The recession has caused the luxury home market in Austin to really take a tumble and this foreclosure is a direct result of the lack of demand in high end custom homes and home sites.

The second quarter saw vacancy rates in office space decrease for the first time since 2007 due to the fact that new construction in office space has slowed significantly and the market is catching up.  The biggest mover is the downtown Austin Central Business District where rates have been falling steadily since the 4th quarter of 2009.  New plans for high density developments are in the works.

Occupancy rates for retail buildings has also increased to just under 92% making the Austin area the only Texas metro area to show an increase in the first 6 months of 2010.  Minimal amounts of new construction will see those occupancy rates increase even more over the next few months.

Meanwhile, industrial vacancy rates are at a high not seen since the big crash of the late 1980s.  The citywide vacancy rates increased from 22% at the end of 2009 to the present rate of 24%.  However, experts are predicting this to slow down soon as there are several large leases pending.

Overall area brokers are reporting an increase in the volume of deals getting done in the marketplace.  This has lead to an increase in optimism and an sense that things are turning around.

The Austin market has remained one of the strongest real estate markets in the country.  We have not seen the big dips in prices that other markets across the country have seen.  This can be attributed to restraint by area builders who did not create an oversupply of housing and to our strong local economy which is still creating jobs.  Just recently Samsung announced they were investing $3.6 billion to expand its semiconductor business here.

Although it’s going to be a slow recovery, it’s good to see that signs are definitely pointing in the right direction.

Just when it seemed that making use of the First Time Home Buyer Credit was completely gone, Texas introduces the new Texas Department of Housing & Community Affairs (TDHCA) Bond 77 Program. The Bond 77 program is a new Zero Down Home Loan that will assist home buyers with their down payment towards the purchase of a home.  It is said that the state of Texas has backed this program with $500 million dollars in funding and should be releasing the program in late May. With this kind of allotment of funds available for the program and an alternative option for down payment, it’s sure to become a popularly sought out program by both first time buyers and existing home owners looking to purchase a home.

There are some Bond 77 details that might be of interest to anyone looking to make use of this program. It should be noted that the interest rate on the loan will be locked for thirty years. All fees will be strictly restricted (this is a good thing for all borrowers). For those looking to gain assistance with a down payment, Bond 77 will provide borrowers with 5% towards the down payment and closing costs.  As long as the borrower remains in the purchased home as a primary residence, the borrowers may enjoy not having to worry any form of payments towards the amount assisted with. Availability of this program depends on the number of individuals in the household and on area of the first time home buyers or existing home owners looking to purchase.

The Bond 77 program will not run indefinitely. Funds will be appropriated effectively on a first come first serve basis. As soon as the funds are depleted, the program will cease to exist and terminate.

If you’d like more information regarding Bond 77 or have any questions in regards to Bond 77 or hill country property, visit our website at http://www.dmtx.com. You may also get more information from the Texas Department of Housing and Community Affairs here.

Creek on 48+ acres in Southwest Austin

We just listed this gated, wooded 48+ acre estate tract with intermittent creek and deep pond. Land currently features a 4,000 sq. ft. home and barn. There is the possibility of subdividing this property into 2+ acre tracts for development.

The 48 acres are gated with frontage on 3 county maintained roads, city water line, well, electricity on property. This rare tract is located just off Hwy. 290, only 20 minutes to downtown Austin. Find out more about it here.

Who We’d Like to Meet:

You have experience in the real estate business and have a real estate license or a getting a real estate license

You are highly proficient in all Microsoft Office products

You have enviable Photoshop/Creative Suite skills

You love to blog and are very familiar with blogware such as Wordpress – you want to show us your very successful blog

Familiarity with tracking and compiling web site data

When you’re not working (or sometimes when you are), you’re networking on Facebook, Twitter and that newest site that no one’s discovered – yet

You listen well and don’t want to be told what to do over and over again

Your friends and family envy your organizational skills

You like to take the ball and run but don’t mind a little direction along the way

You have a reliable form of transportation

Please submit resume and cover letter by clicking on this link!

Thanks,

The Dave Murray Team

www.DMTX.com

SXSW Interactive includes a tradeshow for business and technology insiders to display their new gadgets and services, as well as conferences and panels discussing news and issues both locally and globally. Many travel from around the country or further for these exclusive Interactive events, particularly from Silicon Valley and the West Coast. This year especially, many of these visitors were discussing staying.

For “Making the Move from California to Austin,” local software developer and journalist Jason Levitt and Chair of Urban Transportation Commission and CEO of Less Networks Richard MacKinnon led an interactive panel of about 25 people, half from Austin and half from the West Coast. The two panelists presented information presenting Austin’s strong economic growth (that made it the “Best City for Jobs” and the only metro area to grow in the past year), the low recession impact and pro-business environment, and local high-tech industry.

Lake Travis Acreage

An informal vote following the panel showed that the west coast visitors considered Austin an upgrade. One participant, considering a wine-import company start-up, said, “I want to live somewhere with people who are friendly, laid-back and accepting. Even in the few days I’ve been here, talking to the locals, I know Austin has these qualities.”

Moving your business or home to Austin, big or small, is a strong choice with many benefits. Ask us today about information on relocation.

Pictured: Lake Travis Acreage

Lake Travis Acreage

Just a few miles north of Lago Vista, this approx. 24.5 acre Lake Travis waterfront property features gorgeous views of the limestone cliffs along the Cow Creek arm of Lake Travis. A gentle slope leads to the very accessible 650+ ft. of waterfront which features a nice flat area perfect for a lakeside cabana or patio. Terraced land also features a wet weather creek with limestone grotto and rough roads cut to the 1,000 SF home with all utilities. Could be renovated or torn down to build your dream home. No restrictions, ability to subdivide and commercial possibilities with highway frontage.

See the listing or virtual tour for more.

Big waterfront on Cow Creek Arm of Lake Travis - over 330 feet