River North Area Market Report
· Overall closings up 11%
· Overall inventory down 9%
· <$500k homes closings are down
· $500k-$700k closings are up
· >$700k home closings are down
River North Market Report CLICK HERE
We noticed a definite overall slow down in TRAFFIC during the month of May. Some of the slowdown for the lower valued homes was due to the end of the federal tax incentive program. The slowdown in the upper end is primarily due to the instability in the stock market. Much of this slowdown will show up in next month’s closings.
One contributing factor in the market is the new bank guidelines that prevent people who have had a short sale to buy within 2 years of the short sale. Those caught looking after April 1st were trapped. This caused the lease market to shoot through the roof.
The closing of homes priced from $500k to $700k took a noticeable jump upwards, which is a huge departure from the earlier months of the year. This is a very interesting trend as when the real estate market comes back, it comes back in increments of around $100k. Thus, I see this as a very positive trend. The downturn in traffic I see as a short term downturn, as the area economy is slowly making progress.
Once optimism kicks in, the market will take off quicker than many people may think. Oddly, this can happen in a matter of weeks, not months. As an example, the lease market was flat until April 1st. Since then, the market has turned from a tenant’s market to a strong landlord’s market…..in a matter of a couple of weeks. (April 1st was the date the new short sale laws passed)
The state of Texas has implemented a bond program for first time home buyers that will continue the rally of homes priced in the lower end (first time homebuyers). This is a trickle up theory as the more homes sold, the more jobs, the more money is turned in the market place, which creates a stronger market place.
In general, optimism in Austin continues to grow, and news about Austin throughout the country continues to grow. As the stock market digests the European market and the Gulf oil spill, we, hopefully, will see traffic pick up this month. Real estate moves in one direction or another when no one expects it to; the market tends to fool most, either positively or negatively.
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2303 BIRCHINGTON DR $514,900 2303 Birchington Dr Cedar Park, TX 78613 5 Bed, 3.5 Baths |
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A stunning home in the exclusive Overlook section of Twin Creeks! Dramatic foyer features a grand curved stairway and dramatic windows that look out to a fantastic outdoor entertaining area. A large but cozy master bedroom is located on the main level. The chef's kitchen features rich cabinetry wrapped around stainless steel appliances and granite couter tops. Stately formal living and dining complete the first floor--all appointed with Plantation shutters. Upstairs features three bedrooms and two full baths, generous-sized gameroom and an audio/video wired media room which could be a 5th bedroom. Entertain effortlessly in the outdoor kitchen--complete with granite coutner tops and a large stainless steel BBQ! Go to www.TopKWGroup.com for more details |
CAP & TRADE BILL: If you own a home, or are in the real estate industry you might want to take a look at the Energy Audit & Labeling sectionsof the Cap and Trade bill as it will affect every residential and commercial real estate transaction for the rest of your life. This post is not to start a politcal battle, but to bring awareness, so all are not surprised in the very near future of what is entailed to sell a home under this proposed bill.
Most people have not been educated by the government or media that a major part of the Cap and Trade bill is to have a goal, in time, to convert every real estate (commercial and residential) building up to the US government's green building requirements (at that particular time). Some cities (including Austin, where I live) have, somewhat, a similar structure, but Green improvements/retros are usually negotiated between a buyer and a seller.
This is a very comprehensive and massive energy auditing program that you need to understand. Because the bill is in legal language, it makes for difficult reading, but you will then understand what life will be like forward in the real estate industry. The main parts of the residential energy audit and labeling are in sections 201 to 204. Warning: The file is massive and may take a bit of time to open and to scroll down pages. Happy reading.....
http://www.govtrack.us/congress/billtext.xpd?bill=h111-2454
If passed, this bill will create a national to state Energy Audit program whereby all homes and commercial buildings will be required to have an energy audit to compare the home in its condition to green building standards as determined by the US Gov't.
There are incentives planned for the homeowner to update their home to such standards. The confusing part of the bill is all the grey matter. There are numurous parts of the bill that gives the government powers to decide what may be required by the government in the future. i.e. it is pretty open ended for interpretation.
This would go into effect in 2014 for residential and 2015 for commercial. The bill is effective through 2050. We have a very similar program in Austin. The question many are pondering is whether the government, in time, will require minimum standards to be changed out prior to a change in owners. That would devastate the lower income families, so I doubt that would be a reality.
When we have an audit, it is quite like an inspection on a home. A buyer may or may not ask for items to be retrofitted, and the seller may or may not decide to retro such items. In 20 years or so, we may look back and say this was a good idea. In the interim, it is a second inspection all have to deal with....and negotiate.
