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Georgetown, TX

The Central Texas City of Georgetown

Ki Gray - Austin Real Estate: Real Estate Agent in Austin, TX
Georgetown, Texas was established in 1848 by George Washington Glasscock on a fork in the San Gabriel River. Glasscock donated the fertile land, replete with numerous sources of clean, clear water, and the city became the seat of Williamson County. Until the mid-1800s, the area had primarily been inhabited by the Tonkawa Indians, and farming was a common source of income after the arrival of the settlers, as was the timber and logging industry.

The community remained mostly agrarian until the late 1800s, when the railroad was built, and about the same time, Southwestern University was established in the small community. The Chisholm Trail, which was used to transport cattle from Texas to Missouri and Kansas, also ran through the heart of Georgetown, so the cattle industry also provided jobs for settlers, along with cotton farming.

A large flood damaged the community in 1921, and efforts to control flood waters eventually led to the dam which created Lake Georgetown, which was finally complete in 1979, when the lake was officially opened for public use. Many of the city's historic homes were restored after the flood, and the downtown area of Georgetown reflects the Victorian style popular at the time, especially on historic Main Street. The Beaux-Arts Williamson County Courthouse, which dates to 1911, is considered the centerpiece of the historic downtown district.

Georgetown is also a very popular community for retirees, and the Del Webb retirement community of Sun City boasts numerous residents of retirement age; the area is quite popular with retirees due to its temperate weather, country flavor and rural charm, yet its close proximity to Austin, with its many benefits and big city amenities.

In the census of 2000, the population of Georgetown was around 28,000 inhabitants, but by 2008, the population had expanded to nearly 50,000, and a population density of 1241 people per square mile. The square area of Georgetown is just less than 25 miles, and 2.1 square miles of the area is water, mostly the river and Lake Georgetown. At the time of the census, there were 7,711 families in the community, and 10,393 households. The majority of the population is Caucasian, at 85%, and the remainder is an ethnic mixture of Hispanic, African-American, Asian, and a smattering of other nationalities.

The per capita income in Georgetown is a bit over $24,000, and the median household income in the city is about $54,000, and there are about 10,000 housing units in the city. Roughly 31% of the residents have children under the age of 18, and around 65% of the residents of the local households are married, and the percentage of women in the community slightly exceeds the percentage of men.

The San Gabriel River meanders throughout Georgetown, and there are parks along the river in many locations, most with hike and bike trails that border the river in many places and offer park visitors the opportunity to recreate in a serene and natural setting. One of the most well known parks is named for the river: the San Gabriel Park, and there are also two popular art galleries in the downtown area, the Winberg Art Gallery, and the 8th Street Art Studio, along with another popular park, Founders Park.

There are also many popular restaurants and nightspots, as well as libraries, museums, and ample shopping in the community. One of the most popular attractions in the Georgetown area is Inner Space Cavern, which is a natural cave on the south side of Georgetown near Interstate 35.

With its abundant amenities, beautiful scenery, and rural charm, as well as its historic past and proximity to the metropolitan advantages of nearby Austin, Georgetown is truly a place that has it all!

Escapeso Realty helps buyers looking for properties in central Texas. Their site has a search of the Austin MLS along with information on Austin Texas real estate and Georgetown Texas real estate.

Georgetown, Texas - Austin TX Real Estate - Austin Suburbs

Austin Real Estate: Real Estate Agent in Austin, TX

Georgetown, Texas is an Austin suburb located in Williamson County. The population is estimated to be near 50,000 in 2008. Georgetown is considered part of the Austin-Round Rock Metro area.

Georgetown is the county seat of Williamson County. The city has one of the best preserved Victorian-era downtown historic districts in the US, earning the title of "National Main Street" for its Main Street. Georgetown also has many natural attractions, with popular recreation sites such as Lake Georgetown and Inner Space Caverns.

Georgetown also has one of the best public school programs in the nation, with several schools receiving Recognized and Exemplary status. Georgetown public schools spend $5,573 per student. The average school expenditure in the U.S. is $6,058. There are about 14 students per teacher in Georgetown. The schools are great in certain programs, such as GT honors, and special ed. Parental involvement is very high.

The median home cost in Georgetown is $220,100. Home appreciation the last year has been 1.68 percent

The quality of life is great in Georgetown. It is a great city to raise a family because there is a real sense of community present. New retail shops, restaurants, and entertainment venues are cropping up. Crime rates are low, and the tax rates are low for the Austin area.

