AUSTIN (Marcus & Millichap) – 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.
Saturday, February 6, 2010
Tuesday, February 2, 2010
MORE PEOPLE PREP FOR HOMEOWNERSHIP
MIAMI (Associated Press) – More people were preparing to buy a home in December than in November, according to the National Association of Realtors’ seasonally adjusted index of sales agreements.
Agreements rose 1 percent between November and December to a reading of 96.6, a bit lower than the 97.1 level analysts expected.
The index has risen nine out of the last ten months.
Agreements rose 1 percent between November and December to a reading of 96.6, a bit lower than the 97.1 level analysts expected.
The index has risen nine out of the last ten months.
Friday, January 29, 2010
WATER PARK PLANNED FOR CEDAR PARK
CEDAR PARK (Austin Business Journal) – Schlitterbahn Waterparks plans to build a $360 million resort development and convention center in this city north of Austin.
The city will provide $6 million for the 95-acre project’s infrastructure costs.
The Lower Colorado River Authority has not yet determined how the water park may affect local conservation efforts.
The Cedar Park location is a partnership between Rick Redmond, Schlitterbahn Waterparks and Cedar Park city hall.
The city will provide $6 million for the 95-acre project’s infrastructure costs.
The Lower Colorado River Authority has not yet determined how the water park may affect local conservation efforts.
The Cedar Park location is a partnership between Rick Redmond, Schlitterbahn Waterparks and Cedar Park city hall.
Saturday, January 16, 2010
IPHONE APP AIDS IN HOME SEARCH
HOUSTON (Houston Chronicle) – The National Association of Realtors has turned the iPhone into an industry tool with this week’s launch of a free application that allows users to access four million listings nationwide.
Realtors with this application can:
• search nearby homes based on their current location using the iPhone’s GPS;
• sort, refine and filter search results for every property listed on Realtor.com;
• find open houses within a 20-mile radius of the user’s location;
• call or email the listing agent; and
• make notes about a property.
The Houston Association of Realtors is also developing an iPhone application, which should be available in early April.
Realtors with this application can:
• search nearby homes based on their current location using the iPhone’s GPS;
• sort, refine and filter search results for every property listed on Realtor.com;
• find open houses within a 20-mile radius of the user’s location;
• call or email the listing agent; and
• make notes about a property.
The Houston Association of Realtors is also developing an iPhone application, which should be available in early April.
Tuesday, January 12, 2010
FARMERS INSURANCE SCALES BACK RATE HIKE
AUSTIN (Dallas Morning News) – After originally proposing a statewide rate increase of 10 percent for Texas homeowners, Farmers Insurance has agreed to cut the rate hike by more than half.
State Insurance Commissioner Mike Geeslin, who called the initial rate plan "excessive and unfairly discriminatory," signed a consent order Monday agreeing to a 4.5 percent increase for the 300,000 customers of Farmers' largest home insurance subsidiary.
Farmers, the state's third-largest home insurer, said the rates were necessary because of increased property losses and a jump in the cost of reinsurance, which insurers buy to help pay claims after a catastrophic event.
The order does not require the company to lower its rates until March 16, and the new rates will stay in effect until at least March 16, 2011.
State Insurance Commissioner Mike Geeslin, who called the initial rate plan "excessive and unfairly discriminatory," signed a consent order Monday agreeing to a 4.5 percent increase for the 300,000 customers of Farmers' largest home insurance subsidiary.
Farmers, the state's third-largest home insurer, said the rates were necessary because of increased property losses and a jump in the cost of reinsurance, which insurers buy to help pay claims after a catastrophic event.
The order does not require the company to lower its rates until March 16, and the new rates will stay in effect until at least March 16, 2011.
Thursday, January 7, 2010
Federal Housing Tax Credit
Wondering if you would qualify for the Federal Housing Tax Credit as a 1st time home buyer or a repeat buyer? Check out their website to see if you qualify! Lots of useful information on the site.
http://www.federalhousingtaxcredit.com
Let me know if you have any questions - I can recomment several wonderful lenders that would be happy to answer any additional questions that you might still have!
http://www.federalhousingtaxcredit.com
Let me know if you have any questions - I can recomment several wonderful lenders that would be happy to answer any additional questions that you might still have!
Wednesday, January 6, 2010
BEST PLACE TO INVEST? TEXAS, REPORT SHOWS
AUSTIN (Austin Business Journal) – Grubb & Ellis Co. ranked Austin the best U.S. city for long-term investment in commercial real estate, while Houston placed sixth.
The California-based company expects commercial real estate to falter at a slower rate in 2010, bottoming out at the end of the year and beginning a slow recovery in 2011.
Grubb & Ellis forecasts the investment market to rebound slightly in 2010, with some assets entering the market. This uptick should prompt increased sales volume of 20 to 30 percent. The forecast also predicts the record-high office vacancy rates to continue, stretching as high as 19 percent by the end of the year.
The California-based company expects commercial real estate to falter at a slower rate in 2010, bottoming out at the end of the year and beginning a slow recovery in 2011.
Grubb & Ellis forecasts the investment market to rebound slightly in 2010, with some assets entering the market. This uptick should prompt increased sales volume of 20 to 30 percent. The forecast also predicts the record-high office vacancy rates to continue, stretching as high as 19 percent by the end of the year.
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