Blue Skies Here | Central Texas

Confused about the Real Estate Market in Central Texas?

You're not the only one.

There is a lot of confusion on the market.  I've had more than one person look at me incredulously and say, "You're closing deals???  NOW????"  Or "There is Money Out there to be LOANED???"  I wanted to let you know that the answer to both of those questions is a resounding YES!

Remember: when the national news media tells you that the US Real Estate Market is "Bad" it's like giving you the statistc that the average temperature in the US yesteray was 82.  How relevant is that to you locally?

Here's some information for you:

• Last month I was able work with buyers and close on an FHA-funded loan in 7 business days.
• This past week, I placed a home on the market and received a great contract on it in 5 days.  No, this property was not price slashed or discounted – and neither was the offer.
• I'm working in close connection with lenders – and there is money available for loans for qualified buyers at great rates!

I know that many out there are trying to time the market.  Think about this – people who "time it perfectly" are usually lucky.  The rest of them know the market has hit bottom because it's already going back up.  That's how they identified the "trend."

In my opinion – now is the time to:

• Move up.  You may not make as much of a profit on your home as you had hoped.  However, it's very likely you will be able to get a great deal on your subsequent purchase and more than make up the difference.  And think about the appreciation over time…
• Invest.  Once the media says "now is the time to buy," the market will be flooded.  Serious investors are buying now.  Additionally, if more banks fail credit will tighten and rates will go up.

So…

• Now is the time to negotiate from a position of strength.
• The selection is good right now – that said, in coming weeks and months it's my opinion that sellers will pay attention to the national media and will either pull their home from the market or not enter.
• Once you've made your purchase – hold for at least 5 years.

If you have any questions about your home – or a prospective purchase – please feel free to call or email.  Or if you have general questions about the health of the

Central Texas

real estate market – I'm here to answer them.

Thai in Georgetown? YES!

When I was visiting "The Square" a couple of months ago, I noticed a sign on Seventh that announced "Dia Thai Cuisine Opening Soon."  Huh?  Thai in GT?  Sounded good to me!  I love Thai food, and have not been able to find a good, convenient place to go since I moved fto GT rom Northwest Austin in 2001.

I'm no food critic -- so take this as you will -- but both my husband and I thought the food was great!  My coconut and lemongrass soup with chicken was steaming hot, well spiced and perfectly delicious.  In fact, the next day I found myself craving another bowl.  My entree -- a spicier Pad Thai with basil was wonderful.  Though -- fair warning -- it was pretty spicy hot -- and I am a "hotmouth." So, you may want them to tone it down if you don't like things really hot.

The restaurant was well decorated -- and the dishes were modern and sleek.  Additionally, there were some outdoor dining table set up.  How nice to be able to enjoy the fall weather while enjoying dinner.  I'd definitely recommend you giving it a try.  Let me know what you think!

Dia Thai Cuisine is located at 114 E. Seventh St., Ste. 105 in Georgetown, Texas.

Playing to my Kids' Sense-abilities

This morning on my way to the office, I was listening to an interview with renowned chef and restaurateur Alice Waters.  She was talking about how going to the Farmer's Market is not a chore for her, but a pleasure.  That she loved nothing more than preparing chicken stock or fresh baked bread before her children came home from school -- because it was a sensory experience for them.  It made them feel good, and told of good things to come (home cooked dinner!).  She went on to say that she felt bad for many kids today who don't experience much more than fast food.  How these kids are missing a big part of the sensory experience of childhood.  The tomatoes are scentless, the food is packaged, there are containers and packets...

I couldn't agree more.

We all know how strong our senses of smell are...how the scent of cinnamon buns reminds us immediately of grandma or how the smell of a gym takes me back to that AWFUL 7th grade PE class and that RIDICULOUS baby blue gym uniform with LOMBAR emblazoned across the front...  I digress.

I try hard every day to prepare a homemade meal for my family.  I don't always get it done, but I do my best to make it a priority.  It makes my family feel special -- that I took the time to prepare something for them.  We all pitch in - my 6-year old sets the table, my husband clears, my 2-year old makes a mess...  Regardless, it's a family event -- memories in the making.

What I'm saying is that while we're rushing around trying to give our kids "the best" and watching them click, clack on a video game or computer, perhaps those 30 minutes would be better spent making a meal they can enjoy.  Or taking them to the local Farmer's Market and letting them experience what a REAL tomato smells and tastes like. 

I have a couple of pots of tomatoes, some peppers, and will be adding a spice garden soon -- I'm inspired by Alice!  My son and I tend to the plants we have now, and he gets such a charge out of watching them grow.  In fact, every other day or so he runs out to count the tomatoes and reports back to me on our progress.  My 2-year old daughter loves nothing more than to pick ripe fruit from the vine.  Some of them even make their way into a salad...

