Blue Skies Here | Central Texas

Williamson County: Time for a Mind Shift on Real Estate Pricing

The Williamson County Association of Realtors just sent out the latest data on real estate transactions -- the number of transactions being done and the average pricing per transaction.  Up until September, we were holding at 2006 levels in terms of the number of transactions being done.  Over the months following we have seen a significant drop -- to 2002 levels.  That said, the prices on the homes closing are still up.

What does this mean?

We are at a point at which we are going to have to reduce prices on average/below average properties in order for them to sell.  The best of the best is selling at a good rate -- however, the rest is not and these homeowners are either having their listings expire with no contract or even offers or are having to lease their homes out.

What can you do?

If you have the money to invest in your home you can make it the best of the best.  However, you want to ensure that the investment will pay off -- and in a timely manner.  I have recommendations on these types of improvements if you would like to email or call me.  Or you can shift your expectations -- we are seeing a need for pricing adjustments.

Take a look at the graph below:

What's It Worth Wednesday

I've mentioned before that each Wednesday we provide data on a few Central Texas neighborhoods.  I thought for those of you who haven't subscribed to the email, that I'd put some of the data on my blog as well.

Once again, it’s worth noting that legally I can only broadcast averages, so your home may be worth more or less than these numbers below.  That said, the information will give you an idea of broad data.  Want to see your neighborhood?  Drop us a line, and we'll make it happen.

You can also visit What's This Home Worth for a no-strings-attached CMA.

Sales from 10/8/08 to 12/9/08.

                                                                  # sold          Avg. sale price     % list to sale

• Avery Ranch, Cedar Park                                  16           $245,625                       95% 
• Cambridge Heights, Round Rock East                  4            $141,370                       97%
• Settlers Meadow, Pflugerville                            7            $144,713                       98%
• The Woods, Round Rock West                           4            $170,250                       97%
• Summercrest, Georgetown East                         2            $180,000                       97%
• Village at Western Oaks, Southwest Austin        19            $225,489                       98%

 

What Returns You Get on a Remodel: Central Texas Area

Many homeowners are decidingto rehab their homes rather than buy a new one.  With that in mind, I thought that you would appreciate seeing what you can expect to pay for a remodel and what kind of return you might get in the market when you sell.  I am personally involved in a remodel right now -- adding a game room, breakfast area, relocating and expanding the utility room, and building a new garage -- so I am in the same boat as many of you out there.  You'll see that in the Central Texas/Austin Area some projects will net you more of your investment than others.  That said, doing the right remodel can definitely improve your marketability -- putting you above the competition when you go to sell.

((These statistics are for the Central Texas Area -- if you happen to need information from another part of the country let me know.  I have it.  I've pulled this information from Realtor Magazine's annual "Cost vs Value" edition of their publication.))

Kitchen Remodel (Midrange Upgrade)

Job Cost                    Value at Sale                    Cost Recognized

$19,659                        $18,592                            94.6%

 

Attic-to-Bedroom (Midrange Remodel)

Job Cost                    Value at Sale                    Cost Recognized

$39,683                        $32,401                            81.6%

 

Bathroom (Upscale Remodel)

Job Cost                    Value at Sale                    Cost Recognized

$45,892                        $39,065                            85.1%

 

Deck Addition (wood)

Job Cost                    Value at Sale                    Cost Recognized

$9,782                            $8,543                            87.3%

 

If you would like to see the entire results of the survey, I have scanned it in and attached it in PDF.  In it you will find information on midrange bathroom updates, family room additions, home office remodels, etc.

Download Remodel Cost vs Value in Central Texas

Camouflage

Recently, my 6-year old son's first grade class was participating in Spirit Week.  On one of the days they were supposed to wear camouflage clothing to school.  So, I of course went and got him a camo shirt that he could wear.  The night before he was to dress in camo, I laid the shirt out for him...

"Here's your camouflage shirt for school tomorrow."

"MO-OMMMMM.  That won't work," he replied, rolling his eyes.

"Huh?"

"It needs to look greener.  And yellower.  And more like tile.  That's all wrong.  That shirt will never work."

"I'm not following, Elijah.  This is a camouflage shirt," I said.

"No, it's not Mom.  All of the kids will be able to see me very easily.  That shirt looks nothing like my school.  I will be totally obvious.  I will NOT be CAMOUFLAGED."

After some more discussion, I promised him that the other children would be dressed similarly and that he would not look silly.  He looked at my like I was insane, but complied.  He thought the whole thing was quite ridiculous. Why call it camouflage when you are not?

