Tag Archives: Austin Downtown condos

Buying the Perfect Home

Posted on by

house graphSo you think you’ve found the perfect home, but is it perfect for you? The path to actually buying it can prove otherwise if you haven’t done your homework. The Austin Real Estate market is very strong. Interest rates are low, the current unemployment rate is 5.1% (a six-year low) and companies are consistently moving in creating more opportunities.

Austin Texas Homes for Sale

There is a consistent supply of willing and able buyers in Austin that for the most part, still out number the amount of properties for sale. The demand as we have moved into the fall season has remained high for Austin housing. Finding the perfect house today without knowing if it is affordable, may only be setting yourself up for disappointment. After all, if you can’t afford it…the house is not so perfect anymore.

Housing Financial Criteria

Whether purchasing a first home or simply want to move to another, you need to do some homework and come up with a plan. Everyone has an idea of what they want to spend on a home, but many don’t know how that translates in terms of how much of a house they can actually afford. Your debt to income ratio is only part of the formula. The other consideration that lenders look at is your credit score. Many buyers I talk to have no idea what their credit score is. Credit scores run between 300 and 850. A credit score of 650 – 699 is generally considered moderate, while numbers between 700 and 850 are considered good to excellent. The combination of the debt to income ratio, credit score and available down payment will determine what loan programs are available, what the interest rate will be and ultimately how much you will qualify for.

Housing Lifestyle Criteria

A lender will explain what your options are and then we will talk about them. I always try and keep lifestyle in the mix to help you decide what you want to spend. You may need to be at the high end of what you can qualify for if living near Downtown Austin is important. Likewise, if you are planning to expand your family or will need to purchase a car and know your monthly expenses are going to increase as a result; you may want to spend less. Once you do your homework, you will find a home that fits your financial and lifestyle criteria. It will be the perfect home – that is perfect for you.

Click Here for the One Minute Housing Report

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.

Austin Multi-Family Investment Properties

Posted on by

The Austin real estate market has experienced just as much sales growth over the last year for multi-family residences as it has for single family houses. Austin duplexes, tri-plexes, four-plexes, condominium and apartment developments are all considered multi-family real estate. Low inventory coupled by high occupancy and higher rents are creating increased positive flows which is fueling demand. So, how did we get here?

It all comes back to lack inventory and what had been a slowdown of development projects. The recession and the collapse of the sub-prime market are associated with job loss with increases in foreclosures and short sales. When banks started losing money they tightened the criteria for getting a loan, but also cut back on the development capital used to fund multi-family projects.

Investing in Austin

Two tenant profiles spiked very quickly in a short amount of time: the single family home owners who now have to rent and the first rental opportunity for the graduates who are now employed. What did not spike initially were the multi-family development projects to house them.

Four years ago we had plenty of housing. Although the downtown Austin skyline changed very quickly in 2007, it leveled out fairly fast. Some condominium development was even altered or placed on the backburner which help prevent what would have been over saturation.

Austin Multi-Family Homes

Now Austin is playing catch up. You only need to take a short drive around Austin to see that times have changed and new projects have broken ground. As Austin investment properties continue to be developed, lease amounts will level out a bit. Keep in mind though that Austin keeps growing. Half of my active client base right now does not even live in Austin – they are moving here. The need for Austin multi-family properties will always be in demand for both investors and tenants alike.

Austin Condominiums and Pets

Posted on by

Autumn

I moved to Austin, Texas with a cat and two dogs that weighed 160 pounds combined. So, when I talk about pet restrictions, it is something I relate to as I went through the process of first finding a place to rent and then ultimately purchasing a condominium home in Austin. Pets are companions, protectors and in some households, like children. They give unconditional love and loyalty. Once we have a pet in our life, it’s hard to picture our lives without one. A pet means a long term commitment, sometimes a decade or even two, so you need to be mindful of your future home when choosing one.

Moving to Austin with Pets

I had a client moving to Austin who had a pit bull and wanted to rent a home. Pit bulls are on most aggressive breeds lists, which include those for insurance companies. That means home owners with a pit bull, german shepard or doberman pinscher (to name a few) will pay higher insurance premiums because there are certain breeds whose temperment and strength have a higher incident of attacks.

Austin Condominiums

Understand, I’m not a hater. I have met plenty of pit bulls who wouldn’t even consider biting me, and I have owned a yorkshire terrier or two who has. Since, the odds are higher with certain breeds and will cause higher premiums, your housing options will be lower. Having an aggressive breed or even an exotic animal will limit your options for renting a home in Austin and certainly buying a condominium. Austin condominiums generally have pet restrictions which can include limiting the number of pets, type of pet and even weight. I even know of a condominium community that will let you have a dog, if you are an owner, but not if you are a tenant. I am certain part of this has to do with insurance as well. In a condominium community, rules and bylaws try to ensure a peaceful environment for those living in close proximity.