Fountainwood Statistics: 9/1/08 - 10/1/08

Below you will find the statistics for Georgetown, Texas', Fountainwood neighborhood.  NOTE: I have not broken out each individual area in the neighborhood.  This is broad data to give an idea of the market landscape.  If you need specific information about an area within Fountainwood -- or want market information about a specific property -- please contact me directly: klombar@kw.com

ACTIVE MARKET: 13 properties on market

• Average Age of Home: 1999
• Average List price: $378,785
• Average Price per Square foot: $127.73
• Average Days on Market: 66

PENDING SALE: 1 Property (being that there is only one property pending, I will not broadcast at this point)

SOLD: NONE in the last 30 days

Berry Creek Beauty: 4/2, 1-story, $260,000

www.30501SaintAndrews.com

 

The sellers have invested over $25,000 in updates into this gorgeous, custom, Mediterranean home.  Located in Berry Creek - one of Georgetown's prestigeous golf course communities, the property boasts a gourmet kitchen with granite and stainless steel, open floor plan with no wasted space, a greenbelt view, wrought iron fencing, plantation shutters, two large patios in front and back, water softener, and custom garage cabinetry for extra storage.

For more information, please contact me: klombar@kw.com

 

Berry Creek Sales Statistics: 9/1 - 10/1/08

Below are the real estate sales stats for Berry Creek for September.  If you would like more specific information (community/areas within Berry Creek) please feel free to email me at klombar@kw.com.

ACTIVE LISTINGS: 66 homes on the market; Average asking price: $337,816; Average Size: 3076 sqft; Average days on market: 124

PENDING SALES: 4 homes; Average asking price: $331,390; Average size: 3137 sqft.; Average days on market: 61

PENDING TAKING BACK-UPS: 5 homes; Average asking price: $362,400; Average size: 3270; Average days on market: 124

SOLD: 6 homes; Average asking price: $279,815; Average closed price: $272,333; Average size; 2884 sqft; Average days on market: 114

Georgetown Village Sales Stats: 9/1 - 10/1/08

Below are the real estate sales stats for Georgetown Village on the west side of Georgetown for September.  If you would like more specific information (community/area) please feel free to email me at klombar@kw.com.

ACTIVE LISTINGS: 15 homes on the market; Average asking price: $254,557; Average Size: 2534 sqft; Average days on market: 69

PENDING SALES: 6 homes; Average asking price: $232,048; Average size: 2415 sqft.; Average days on market: 40

SOLD: 4 homes; Average asking price: $203,198; Average closed price: $201,838; Average size; 2199 sqft; Average days on market: 103

Serenada: $274,895; 4/3.5 UPDATED w Inground Pool

www.4217MadridDrive.com

 

The sellers have pulled out all of the stops on this one: over $60,000 in updates/upgrades to this property! Think: Travertine, granite counters, updated appliances, replaced heating/AC  units and thermostats, NO POPCORN, wood floors, replaced baseboards, doors, fixtures and hardware.  Two living areas -- one open to kitchen, the other a huge gameroom.  PLUS an in-ground pool with separate wrought-iron fenced play area with playscape.

And, at a great price for desirable Serenada.  Visit the above web site to see the virtual tour -- this home SHINES.

Serenada Sales Statistics: 9/1 - 10/1/08

In September we saw one home close escrow in Serenada East and one in West/Country Estates.  I don't need to tell you that the last 30 days has been tumultuous in all markets.

That said here's the overview of the current market. 

SERENADA EAST

• Active Market: 5 homes - Average Price: $207,120; Average Square Feet: 2436; Average Days on Market: 65
• Pending Sale: 3 homes - Average Price: #177,340; Average Square Feet: 1720; Average Days on Market: 41
• Sold: 1 home

SERENADA WEST/COUNTRY ESTATES

• Active Market: 6 homes - Average Price: $264,798; Average Square Feet: 2671; Average Days on Market: 12
• Pending Sale: 1 home
• Sold: 1 home

Want to know about your home's value?  Contact me: klombar@kw.com.

Central Texas: Invest Long Term

Following up my last post, I know a number of folks who have a six-year old at home.  They are looking at their current investments and wondering -- how am I going to pay for college when it's time for my son or daughter to go?  I've recommended adding to their portfolio an investment property that they hold in the long term and sell when it's time for college.

Think about it -- on average in Central Texas we see 6-8% return on homes compounding year over year. On a $100,000 home, looking conservatively at appreciation (I have rounded):

• Year One: $106,000
• Year Two: $112,360
• Year Three: $119,102
• Year Four: $126,248
• Year Five: $133,823
• Year Six: $141,852
• Year Seven: $150,364
• Year Eight: $159,386
• Year Nine: $168,949
• Year Ten: $179,086
• Year Eleven: $189,831

Now, I realize that there may be down years -- and we have not factored in the property taxes, occupany rate, maintenance, and cost to sell at the end of the term.  I have also not provided rent estimations to cover mortgage, tax benefits available, and depreciation -- will do that in upcoming posts. 

That said, good food for thought.