Hey Everyone, below are 6 real estate articles I thought you might find interesting, plus 15 virtual open house tours that are currently for sale.  Hope this is helpful to you!

·             Robert’s Insight on the Market (Austin/Round Rock area)

·             $8000 Home buyer tax credit EXTENDED plus $6500 buyer tax credit for others (National)

·             FHA delays implementing rules for condo loans (National)

·             Domain retail delayed, hotel debuts (Austin)

·             Texas’ existing home sales, prices up (Local)

·             When will recession end? (National)

·             VIRTUAL OPEN HOUSE TOURS (Austin, Cedar Park, Hutto, Round Rock, Georgetown, Spicewood)

ROBERT’S INSIGHT ON THE MARKET - Opinion

I’ll make today’s real estate insight short and sweet. I have heard a lot of investors talk about how great of an opportunity today’s real estate market is.  They are saying we may never see this time again, with interest rates this low and real estate down like it is, and some are seeing the light at the end of the tunnel.   There are many opinions on when we are officially “coming out of the recession”, but everyone agrees that we will be coming out of it soon and they see a strong potential for hyper inflation.  “If” hyper inflation does occur, hard assets, such as real estate, etc, are a lot of the times where investors like to have their money.  I’ve heard of several investors now trying to buy all they can in real estate, for just this exact reason. One supporting point they are making is to imagine the competitive edge you have if you bought a home or an apartment and you got a 5% interest rate (today) and the landlord down the street in a few years gets an 8% interest rate on a house they probably also paid more for…  And as interest rates climb, some investments become more appealing for those who are already holding investment property.

That said, the residential real estate market in the Austin/Round Rock area is still doing good.  There is just over 6 months of inventory as a whole in our area.  Homes under $200K continue to sell at good speeds and it becomes a little bit slower the higher you go up in price. However, a good home, in a good location, marketed right and set up right is still selling at good speed and value.   

Commercial real estate is obviously still taking a hit.  Development is still “slow” due to money being tighter on the commercial lending side.  However, if you drive around town, there sure seems to be a lot growth happening (comparatively speaking), so it is still exciting to watch, even in this environment.  I’m also feeling a lot more activity on commercial real estate, which may or may not indicate a trend of optimism, and even more growth on the edge of coming through.

One thing is for sure, interest rates will soon start to rise and we may never see these lower rates again.  That doesn’t mean that everyone should be buying right now, as you still have to be in the right place in your life.  But if you are in the right place for you and your family, secure, and thinking about it, now is potentially a once in a life time chance to take advantage of all the incentives, historically low interest rates and lower real estate prices.

All and all, we should feel lucky to be in the Austin/Round Rock area, since we are the best real estate market in the Nation – don’t forget that!  I’ve said this before, but I keep hearing my seasoned investors saying it.  A lot of millionaires were made during the 80’s in real estate in Austin and many are predicting a lot more being made during our current time period,for those who buy and invest right.

PS - I just read an article from the Austin Letter that says the data shows Austin was out of the recession as of this August.  This articles states that if this is true, the months and years ahead for our area here is tremendous.  It highlights a quick 29 National accolades that Austin continues to receive for being best place to live, best real estate market, etc which does not include all the statewide accolades we continue to get in addition the 29 National ones.  It talks about how Austin is very uniquely positioned for great things to happen.  It also talks about one of the factors the Nation is “waiting” on is what is going to happen with the health care plan and how it could affect businesses.  More to come!

Robert Fischer – Realtor - Keller Williams Realty – 512-791-0229

$8000 HOME BUYER TAX CREDIT EXTENDED PLUS

$6500 BUYER TAX CREDIT FOR OTHERS

How to Cash In - Money Watch – CBS - by Ilyce Glink | Nov 9, 2009

By now you’ve heard that President Obama signed the law extending and expanding the first-time home-buyer tax credit, opening it up to many current homeowners and expanding the income limits. Even if you don’t plan to buy or sell a home soon, the credit could affect your finances in a big way.

Here’s what you need to know to make the home-buyer tax credit pay off for you.

