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Week in Review 3/7/08 – Mortgage Rates and Housing Market News – Austin, TX

What Did Interest Rates Do Last Week?
** according to Freddie Mac **

30-yr Fixed – LOWER
Last Week:  6.03%
Previous Week:  6.24%
1yr Ago:  6.14%

15-yr Fixed – LOWER
Last Week:  5.47%
Previous Week:  5.72%
1yr Ago:  5.86%

5/1 ARM – LOWER
Last Week:  5.34%
Previous Week:  5.43%
1yr Ago:  5.90%

Highlight of Last Week’s Major Economic Reports

Freddie Mac, “Weak economic reports that indicated declines in the job market, slowing in manufacturing, and low consumer confidence drove bond yields lower this week and mortgage rates followed.  Interest rates for 30-year fixed-rate mortgages are now at the same levels as they were two weeks ago, erasing last week’s upward jump.

“Meanwhile, the housing market continues to take a toll on the rest of the economy. Residential fixed investment shaved 1.25 percentage points off economic growth in the fourth quarter of 2007. More recently, the median sales price of new homes fell 15.1 percent in January, representing the largest annual drop on record. Residential construction fell 19.7 percent over the twelve-months ending January 2008, the largest decline since March 2007.”

Moreover, as liquidity continues to be a concern in the financial markets, the Fed has announced an expansion of its Term Auction Facility, which will open up an additional $40 billion in “cheap money” to banks and lenders.  This should help keep money flowing and loans going.

Finally, HUD finally announced changes to conforming and FHA loan limits, as outlined by the Economic Stimulus Package.  For the Austin metro area, FHA loans can now be made for up $288,750 for single-family residences.  The conforming loan limit, however, will stay put at $417,000, so there is no change to what will be classified as jumbo loans for our market.

What to Look for This Week

Sales and the Consumer Price Index will help to determine the direction of rates.

Short-Term Rate Outlook

Stable to Slight Chance of LOWER

This update brought to you by Marie Funston of Coldwell Banker Mortgage & Kevin Wilhelm of Coldwell Banker United, Realtors.

For more information on Mortgage Rates & How Marie can help you, please contact:

Marie Funston
Mortgage Advisor
Coldwell Banker Mortgage
Tel.: (512) 691-6757
www.MarieFunston.com

For more information on finding your perfect dream home here in the greater Austin area, please contact:

Kevin Wilhelm, GRI – Realtor
Coldwell Banker United, Realtors
512-417-3915

For more information and to search for homes in the greater Austin area, visit: www.KevinSellsAustin.com

GREAT HILLS OPEN HOUSE SUNDAY 3/9 2-4PM

OPEN HOUSE SUNDAY 3/9 2 – 4PM- GREAT HILLS

OPEN HOUSE THIS SUNDAY 2-4 PM

9500 Bluegrass Drive Austin, TX 78759

CLICK HERE TO VIEW A SLIDESHOW TOUR – 9500 BLUEGRASS DRIVE

This wonderful 3 Bed/2.5 Bath contemporary style stucco home features an open design with a dramatic foyer & decorative iron door, 2 living areas, large open kitchen with breakfast area, high ceilings, large walls of windows & gorgeous slate tile flooring and designer carpet throughout.

Relaxing master suite up with spa style bath & private deck with a view and 2 bedrooms & full bath on the main level.

Kick back & unwind on the large deck & enjoy the golf course & sunset views!

THIS IS A MUST SEE IN GREAT HILLS!!!!

Austin Area Job Growth Remains Strong!

Austin area job growth rebounds

COMPILED FROM STAFF REPORTS
Friday, March 07, 2008 – Austin American StatesmanTEXAS WORKFORCE COMMISSION

Job market up 4.2% in January; unemployment same as year ago

Central Texas’ job growth rebounded to 4.2 percent in January, as the region’s employment market continued to outperform most other areas of the country.

