August Condo Sales - Austin, TX

This local real estate information brought to you by John Crowe

Condo/Townhome
	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
Average Active Homes (per week)	0	0	0	0	0	1,291	1,287	1,221	0	0	0	0
Homes Sold	110	116	186	178	187	142	96	124	0	0	0	0
Avg. Days on Market for Homes Sold	90	63	74	75	78	76	78	70	0	0	0	0
Average Sales Price	$154,000	$156,581	$204,365	$187,814	$199,238	$206,807	$226,835	$219,174	0	0	0	0
High Price	$469,000	$630,000	$1,250,000	$665,000	$1,200,000	$1,450,000	$830,000	$1,125,000	0	0	0	0
Low Price	$32,000	$28,000	$19,900	$31,000	$31,000	$35,000	$16,000	$23,011	0	0	0	0

Condo/Townhome Market Summary

August 2010

August sales exceeded July numbers by 30%, though were lower than monthly totals of March through June. The values are there, and buyers are striking when timing is right. The other stats, such as active listings and pending sales, are swinging a bit lower with the late summer slowdown in effect. It remains a great time to find a property for buyers. If you write an offer, get aggressive. Sellers are considering everything. Now, the numbers: 38 closed transactions this period, 1 less than previous week. Pipeline dipped toward s the end of the month, with 202 properties (17% of inventory) pending sale, or under contract. New listings added - 55.

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The recession is over and it's a good time to buy real estate.

So writes Michael Murphy of MarketWatch here. He makes a compelling case, offering up three reasons:
1) Distressed sellers;
2) Lack of competition; and
3) Lowest rates ever

However, the debate is predicated on the market hitting the bottom in your local market.

I don't think Austin, TX has reached the bottom yet. Which markets have reached bottom?

Distressed Properties - Deal or Disaster?

I had a conversation recently that made me think this topic might interest many of you: Buying a distressed property as a primary residence or investment property. The news is pretty ugly and bank repos are increasing, yet confusion concerning these types of sales is common, namely in three areas:

1) Distressed properties are always a value;
2) Distressed properties should be avoided at all costs;
3) Short sales and foreclosures are the same thing.

The rules are simple, distressed or not: Determine what you want from a property before narrowing down options. The goal is to have the property meet your needs, not the reverse. After this, it’s really two steps: 1) Learn the fair market value of the property and 2) hire an expert to estimate repair and upgrade costs. Know what you’re getting into, don’t force a fit.

The most common distressed properties are foreclosures and short sales. What‘s the difference? Foreclosure occurs when the lender takes the home from the owner for failure to pay the mortgage. A short sale occurs when the owner is attempting to sell the home for less than the mortgage and sales costs combined. The lender must accept the lower amount to complete a sale.

Short sales require patience, with decisions made over 3-6 months on average. Also, some owners inflate the price of a short sale in order to reduce their financial liability. Foreclosures work like most sales – one decision maker, like a bank. Often, a bank will accept about 90% of the listed price if not in a multiple offer situation. As days tick by, banks are much more aggressive with price reductions. Something to keep in mind.

Need more information? Give me a call.

Referrals! Please, if you know someone who is interested in buying or selling a home, call – (512) 459-3400 – or email me today. I’m never too busy for your referrals.

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Austin's Greatest Hits

If you visit Austin, there are many great things to do. As with most cities, food is a big deal. I've put together a quick list of some favorite places. Need links? Contact me and I will pass along.

Top Austin sites

• Finish a Don Juan Taco at Juan in a Million
• Order the Migas at Cisco's
• Enjoy Tacos at Guero's
• Eat at any Maudie's
• Walk up the stairs at Mt. Bonnell
• Walk or run Lady Bird Lake trail on a nice day
• Attend the Zilker Park Kite Festival
• Walk 6^th Street on a weekend night
• Attend a show at the Paramount Theater on Congress
• Enjoy a drink and the view at the Stephen F. Austin balcony bar
• Tour the Texas capitol building
• Watch the sunset from Oasis Restaurant on Lake Travis
• Get your music and food fix at Threadgills
• Hit the Alamo Drafthouse for movie + food/drinks
• Visit Ginny's Little Longhorn on a Sunday (ask a local "why?")
• Buy music at Waterloo Records
• Shop (or walk the aisles of) Central Market and/or Whole Foods
• Watch a show at the Continental Club
• Eat lunch at the Trailer Park
• Drive to Lockhart for BBQ (pick a place, all are great - Chisholm Trail, Kreuz's, Smitty's, Black's)
• Hike/bike the Greenbelt