Moving To And Living In Austin

How is the Market Now in Austin?

Here is an article from the Texas A&M University's Real Estate Center with a report on the trends going on right now:

(Austin) - Sales in August were down 10 percent from previous year, but prices are still rising. The national housing meltdown began to trickle into the Austin market in August, with existing home sales down more than 10 percent from a year ago, according to a report by the Austin Board of Realtors. Not since 2002 have Austin-area home sales declined in August, typically one of the top-selling months. In addition, the number of Central Texas homes on the market, 9,819, was at a four-year high, up 21 percent from a year ago. The slowdown in sales was steepest for homes priced below $200,000, which make up more than half of the Central Texas market. Sales for such homes were down 16.7 percent in the area. Sales were also down significantly, about 7 percent, for homes priced from $200,000 to $399,999. And the two categories combined account for more than 85 percent of the Central Texas housing market. However, home prices continued to rise, with the median up 6 percent from a year ago to $192,200. The increase was in a sharp contrast to flat or declining prices on the East and West coasts. Last year, 26,958 homes sold in the area, a 10 percent increase over 2005. So far this year, homes sales are down 3 percent from last year. Austin's housing market fared better than that in Houston, where sales slowed nearly 13 percent from a year ago. In Dallas-Fort Worth, home sales tracked the Austin market, down 10 percent. The San Antonio market had the smallest decline, 7 percent.

What does this mean to you?  Well, if you're looking to buy a home, this may be a good time.  Usually the first homes that see some discounting in a slowing down market are new homes.  Recently in our PRED (the database that realtors use to find new homes) many of the builders are offering huge incentives to the buyer now.  For instance, Drees Custom Homes is offering $50,000 off the price of certain homes, and Mercedes Homes is offering up to $10,000 in incentives.  So, if you're considering buying a new home, especially in the price range from $400-700k, this is a great time to buy.

What Does Our Mayor Think About Our Town?

In a recent issue of Rare Magazine, a local artsy and political magazine, our Mayor, Will Wynn said that what he loves most about Austin is that "when I tell folks that as a city we are now more populated than Boston, Washington D.C., Denver, Seattle, and Atlanta--they say 'No Way!'  Well, we are. But, they react that way because we don't feel that big, which is a good thing.  Our livability and quality of life for a big city is off the charts." 

http://www.rareaustin.com/onlinemagazine/Summer2007.pdf

Austin Neighborhood Information: Crestview

Community Name: Crestview, located just south of Anderson Lane, north of Justin Lane, west of Burnet and east of North Lamar Blvd, this neighborhood is centrally located.

Community Description and Highlights:  Crestview is well-known for its tree-lined streets, friendly neighbors, older nicely kept homes, and proximity to downtown.  Established in the 1950's, most of the homes are older and smaller than what you'd find in the suburbs.  Homes range from $250k for a small 1000 sq ft to $450k for up to 2200 sq ft, for homes that have been almost completely redone.  Homes in this area that need a little work still start at $250k, but maybe with a little more square footage. 

One other factor to consider about this neighborhood is its diversity of ages of the homeowners.  This is one of the few neighborhoods where you can find an equal mix of elderly couples, singles, working couples and families.  Many of the neighborhoods in the suburbs are chock full of families with young children, so if you're looking for something a little bit different, this would be a great neighborhood.  Families with kids are happy here, too, because the schools are good.

Great things you won't want to miss in Crestview:

Little Deli--An Austin classic.  This little sub shop makes fantastic subs for the locals of Austin for lunch only.  The line can get pretty long, they're very popular, so be prepared for a little bit of a wait. http://www.littledeli.com/

Highland Mall--With lots of big stores like Macy's and Dillard's, this mall is very convenient to Crestview and has most of everything you're looking for.  http://www.highlandmall.com/html/index5.asp

RaddiJazz Playnasium--If you're a parent you know frustrating those cold winter days can be with the kids pent up at home. This place is a fun and active way to spend the afternoon indoors away from home.  http://www.radijazz.com/

Thunderbird Coffee--Located just off of Woodrow Ave. and Koenig Lane, this relatively new coffee house has great coffee and really good panini's.

Brentwood Park--has a lovely little swimming pool and nice shady playscape.

Schools: Brentwood Elementary is very good:  http://www.har.com/school/dispCampusDetail.cfm?id=227901107, Lamar Middle is rated 'Acceptable' http://www.har.com/school/dispCampusDetail.cfm?id=227901045, and McCallum high is also rated 'Acceptable' http://www.har.com/school/dispCampusDetail.cfm?id=227901005.

Click here to view our photo album of Crestview http://austinhbc.typepad.com/photos/austin_neighborhoods_cres/