Moving To And Living In Austin

Forbes Magazine Rates Austin One of the Fastest Growing Cities

"Austin's population is expected to increase by nearly 15% by 2012."  Check out the full article at: http://www.forbes.com/2008/01/30/economy-cities-alabama-biz-cx_bw_0130econcities.html

Market News for February 2008

Here is a little note to let you know how we can help you or anyone you might refer to us...

Recently our clients Susan and David from France fell in love with a house, and agreed to buy it for $50,000 above what the market supported as a good value for the house, even after we extensively warned them against it. 2 weeks until closing, the lender informed us that the bank could not approve the loan for that amount, and that the bank was permanently closing its doors in exactly two weeks! To top it off, the cost of notarizing all their closing documents in France was going to be $1000. Susan and David were distraught! What would happen to their lovely house?

We got on the phone right away with the seller and negotiated an acceptable new price for all. We suggested our clients elect someone here in Austin to be their power of Attorney to sign all their closing documents and avoid the huge costs in France. It turned out that Susan and David were able to close on their home on time...for less than they had originally anticipated! They are so grateful and enjoying a nice change in climate right about now!

MARKET NEWS

Volume Decreases, Prices Increase

The final reports for the end of December '07 are in...Single Family home sales in Austin ended 8% lower in volume than 2006, but the median price of a home jumped 6% over last year. The following article sheds some interesting light on this...abor.com

The Looming Boom

According to the U.S. Census Bureau, Texas is expecting a population increase of 10 million people between 2005 and 2030. Currently most of Texas' population resides within the Texas Triangle (located roughly just north of Dallas, just west of San Antonio, and just East of Houston) in urban areas, and the Census Bureau projects that most of our growth will likewise occur in this triangle, although rural areas will grow significantly, too.

Along with this population growth comes plenty of job growth. Texas is expected to add another 4.5 to 5.8 million jobs. This growth will be due in part to Texas' employment-friendly characteristics, like our ample supply of low-cost, non-union labor, continued importance of the energy industry, low business operating cost, and affordable housing.

Housing growth is expected to be one of the biggest growth stimulants for Texas. So far, Texas homes have remained affordable to home buyers, as compared to states like California and Florida. In mid 2007 the median price of  a home in was $151,000 and in California it was $589,000. The median family income in Texas was 152% of what was required to qualify for the median home in our state.

What does this mean to you? While the media claims we are on the verge of a major financial collapse, projections show that, at least over the next 20 years, Texas is still the place to be.

For the full article by  the Texas A&M Real Estate Center go to :

http://recenter.tamu.edu/pdf/1841.pdf

Austin Area Neighborhood Information: Teravista

Community Name: Ok, so this one is not actually in Austin proper.  Teravista is located in Round Rock, just East of I35.  We have had so many clients like it up there, that we would be remiss if we didn't include it.

Community Description and Highlights: Teravista is a community of new homes with plenty of great homebuilders like Lennar, Wilshire, Taylor Morrison, Highland, Kimball Hill, and Legacy Homes.  You can find homes ranging from the low 200's to the 500's with anywhere between 2500 square feet to upwards of 4000!  This community has all the amenities you could ask for.  Close to a major highway (yet you can't hear it or see it), just a few steps away from major shopping (a brand new Outlet mall is less than half a mile away as well as the new Ikea), a huge swimming pool and community center for residents, a lovely golf course, tennis and great schools.

Check out the Teravista Golf Course: http://www.teravistagolf.com/

Wilshire's Site boasts $20,000 in upgrades for Terravista homes:  http://www.wilshire-homes.com/austin-new-homes/teravista/

Morrison Homes: www.MorrisonHomes.com

Teravista's Main Website:  http://www.teravista.com/

Round Rock Premium Outlet Mall:  http://www.premiumoutlets.com/outlets/outlet.asp?id=73

Schools:

Cactus Ranch Elementary: Exemplary!  Hopewell Middle: Recognized Stony Point High: Acceptable