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May Chamber Luncheon
May 20, 11:30am at River Place Country Club, Austin, TX
(Luncheons are held on the 3rd Thursday of each month)
Mr. Darryl Mobley, Life & Executive Coach Extraordinaire is our special guest speaker presenting ”"Six Ways to Double or Triple your Sales Quickly and Beat the Competition”
Please RSVP by May 17 for early bird pricing and to secure your spot!
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Known as "The Mayor of River Place" specializing in luxury homes in NW Austin. #1 KW Group, Austin (nwmc,'07-'10 ) #3 Group in Austin '07'10-Austin Business Journal
Co-owner of the Bartlett Real Estate Group, (Ranked #1 in Austin NWMC) I am a native Texan, received my business degree from Baylor University in 1981 and started my real estate sales career in Houston.
I have been involved with developments from raw land to tentative mapping, to final mapping, to marketing projects at these stages, or upon completion of the infrastructure, or marketing homes on the completed homesites. My partners are Tom & Marissa Radack and Ken Bartlett; for more details on our entire group see our website at www.TopKWGroup.com
Upon relocating to San Diego in 1986, Tim operated as an independent real estate broker marketing exclusive residential homes, acre-plus estate sites and subdivision development sites (either completed or at various mapping stages).
Since moving back to Texas in 1995 from California, Tim has continued to focus on marketing very upscale residences, winning numerous company and national achievement awards to include the following:
I market residences in the west Austin, and is a premier specialist in the "River North" area designation, to include River Place, Westminster Glen, Glenlake Estates, Long Canyon, and Steiner Ranch as well as new home subdivision sites.
As 17 year residents of River Place, Tim lovew the variety of amenities and atmosphere that River Place and the surrounding area offers as well as the easy access to the many amenities that Austin provides. He has watched most of the homes being built in the River North area, which gives him a tremendous marketing advantage.
Tim's strength was partially derived from a real estate broker in La Jolla who was blinded at an early age, yet became an extremely successful real estate agent, broker, mediator, and real estate board president. Read the astonishing story at www.klattrealty.com. He further gains his drive from one grandfather who was a professional football player, and another who ran a very successful steel manufacturing comany and was president of the Steel Builder's Association. "I feel it is my obligation to my ancestors and to my immediate family to help as many people I can to be the best I can be."
Tim enjoys playing ice hockey, running, and enjoying exotic vacations.
Join me on Facebook
I specialize in new and resale homes valued at $300,000 to the multiple millions as well as marketing and brokerage of new-home subdivision projects from raw land through the development process, to streets, to marketing the individual homesites, homes or condominiums.
I have been marketing real estate since 1982 and has been consitantly working since my 600 home newspaper route in the 4th grade.
See our website on why we are different from the pack.
Tim Moncrief and Tom Radack did an amazing job of both selling our existing home and assisting us in the purchase of our new home. Tim listed our house in Westminster Glen and was able to sell it remarkably quickly in a very competitive market where most homes were just not moving in our area. He helped through every stage of the process, from pricing to staging, to ensure that we received a fair and equitable price for the property.
Once we were ready to move Tim and Tom were able to hone in on exactly what we were looking for in our new home and we fell in love with the second house we saw. Once again, they made the transition smooth, seamless, and simple. They were able to negotiate a fair and equitable price that afforded us the opportunity to move directly into our new home, rather than moving into an apartment first. As with all real estate deals a few very small issues arose, but both Tim and Tom were able to quickly resolve them to our complete satisfaction. They were both available to us at all times of day, and always responded in a prompt and timely manner. I would absolutely recommend them to anyone looking to buy or sell your current home.
Heather Rogers
In a van down by the river...
I used Tim Moncrief when purchasing my first home here in Austin Texas. Like any first time home buyer, I really had no idea what I was doing. Tim walked me through all the steps of buying the house, showed me multiple great places, and did all the dirty work in getting the deal done. Tim was available anytime I had a questions about ... well anything and everything. The process was so easy that I talked to and about Tim on my radio talk show. Since purchasing my house, I've contacted Tim multiple times with questions about painting, floors, and other home renovations. In every instance, without hesitation, Tim has been there for me. I couldnt have done it without him! Well, I could have but I'd probably be living in a van down by the river instead.
