Austin Subdivision Spotlights

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market spotlight A list of  subdivisions in the greater Austin area and current real estate market data for them is featured below.  Active homes on the market are defined as units that do not have an accepted contract on them.    Active homes, as well as other data change constantly as houses in Austin enter and leave the market.   The data is subdivision specific and gives an overall snapshot of the price point and desire for that particular Austin market. There may be additional homes available for purchase in the general market area.

The data below is specific to single family homes.

Barton Hills (Zilker Park Area)

Number of Active Houses on the Market: 5

Average Days on Market: 39

Median List Price: $ 599,000

Circle C Ranch (Southwest Austin)

Number of Active Houses on the Market: 13

Average Days on Market: 38

Median List Price: $ 389,990

Hyde Park (Central Austin)

Number of Active Houses on the Market: 4

Average Days on Market: 91

Median List Price: $ 484,000

City of West Lake Hills

Number of Active Houses on the Market: 17

Average Days on Market: 129

Median List Price: $ 995,000

Shady Hollow (Southwest Austin)

Number of Active Houses on the Market: 7

Average Days on Market: 58

Median List Price: $ 344,900

Northwest Hills (North Central Austin)

Number of Active Houses on the Market: 7

Average Days on Market: 78

Median List Price: $ 729,000

Tarrytown (Central Austin)

Number of Active Houses on the Market: 13

Average Days on Market: 74

Median List Price: $ 970,000

Travis Heights (Central Austin)

Number of Active Houses on the Market: 6

Average Days on Market: 62

Median List Price: $ 774,475

Average Days on Market below 90 days are considered Seller’s markets, because homes are moving quickly. Neighborhoods with homes on the market between 3 and 6 months are considered neutral.

 

Holiday Season Home Inventory in Austin

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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.

1415 Laurel Glen Boulevard For Sale

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White stone front single story beauty features professionally landscaped front and backyard with nice tree canopy, white stone wood burning fireplace in living, laminate and tile flooring throughout with large closets. Nice floor plan with master bedroom suite separate from secondary bedrooms. One bedroom could double as a study. Updates include: double-hung windows, tile bathtub surround, French glass back door, garage doors, kitchen counters and stainless steel sink. Large deck with storage shed in the backyard.  Close to Pleasant Hill Elementary

1415 Laurel Glen Boulevard, Leander Texas 78641

  • 1,377 square feet (per tax record)
  • 3 bedrooms
  • 2 baths
  • Single Story
  • 2 car garage
  • no carpet
  • Fireplace
  • Year built 1986

Oak Ridge Subdivision in Leander

1415 Laurel Glen Boulevard is located in the Oak Ridge subdivision.  Oak Ridge features a community pool, playground, tennis and sports court.

1415 Laurel Glen Blvd. is a home for sale in Leander, Texas

 

 

 

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.