ATX: the Austin Real Estate Life Blog

REAL ESTATE REPORT Austin housing inventory skyrockets to highest levels since 2018 By Arden Ward Aug 16, 2022, 11:40 am More signs of relief for the Austin, Texas housing market. The latest monthly report from Austin Board of Realtors, released Tuesday, August 16 , offers indications that the market is continuing to stabilize. There are still new records to report, but “In every aspect of our market," says Cord Shiflet, 2022 ABoR president, in a release, "Realtors are seeing positive signs that Austin’s housing market continues to normalize.” One of the most promising signs is an explosion of inventory in the Austin-Round Rock metro area. In July 2022, the region's housing inventory reached 2.7 months — the highest level seen since November 2018, ABOR notes, and an increase from the 2.1 months reported in June 2022. “On top of rising housing inventory, home price growth is much closer to the 4-5 [percent] annual growth that is typical for a healthy market," Shiflet...

 

A bookshop and a boutique grocery store are headed to Hyde Park's former post office space KUT 90.5 | By Marisa Charpentier Published August 10, 2022 at 12:20 PM CDT Construction is underway at the former post office on 43rd Street and Speedway in Hyde Park. Since the beloved post office in Austin’s Hyde Park neighborhood shuttered in June 2021, neighbors have wondered what will become of the spot at the corner of 43rd Street and Speedway. The one-story brick building has remained vacant since its closure, serving as little more than a canvas for graffiti. But new details are coming to light about its future. The 55-year-old structure will be renovated and subdivided into retail and restaurant space. Two tenants, Tiny Grocer and First Light Books, have confirmed they’ll be opening up shop there next year. “I love that neighborhood,” said Steph Steele, owner of the local market Tiny Grocer. “Hyde Park was always on my list of where I think [this store] would do well and be well rec...

  Here is something we have going right now. I just sent this out to the Realtor Tip of the Week:   We can finance 95% loan to $1M—and your client doesn’t need to be a doctor?   That’s right! So, at a purchase price of about $1.052M, we can finance 95% of that (loan amount at $1M). Note: we can finance 90% up to a $1.5M loan (or a $1.667M price). We have 30yr fixed rates and three ARM choices (10yr, 7yr and 5yr).   What’s the target market for this? Two Customer Groups: With the average home price in Austin around $500K, many homes are now priced well north of the conventional loan range. The challenge: Many customers have the income to qualify in this price range—they simply don’t have the resources for the down payment. Customers who don’t want to liquidate assets for their down payment.   How does this help Customer #2? Let’s take a $1M home. 5% down payment= $50K. A 20% down payment = $200K. So, the customer keeps her $150K invested in the market. Or, even b...

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  Mistakes Sellers Make on 1031 Exchanges August 09, 2022 | Texas REALTORS® Staff An IRS 1031 exchange, also known as 1031 exchange or like-kind exchange, is a tax-favored transaction where the seller can take the proceeds from the sale of a property and reinvest it into another replacement property to defer capital gains or losses that otherwise would have been realized at the time of the sale. The process can go smoothly if done correctly, but missteps can lead to legal consequences, loss of the financial gain, or a failed transaction. The Texas Real Estate Research Center recently published an article that addresses eight mistakes that can occur when participating in a 1031 exchange. Here are some of those mistakes: Waiting Too Long When attempting a 1031 exchange, advanced planning is essential. Like-kind exchanges are specifically for properties held for trade or business use or for investment purposes. Clients should consult with their own tax advisors or tax or real estate a...

  Ownership is looking for LONG TERM tenants for this 1809 Palma Plaza Unit A, Clarksville Austin, Texas 78703 Front House. Owners says, “dog friendly”, as the backyard is fully fenced. The interior has been thoroughly upgraded and beautified. Washer / Dryer Included. Existing Appliances Included. 2 Full Bedroom, 1 bathroom 1200 sq. ft., contact Lease Listing Broker George Vance McGee @ 512.657.9281 georgevance@gmail.com