Who Qualifies …

Under the new rules, there are actually two credits:

~ First-time home buyers with adjusted gross incomes up to $125,000 (singles) or $225,000 (married) can get the full $8,000 tax credit if they purchase a primary residence before June 30, 2010 and haven’t owned a home in the past three years. The credit shrinks if your income is over those levels and is not allowed once income hits $145,000 for singles or $275,000 for married couples.

~ Current homeowners can snag a credit of up to $6,500 if they’ve lived in their primary residence for five concurrent years out of the past eight, meet the same income thresholds as first-time buyers, and purchase a primary residence before June 30, 2010.

… And Who Doesn’t

In addition to buyers who top out the income limits, there are a few other buyers who are excluded.

~ Luxury market: You can’t use the new tax credit to buy a property that costs $800,000 or more.

~ Vacation or investment homes: You can’t claim the credit to buy a second home, vacation residence, or investment property.

Also worth noting: You can’t take the credit if you acquired the home as a gift or inheritance or from your spouse, parents, grandparents, children, or grandchildren.

How Long Do You Have?

The new extension actually pushes the deadline back an additional seven months. Although the credit technically expires on April 30, 2010, if you have a binding contract by that date and close by June 30, you’ll still qualify. (The original credit was due to expire November 30, 2009.)

Members of the U.S. armed forces, military intelligence, or foreign service on qualified extended duty get an extra year to take either credit. And if you or your spouse has been deployed overseas for 90 days or more in 2008 or 2009, you have until April 30, 2011 to claim the tax credit.

When Do You Get the Credit?

Glad you asked: Buyers don’t actually have to wait to file their 2010 returns to get the credit. As long as you buy a home in 2010 before the program expires, you can claim the tax break on your 2009 federal tax return.

Is There a Catch?

The feds don’t want to be seen as helping house flippers, so if you take the credit, you will need to stay put. If you sell the home or move to a different primary residence within three years of closing, you’ll then be forced to repay the tax credit.

Advice for Buyers

If you’re married and never owned a home, but your spouse owned one within the past three years, the two of you won’t qualify for the $8,000 first-time home-buyer credit. You will qualify for the $6,500 credit for current homeowners, assuming you both meet the other requirements.

But if you want to buy a house with your child, the credit’s available even if you already own a primary residence. Your child will get the credit of up to $8,000 as long as he or she meets the other qualifications–even if you own half the property.

What If I’m Not in the Market?

Even if you’re not shopping for a home, the credit is likely to offer you a payoff.

~ Sellers: If your house is priced below $800,000, be sure to include language in your selling materials and online, reminding both first- time and trade-up buyers that your home may help them qualify for the credit.

~Homeowners: Even if you’re not planning to buy another house soon, the credit could help your net worth. The first iteration of the credit certainly seemed to have an impact–the National Association of Realtors says first-time buyers accounted for more than 45 percent of home sales in the past year. If the new tax credit works as well, it could aid the sales of hundreds of thousands of additional homes, sopping up more of the excess inventory. And that’s exactly what you want to happen: Your home value can’t begin to rise until the other homes in your neighborhood are sold.

FHA DELAYS IMPLEMENTING RULES FOR CONDO

 LOANS

Daily Real Estate News - November 5, 2009

FHA Delays Implementing Rules for Condo Loans

The Federal Housing Administration says it will implement a new approval process for condo financing on Dec. 7 – the second time the deadlines have been pushed back. The delay also brings a relaxation of new rules, according to the Mortgage Bankers Association, which has been negotiating with FHA.

Under the latest iteration of the rules, 50 percent of units in a condo project will be eligible for FHA funding and up to 100 percent will be eligible in “well-established” projects with a minimum of 10 percent reserves. Half of the units will have to be sold to owner-occupants before FHA will back any loans.

In an important move, FHA said it wouldn’t require the recertification of some 40,000 projects that have already been certified for FHA financing.

“If what the MBA says is the deal, it’s essentially a nonevent,” said mortgage banker Faramarz Moeen-Ziai.

The U.S. Department of Housing and Urban Development confirmed a delay in implementation but wouldn’t comment on the changes the MBA says FHA has agreed to.