The unemployment rate was 3.9 percent, the same as in January 2007, the Texas Workforce Commission reported.

The region’s job market was growing at more than a 4 percent pace in early 2007 but slowed later in the year.

Job growth fell to 3 percent in December.

Statewide, the unemployment rate was 4.3 percent in January, compared with 4.5 percent a year ago.

By comparison, the U.S. jobless rate was 4.9 percent in January, down from 5 percent a month before.

More proof that Austin is still a great place to live……..

For more information on finding your perfect dream home here in the greater Austin area, please contact:

Kevin Wilhelm, GRI – Realtor
Coldwell Banker United, Realtors
512-417-3915

For more information on the Austin Real Estate Market and to Search Homes For Sale in the greater Austin area, please visit: www.KevinSellsAustin.com

Demand is strong for Downtown Austin Condos

Downtown living demand is strong, study shows

From the Austin Business Journal

Wednesday, March 5, 2008 – 3:50 PM CST

The steel and glass residential towers set to reshape the downtown Austin skyline aren’t just a pipedream.  They’re coming–and they’re going to be filled, a new study shows.

The analysis from Texas economist Ray Perryman suggests that while the nation battles a housing correction, Austin’s residential market remains relatively healthy.  Moreover, says Perryman, there is clear demand among Austinites to live in the city’s vibrant downtown.

There are currently about 6,000 people living downtown.  And with about 4,000 residential units under construction or planned around downtown, that population is expected to double over the next two years.  Perryman says with the Austin area adding more than 40,000 new residents annually, the local housing market will continue to fair well, and rising energy costs and traffic woes will drive a growing interest in urban living.

“This housing market will fundamentally support the type of housing being developed downtown,” Perryman said at a morning press conference at City Hall organized to discuss the report.  “There is an amble population to absorb these units.”

Asked whether those who desire to live downtown could actually afford to purchase units, most of which are over $500,000, Perryman says the market is there, particularly among young professionals coming to the area making good money in expanding fields like technology.  He pointed out that if less than 1 percent of the entire area population chose to live downtown, they would fill up all of the existing units as well as those being planned downtown.

“We are seeing a remarkable resurgence in downtown Austin,” says Mayor Will Wynn, who has been a staunch supporter of drawing more residents to downtown.  Wynn calls the blend of condo projects such as 360 and The Austonian and rentals like The Monarch and AMLI 2nd Street a healthy mix.  He also points out that projects like the redevelopment of the Green Water Treatment Plant site will include a strong affordable housing component, allowing residents who cannot afford high-priced units a chance to enjoy downtown living.

Perryman’s company, The Perryman Group, was commissioned by the developers of the Austonian project to conduct the study.

To Search For Condos Downtown, please click the link below:

CLICK HERE TO SEARCH DOWNTOWN AUSTIN CONDOS

For more information on finding your perfect dream home here in the greater Austin area, please contact:

Kevin Wilhelm, GRI
Coldwell Banker United, Realtors
512-417-3915

For more information and to search for homes in the greater Austin area, visit: www.KevinSellsAustin.com

BartonPlace Condominiums To Start Construction!

BartonPlace Condos poised to start

By Shonda Novak | Thursday, February 28, 2008, 12:47 PM

From The Austin American Statesman  – Thursday February 28,2008

Work is expected to start in about a month on the $120 million BartonPlace condominium development on Barton Springs Road, after the project won unanimous City Council approval for a zoning change today, the developers said.

The 270-unit project will replace the Shady Grove Trailer Park on Barton Springs, behind Austin Java.

The developers are Larry Warshaw and Perry Lorenz of Constructive Ventures Inc., builders of the The Pedernales, Saltillo Lofts, TwentyOne24, and Este condo projects in East Austin. Constructive Ventures is partnering in BartonPlace with Rick Engel, co-owner of Austin Java, Little Woodrow’s, Paggi House and Uncle Billy’s.

