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Archive for the ‘Austin’ Category

With a 150 people per day moving to our beloved city, housing is of great demand. At a recent Leadership Austin’s Engage Breakfast Series, the topic was “The Price You Pay: Austin’s Affordability X-Factor.” CultureMap’s Alicia Dietrich provides an exceptional recap. What peaked my interest were the points brought up by Chris Bradford of the Land Development Code Advisory Group.

“There’s no breathing room to build small, multifamily buildings,” said Bradford. “It’s very difficult — unnecessarily difficult — to even build things like garage apartments in central neighborhoods. One of the things we should be focusing on is making it easier to build small infill projects: garage apartments, making it easier to build duplexes, making it easier to build small multifamily buildings, to build four-plexes or six-plexes. Those can be added all over the place and provide a kind of invisible density that will be an important source of new supply.” 

Updating/rewriting the land development code would be a huge undertaking. This would require much input and I’m sure debates. Property owners would welcome a more efficient and less arduous system. Share your insights and viewpoints with CodeNEXT as they work to help create a sustainable land development code for Austin’s future. Neighborhoods, commercial development, affordable housing, character, politics… It will be interesting to see it’s end result.

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For Sale: 8605 Fathom Circle

Enormous duplex within walking distance to Balcones Country Club Golf Course! 3,000+ SF total and full 3 bed/2.5 bath/1 garage per side. High quality Class A neighborhood. Many individually owned condos on the street. Not your typical rental property street.

Recent wood laminate floors and ceramic tile throughout. Renovated kitchen and paint. Lots of trees and fenced yards. Easy access to Hwy 183/McNeil Dr. 

Seller will consider financing! 

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Strong rental demand makes from strong duplex sale prices too. What a duplex can charge for rents is a ratio to the possible sales price.

AustinApartmentsForSale.com

Forbes Magazine has ranked the fastest growing cities in the U.S. for 2013.  Austin is ranked #1 at the top with extremely low unemployment and an economy that expanded 6.3% last year.  Job opportunity is driving much relocation and housing demand.  Homes and investment properties are receiving multiple offers.  For more details, visit:  http://www.forbes.com/sites/morganbrennan/2013/01/23/americas-fastest-growing-cities/

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With the passing of summer and going in to the Fall, buyer activity tends to slow down (as is seasonal).   School has started and many buyers who wanted to get in a home have settled down.

If you are a duplex buyer, this could mean a better time to buy:  there could be less competition and more motivated sellers (who missed the summer boat).  Typically there are less buyers in the September through December time periods.  Less buyers mean less chance for multiple offers and competition.  If you are looking to owner occupy  a duplex with one side vacant, a seller may be more flexible to get the property sold and avoid any prolonged vacancy.  Always find out how long a property has been on the market.

If you are an investor, keep in mind filling a vacancy may be harder going into the October through December time periods.  That does not mean there are no renters, just fewer are out there.  It may be advantageous to drop rent a little to fill the vacancy.  Consider allowing a 4 to 6 month lease to pull out of the Fall and Winter months.   Shorter term leases, by the way, can sometimes charge a premium rent and fill a niche in the market.

So, some good deals are out there if the timing fits your needs in the Fall!

Thanks for reading.

 

Hong and Dianne Lee

DuplexDianne.com Team

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According to 2010 National Apartment Report by Marcus & Millichap, job growth is going to fuel apartment demand in the Austin area.  What does this mean to duplex owner?  Increased apartment demand often indicates increased duplex renter demand.  Duplexes have added advantages of a fenced backyard, garage, and often more privacy (just one or no shared walls).

Rents are projected to rise 0.6 percent and payrolls are projected to increase by 2.5%.  While other cities are in decline, Austin, Texas is still going strong! 

Here is the article:

Job Growth to Fuel Austin Apartment Demand, Feb. 2010

(RECON, 2/5/10)

The Capital City’s robust employment growth is expected to resume in the coming months, attracting job seekers from areas hit hard by the recession, according to the 2010 National Apartment Report by Marcus & Millichap.

A recovery in the global economy will be particularly beneficial for Austin firms, as technology sales in emerging markets will revive the local manufacturing sector, which has declined by 15 percent since peaking in 2007.

Following are some of the most significant aspects of the Austin Apartment Research Report:

  • Job growth is expected to gain steam this year. Companies are forecast to expand local payrolls at a 2.5 percent clip with the addition of 19,000 positions.
  • A sharp reduction in multifamily development activity is expected in 2010 as 2,500 units come online. Last year, 7,900 apartments were delivered.
  • Population gains and job growth will fuel a 2.1 percent increase in apartment demand this year, resulting in a 40 basis point improvement in vacancy to 10.6 percent.
  • Asking rents are forecast to rise 0.6 percent in 2010 to $849 per month while effective rents retreat 0.7 percent to $752 per month.

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Austin was ranked #2 for top relocation city nationally. Here is the Forbes Magazine article: http://realestate.msn.com/article.aspx?cp-documentid=19873357

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Austin Business Journal just published an article ranking Austin as #1 for job growth potential.  Austin has been spared the real estate beatings many cities across the country have seen.

Here is the article:

Austin ranks No. 1 for job growth potential

Austin Business JournalTexas dominates a new list on job growth potential among the nation’s largest metropolitan areas.

Austin ranks No. 1 on the list of big cities for employment potential from NewGeography.com. The Capital City posted modest job growth of just 1 percent in 2008—but that was still better than a lot of other big cities. That growth, coupled with Austin’s long-term potential to continue creating new jobs, garnered it the top spot.

Texas’ major metros round out the top five spots on the big cities list, with Houston coming in 2nd, San Antonio 3rd, Fort Worth-Arlington 4th and Dallas 5th.

The list, based largely on job growth in regions across the nation over the long, middle and short term, has changed over the years, but the reports authors say the employment landscape has never looked like this.

“In past iterations, we saw many fast-growing economies–some adding jobs at annual rates of 3 percent to 5 percent,” said research Joel Kotkin. “Meanwhile, some grew more slowly, and others actually lost jobs. This year, however, you can barely find a fast-growing economy anywhere in this vast, diverse country. In 2008, 2 percent growth made a city a veritable boom town.”

Consequently, Kotkin said, this year’s list might more aptly be called the “least worst.” Still, he said, those least worst economies today largely mirror those that topped last year’s list, even if those regions have recently experienced less growth than in prior years.

In Austin for instance the 1 percent job growth in 2008 was less than a third of its annual average since 2003.

Looking at the complete list of metro areas—including large, medium and small cities—Texas again does well in the top five. Odessa ranks No. 1 on the overall list, followed by Grand Junction, Colo.; Longview; Houma, La.; and Killeen-Temple.

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