[Editor’s note: FHA Commissioner David Stevens talks about the new condo rules and other FHA issues, including appraisal guidelines and the agency’s credit performance, in an interview with REALTOR® Magazine. Listen to excerpts in a blog post on the interview.]

Source: Inman News, Matt Carter (11/05/2009)

DOMAIN RETAIL DELAYED, HOTEL DEBUTS

AUSTIN (Austin American-Statesman) – The retail phase of Endeavor Real Estate Group’s Domain project has been put on hold for at least three years, but a boutique hotel will open Nov. 12.

The phase that will bring a Whole Foods Market, Saks and a Nordstrom to the North Austin development near Burnet Rd. and Braker Ln. may not begin until late 2012 or early 2013.

Meanwhile, the $26 million Aloft will open in less than two weeks. The 140-room hotel was developed by Kansas-based Lodgeworks LP and Dallas-based Open Hospitality Partners.

In addition to the Aloft hotel, a 175,000-sf office building has been completed and fully leased to OneWest Bank Group.

Endeavor’s envisioned mini-city sits adjacent to Simon Property Group’s mixed-use project, also named Domain.

TEXAS’ EXISTING HOME SALES, PRICES UP

TEXAS (Real Estate Center, CNNMoney.com) – A total of 18,643 existing single-family homes were sold in Texas last month, a 4 percent increase from September 2008, according to MLS data compiled by the Real Estate Center at Texas A&M University.

The median price rose 2 percent to $147,900 during the same period, and the state finished the month with a 7.1-month inventory of existing homes.

Here is how select Texas cities fared in August (data current as of Oct. 23, 2009):

Sales Change from - Last Year -  Median - Price Change from - Last Year Months’ - Inventory

Austin 1,974 up 8% $182,700 no change 6.4

Beaumont 146 up 76% $131,400 down 3%  8.9

Bryan–College Station 128 down 12% $152,500 up 8%  7

Dallas 4,010 down 7% $156,400 up 4% 6.3

El Paso 485 up 8% $130,000 down 3% 8.7

Fort Worth 744 down 13%  $112,500 down 4% 6.7

Houston 5,315 up 31%  $155,600 no change 6.5

Lubbock 248 no change $111,000 down 2%  5.5

San Antonio 1,604 down 3% $146,700 up 2%  8.1

Wichita Falls 106 down 24%  $121,100 up 35%  7.5

Additional home sales data for these and other major Texas cities are available on the Center’s website.

Meanwhile, the National Association of Realtors reported today that, nationally, year-over-year sales of existing homes were up 9.2 percent last month. The median price of homes sold in September was $174,900, down 8.5 percent from last year.

WHEN WILL RECESSION END?

COLLEGE STATION (Real Estate Center) – Three things have to happen before the current recession can be declared ended. One is underway, said Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University.

“I think the economy will begin to turn for the better once the health care and cap-and-trade issues are settled. Those two political debates are creating substantial uncertainty for business owners and investors,” he said.

The personal savings rate is the second trend to watch, said Dotzour.

“Over 70 percent of the U.S. economy is consumer spending,” he said. “When the savings rate finally levels out, consumer spending will start to increase again.”

Increased corporate profits are the third trend that must occur to bring the recession to an end. There is some indication that has already begun. The last three data points were all up. Rising profits lessen the urge for companies to lay off workers.

Research Economist Dr. Jim Gaines added that the increased corporate profits have come from reduced costs, not the kind that leads to expansion.

“Keep your eye on these three issues,” Dotzour said. “When they are resolved, the economy will begin to turn the corner.”

Robert Note: According to the Austin Letter, the Austin area was officially out of the recession as of this August.

VIRTUAL OPEN HOUSE TOURS:

2101 Tall Withers – AVAILABLE – $210,000-Austin-Short sale subject to lender approval. Great price.  Well kept 4/2.5 + game room, open kitchen w/ recess lighting, tons of counter space, cul-de-sac, great front porch, extended shower in master.

           Click to view virtual tour now: http://vt.realbiz360.com/Listing-247541.html

11400 W Parmer Ln #23 –AVAILABLE - $172,000-Cedar Park-Rare single unit detached condo, 3/2.5, very clean, bar seating + center island, c-tile, lots of cabinet & counter space, stainless steal appliances.  Close to Dell and great for active lifestyle.