The development team has signed a private agreement with the Zilker Neighborhood Association that will forever limit the development of the portion of the property that fronts Barton Springs Road, to help preserve the local businesses that make up Austin’s popular “restaurant row.”

In addition, the developers have agreed to dedicate a trail through the property, giving Zilker residents a new link to the hike and bike trail along Lady Bird Lake. Constructive Ventures also is pledging $500,000 in cash to a local non-profit to provide affordable housing in the area.

BartonPlace has generated $40 million in pre-sales with 10 percent earnest money required, and Constructive Ventures expects construction in about 30 days.

BartonPlace is being designed by BokaPowell Architects and construction financing is being provided by IBC Bank.

For more information on reserving your own BartonPlace Condo, please click the link below:

Click Here To Search BartonPlace Condominiums

For more information on finding your perfect dream home here in the greater Austin area, please contact:

Kevin Wilhelm, GRI – Realtor
Coldwell Banker United, Realtors
512-417-3915

For more information and to search for homes in the greater Austin area, visit: www.KevinSellsAustin.com

Week In Review 2/29/08 – Mortgage Rates and Housing Market News – Austin, TX

What Did Interest Rates Do Last Week?
** according to Freddie Mac **

30-yr Fixed – Much Higher
Last Week:  6.24%
Previous Week:  6.04%
1yr Ago:  6.18%

15-yr Fixed – Much Higher
Last Week:  5.72%
Previous Week:  5.64%
1yr Ago:  5.92%

5/1 ARM – Higher
Last Week:  5.43%
Previous Week:  5.37% 
1yr Ago:  5.93%

Highlight of Last Week’s Major Economic Reports

All doubts about inflation being a problem were erased as the Producer Price Index showed a whopping 1% increase in wholesale prices last month (analysts were only forecasting 0.4%).  Of course, this spike was heavily driven by fast-rising commodities prices, such as oil and gold.  Furthermore, it’s probably safe to expect that we’ll start seeing more of these price increases be passed on to consumers down the road, which will lead to further increases in the Consumer Price Index.  That’s not a very comforting thought considering last month’s CPI was already an astounding 4.3%

As worrisome as these figures may be, it looks like the Fed will continue to make avoiding (or moderating) a recession its top priority, which means odds are still high that the Fed will cut short-term rates yet again when they meet later this month.

On the housing front, both Existing Home Sales and New Home Sales eased by 0.4% in January, which wasn’t as bad as expected.  Prices on new homes, however, saw an astounding 15% drop from last year’s levels. 

 

For now, mortgage rates are back to levels we saw back in November as inflation concerns are adding a “premium” to bond yields, but more weak economic data should help to bring them down as we begin March.

What to Look for This Week

The biggie for the week will be Friday’s Employment Report, and investors are expecting for February’s job market to show very weak numbers.  Mortgage rates will likely not move much unless the unemployment rate dips below 4.9%.

Short-Term Rate Outlook

Stable

This update brought to you by Marie Funston of Coldwell Banker Mortgage & Kevin Wilhelm of Coldwell Banker United, Realtors.

For more information on Mortgage Rates & How Marie can help you, please contact:

Marie Funston
Mortgage Advisor
Coldwell Banker Mortgage
Tel.: (512) 691-6757
www.MarieFunston.com

For more information on finding your perfect dream home here in the greater Austin area, please contact:

Kevin Wilhelm, GRI – Realtor
Coldwell Banker United, Realtors
512-417-3915

For more information and to search for homes in the greater Austin area, visit: www.KevinSellsAustin.com

OPEN HOUSE SUNDAY 3/2 1-4PM – Great Hills 3Bed/2.5 Bath Home

OPEN HOUSE TODAY (SUNDAY 3/2) 1 – 4PM- GREAT HILLS

OPEN HOUSE THIS SUNDAY 1-4 PM

Absolutely Gorgeous Home in Great Hills.