Cat Hollow Real Estate Sales Statistics

Each Wednesday, I send to a group of subscribers a "What's It Worth Wednesday" email that provides neighborhood sales data.  Subscribers will email to me their requests, and I provide the numbers.  This past week, one of the neighborhoods featured was Cat Hollow in Round Rock's west side.  Below is the data for the last 60 days on this neighborhood.

If you would like to get on the "What's It Worth Wednesday" email list, please drop me a line at klombar@kw.com and we'll make sure you get the information!

NEIGHBORHOOD                # SOLD    AVE PRICE        % LIST TO SALE PRICE    DAYS ON MARKET

Cat Hollow                         4            $196,375                        95%                        30  

Serenada Statistics: 11/1 - 11/30/08

It's time for the monthly stats for Serenada.  Below you will find information regarding sales over the last 30 days.  Feel free to contact me directly for specific property information.

SERENADA EAST

• Active listings
  •  6 Available
  • Average list price: $196,550
  • Average days on market: 99
  • Average square feet: 2316
  • Average price per square foot: $87.02
• Pending sale: 0
• Sold: 0

SERENADA WEST/COUNTRY ESTATES

• Active listings
  • 4 available
  • Average list price: $284,094
  • Average days on market: 31
  • Average square feet: 2834
  • Average price per square foot: $100.77

• Pending sale

  • 2 properties

  • Average list price: $214,500

  • Average days on market: 28

  • Average square feet: 2237

  • Average price per square foot

     

• Sold

  •  2 properties

  • Average sold price: $254,798

  • Average days on market: 23

  • Average square feet: 2698

  • Average price per square foot: $96.80   

     

Central Texas Holiday Events for the Whole Family

Here's a great list of holiday events happening in and around the Austin area -- Enjoy!

Nov. 22nd - Dec 31st: "The Toys Take Over Christmas"

    Scottish Rite Theatre, www.scottishritetheatre.org

Nov. 28th - Jan. 12th: Ice Skating on the Plaza

    Mon - Sun. 10am - 9pm, Whole Foods Market Outdoor Skating Rink

Nov. 28th - Jan. 4th: "Rockin' Christmas Party"

    Zachery Scott Theater, www.zachtheater.org

Nov. 28th - Jan. 11th: "The Santaland Diaries"

    Zachery Scott Theater, www.zachtheater.org

Throughout December: The 37th Street Neighborhood Lights

    37th Street at Guadalupe, Austin

1st and 2nd weekend in December: Main Street in Bethlehem

    6pm - 9pm on Main Street, Burnet

Dec. 5th: Cedar Park Holiday Oak Tree Lighting

    6:30pm - 8:30pm at Heritage Oak Park, Cedar Park

Dec. 6th, 7th and 12th: Live Holiday Music Performances at the Galleria

    The Hill Country Galleria, www.hillcountrygalleria.com

Dec. 4th - Dec. 6th: Sights and Sounds of Christmas

    6:00pm - 11:00pm, www.sights-n-sounds.org

Dec. 6th: 28th Annual Christmas Stroll

    12pm - 8pm, Downtown Historic Square, Georgetown, www.georgetownholiday.com

Dec. 6th: Leander Community Club Christmas Parade

    Leander, www.leandercommunityclub.org

Dec. 6th: Texas Capitol Tree Lighting and Holiday Sing-Along

    6pm, south steps of the State Capitol

Dec. 6th - 21st: Ballet Austin Presents: "The Nutcracker"

    The Long Center, www.balletaustin.org

Dec. 7th: Zilker Tree Lighting

    6pm, Zilker Park

Dec. 9th: Holiday Concert: "Handel's Messiah"

    8pm, Long Center, www.austinsymphony.org

Dec. 12th: Christmas Family Night

    6:30pm, Downtown Round Rock

Dec. 13th: Trail of Lights 5K

    6:30pm, Zilker Park, www.ci.austin.tx.us/tol/5k.htm

Dec. 13th: Capital City Men's Chorus Holiday Concert: "There's No Place Like Home for the Holidays"

    7:30pm, St. Martins Lutheran Church, www.io.com

Dec. 13th: Santa's Workshop

    6pm - 8pm at Heritage Oak Park, Cedar Park

Dec. 18th: Old Tyme Christmas Celebration

    6pm - 9pm, East Street, Hutto

Dec. 30th - 31st: Holiday Pops Featuring The Flying Karamazov Brothers

    8pm, Long Center, www.austinsymphony.org

Jan. 4th: Trans-Siberian Orchestra

    3pm and 7:30pm showtimes, Frank Erwin Center, www.trans-siberian.com