Austin Real Estate Blog

The race for Mayor of Austin is certainly heating up as voting day draws nearer. One of the top candidates is Carole Keeton Strayhorn, former Texas Comptroller of Public Accounts. She is the first woman elected mayor in Austin, and the first mayor to be elected for three successive terms. Strayhorn’s commitment to Austin began as a public school teacher. She has also created Our Texas Grandchildren Foundation, which offers nurturing and support to foster children. Other public offices held include Texas Railroad Commissioner, President of the Austin School Board, and President of Austin Community College. Virtually everything Carole has done since graduating from the University of Texas at Austin has been for the city. Her records of achievement and awards are innumerable.

The new Mayor of Austin will be taking on some very challenging issues. The most important issue according to the candidate’s own website is the budget issue in Austin. The website states that the city budget has grown by 50% in the last six years. If elected Mayor, Strayhorn plans to quickly form a task force made up of budgeting experts to curb spending. Strayhorn has also recommended decreasing amounts that public officials earn for assisting in government, stating “true leaders lead by example.” Other top priorities for the hopeful include local police, fire, and EMS improvements and building a better infrastructure to repair roads and transportation issues.

Early voting for Mayor begins on April 27th, with voting day scheduled for Saturday, May 9th. More information about Carole Keeton Strayhorn can be found at her website: www.caroleforaustin.com.

The new Mayor of Austin will be facing some serious issues when elected. David Buttross feels that he can handle the job. As a graduate of both a local high school and the University of Texas, Buttross has made Austin his home for many years. He received his real estate license in 1988 and became an entrepreneur a couple of years later. He has helped over 1,000 residents become homeowners and has managed up to 400 units at one time. Buttross believes that his business background will help to ensure Austin’s future as Mayor. He has been budgeting and investing for over twenty years and wants to bring that knowledge to the city of Austin.

There are several issues that all Austinites are concerned with. First and foremost is the city budget. In such economic times, the city needs someone with a solid plan to reduce spending. Buttross states that he plans to eliminate wasteful spending if elected, “making the necessary cuts and ensuring that Austin lives within its revenue.” This would include the reduction of funding for lobbyists. Also on his to do list is the updating of the local transit system at a reasonable price. Roads, parks, and sidewalks to help give Austinites a safer and more enjoyable city is also a top priority for Buttross.

It is important to learn about each candidate to help you decide who will be best for Austin in such a difficult time. Early voting begins on April 27th. Election Day is Saturday, May 9th. Learn more about David Buttross at his website www.davidbuttross.com.

Like every city in the nation these days, Austin is facing some difficult choices. Amidst economic worries and budget concerns, Austinites are faced with the task of electing a new Mayor. Lee Leffingwell, a current City Council Member, has placed his name into the race.

Leffingwell in an Austin native, graduate of the University of Texas, and a retired Navy pilot with over twenty years of service. Through his service, he has “learned what it means to be an honorable, hard working, accountable leader.” As a member of the City Council, Leffingwell has fought for better infrastructure and public transportation, environmental issues, and public safety.

Leffingwell has several innovative ideas to help Austin through a most difficult time. If elected, he plans to form a committee made of leaders that represent everyone in Austin as an advisory panel. He also plans to focus on the development of green collar job training strategy. Leffingwell is opposed to cutting back on health or safety issues, wanting to maintain the current levels of safety and social services and expanding mental health services when able. He is also recommended a more open government, including posting all of the city’s finances and issues online and allowing residents to comment.

Leffingwell is optimistic about Austin’s future and wants to be on the front lines to help maintain its great living standards. Learn more about Lee Leffingwell at his website www.austinleadership.com. Remember, early voting begins on April 27th, with Election Day on May 9th.

Austin has been a front runner for green living almost since the topic became a mainstream ideal. The city has created many incentives for homeowners to select a more energy efficient way of life.

As a way of continuing this venture, Austin has recently signed into law an ordinance that requires homeowners to have their homes inspected for energy usage before they are able to put it on the market. This new law will go into effect this year. The ordinance is just another way that Austin is truly trying to go green.