Bobby Bones
Morning Show Host, 96-7 Kiss Fm - Austin
Waterfront lot in River Place....sold in 1 day
We bought a waterfront lot in River Place in Austin from Tim, partner of Bartlett Real Estate Group, and are now building our dream home. Tim was there for us every step of the way and we not only recommend him but we used his team a second time when it was time to sell our existing home during the build. Terry Dailey literally sold our home the first day it was listed!"
Robert and Deborah Corbin
Riverplace on Lake Austin
...saved me $25k in tax appraisal!
Thanks for your assistance with my tax appraisal. Today I had that review, they took the informal proposal off the table and gave me $25K off. They used your 3 properties and then averaged with the 5 the computer picked and took the average.
Once again I really appreciate your help.
Joe
Repeat customer...
We worked with Tim Moncrief twice when buying properties in Austin Texas. Both times we felt he was very professional and hard working without putting any pressure on us to buy. He is very knowledgeable in the Real Estate market. We will use him again and have referred other people to him who are buying in the Austin area.
Howard Schwartz
Purchasing a home from 3 states away...
Our experience with Bartlett Real Estate Group was absolutely outstanding. When we first decided to consider moving to Austin Texas, we spoke with an agent who listened to our needs, wants, and requirements for a new home. Not only were we unfamiliar with the area, but we were also fairly new to the home buying process. Purchasing a home from three states away was difficult enough, and finding the realtor to help us in such a dynamic situation was critical.
Bartlett Real Estate Group was recommended to us by friends in Austin, and they lived up to every single expectation we had, and then some. We were able to purchase a home in Austin with the help of Tim Moncrief. His staff was helpful in all aspects of the purchasing process. We purchased our home with his help, and would gladly recommend this real estate group to anyone wishing to have real estate assistance in Austin. Bartlett Real Estate Group went above and beyond in many ways, and their efficient work, vast amount of knowledge, and suggestions helped us settle into a home we are very grateful for.
Ganesh and Jennifer Lyer
The essence of proactivity...offer in 9 days...
We were most pleased with The Bartlett Real Estate Group, in particular Tim Moncrief. Tim is the essence of proactivity. Never once did we feel he should be doing something more than was being done. He helped us understand what the market for our house would be in Austin and what things could be done to best maximize the value we received. We had an acceptable offer within 9 days of it being listed. The buyers were qualified and the transaction went off without a hitch. We would highly recommend Tim and the Group.
Regards,
Cindy Rondini
We won our tax protest......Thanks for all your help.
We won our tax protest! THey returned our construction classification down from a 7- to a 6+ which resulted in the value going down to $588,000 instead of $722,000. They said that we put together a very strong argument to protest taxes which we detailed with photos and features of ther properties. Thanks so much for your help. Without you we would not have been able to effectively argue our case. We really appreciate the time you spent getting all that information to us.
Steve and Odette
One day.....Tim brought us an offer...
Taylor and I were referred to Tim Moncrief through a family friend. We initiated contact with Tim with regard to purchasing a lot in River Place. He immediately began emailing us information on the area as well as current lots available. We were very impressed with his knowledge of the River Place and Austin area. In short order we purchased a lot. His attention to detail in our contract negotiations and closing were excellent. One year later, we decided not to build and to sell our lot. Once again, we contacted Tim. He immediately provided us with area comps and we set our price. One day after listing our lot, Tim brought us an offer. We negotiated and sold. Our experience with Tim Moncrief and Keller Williams was exemplary.
Taylor and Beth Sherwood
Selling in a down market...
Unfortunately, we were selling a home during one of the most disadvantaged home resale markets in recent history in Austin Texas during it's down market a few years ago. This home was purchased during a sellers market when prices were high and the number of available homes was low. We had to move a few years later and the market had changed dramatically. Prices dropped and the number of homes for resale was high.
We listed this home with 2 different agents with no success. A year passed and we were discouraged. We were not getting any offers and very little feedback we could act on. Since nothing was happening, we took the home off the market. We needed new ideas and an innovative marketing program. We contacted Tim with the Bartlett Real Estate Group and after an honest, reality based discussion, listed the home again.
The home was placed on the market based on Tim's suggestions. Even though the home didn't sell immediately, we started to feel that we were on the right track. The home was shown and we received feedback from the potential buyers. Tim simply put more energy into the process and we were pleased to see activity.The market was still down, but we were able to sell the home.
We feel that if we had listed the home with Tim earlier, the home would probably have sold at the same price one year sooner. I would list with Tim Moncrief again without reservation.
Robert & Maggie Rubrecht
We would highly recommend his team...
