I was reading one of my favorite blogs today and found a great example of how NOT to use the captions in MLS in an Agent Genius post by Jay Thompson. I really need to start a collection of classic MLS “no-no’s,” but let this be a reminder to check your MLS listing once your agent publishes it! And don’t be afraid to ask for any changes. I always send my sellers their own listing because it’s also a way to double-check everything — plus it shows them that I’m doing my job well. I show them their listing as well as their competition.

So “sit your royal hynee down” and enjoy this photo gallery of the not-so-good, the bad, and the ugly from an MLS listing out of California.  I have my suspicions that this is an agent selling their own home.  Click to enlarge.

Tags: realtor, responsibility by Aria
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Top 30 Residential New Construction Cities (click to enlarge):

Austin/Round Rock hold the #12 spot for New Construction based on single and multi-family building permits.

4 of the top 30 markets show negative job growth and they all happen to sit on the southwest and southeast coasts (Los Angeles, Riverside/San Bernardino, Miami and Tampa) where the media began picking up news of economic trouble.  They saw a great deal of new construction but a -12% job growth.  Again, these are the areas that saw appreciation at 200-2000% per year compared to Austin’s steady and slow appreciation and strong, positive job growth..  That’s a volatile market compared to a steady market.  Of course, we are hurting on a minor scale because of the media attention to the housing sector, but this is another great example of how Austin isn’t suffering like the cities the media keeps covering.

The E-P ratio is the number of jobs divided by the number of permits.  A number less than 1.0 is generally a sign of an unhealthy market, Austin’s E-P ration is 1.2.

Here’s another look at Austin’s economic health.  I’ve been hearing and reading the media attacking builders nationwide for causing our economic downturn.  Although builders should seriously take a break on cities like Los Angeles and Miami, Austin’s builders seem to be properly managing inventory and new starts.  Los Angeles (and other east and west coast markets) saw a boom in the housing market much earlier than we did here in Austin.  To fill the gap, new builders sprang up and moved into the areas.  Now they need to find work in other sectors or cities.  Austin saw a boom in new builders and new construction only a year or two ago when we had our largest seller’s market this decade in 2006.  The job sector saw much less boom as well so it is much easier to stabilize as our market stabilizes as well.

Expect to see new construction continuing as Austin continues to see job and population growth, as well as the wealth of the population growing.

Tags: austin, austin real estate, development, economy by Aria
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In short, no! So go spread the good news, Austin is still escaping the economical story with strong growth rates and a strong local economy, and nothing is more local than real estate. What we are battling in Austin’s real estate industry is misconceptions, so spread the good news, here are the facts:

1. 6 Million Americans are expected to buy a home this year. And that’s a lot!
2. There is still over $23 trillion of value in u.s. housing stock. Home ownership continues to be the basis of our wealth in this country.
3. The housing market cannot help but grow. Our country’s tremendous wealth, liquidity, and entrepreneurship will continue to drive our economy. 70-100 million people will be added to our market in the next 40 years.
4. Real estate is cyclical. The biggest fear in good times is that the fair weather won’t last forever—because it doesn’t. But the reality of a cyclical real estate market also provides its brightest hope in bad times—foul weather won’t last forever either.
5. 2008 is the best year to buy a home in 35 years. 1973 was the last time mortgage rates were this low in a buyer’s market.
6. First-time buyers have a real advantage in today’s market. First-time buyers can buy at a reduced price without having to sell at one too.
7. First-time buyers lose money while they wait on the sidelines. First, renters typically pay more state and federal income taxes than homeowners with a mortgage deduction.
8. Homes sell when they’re priced right and show well. Buyers are looking for value in today’s market. When sellers make their home’s value obvious, they make a sale—it’s as simple as that.

So take the news you hear with a grain of salt. And remember, those in the news industry are in the business of selling news. If they have an ongoing story that grabs at your emotions (like fear of losing money), they’re going to run with it! So be an educated consumer and do your research!

Tags: austin by Aria
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Let your voice be heard… ’should it stay or should it go?’

Tonight at the City Hall Council Chambers (click for map) the fate of two Hyde Park properties, as well as other aged homes in Austin, will be decided.  The agenda is available on the City of Austin’s website.

4213 Avenue G is one property on the agenda seeking Historic Zoning.  This home has great historic documentation, and Historic Zoning would mean that the home would be subject to limitations on future remodeling, renovation, and demolition.  Historic Zoning would essentially save this home for future generations.  I’m sure the owners would appreciate your support if you have the time to stop by the hearing this evening.