9500 Bluegrass Drive Austin, TX 78759

CLICK HERE TO VIEW A SLIDESHOW TOUR – 9500 BLUEGRASS DRIVE

This wonderful 3 Bed/2.5 Bath contemporary style stucco home features an open design with a dramatic foyer & decorative iron door, 2 living areas, large open kitchen with breakfast area, high ceilings, large walls of windows & gorgeous slate tile flooring and designer carpet throughout.  Relaxing master suite up with spa style bath & private deck with a view and 2 bedrooms & full bath on the main level.

Unwind on the large deck & enjoy the golf course & sunset views!

THIS IS A MUST SEE IN GREAT HILLS!!!!

CONTACT ME TODAY FOR MORE INFORMATION AND TO SCHEDULE A TOUR!

Professionally Marketed By:Kevin Wilhelm, GRI – Realtor
Coldwell Banker United, Realtors
512-417-3915

For more information and to view a Virtual Tour slide show, visit: www.KevinSellsAustin.com

Developer plans makeover of West Anderson Lane shopping center.

VILLAGE SHOPPING CENTER

Developer plans makeover of Anderson Lane shopping center

Plans call for more retail, larger theater; vertical mixed use with residents may follow.

By AMERICAN-STATESMAN STAFF
Thursday, February 28, 2008

A 1970s shopping center on West Anderson Lane is in line for a makeover.

The new owners of the Village Shopping Center are seeking to rezone the 12-acre site for vertical mixed use development, which could mean more shops, housing and offices.

According to a concept plan submitted to the city, developer Joe Lamy could put more than 88,000 square feet of retail, 100,000 square feet of office and more than 400 apartments on the site.

However Lamy’s lawyer, Steve Metcalfe, said that would be a long-term plan.

“At first, it will be a retail-oriented center with existing tenants,” Metcalfe said. “Long term, that site probably is a good site for vertical mixed use. It’s just a good location.”

The center houses an Alamo Drafthouse movie theater, the Korea House and other restaurants, the Academy of Oriental Medicine, a fitness center and several small retailers. The buildings are grouped around a courtyard.

It’s across the street from Northcross Mall, where a citizens group tried unsuccessfully to stop a new Wal-Mart Supercenter.

The Village redevelopment would expand the Alamo Drafthouse from four to six screens and would more than double the 131,000 square feet of space at the existing shopping center.

Click here for the rest of the story

 

For more information on finding your perfect dream home here in the greater Austin area, please contact:

Kevin Wilhelm, GRI – Realtor
Coldwell Banker United, Realtors
512-417-3915

For more information and to search for homes in the greater Austin area, visit: www.KevinSellsAustin.com

GREAT HILLS – NEW LISTING ALERT!

NEW LISTING ALERT – GREAT HILLS

OPEN HOUSE THIS SUNDAY 1-4 PM

Absolutely Gorgeous Home in Great Hills.

9500 Bluegrass Drive Austin, TX 78759

CLICK HERE TO VIEW A SLIDESHOW TOUR – 9500 BLUEGRASS DRIVE

This wonderful 3 Bed/2.5 Bath contemporary style stucco home features an open design with a dramatic foyer & decorative iron door, 2 living areas, large open kitchen with breakfast area, high ceilings, large walls of windows & gorgeous slate tile flooring and designer carpet throughout.  Relaxing master suite up with spa style bath & private deck with a view and 2 bedrooms & full bath on the main level.

Unwind on the large deck & enjoy the golf course & sunset views!

THIS IS A MUST SEE IN GREAT HILLS!!!!

CONTACT ME TODAY FOR MORE INFORMATION AND TO SCHEDULE A TOUR!

Professionally Marketed By:Kevin Wilhelm, GRI – Realtor
Coldwell Banker United, Realtors
512-417-3915

For more information and to view a Virtual Tour slide show, visit: www.KevinSellsAustin.com