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About Austin's French Place

Current Market Stats for 78722

Rob Albertson: Real Estate Agent in Austin, TX

Current Market Stats for 78722

I tend to work in a smaller area of Austin than many of my colleagues. I believe in specialization (and trying to avoid traffic at all costs.) So I end up spending my days in South Austin (specifically 78704, 78745, & 78749), while also venturing into the eastside zips of 78722 & 78723.

I’m also a finance guy (okay I was an English major too, go figure) so I love diving into market stats to try to figure out what’s going on out there in the market. Over the past couple weeks, I looked at what was going on in my beloved South Austin, and thought I’d see if similar trends were occurring in my eastside pockets of 78722 & 78723.

So just after the expiration of April’s first time home buyer tax credit, Austin was facing the highest levels of inventory in its history and buyers were seemingly no where to be found. It was a difficult summer, especially since everyone expected the party to continue from the spring on through the summer. It look a number of months before inventory levels adjusted to more manageable levels, as evidenced by the graph below:

So what happened? What was the reason for the drop in inventory in 78722: was it homes being sold, listings expiring, or just a stop of all new homes onto the market? The next graph helps to spell it out:

Unlike some other areas in the city, it took a little while for new listings in 78722 to slow down since the summertime peak. In fact, we saw 14 new listings come on in September alone before a rapid slowdown to 3 in both November & December. The number of expired listings peaked in October at 9 before falling off again in November & December. As for the number of homes sold, it has remained pretty constant, moving between 4 & 6 homes per month. The only category not shown is home withdrawn from the market (to mostly likely return again soon), as this can be a tricky one to track accurately…but they are certainly out there.

So what does this all mean? Perhaps the most helpful graph is one showing the average months of inventory. It’s figured by dividing the number of homes on the market by the number under contract. A neutral market (neither a seller's or buyer's market) is generally assumed to be at 6 months (less than 6 months, a seller's market - more than 6 months, a buyer's market):

What this shows is how quickly we can move from a buyer’s market into a seller’s market with a rapid adjustment in the level of homes for sale. Now, it also means that a rapid rise in the number of homes on the market in 78722 can quickly turn this around without an adequate number of buyers to meet supply.

The good news is we’re starting off 2011 in a great place…but if the expired and withdrawn listings make a rapid comeback, we could see a return to excessive inventory levels. Whether the rising interest rates or the more promising economic news will be enough to push buyers back into the market is still anyone’s guess. But it’ll certainly be interesting to watch & track how the market progress this year.

As a home seller in 78722, the start of 2011 seems promising for well-conditioned & well-priced homes. But it will be wise to watch changes in the market closely, as inventory could begin to build up rapidly.

As a home buyer in 78722, good homes at reasonable prices should begin to come on the market…but competition for the best homes could be substantial, at least in the short term. And with rising rental rates, owning a home could prove to be more economical than leasing.

Here’s to an interesting 2011…

Rob Albertson specializes in East Austin Homes & South Austin Homes for Austin Fine Properties, a Private Label Realty Company, and can be reached at 512.653.8939 or rob@austinfineproperties.com.

Austin Home Search

French Place in Austin Filled with Underappreciated Vintage Homes

Jeff Harris Your True Austin Home Specialist: Real Estate Agent in Austin, TX

French Place homes lie just across I-35 from the University of Texas. Homes in French Place were built mostly in the 1930's through 1950's and many rest beneath towering native trees. The neighborhood is mostly defined as N. of Manor Rd, S. of E 38th, E. of I-35, and west of Cherrywood. French Place is in a great Central Austin location.

Why is French Place an underappreciated Austin neighborhood?

First, French Place is central, convenient and walkable. French Place is very close to Downtown and walking and biking distance to UT and hip Manor Rd. restaurants & businesses. It is a diverse neighborhood of professionals, students, long time residents, stay at home workers and creative people.

Secondly, French Place homes are of the vintage style that so many urbanites seek. Wooded lots, hardwood floors, abundant windows, high ceilings and the overall charm that just cannot be duplicated in new homes.

Lastly, and most significantly perhaps, French Place homes are thousands of dollars less than comparable homes in nearby neighborhoods west of I-35, yet just as convenient to UT and Downtown Austin. A lovely French Place bungalow can cost 20% less than a comparable home in nearby Hyde Park.

Currently there are some great homes listed for sale in French Place. They are priced between $183,000 and $425,000. French Place offers affordable vintage living in Central Austin.

This renovated French Place home is currently listed for sale at $315,000.

French Place Austin

11-13-09
Sky Realty
Sky Realty: Real Estate Brokerage in Austin, TX

French Place Austin

Rebecca Kohout knows French Place!  If you're thinking of buying or selling a home in French Place, Cherrywood, Wilshire Wood, Delwood, or other Central East Austin neighborhoods, give Rebecca a call at 512-415-9876.  For professional service and knowledgeable assistance with your real estate needs, Rebecca is a long time East Austin resident.  She's the one to call for the real skinny on what's going on the East Austin!   

