The Austin realty market is luckier than some real estate areas. A large retailer will be opening a new store in Austin which will boast 141,000 square foot. This is good news because an increase in employment is one of the factors that help real estate markets fight the current downward trend.
Austin has not been unaffected by the national drop in home sales. The monthly average for single family home sales has dropped when compared to the same month last year, according to the Austin Board of Realtors. Single family home sales have declined by about 6% from the same time last year and the dollar value from sales has declined about 11%.
However it is not all bad news, the median price for single family homes in Austin increased 3%. Nationally, the average figures have been much worse than this, in spite of Federal help. The National Association of Realtors (NAR) have reported that the problems with the mortgage market disrupted home sales and distorted prices in September as well as October.
Mortgage problems may now ease up; the interest rate has been lowered considerably and media reports have made the public more aware of pitfalls when financing. A new bill has been introduced at the Senate to limit some of the financial practices that have caused many borrowers to foreclose on their homes.
Many people have decided to stay put if they can, and to renovate or remodel if they need extra space. The realty market always expects a lull during the Christmas and New Year period and prospects in Austin for 2008 are looking good.
Austin was one of two Texas cities to be named among the top 50 office markets in the world with fastest growing rents. (The top two cities were Singapore and Moscow). Austin office rents rose by 15.9% and in the other Texas city, Houston, they increased by 17.8%.
The new Home Depot will be the biggest retailer yet in Catellus Development Group's Mueller redevelopment. It will be built to a sustainable design as stipulated by Austin Energy's Green Building program and Home Depot is aiming for a three star rating. The opening is scheduled for late 2008, when the Austin realty market will probably be booming again!
Eric is a realtor & broker servicing the Austin Texas real estate market. Eric provides elite service and information to clients interested in Northwest Austin real estate. For more information, visit Eric at http://www.ericbramlett.com
Source: www.isnare.com
