Flatrock Springs Development in Marble Falls Receives Final Approval

December 22, 2010


December 22, 2010

The Marble Falls City Council unanimously approved the development to move forward. Located at the NW corner of TX 71 and US Hwy 281, the project is expected to have about 2500 homes and 700,000 sqft of retail, commercial and office space. Residential options will include single family homes, town homes and apartments.



Developers have indicated that they will leave open space and include nature trails.

Austin 4th Safest Large Metro according to Study

Study Ranks the Most Secure Places to Live in the U.S.

Top Stories from Austin, Texas last week

Stay Informed:  What’s in the News in the greater Austin Area of the Central Texas Hill Country

“Texas Among Top Hiring States in 1Q, Report Says” from AustinBusiness Journal

http://www.bizjournals.com/austin/news/2010/12/06/texas-among-top-hiring-states-in-1q.html?ed=2010-12-06&s=article_du&ana=e_du_pub
 
“Texas’s Unemployment Tax Rate on Rise in 2011” from Austin Business Journal

http://www.bizjournals.com/austin/news/2010/12/08/texas-unemployment-tax-rate-on-rise.html?ed=2010-12-08&s=article_du&ana=e_du_pub


“Austin Tech Workers 12th Highest Paid in U.S.” from AustinBusiness Journal

http://www.bizjournals.com/austin/news/2010/12/08/austin-tech-workers-12th-highest-paid.html?ed=2010-12-08&s=article_du&ana=e_du_pub
 
“Austin’s Barton Creek Resort No. 4 Golf Course in U.S.” from Austin Business Journal

http://www.bizjournals.com/austin/news/2010/12/07/austins-barton-creek-no-4-golf.html?ed=2010-12-07&s=article_du&ana=e_du_pub

Austin Real Estate Sales Stats for October 2010

October 2010 MLS data for many Texas cities (current as of Nov. 29, 2010) are available on the Real Estate Center website.(From RECON publication, Real Estate Center Online News 11.30.10

 Sales  Change from Last Year    Median Price   Change from Last Year  Months' Inventory
1331            down 32%             $195,000           up 9%                         6.5

Sales are down but prices are creeping up - might be a good time to sell a home in the Austin area..... and there are still many bargains out there if you are thinking of buying a new home in the greater Austin area.  Interest rates are still SUPER low. 

Sue Ellett
Broker-Associate
512-422-7182 

Texas in Positive Territory in spite of House Price Declines Hitting Most States

House Price Declines Hitting Most States

Texas is in Great Shape relative to most other areas of the country - if you are thinking of buying or selling, now might be the time.

To view properties (FREE Service) in the Austin, TX or Highland Lakes areas, visit our website at www.ParagonPropertyGroup.com
or email me to get a FREE Market Analysis or your home's value.

Sue Ellett
Broker-Associate
Coldwell Banker United Realtors

Should I Buy or Rent a Home in Austin, Texas?

To Buy or Not to Buy – Should I Buy or Rent a Home?

Buying a home is not for everyone in every area nor is renting. Obviously consideration needs to be made on both a personal and market location basis.

The National Association of Realtors recently published results from it’s 8^th Annual Housing Opportunity Pulse Survey which indicates that nearly 8 our of 10 Americans still believe that buying a home is a good financial decision. 77 percent believe strongly or not so strongly, 68 percent strongly so. More than 68% believe that now is a good time to buy a home.

Here in Austin, we have fared better than in many regions of the country. A recent article in Newsweek ranked Austin as one of four Texas cities in its list of the 10 cities best situated for economic recovery. It described Texas as the “Number 1 destination for job-seeking Americans, thanks to a hearty energy sector and a strong spirit of entrepreneurism.”

With respect to housing, projections are that the Austin area will have increasing rental rates over the next year(s), which will make homeownership more attractive to many. Marcus & Milchap reported in November that area apartment vacancies are expected to fall with relatively few projects coming online. Developers report bringing about 2900 new units on line this year versus an annual average of about 4300 per year for the last five years. Rising demand and reduced supply is expected to push rental rates up about 3% in the near future.

In addition, the number of spec homes being built has decreased dramatically over previous years. The combination of these two reductions in conjunction with new job creation will likely create some reduction in housing availability. So far, we have had about 23,000 new jobs created this year and it is anticipated that we will continue to have net job increases over the next several years. The Milken Institute’s October 2010 Report – Best Performing Cities-2010: Where America’s Jobs are Created & Sustained lists Austin as #2

Fiserv Inc forecasts average single-family home prices to fall another 7.1 percent during the next 12 months in the US, though less than 1 percent in Austin. Continued home price declines are expected in markets that have been hurt most by the housing crisis. In Austin, however, we are fortunate to have many popular areas or popular price points that have remained fairly stable or had recent increases in values, not decreases.

Very low interest rates, tax deductions and even a small or neutral average appreciation, combined with relative market stability, potential increased rental rates and decreased rental availability and current home affordability mean that home ownership may make sense particularly for those planning to stay in a home for 3-5 years, at least in the greater Austin area.

For those who stay in their home and pay it off, there are obvious benefits since they will no longer be making mortgage payments - just taxes, insurance and maintenance. For those looking toward their future retirement, continued home ownership can be the right thing.

For many, there are psychological advantages to owning - personally I just prefer to be my own landlord, so to speak. I have the flexibility to do what I like and no matter what, I have to have a place to live. If I have to pay for a place to live anyway, I'd rather have the control myself and not rely upon a landlord to maintain the property properly and in a timely fashion or to keep a fair rental rate indefinitely.

Most investment advisors will tell you that you need to hold your investments in stocks or bonds over a longer time period. There will be ups and downs in the market, but over time, their goal is to make you money over that time period. Selling at any given time during that period may net you a loss or a profit. If your investment goes up 20%, have you really “made” money? I say “no”, unless you actually sell the investment. You could own that investment for 10 years and it could go up and down over time, but you really only “make” that gain (or loss) when it is sold.

The same could be said for owning a home or other real estate. Many markets have experienced substantial ups and now substantial downs. Over time, if you view your home in the same way as you might view your stocks and bonds, chances are you will experience a positive gain over time. The difficulty for many right now is how long that time period is and can you wait it out. One positive in the Austin area is that we generally have experienced a less dramatic downward market swing and are now trending positively in many categories.

If you know that you are going to have to move again in 2 years or think you may lose your job in the near future, it may not be prudent to buy, but if you plan on staying in your home 5 years or more, particularly if buying now while prices are affordable, it may well be the right thing for you to do.

To buy or rent - it’s a very personal decision, largely based on your own circumstances and locale. For some, renting is the way to go for now. For others, now may be the best time to buy and take advantage of low interest rates and affordable home prices, particularly here in the Austin area.