After months of preparation and financing finally in place, construction is set to begin on the upscale mixed-use 37 story project consisting of 165 condo units, a 252-room W Hotel and a 2,480-seat theater that will serve as the new home for Austin City Limits along with a spa and retail space.

The lower level will consist of 47,751 sqft of retail and restaurant space and a House of Blues-style club where the long standing music series Austin City Limits will be filmed. The fourth floor will be home to a full-service fitness center , a 7,000 sqft Bliss spa, two pools and rooftop garden, all accessible to homeowners and hotel guests.

Set for completion in 2011, the W Residences have available for purchase various floorplans ranging from 1 bedroom units to penthouses with prices ranging from the high $400,000s to over $3 million. Although the prices may seem a little steep for the Austin market, what you get for your money is a luxurious lifestyle fit for royalty that only the W can provide.

For more information, feel free to contact me and I will send you available floorplans and all the fabulous amenities offered.

info courtesy of :

www.austin.bizjournals.com
www.block21residences.com
www.urbanaustin.org

According to an article just released by the Associated Press, after six months of less than stellar numbers in the housing market, sales posted in February were on the rise.  According to the National Association of Realtors, home sales rose 2.9% in the month of February contradicting forecaster’s earlier predictions. This pleasant surprise has led many to believe that the market is stabilizing and overall things aren’t as bad as the seem in the real estate market.

By region of the country, sales surged by 11.3 percent in the Northeast and were up 2.5 percent in the Midwest and 2.1 percent in the South. The only region of the country to see a decline in the sales was the West, where they dropped by 1.1 percent.

 On a more local level, the median sales price of homes in Central Texas increased by 2%, but single-family home sales were on the decline according to the Austin Board of Realtors. With the warmer weather and busy season of the real estate industry set to begin, those numbers are expected to rise in the upcoming months.

The Austin City Council gave their final approval on the 270-unit condo project with construction slated to begin within the next 30 days.

Located on Barton Springs Rd. within a stone’s throw of Zilker Park and Restaurant Row, Barton Place offers the ultimate Austin lifestyle.

Prices start in the high $200,000s with presales already under way.

Interested? Contact me and I’ll send you any information you need!

Ray Perryman, a Texas economist who owns the Perryman Group,  recently released his latest analysis on the housing market in Austin, especially the downtown area. With 6,000 residents already calling downtown home and another 4,000 residential units under construction, Perryman estimates the population in the downtown area to double within the next few years. He attributes the surge to rising energy costs and traffic, making downtown living much more desirable.

The majority of the buyers are young professionals coming to the area with healthy, high paying jobs in expanding fields, such as technology. Other buyers are those purchasing the condos as second homes or corporate housing. Even if less than 1% of the population were to purchase a home downtown, they would still fill up all of the available units and those under construction.

With an estimated 40,000 people moving to Austin each year, Perryman estimates the Austin real estate market to fair well amongst the dooming markets across the rest of the U.S.

Located one mile south of downtown, the first phase of the 2020 Congress condos is slated for completion this summer with the second phase estimated to be finished in the fall. The project, featuring 103 units ranging from studios to two-bedroom condos, are some of the most affordable in the downtown area. Prices start at $96,000 for a studio and go up to $190,000 for the two-bedroom condos. Amenities include granite countertops, hardwood floors, stainless steel appliances and an exercise facility.

According to housingpredictor.com, Austin is ranked 10th overall for having the highest appreciation of real estate values for 2008. According to the site, ” the top 25 with the highest forecast appreciation have the greatest probability of reaching their forecast of the more than 250 local housing markets Housing Predictor forecasts. In 2007 Housing Predictor’s forecasts were 86% correct within a 1 to 2% margin.” It’s estimated that there will be a 4.8% increase in sales for the upcoming year.

 To check out how other cities around the U.S. ranked, visit their site:

http://www.housingpredictor.com/top2008.html

Despite news reports of a struggling housing market across the nation, Austin’s market remains healthy and forecasts predict this trend will continue.With a healthy inventory of roughly 10,000 homes currently available and a number of people relocating to Austin for jobs, it’s a great time for buyers and sellers.

Austin area home sales courtesy of Lynne McCoy of Fidelity National TitleÂ

The National Association of Realtors is forecasting a stabilization in the so-called erratic housing market. Job growth and the replacement of subprime lenders to borrowers with weak credit with government-backed loans are cited as the main reasons for the improved outlook. The trade group also said its index that forecasts near-term home sales inched upward in October. The trade group’s seasonally adjusted index of pending sales for existing homes rose 0.6 percent to 87.2 from an upwardly revised September index of 86.7. Existing home sales are likely to total 5.7 million in 2008, slightly up from the 5.67 million homes sold in 2007.

Locally, we can expect a healthy outlook on ‘08 as well. Housing values have increased three percent from this time last year with a median price for a single-family home valued at $180,000. “With local job and population increases, the Austin Board of REALTORS predicts substantial growth in Central Texas for the next 20 to 30 years”, states ABOR Chariman Charles Porter.Â

For more information visit the National Board of Realtors website at www.realtor.org

Thinking about doing some remodeling to your home? Make sure you’re investing your time and money in the right areas. According to Remodeling magazine’s annual “Cost vs. Value Report”, exterior and replacement projects bring in the biggest return. For instance, adding a wooden deck not only adds aesthetic value to the exterior of your home, it also has one of the highest percentages of costs recouped at 85%. Other projects that consistantly rank high include replacing the siding and windows of your home.

The kitchen is the best room to invest your money in with in the home. Replacing dated appliances with energy efficient or high-end stainless steel appliances is one of the best investments. Outfitting your kitchen with new countertops is another smart option. If you are looking at remodeling on a smaller scale, a fresh coat of paint, new hardware and refinishing cabinetry can do the trick. Other rooms to invest your remodeling dollars in include master suites and garages. The worst places to invest your money in are home offices and sunrooms. Not everyone has a need for an office or sunroom. It’s better to leave it the way it is with maybe a few minor adjustments.

If you are thinking about remodeling your home, the best course of action would be to start with a consultation by a local remodeler or contractor. They will be able to give you estimates on the cost of construction and a time frame. Also, pay attention to current market conditions and comps for your area. For this you may need the assistance of your favorite local realtor.

In a recent article I read in the Austin American Statesman, Addison based Foreclosure Listing Service Inc. reported that foreclosure postings fell 8% for the Central Texas area, the only major metropolitan area in the state to have a decline. Broken down into counties, Travis county reported a 6% decrease in foreclosures compared to this time last year, Hays County reported a 10% decrease and Williamson County had the most drastic decline with 11%.

Though we’re not completely out of the clear, if jobs continue to be in demand and the economy continues to strengthen, property values will continue to increase and homeowners will be given more options such as refinancing or selling their property before potentially falling into the red.

In other parts of the state, foreclosures are on the rise. In the Dallas/Ft Worth area, foreclosures are up 16% for the year. Bexar County, which includes San Antonio, is up 4%.

Factors attributing to the rise in numbers include lenient lending practices that have made it easier for homebuyers to qualify for mortgages they can’t necessarily afford, as well as rising monthly payments on adjustable rate mortgages and interest-only loans, according to George Roddy, president of the service that tracks the numbers.

 If you are in danger of having a delinquent mortgage, contact your lender. They may present you with multiple options that will help you get back on your feet.