           Click to view virtual tour now: http://vt.realbiz360.com/Listing-247309.html

435 Blackman Tr –AVAILABLE - $123,000 – Hutto-Short sale subject to lender approval. Must sell before foreclosure.  1 story, 3 bed + study, 2 bath, neutral paint colors, rounded corners & art niches, water softener, recessed lighting.

           Click to view virtual tour now: http://vt.realbiz360.com/Listing-247088.html

2517 Henry Rifle – AVAILABLE – Cedar Park – $279,899 - Almost 4000 sq ft home, 3 car garage with 5 bedrooms, study and gigantic game room in Silverado West.  Ready for move in – Seller says bring offers.

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-230592.html

-Investment Opportunity for Immediate Sale Five Undeveloped Lots - 45% below Market Value A buy now price of $65K for all 5 lots (sold together) with a market value of over $120K

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-229940.html

- 3680 Fossilwood –AVAILABLE – Round Rock - $229,899 - Great 3 bedroom + game room + study option at end of quiet street in Mayfield Ranch.  Amazing real exotic wood floors-large kitchen w/ center island, desk area, 42″ cabinets, overlooking family room, & tons of counter space

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-215934.html

-1905 Patton Lane-AVAILABLE-Austin-$329,000-$4100 a month in rental income for the last 3 years & has potential for doubling that amount w/conversion-Amazing investment opportunity for investors w/ about $1000 a month in cash flow after PITI-Current owners replaced two A/C units, duct work, insulation, 80 gal water heater, blinds, etc.-This 10 bedroom home w/4 full baths & private back yard which is rented out by the room is proven to cash flow w/tons of potential for even more-Could possibly rezone commercial- potential development across street.

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-206703.html

- 15512 Miss Adriennes Path-FOR SALE OR FOR LEASE-Pflugerville-$129,900 OR-$1075/month –New 18” ceramic tile, Popular 1 story, 3 bedroom home with great back porch and back yard - kitchen open to the family room, great counter and cabinet space - 2 full baths - front porch - refrigerator included.

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-206812.html

-16824 Luckenwald-AVAILABLE-Lower Price-$169,900- Round Rock - Rare 4 bedroom, 2.5 bath plus a game room in a great neighborhood at this price.  Big kitchen with lots of cabinet and counter space.  Large backyard.  

            Click to view virtual tour now: http://vt.realbiz360.com/Listing-193087.html

-310 Courtnees Way-AVAILABLE-Georgetown-$910,000-Gorgeous 5 bed/5 bath home on 4.73+ acres or could purchase the additional 3+ acres, Onyx counters throughout, fantastic outdoor kitchen, his and her walk in closets (hers is 120 SF) & much more! www.310CourtneesWay.com

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-180295.html

-1 Valley Trail-AVAILABLE-Round Rock-$435,000-Rare residential/commercial property – No restrictions!  1 sty home on 4.28 acres w/approx 950 SF guest home/office, 4000 SF workshop, granite counters in kitchen, wood floors, and huge back patio.

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-169153.html

-1918 Mulligan- AVAILABLE-Round Rock-$55,000Great steal & best lot in established golf course community!  Nice flat lot at great price!  Choose your own builder!

          Click to view virtual tour now: http://vt.realbiz360.com/Listing-118339.html

-387 CR 495- AVAILABLE-Coupland-$232,650-Has other property across the street than can be subdivided.  Current share crop and hay crop-fronts to Brushy Creek for about .25  to .5 miles-Build your own home to overlook property.  

            Click to view virtual tour now:  http://vt.realbiz360.com/Listing-117374.html

-4000 Harvey Penick-AVAILABLE-Round Rock- $98,000-Nice level lot in Forest Creek that backs to the golf course – one of the last ones remaining! No builder restrictions!

-IH-35 Frontage – AVAILABLE – Round Rock- $7,000,000 ~34 acres of last remaining commercial frontage land - fronts to 35, backs to railroad, has future 3-way road frontage, and probable highway flyover-Great investment potential!

          Click to view virtual tour now: www.RoundRock35Frontage.com

Hope this was helpful,

Robert