Austin Modern Living.com

The Statesman reported earlier this month that 3 new condo projects are being proposed for downtown Austin.   Click HERE for additional details.   Let me know if you would like additional information on these projects as they become available.  You can reach me at scott@austinmodernliving.com

Latest news shows that both the real estate market and the jobs market in Austin are still red hot!  The Austin Business Journal reports that “Austin leads nation in job growth,” and data that KXAN received from the U.S. Department of  Labor “show that Austin is one of about a dozen metro areas in the country that have regained the jobs lost during the recession.”  From 2007 to 2012, Austin ranks number one for percentage job growth, a gain of 7.5 percent.

In regards to the housing market:  The Austin Board of Realtors reports that Austin home sales are up 26% and total inventory of homes for sale is only 2.6 months – 1.6 months less than this time last year.

As the jobs market continues to improve, more and more buyers are beginning to look for homes.   As a result, sellers are often seeing a significant increase in the number of offers that they are receiving on their homes.   This trend does not appear to be changing anytime soon.  Over the past weekend in Central Austin, there were 153 New Listings, 235 Homes Received an Accepted Contract, and 115 Homes Sold.

If you are a seller and are interested in receiving a free market analysis on what your home is worth: CLICK HERE

Just a quick study here of the Austin luxury real estate market (homes over $1m): Last year in the first quarter there were 48 homes that sold by March 30, this year as of today, there have been 72 luxury homes that sold over 1$m, so 50% more.  The average closed sales price to list price this quarter was close to 93% of list price, better than last year’s 91.75%.  (Note, these numbers will change slightly as agents continue to update the MLS with Q1 closed sales data.)  Ask anyone in the Austin luxury home sales market and they will tell you that inventory is low and multiple offers are back in fashion!  (Here is a link to that report if you’re interested: Q1-2013 Austin luxury homes report.)

I have submitted 4 offers for buyers in the past 2 weeks in the neighborhoods of: Crestview, Rosedale, Highland Park and Delwood – just east of I-35.   All 4 properties were on the market less than 1 week and ALL 4 of the offers were OVER THE SELLER’S ASKING PRICE.   Most surprisingly, NONE of the offers were accepted.   In every case, another buyer offered more.    Buyers are definitely waking up to the notion that if they plan to buy a house in Central Austin in 2013, they have to move quickly on an offer and most likely, there will not be much negotiating with the seller.

I looked at the Crestview neighborhood data specifically (between the sales price of $270k and $400k), and there have been 9 sales in the past 90 days that sold within 1 week of being on the market.    3 sold over asking price, 2 sold at asking price and all of them sold within $9,000 of the asking price – no more than 3% off the asking price.   There are also 7 homes under contract in Crestview right now, and at this time, all but 1 were on the market more than 14 days (most were only 1-4 days on the market).   There were however 9 sales that took between 14-60 days to sell and another 6 homes that took over 60 days to sell.   Part of the reason for those long market times is that some of those sellers listed in November and December when the market was slower.  However, those numbers also say that yes there are a lot more buyers than sellers, but buyers also know a good deal when they see one.   If your a seller and your house is priced right, expect multiple offers.   If your too high, expect to sit on the market for at least 2 weeks to 2 months, if not longer.    Please email me if you would be interested in seeing additional data and photos of the homes that have sold.

Pretty funny article from KUT News about Austin-speak. 

And this massive thread from Reddit Austin is pretty informative and good reading.  Keepin it weird ya’ll.

To fill a highly needed market gap, one of Austin’s top modern home builders is working on plans for 5 high-end modern homes in south Austin’s booming Travis Heights neighborhood.  All homes will have 3rd floor balconies, tons of high end luxury finishes, wet room master baths, loft/game/flex rooms, walk in pantries, open living concept, 2 car garages and tons of modern style.  Homes will be priced in the $500s and $600s, and will probably all sell pre-MLS if I had to guess.  We do not represent the builder on these homes, so contact one of our Austin real estate agents for more information.

Don’t miss the opportunity to own this great condo in the beautiful Northwest Hills Neighborhood!  This is a rare three bedroom, two bath, townhouse floor plan in the Mesa Village Condo Community.  One of only 16 of this floor plan, the owners have carefully remodeled every inch downstairs to bring this unit out of 1977 and into now!  1427 square feet with single plank Pergo, tile, and carpet downstairs.  All new, gourmet kitchen!  The downstairs master is currently being used as a den/media room but can easily be the master bedroom or a mother in law room!  Please contact me to schedule a showing or tell your Real Estate Agent you want to see this great austin condo today!

Here is a good way to keep up with Austin real estate news from the Austin Statesman and Austin Biz Journals…this URL will update Austin real estate articles from both websites.  Enjoy!

Austin real estate news

The real estate market has definitely had it’s  ups and downs over the past decade.   The buzz word since 2007 has been Foreclosures and REO’s.   There are a lot of misconceptions regarding buying a foreclosed property.   Click Here for all the details regarding the Facts and Fiction about Foreclosures

Hello all, I am posting today about my listing in University Hills!  This is a large, multi level, four bedroom home in a great East Austin neighborhood.  The home has been remodeled by the current owner, and is less than a mile from Dottie Jordan Park! The home is currently listed at $209,000 and is a great value!  Please feel free to contact me with any questions or to schedule a showing or, ask your REALTOR to add it to the list for this weekend!