Homeowners who are planning to place their homes on the market may need to do a few upgrades to be sure they are prepared for the energy audit. In Austin, energy is mostly used to heat and cool the home; therefore it is important to learn about any leaks in the duct work, cracks in doors and windows, and updating insulation within attics. While the energy audit is required before placing a home for sale, the upgrades are not currently required prior to purchase. Any potential buyer must be made aware of the energy audit results.

These upgrades may not be the most noticeable when looking at buying a home, but can save money in the long run. The bottom line is, the less energy you use to heat and cool your home, the more you will save on utility bills throughout your life there. Austin has recognized the importance of these small, but important, parts of a home. The new law enables buyers and sellers to be on the same page at the time of sale.

Starting this June, those who wish to sell a home in Austin will be required to have their home inspected for energy efficiency. This new ordinance does not require the seller to upgrade any leaks or other problems that may be found, but it does state that the buyer be made aware of the outcome of the audit via disclosure. Of course, given the current market and economy, anything that may decrease the value of a home should be repaired prior to sale. Buyers don’t want to think of what needs to be fixed when looking at a home, so it will be better to make any necessary upgrades before putting the house on the market.

The energy audit will be looking into four areas of energy efficiency. There will be a duct pressure check on the air conditioning unit to check for leaks. Weather stripping around doors will be inspected. Shades and screens, especially on the east, west, and south sides of a home will be looked at, as will the type of insulation found in an attic. Energy Raters can be found online at Austin Energy’s Website, and will generally run about $300 for every 2,000 square feet. If you decide to go ahead with the upgrades, the home will need to be inspected again when complete.

There is another option considered in compliance with the new ordinance. Homeowners can participate in the Home Performance with Energy Star Certificate program. Homes that have already done so within the last ten years are exempt from the ordinance. In this case, a home performance contractor will inspect the home, sometimes for free with a bid for work. The same areas will be reviewed as with the energy audit, and then the information will be sent to Austin Energy for review. To receive a certificate of completion, three of the requirements must be met or the homeowner must have received a rebate of $500 or more from Austin Energy.
In either case, Austin Energy must approve the upgrades for energy efficiency. The information must be contained within the Seller’s Disclosure and is good for ten years.

Like many cities in the nation, Austin is facing some serious issues that need to be handled by a new Mayor beginning in May. There are several candidates to choose from this election, including two that currently sit on the Austin City Council. McCracken has been an intense supporter of Austin’s ever growing technology sector. He chairs the council’s Emerging Technologies Committee and the Land Use-Transportation Committee. A Corpus Christi native and graduate of Princeton and the University of Texas School of Law, McCracken has served as a prosecutor for Harris County in Texas. McCracken has also been a staunch supporter of all things green in Austin, helping to make Austin Energy the first utility nationwide to open its grid for clean energy companies to test their technologies.

The major issues faced by Austinites during this election include the city’s budget, transportation and infrastructure, and the environment. McCracken’s way to a better economy entails the embrace of emerging technologies within clean energy, biotech, film and digital media. McCracken hopes to commit to puting solar power onto 100,000 homes in the next ten years, again by investing in emerging technologies. He plans to create an endowment to ensure that Austinites have every opportunity to learn green collar jobs and healthcare professions, citing “we want everyone to be included…including the less fortunate.”

With so many issues facing the candidates, it is important to know where each one stands on the matters that are important to Austin. Remember, early voting begins April 27th, with Election Day on Saturday, May 9th. For more information about Brewster McCracken, visit his website www.brewstermccracken.com

These days, it has become very important to keep the environment in mind with pretty much every aspect of our lives. With so much emphasis on green living, it can sometimes be difficult to know if the choices that you make are actually eco-friendly. Of course, there are the obvious, like recycling and reducing energy output. What about when you are building a home, or just remodeling? Again, there are the obvious green choices like sustainable materials and energy efficient appliances. Beyond that, what is considered green living?

First of all, you will want to look at the site. For new construction, green living starts from the ground up. Take a look at the location itself. An eco-friendly builder will want to find a spot that reduces the need for car travel. Austin is becoming a hot spot for mixed use properties, making it an excellent place to be eco friendly. Smaller sites are also more environmentally sound, as they will require not only fewer materials, but less energy when complete. Older areas are also more eco-friendly in that they may have originally been designed with a walking commute in mind. While most of Austin is not necessarily convenient to the local grocery store, the newer designs are definitely taking it into account.