Homes in French Place Austin Texas

 

 

French Legation Museum

Ki Gray - Austin Real Estate: Real Estate Agent in Austin, TX
802 San Marcos Street, Austin, TX 78702 // (512) 472-8180 The French Legation Museum provides a uniquely historic experience. Both a historic site and a house museum, the story behind the establishment of the museum is fascinating, and helps to illuminate a way of life experienced by the residents of old Austin – before Texas was a state. Visiting the house and grounds, with its carefully chosen artifacts, brings the story to life. With many cultural events, educational programs, and supplementary information on their web site, the museum preserves and perpetuates a unique piece of Austin’s colorful heritage. The French Legation is located in central Austin just south of French Place.

The word "legation" originally referred to a diplomatic representative office just below the status of embassy. Sent by the French Legation of Washington D.C. in 1840, Monsieur Jean Pierre Isidore Dubois de Saligny intended to establish the French Legation of the fledgling Republic of Texas. Renting quarters on Pecan (now Sixth) Street at the corner of Guadalupe, de Saligny was appalled with Austin’s lack of urban sophistication, evidenced most egregiously by the pigs a local farmer allowed to run free in his yard. He determined to build a home and office worthy of a French diplomat.

De Saligny found himself at odds with the locals, both culturally and politically, and he was soon recalled from his post, leaving his servants behind in the building he had designed. A short time later, when the seat of the government was moved from Austin, the building was abandoned. When Texas was annexed as a state, the structure and its surrounding grounds were sold, eventually being purchased by John and Lydia Lee Robertson, who raised their eleven children in the house. When the last of those children died, in 1940, the property was placed under the custodianship of the Daughters of the Republic of Texas, who have operated the site as the French Legation Museum since 1949.

Restoration of the property began in 1953, with an effort be faithful to the period in which it was built. Although only three pieces of furniture currently on view belonged to de Saligny, many pieces remain from the Robertson family's ownership of the home. Gardens and outdoor landscaping, although not authentic to the bare dirt yards of early Texas, provide a refreshing oasis of green in a busy city, and make this one of the premier locations for weddings and other formal functions.

The French Legation Museum is committed to education, providing guided tours in addition to having curriculum supplements for elementary and middle school teachers available on their web site. During the summer, the museum often hosts a history-based summer camp, allowing children to immerse themselves in 1880's Austin. They offer different cultural events as well, including a twice monthly tournament of the traditional French game petanque on the lawn, and evening concerts under their beautiful old oak trees. Their annual Bastille Day celebration features French music and food, and their association with the Alliance Française d'Austin helps perpetuate a unique piece of Central Texas heritage.

Ki looks with buyers interested in Austin Texas real estate. Buyers can search for homes online using a Austin Texas MLS search or read updates on the market on his blog covering Austin real estate.

Austin Neighborhoods: French Place

Ki Gray - Austin Real Estate: Real Estate Agent in Austin, TX

Nestled in central Austin between Airport Boulevard and Manor Road lies the quiet yet vibrant neighborhood of French Place. Austin has always been renowned for its individual personality, and while its expansion continues to dilute that sentiment over the years, these quaint houses with ample yards exemplify the type of house considered a classic "Austin home." While other adjacent areas such as Hyde Park, Maplewood, Tarrytown, and all the property around the University of Texas have skyrocketed in price over the past several years, French Place has resisted this trend of the general austin real estate market and thus retains more spirit and spunk than some of the more gentrified areas.

While French Place's houses are generally no more than two to three bedrooms, many houses have interesting add-ons to enhance functionality without resorting to cookie-cutter remodels. Examples include converted garages and utility rooms with extra storage space, which make them perfect for extended families and roommates. Most of these Austin homes are designed for small nuclear families, which is makes sense considering that the vast majority were built during the years between 1940 and 1955. When you add an influx of the personalities of several generations of an eclectic and diverse population, the results can be difficult to predict.

Each home in a neighborhood is defined by the nearby businesses and institutions, and French Place is no exception. The University of Texas lies just to the southwest of this area, which has helped its personality, as well as its affordability. Though areas west of campus have inflated steadily for decades, resulting in massive apartment development and compartmentalization of living space. Since these houses are somewhat older larger lots (with the occasional white picket fence) are common and a valuable asset for social events and outdoor hobbies. Other features generally include lots of windows, larger kitchens and bathrooms, and wooden floors for easy cleaning. As far as the exterior and structure of French Place homes goes, most are pier-and-beam construction (and therefore moveable[!]) with wood much more common than stone. Houses tend to be one-story, with wide floor plans to compensate.

This Central Austin is a great neighborhood if you are interested in taking in what the city as to offer. The live music scene is quite active even on a very intimate level, with the neighborhood Quack's bakery hosting live music weekly and offering delivery service. East Side Pies has over 20 toppings and delivers awesome pizza to the French Place area with exceptional efficiency. French Place is also a ten-minute drive to downtown, the campus area, and is very close to the major interstate I-35. 6th street is an exceptional confluence of live music and alcohol consumption, which makes for good times year-round. In addition, the Cherrywood Art Fair is a neighborhood exhibit that showcases local artists, musicians, and more and has been for six years. Maplewood Elementary School is a well-recognized neighborhood school within walking distance of most of the neighborhood. All of these factors make French Place an attractive place to call home. But it also probably won't be this easy to find such a great place to live in Austin for long.

Ki is a realtor in Austin. In addition to writing here he runs a Austin real estate blog. Which covers various real estate related events in Austin.