We engaged the Bartlett Real Estate Group to sell our home in Steiner Ranch, working with Tim Moncrief as our sellers agent. Soon after listing the home, we suffered an unexpected loss in the family and had to leave town. Tim was very empathetic and handled all the showings and looked after the house while we were gone. As a standard part of their services, phenomenal full-color brochures were printed and in constant supply at the home and they developed an interactive listing on the web with fantastic 360-degree views of every room. The home sold in a matter of weeks! We were very happy with the Bartlett Group and especially our agent, Tim Moncrief. We would highly recommend his team and plan on using them again for our next personal real estate transaction.
Kimball & Katie Dempsey
Our advisor...
Working with Bartlett was great. We found Tim to be professional, responsive and very knowledgeable about the housing market in River Place and Austin. We felt confident in having him as our advisor in the sale of our home. Thanks Tim!
Kevin Kerner
Helped us choose the home that was right for us...
Tim´s experience with home sales and with the Austin market were exactly what we needed. He guided us to neighborhoods that were within our budget, but that were sure to maintain value. He also helped us look beyond the aesthetics of each home. As new home-buyers, we appreciated his helping us see this purchase as an investment. He carefully reviewed disclosure documents and he examined the interior and exterior of homes, making sure we noticed the good and not-so-good features. He also talked with us about the resale value of various characteristics. I appreciate that Tim helped us make an informed buying decision. As a result, the home we chose was right for us, for every reason.
Renee & Matthew Lemke
He took a special interest...
My wife and I were very pleased with the job Tim did for us. He took a special interest in our needs and work overtime to make sure we were able to close the deal. I would strongly recommend Tim and his company to anybody looking to purchase or sell their home in Austin.
Ron Schwartz
Sense of family and genuine concern...
Our experience as home sellers with The Bartlett Real Estate Group was absolutely wonderful. Our initial consultation was with Tim Moncrief; his easy-going, yet highly professional and experienced demeanor put us at ease almost immediately and it did not take us long to decide that this was the real estate team for us. During a rather tumultuous negotiating period, we received even more support and advice from other members of the Bartlett team, including Kay Sittler, Tom Radack, and Ken Bartlett himself. The sense of "family" and genuine concern for our well-being put forth by the entire organization was extraordinary. We cannot say enough good things about our home-selling experience with The Bartlett Real Estate Group; we will definitely use them again when we are in the market to buy a house."
Thank you again for everything. Please pass long our regards to Kim and Tim and the rest of the team. Take care and peace be with you.
Cheers,
David
With the help of this awesome realty group...
We have bought and sold three homes in the Austin area with the work of Keller Williams Bartlett Group. Since we consider the homes we live in as important investments we wanted to choose the right family home but also make money on the home. With the help of this awesome realty group we have gotten great advice, have made good decisions, and have had easy transactions. For an expert realtor we would recommend using Tim Moncrief and Sarah Sutfin as your agents - we would definitely want him again.
Monica and David Goodstein
Riverplace and Twin Creeks homebuyers
Amazing difference in service...
In an attempt to save money we decided to use a discount broker that promised one percent expenses but what we got was one percent effort on our behalf. After months of dissatisfactory service, we gave Tim Moncrief a call. From the moment we signed on with the Bartlett Group we noticed the amazing difference in service. The level of professionalism and proactive communication with Tim was incredible. We were well informed through out the entire listing process. His knowledge of the market is without parallel. Within a matter of weeks we had a written offer and we were able to close the deal in short order. We highly recommend, Tim Moncrief to anyone in the River North Area.
Sylvia and Daniel
Great price in a challenging market...
"Tim Moncrief and the entire team at Bartlett provided a totally professional experience. Tim's knowledge of the Riverplace area was instrumental to us quickly selling our property at a great price in a challenging market.
Tim & Margo Naramore"
Strategy that got us the price in 18 days...
We were referred to Tim Moncrief at the Bartlett Real Estate Group from a friend in Riverplace who had had a great experience selling their home. We had interviewed a number of agents and also asked them to suggest how we should price our house. What we really liked about Tim was he had a real strategy for selling our house. He told us what we needed to do to get the house ready for sale, he inspected our changes prior to listing to ensure the house was truly ready, and then he used a pricing and showing strategy that got us the price we wanted in 18 days! Tim was able to get the house sold just as the market was headed down last summer. This was key since we had just purchased a new home in Riverplace and did not need to carry two mortgages.
Tim is a real pro, and we will work with him again!
Rick and Liz Froehlich
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