Austin is a city at the forefront of green living. There are several incentives offered by the city that encourage homeowners to make better energy decisions. The Austin Green Building Program has a rating system that can assist in making more environmentally friendly choices not just in building, but in day to day living as well. A little research can bring you to the proper choices in green living.

It may seem like a little thing when you think about it. The address number on a residence is probably one of the last things on your to do list. You know your address, what does it matter if someone can’t see it from the road? Consider this, however, for just a moment: there is an emergency and you have dialed 911 for help. If the people who may help you are traveling down your road at ten o’clock at night, can they see your address? What if they miss your house entirely and spend precious moments trying to find you. It is a scary thing to think about, and certainly not something you will want to wonder about if there actually was an emergency.

The unincorporated areas in Jefferson County, Texas have had such troubles, and the legislature is trying to do something about it. Recently, a group including volunteer firemen and members of the Jefferson County Sheriff’s office attended a meeting at the Texas Capitol in an attempt to regulate address signs. The group did focus primarily on the more rural areas where it is more difficult to locate specific addresses. The purpose of the bill is to regulate and enforce, if necessary, a standard that will properly identify homes in hard to see areas. This will allow emergency personnel to find homes easier in parts of the county where it has been hard to do so.

The county is hoping for a timely decision in this matter so that regulations may go into effect and provide better safety for residents.

By MICHELLE CHAPMAN and J.W. ELPHINSTONE

AP Business Writers

NEW YORK — In a deal that will create the nation’s biggest homebuilder, Pulte Homes Inc. is buying Centex Corp. for $1.3 billion in stock as both companies try to survive the worst real estate recession in a generation.

The transaction, which also includes $1.8 billion of debt, will combine Pulte’s strength in active-adult and retirement housing with Centex’s hefty market share of first-time homebuyers.

The acquisition also will give Pulte large tracts of land in Texas and the Carolinas, two of the most resilient real estate markets. But Wall Street analysts are concerned about the risk of taking on so much land in other areas where home prices are still plummeting.

The new company, which will keep the Pulte name and headquarters in Bloomfield Hills, Mich., will have cash reserves totaling $3.4 billion and pay off $1 billion in debt by the end of the year.

“We believe the combined companies will allow us to return to profitability quicker than a standalone. Secondly, the cash position allows us to pay down debt while at the same time provide ample liquidity for the future,” said Richard Dugas Jr., said Pulte’s president and chief executive, who retain those titles over the combined enterprise.

Centex’s chairman and chief executive, Timothy Eller, will become Pulte’s vice chairman and will also work as a consultant for two years following the acquisition’s completion.

read the rest at The Miami Herald.

It is certainly no secret by now that we are in a recession. The start of our current situation was first recognized when the national real estate market began to flounder on 2007. While some areas of the country were hit harder than others, Texas has stayed fairly level throughout the recent crisis. The main reason for this is that while many states experienced a dramatic increase in home values and prices, Texas remained outside the bubble. When it burst, the state was hardly touched. Even now, as foreclosure rates skyrocket, Texas has stayed among the healthiest real estate markets in the nation.

The main reason that the real estate market burst its bubble is actually very simple. When the economy was healthy and house values were increasing, many lenders forgot how to properly handle a mortgage application. Credit scores, and even employment records, became a thing of the past. Creative lending practices came into play where there was little to no down payment necessary.

While the initial payments were certainly something that home buyers could afford, later down the road these monthly payments would jump significantly and the new homeowners were unable to pay them. Add to this already stressed market that home values began to decline. Now, not only could the mortgage not be paid, but the house was no longer even worth that amount. There was nowhere to go but down.

Throughout this trying ordeal, Texas, and several of its larger cities, has maintained an excellent real estate market. Texas as a whole made less risky loan choices, so it has basically avoided the real estate bubble burst. Supply and demand in Texas has remained stable throughout the last few years. While the state has seen an increase in foreclosures, it remains much lower than the national numbers. Texas is expected to stay on the edges of our worsening economy and fare better as a state than most others.