4113 Avenue F is also on the agenda.  All homes over 50 years old with an application for demolition or remodeling are subject to a hearing by the Historic Landmark Commission.  The owners plan to demolish the house and build a new Craftsman style single-family home under the Hyde Park Design Guidelines.  The Commission will determine whether or not the home’s original historic features are in tact.  If the house no longer has these features, they will recommend allowing the demolition.

I have been a part of this process before and recommend that you attend this hearing if you are at all interested in how the city decided which homes contribute to Austin’s history and which have been changed over the years to become just another run-down home with it’s original features stripped.  Each house is researched and if major changes have been made (like asbestos siding, replacement windows, etc) then the house will be deemed a non-contributing historic resource.

Let your voice be heard!

Tags: austin by Aria
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Real Estate Investors are:

• Smart
• Creative
• Ambitious
• Goal-Oriented
• Practical
• Efficient
• Networked
• Logical

I love investors because like me, they make decisions based on logic and numbers, not emotion.  They are creative wealth-builders who won’t retire poor.  They are business-minded, practical people with a forward-thinking mentality.  Investors love other investors, and I love connecting them.  Some of the greatest projects I’ve worked on were Joint Venture investment projects.

Austin is a great place to invest in real estate.  Investing in Austin is easy; a no-brainer.  Where else can you find such consistent growth?  Where else can you find such a beautiful and unique city that can’t help but attract more and more businesses and people?

I tried the stock market in 1999 and today my stocks are worth the same as they were then.  I make my first real estate investment in Austin in 2002 and let’s just say it worked out well for me.  Real estate is something I grew up with, know, and understand.  I love investing in it myself and sharing opportunities I find with other smart people.

Tags: austin, austin real estate, development, economy, hot market, housing, investing by Aria
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The Austin Board of Realtors just released the March statistics (above). That’s 2008 in blue and 2007 in green.

The median sales price was up (again) by 5% over March of last year (showing that Austin is still in a period of economic growth), and active listings were up again at approximately 5 months of inventory which Socar Chatmon-Thomas of ABOR says “economists agree is present in a healthy market.” The national average is around 10-months of inventory. Single-family homes that sold in March of 2008 sat on the market for an average of 73 days. The number of homes sold this past March was down from 2007, showing that we still have a nervous buyer population.

Interest rates haven’t been this low in a buyer’s market since 1973. From what I’m seeing, buyers are beginning to feel more comfortable, though they are still more cautious. Much of the trouble appears to be with Lenders who are under tightening regulations.

Since lending is much of the trouble with the market at this point, the easiest price range to be in is above the sub-prime and jumbo loans in the $200,000 to lower $400,000 range. Of course high-end luxury buyers are also lucky in these times because the ultra-low interest rates are keeping their payments low in the quickly- appreciating luxury home market in Austin.

My advice this month is to consider buying in re-emerging neighborhoods of central Austin. Hyde Park seems to be leveling off, but those neighborhoods that you may have been scared to look in 10 years ago, like central east Austin are on the rise. Faster returns are likely in areas surrounding Manor Road and Mueller.

For more information or for any specific questions, email or call 512.771.1776!

Tags: austin by Aria
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Hollywood isn’t all fairy tales and happy endings, in fact, the famous HOLLYWOOD sign, originally erected in 1923, is now in serious danger. The Associated Press is reporting that the land surrounding the sign is now for sale, and fears are that the land will be sold for housing.

An investment group has just put some of the surrounding hand up for sale as Los Angeles residents fear the worst. 138 acres above and to the left of the famous and historic sign that was once owned by Howard Hughes is currently for sale for $22 million. The property was purchased from Hughes’s estate in 2002 for a reported $1.7 million.

The City of Los Angeles has interest in purchasing the land, but has a legal limit of $6 million, the most recent tax appraisal.

Although the land is supposedly not that close to the HOLLYWOOD sign, a development filled with homes could seriously put the glamor of the sign in serious jeopardy. The 45-foot high letters would seriously over-shadow the average home, even in Hollywood, but rows and rows of little boxes in the letters’ shadows would certainly detract from the famous site, but one or two mansions may only look like small specs in the distance.

The fate of the Hollywood Hills is truly in the balance! Do you want to own this piece of history?

Tags: national by Aria
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