From Austin Business Journal, April 1, 2009...
New home starts in the Austin area continued to decline in the first quarter of 2009, according to research from Residential Strategies Inc.
Builders started 1,215 homes in the first quarter, a 47 percent decrease from the same quarter last year.
That brings the current annual start rate to 7,938 units. At the market’s peak, in the third quarter of 2006, Austin saw 17,128 annual starts.
Closings for the first quarter of this year also fell to 2,145 units, a 31 percent decline from the same quarter last year.
Read more...
Showing posts with label Austin Real Estate. Show all posts
Showing posts with label Austin Real Estate. Show all posts
Monday, April 13, 2009
Tuesday, February 24, 2009
January home sales down 36% in Austin
From Austin Business Journal, February 19, 2009...
Single-family home sales and median home prices in the metro area both fell in January, compared with the same month last year, according to a report from the Austin Board of Realtors.
In January, 834 single family homes sold, a 36 percent decrease from January 2008. Median home prices for the month were $175,500, down 6 percent from the same period last year, and roughly equivalent to the median price in January 2007, which was $175,000.
Read more...
Single-family home sales and median home prices in the metro area both fell in January, compared with the same month last year, according to a report from the Austin Board of Realtors.
In January, 834 single family homes sold, a 36 percent decrease from January 2008. Median home prices for the month were $175,500, down 6 percent from the same period last year, and roughly equivalent to the median price in January 2007, which was $175,000.
Read more...
Wednesday, February 4, 2009
Austin’s housing decline not as severe as others
From Austin Business Journal, January 30, 2009...
While Austin has seen a drop in housing starts, its decline from the market’s peak has been relatively gentle compared to other cities, according to research from Houston-based Metrostudy.
A study released Jan. 29 from the housing industry research firm said Austin has experienced a 66 percent decline in housing starts from its peak in the third quarter of 2006 to the end of 2008. That’s the smallest decline out of the 81 markets Metrostudy researched.
Read more...
While Austin has seen a drop in housing starts, its decline from the market’s peak has been relatively gentle compared to other cities, according to research from Houston-based Metrostudy.
A study released Jan. 29 from the housing industry research firm said Austin has experienced a 66 percent decline in housing starts from its peak in the third quarter of 2006 to the end of 2008. That’s the smallest decline out of the 81 markets Metrostudy researched.
Read more...
Friday, January 16, 2009
2009 Austin home starts projected to be half of 2007 total
From Austin Business Journal, January 7, 2009...
The news was bleak at the first joint economic housing forecast for the Home Builders Association of Greater Austin and the Austin Board of Realtors.
According to Eldon Rude, director of the Austin market for the market research firm Metrostudy, housing starts in 2009 will total roughly 6,000, a 25 percent drop compared with the 8,000 new home starts in 2008.
“Things will probably get tougher before they get better,” Rude said. Austin’s 8,000 new home starts in 2008 represented a sharp drop from the 12,400 new home starts in 2007.
Read more...
The news was bleak at the first joint economic housing forecast for the Home Builders Association of Greater Austin and the Austin Board of Realtors.
According to Eldon Rude, director of the Austin market for the market research firm Metrostudy, housing starts in 2009 will total roughly 6,000, a 25 percent drop compared with the 8,000 new home starts in 2008.
“Things will probably get tougher before they get better,” Rude said. Austin’s 8,000 new home starts in 2008 represented a sharp drop from the 12,400 new home starts in 2007.
Read more...
Some real estate activity likely to wait out downturn
From Austin Business Journal, January 2, 2009...
“Wait and see” attitudes will likely dominate Central Texas real estate in 2009.
While Austin is in better shape than most cities nationwide in terms of foreclosures, leasing activity and home values, experts said Central Texas can expect to see some activity put on hold as the area feels the ramifications of the national economic downturn.
Read more...
“Wait and see” attitudes will likely dominate Central Texas real estate in 2009.
While Austin is in better shape than most cities nationwide in terms of foreclosures, leasing activity and home values, experts said Central Texas can expect to see some activity put on hold as the area feels the ramifications of the national economic downturn.
