Mark Dotzour, the chief economist at Texas A&M University’s Real Estate Center, has stated that Austin is likely to outperform the rest of the nation in the coming year in terms of job growth and the stability of the housing market.
Between now and August of 2009, it is estimated that Austin will add 8,500 new jobs, and as such, the housing market in Austin will recover much faster than in the rest of the nation.
With recent drops in employment and homebuilding nation wide, this is good news for Austin residents and for those contemplating a move to the area, as more job opportunities will open up and rental prices should drop by next fall.Additionally, Dotzour predicts that the number of new homes built in the area will increase.
If you are interesting in buying or selling property in Austin, contact a representative of the Carvajal group by calling 512-419-7770 today.
San Francisco-based real estate company Spear recently announced their decision to buy Riata, a local office park, from Equity Office, a subsidiary of the Blackstone Group, and JP Morgan. The property covers 1.1 million square feet. The price these companies agreed on has not been officially released yet, but it is estimated to be at least $215 million. In terms of both money and square feet exchanged, this is one of the largest real estate sales that our nation has seen since 2007.
A representative from Spear explained that Riata is attractive for the successful and quickly growing businesses that inhabit it, including Apple and Nvidia Corp. The city of Austin is growing every year as local companies take off and news of the city’s many attractions spreads throughout the country.
To learn more about Austin homes available for sale, get started on your Austin home search by calling the Carvajal group at 512.419.7770.
New lofts and condominiums are springing up all over downtown Austin, a trend that has caught the eyes of realtors and economists as well as people looking for a new home. It is speculated that this trend is being supported by a related trend: the growing popularity of a “pedestrian” mindset. As people become increasingly conscious of the health, environmental and economic benefits of walking and biking, they are becoming more interested in homes where everything they could need is within walking distance. Downtown Austin certainly offers this, with businesses, restaurants, markets, performance and more all readily available to residents.
For more information about Austin lofts, contact Austin downtown realtors through the Carvajal Group by calling 512-419-7770.
Across the nation the housing market has witnessed an overall decline in home values.According to researchers, for sale prices have dropped by 0.8% this month and by 1.7% over the past three months.Most of the pain is felt in the coastal markets, particularly in Florida, where the average property turnover rate is the highest in the nation.
Research did notice that there were a few places where the market didn’t suffer as much.The Midwest has actually seen a declining inventory over the past few months.This is good news for the short-term markets.
Experts expect greater decline in the fall, when the business generally sees “seasonal slowdowns.”Austin has one of the leading markets in the nation right now.It boasts the lowest average turnover rates in the country.
Whether you are an investor looking for new opportunity, or a family looking for a place to calm home, there is definitely still of potential in the Austin, Texas area.For more information, call the Austin real estate specialists at 512.419.7770.
The Wells Fargo tower in Downtown Austin, Texas was recently purchased by a Swiss Real Estate Investment Firm.The company had been wanted to expand their portfolio to include holdings in the United States.The purchase took place on July 8th, 2008.The building is currently 96% leased and has over 280,000 square feet of rentable space on over seventeen floors.Tenants include reputable companies and distinguished law firms.
Being close to the University of Texas, and also the central business district of Austin, it bodes for great appreciation over time.The firm boasts a portfolio of properties all over the world and supplements their income with sophisticated financial products for Swiss citizens.
The purchase is a testament to the growing Austin and central Texas economy.Home values are poised only to go upward.If you would like more information about the Austin Texas real estate market, contact the Austin Realty Specialists of the Carvajal Group at 512.419.7770.