Your Pet may Outlive your Current Home

Many of you will own a pet longer than you will stay in your current residence. Asking about restrictions on a new home upfront will eliminate potential disappointment for you and your pets.

UT Condos and Central Austin Highlights

Posted on by

The University of Texas is predicting 8,000 freshmen to enroll this year, which would be the largest in 10 years. If the prediction becomes reality there will be roughly 51,500 students enrolled, which would be with largest in UT’s history. Freshmen enrollment is trending to have 900 more students than last year. Although the largest, UT is not the only university in Austin. Other universities like St. Edwards may be seeing an increase in admission as well. The increased student population will affect real estate in a number of ways.

UT Condos

People come from all over the country to attend the University of Texas and other schools in Austin. While most students will initially take advantage of on campus housing, many will ultimately move to nearby condos. Many students with the help of their parents find that purchasing a condo makes more sense than leasing. Whether students lease or purchase through their college years, many offer decide to stay and make Austin their permanent home. With Austin’s outstanding scholastic reputation, constant influx of new business and healthy playful atmosphere, it is easy to see why people don’t want to leave.

Central Austin Real Estate

The real estate market is certainly healthy. Days on market are very low, which means things are selling quickly. I’ve been spending much of my time in the last 2 weeks in Buda and Central Austin. I have clients who get a hit on their custom home search every 2 weeks and I have others who are getting a few new homes per day to look at. In more urban areas the odds are greater in having more hits, but that doesn’t mean they are spending more time on the market. Central Austin is always desirable simply because of its easy accessibility to everything. It doesn’t matter if it’s a condo or a house. As long as it’s priced for what it is – it will sell. If it’s not priced right, it will miss its market because it’s going to look very expensive based on the other homes those buyers are looking at.  Here are some of the homes and condos I’ve seen recently.

Austin 78704 Condos

Posted on by

I have been showing many condos lately in and around Austin’s popular 78704 zip code.  78704 condos offer the benefit of living 2 miles or less from downtown Austin, without paying downtown real estate market price tag.  Home of the SoCo, SoLa, and SoFi districts, 78704 provides a variety of unique urban conveniences filled with boutiques, restaurants and entertainment venues.  Outdoor lovers enjoy Austin’s largest playground Zilker Park right in their backyard, along with additional parks that provide plenty of hiking, biking and other recreational opportunities. 

Austin 78704 Condos

Austin’s 78704 Condominiums come in a variety of price points which suit the needs of people who seek the convenience of an urban lifestyle.  Commuters find access to I-35, Mopac and Ben White very easy.  St. Edwards University is also in 78704, so students and parents often find it more cost effective to buy a little condo than live on campus.  78704 Condos come in all sizes, in as little as about 400 square feet.  The smaller condos often make for an affordable apartment alternative. 

One thing to be mindful of with condos is that they need to be FHA approved in order to be an option for buyers seeking an FHA loan.  FHA tends to only grant loans to condos and houses in good condition that meet certain building guidelines.  FHA loans are popular because they require less money down than a conventional loan, so they are often the only option for buyers with little to put down.  Non FHA approved condos can be an advantage for buyers who have enough funds to go the conventional loan route.   There is less of a buyer pool when a house and more often a condo is not FHA approved, because not all buyers can qualify. 

Search for an Austin 78704 Condo

View 78704 condos here.

I have many pages written for specific communities, with more to come. I can also set up a custom search if you have specific criteria.

Condo Home Styles

Posted on by

Happy 2012!  I have been showing condos, single family homes and duplexes from Buda to Round Rock. Think you can tell a fee simple house from a condo? Think again. The perception is that you can tell a single-family house or duplex from a condo just by looking at it. Truth be told, there is nothing about the style of a house that dictates its classification.

How a house is classified is determined by whether the land the residence sits on is fee-simple or undivided. If the parcel is undivided, then the structure is in a condominium regime which gives owners partial interest in the land. When a residence is fee-simple the owner has owns absolute title to the land and structure. In a condominium regime, you own the space the unit occupies and only own a partial interest in the common land surrounding the property.

Austin Condominium regimes can come in garden home, townhouses, single family, duplexes and apartment designs. Many have backyards, which can make it impossible to tell by looking, how the property is classified. Fee simple properties are available in the same styles, with the exception of towers. Some people don’t want to live in a condominium regime because they feel too restricted in how they can utilize their backyards. Understand fee-simple home owners still need to abide by city, deed and zoning restrictions. Fee-simple home owners can also be restricted through their home owners associations. Condominium regimes will often let homeowners improve property with patios and other outdoor improvements as long as they get permission first and comply with certain aesthetic guidelines. People are not always as limited as they think they will be.

I searched Austin MLS listings and selected some active properties so show examples of home styles that are classified as condominiums. Click the link here to see the condos