Read more...
Saturday, December 27, 2008
Real estate 'distress' hits Austin
From KXAN, December 26, 2008...
The number of empty buildings in Austin is continuing to grow, and current property owners are becoming more distressed, according to two recent reports. Austin has nearly $76 million worth of distressed commercial properties and nearly $1.6 billion in potentially troubled properties, according to a recent report from Real Capital Analytics, a New York based real-estate research firm.
The report defines "distressed" as a bankruptcy of a general partner, and leasing and sales projections that fail to come to fruition, among other things. Austin was 17th out of 39 metropolitan markets, according to the report in the number of distressed properties. Still, the numbers need perspective, said Kevin Burns, CEO of Urbanspace Realtors.
"To have $76 million in distressed properties really isn't that much," said Burns. "We're holding up much better than everybody else."
Read more...
The number of empty buildings in Austin is continuing to grow, and current property owners are becoming more distressed, according to two recent reports. Austin has nearly $76 million worth of distressed commercial properties and nearly $1.6 billion in potentially troubled properties, according to a recent report from Real Capital Analytics, a New York based real-estate research firm.
The report defines "distressed" as a bankruptcy of a general partner, and leasing and sales projections that fail to come to fruition, among other things. Austin was 17th out of 39 metropolitan markets, according to the report in the number of distressed properties. Still, the numbers need perspective, said Kevin Burns, CEO of Urbanspace Realtors.
"To have $76 million in distressed properties really isn't that much," said Burns. "We're holding up much better than everybody else."
Read more...
$76M of Austin property is “distressed”
From Austin Business Journal, December 24, 2008...
Austin has approximately $76 million of distressed properties and nearly $1.6 billion of potentially troubled properties, according to a Dec. 17 report from Real Capital Analytics.
Bankruptcy of a general partner, impending maturity for mortgages or failed leasing and sales goals can all lead to a property falling into the financially “distressed” category, the report said.
The report, which studied 39 metropolitan markets, ranked Austin 17th based on the financial amount of distressed properties and 20th by the number of troubled properties.
Read more...
Austin has approximately $76 million of distressed properties and nearly $1.6 billion of potentially troubled properties, according to a Dec. 17 report from Real Capital Analytics.
Bankruptcy of a general partner, impending maturity for mortgages or failed leasing and sales goals can all lead to a property falling into the financially “distressed” category, the report said.
The report, which studied 39 metropolitan markets, ranked Austin 17th based on the financial amount of distressed properties and 20th by the number of troubled properties.
Read more...
Friday, November 21, 2008
Median home prices rise in Austin
From KVUE, November 20, 2008...
While the housing market around the nation continues to suffer, Austin home prices climbed higher in October, according to a new report from the Austin Board of Realtors.
Read more...
While the housing market around the nation continues to suffer, Austin home prices climbed higher in October, according to a new report from the Austin Board of Realtors.
Read more...
Friday, October 3, 2008
Austin, Texas America's fastest real estate market
From merinews, October 3, 2008...
ZIP CODE 78749 in Southwest Austin is one of the few places in the United States where the real estate market is robust and booming. Recently ranked second in a Business Week magazine study on the fastest selling US zip codes, homes in this high-end neighborhood were second to only Sunnyvale, California.
Austin real estate brokers are positive about the implications such market behaviour will have on Austin, TX real estate, especially for sellers. Interviewed by Business Week magazine Jay Carter, a veteran realtor with Living in Austin says, "This truly is one area of the Austin real estate market where sellers are still in control."
Read more...
ZIP CODE 78749 in Southwest Austin is one of the few places in the United States where the real estate market is robust and booming. Recently ranked second in a Business Week magazine study on the fastest selling US zip codes, homes in this high-end neighborhood were second to only Sunnyvale, California.
Austin real estate brokers are positive about the implications such market behaviour will have on Austin, TX real estate, especially for sellers. Interviewed by Business Week magazine Jay Carter, a veteran realtor with Living in Austin says, "This truly is one area of the Austin real estate market where sellers are still in control."
Read more...
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