency is an addendum that is attached to a contract. The contingency addendum defines certain timelines and deadlines that a seller and buyer agree to. A contingency addendum is used when a buyer needs to make a purchase contingent on the sale of their existing home. A contingency addendum is used to protect the buyer’s earnest money in the new contract.

Anything can happen when a home goes under contract, from a buyer simply changing their mind during the option period to an underwriter denying a loan. A contingency eliminates some of the risk for the buyer by protecting the earnest money on the home they want to purchase.

Buying a Home in Austin with a Contingency can be a Challenge

Contingencies don’t eliminate all for the risk the buyer. The addendum typically has a deadline for releasing the contingency if the seller has another offer they wish to accept. The deadline is typically 3 days. If the buyer is not secure enough that the contract to purchase their existing home is going to move forward, they may not be comfortable releasing the contingency. The earnest money would be at risk and the buyer would be in default if they can’t close.

If the buyer does not release the contingency, their contract terminates. The good news is that they get their earnest money back – the bad news is that they no longer have a house.

Active and Active Contingent listings in the Austin Multiple Listing Service

For the seller, accepting a contingency offer may seem like a win-win because they can accept another offer – but there is a catch. When a seller accepts one, the status in the Austin Multiple Listing Service changes to AC, instead of A for Active. AC statuses appear at the bottom of buyer’s home searches and often get less traffic. Right now in Austin, with so many homes going into multiple offers in the greater Austin area, it is hard for contingency buyers to compete due to the risk of never making it to the finish line.

Real Estate in Austin

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mapAustin inventory is so low right now that if you are on a search for a particular zip code or area, you may be lucky to find one or two new houses a week. The low inventory is prompting buyers to look in other parts of Austin in order to find the ideal home. I have spent quite a bit of time in North East, North West, Central, South and South West Austin over the last few weeks. I’ve seen a lot of really great properties and some not so great. What makes a home great is often about the location, not the house.

Real Estate in Austin

Austin Real Estate Market prices are rising as well which is making it tougher to get everything you could want in a house. No home is going to be perfect. It just needs to be perfect for you, but understand in order for it to be perfect it needs to be in the right location. Counter tops, flooring, popcorn ceilings and even windows can be changed over time. What can’t change is the location of the house. Austin is growing which is going to create more traffic and therefore more time in your car in order to get from point A to point B. Staying true to a realistic flight path to and from work as well as your leisure activities will keep you happier in your home longer and less stressed when you get there.

Austin Drive Times

There are lots of great tools available out there to help you get a realistic ideal of travel times. MapQuest and walkscore.com are 2 websites that will help determine distance to work or even the local grocery store. Many smart phones have a map app that will help determine travel time. The map app is really a great way to see how long it would take you to get from work to a proposed property at 5:00pm when you are leaving work. Just punch in the address at 5:00 and it will show traffic patterns and alternative routes to avoid them. It is a great way to give you an idea of how long the commute will be to an area you are considering.

Austin is Hot

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hot earthAustin is hot and I’m not just talking about the weather.  Austin’s growth is outpacing the supply of homes in inventory which is making it a competitive market to buy and even rent in.  Over 25,000 people moved to Austin between July 2011 and July 2012, according to the U.S. Census Bureau.  The growth moved Austin’s ranking of the nation’s largest cities from the 13th spot to number 11.

Austin Real Estate Market sees more new construction

Austin is expecting to 27,000 people moving into town each year for the next 3 years.  The Austin Board of Realtors has reported a 32% increase year-over-year in new home construction in the second quarter of this year.

It’s a Bird, It’s a Plane

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Austin BuyerFaster than a speeding bullet! More powerful than a locomotive! Able to leap tall buildings in a single bound! It’s a bird, it’s a plane…no – it’s a successful Austin Home Buyer.  Now, you don’t need to be a superhero to buy a home in Central Texas, but you do need super speed.  Buying a home in Austin in this market requires you to be very prepared in order move fast.

I had a listing hit the market at 5pm on a Monday with no pictures posted.  Typically, I don’t go live with a listing without pictures, but the Austin MLS was switching software on Tuesday and I only wanted to worry about the pictures I was getting back on conversion day.  By noon on Tuesday I had an offer in hand and my phone was ringing off the hook. That first offer became a contract and I learned the next day that the buyer was only seeing the house for the first time on Wednesday.  He sent his sister Tuesday morning, and she knew him well enough to move on it – quickly.

Buying a Home in Austin

In the greater Austin Real Estate market you need to know thyself, know your numbers and be pre-qualified because the next buyer walking in the door is going to be.  I see buyers even writing offers for over list price just to sweeten the pot.  Understand, it’s not just about price; the other terms in the contract will influence a Seller as well.  Flexibility with a Seller can become the key factor. Just as not every Buyer can offer more than list, not every Buyer can be flexible with time either.  The closing date can become a tool or a deal breaker.   Flexibility with a closing date is often a super power.  In a Seller’s market, owners are often shocked how quickly their home has gone under contract and don’t always have a plan, so being able work with sellers on a date becomes valuable.

In a Seller’s Market it’s important for the Buyer to take time getting educated on the current market specific their needs and the buying process which includes the loan.  Taking your time upfront will allow you to move super fast when the time is right.