Lake Georgetown is a popular lake in Georgetown the area as well as the nearby hill-country neighborhoods on the west side of the city. The area has a nationally acclaimed hike and bike trail.

Serenada Statistics: July 2008 - Sept 9/08

Kiersty Lombar: Real Estate Agent in Georgetown, TX

Below you will find the current market activity for Serenada. Feel free to contact me if you have a particular buyer need (I often know of properties not yet on the market). Also, if you would like for me to provide you a Seller's Market Analysis -- I am happy to do so!

SERENADA COUNTRY ESTATES/SERENADA WEST

  • Average Sale Price: $211,750
  • Average Price per Square Foot: $108
  • Average Days on Market: 41

SERENADA EAST

  • Average Sale Price: $168,167
  • Average Price per Square Foot: $99
  • Average Days on Market: 77

Georgetown Village Sales Stats: 8/1 - 9/9/08

Kiersty Lombar: Real Estate Agent in Georgetown, TX

Below you will find the sales and market data for Georgetown Village -- including current market and solds. Please keep in mind that this is general information -- each home is different and will bring a different value in today's market. If you have specific questions about absorption rates, a particular property, or neighborhood within Georgetown Village -- please feel free to contact me directly at klombar@kw.com.

ACTIVE MARKET

  • There are currently 48 homes on the market
  • Average list price: $243,940
  • Average price per square foot: $100.46
  • Average days on market: 48

PENDING/PENDING TAKING BACK-UPS

  • There are 3 homes
  • Average list price: $216,267

SOLD

  • 4 homes have sold during this time
  • Average sale price: $202,763
  • Average list price: $211,048
  • Average days on market: 72

Lehman Brothers, Wall Street, and Real Estate

Russ Phillips: Real Estate Agent in Georgetown, TX

Well, so Lehman Brothers could not find a buyer in the 11th hour and filed for Bankruptcy. No big surprise - we've been saying "Garbage in - Garbage out" for a couple decades now...In this case, we're not talking about computers. The "garbage in" is the ridiculous loans that have been made.

You can always expect this kind of thing when people are making big money without having to be smart.

Think about it. During the height of the real estate boom, my phone was ringing off the hook with people identifying them as "real estate investors." They were always looking for property where they could borrow 103% and cash flow with a tenant in the house. Never once did I take a bite of the tempting fruit of the out of state "investor." Californians were amazed at how cheap homes are here in Georgetown (or the Austin area) and would buy anything. I heard stories of investors buying up city blocks of new construction.

Perhaps this is how Lehman Brothers ended up with $60 Billion (with a "B") in bad loans (according to the news report I heard on the radio today).

Does this remind anyone of the tech bubble in the stock market? I remember people going nuts on day trading. And with everything going up and up and up, it was easy to look like a genius. This is the same phenomenon that happened with real estate investing in more recent years.

The truth is that the acquisition costs are prohibitive to cash flow...unless you find a steal of a deal. And if you're being pitched a "steal," then why isn't the agent buying it?

Anyway, it was this mentality (manifest in different ways) that is driving the crisis in our financial industry right now.

So what should we expect next? More of the same. But I have to say, it is a good time to buy!

  • Buyers will be even more tentative, as question marks continue to hit us from all sides. Gas prices, stiffer loan underwriting (focused on responsibility), and fears about the stock market will give buyers pause.
  • When buyers do commit to writing offers, they will be looking to protect themselves from future problems, and will offer low. Many an agent is writing several lowball offers before one sticks...really this started a few months ago. Lehman Brothers' situation will just exacerbate this.
  • Wall Street's mortgage poolers will continue to promote "risk based pricing" on home mortgages. This means that the better your credit score, the better interest rate you'll be able to get, and the less you'll be required to put down on a home.
  • Essentially, every area where the pendulum can swing back to a sense of responsibility, it will. This is a good thing, but it will continue to be painful in the interim.

Thankfully, Austin continues to outperform the nation. Where Austin has seen the most pain has been in the luxury market, where months of inventory has been very high, and price drops are coming in big chunks.

In Georgetown, we have the same story going on. In Georgetown, I'd place the "luxury market" at anything above $500k. At the time of this post, Alamo Title Company is reporting 33.88 months of inventory in the $500-750k range in Georgetown's west side. It is a GREAT time to buy if you are shopping in that price range. However, supply and demand are MUCH more in balance in the $100k-200k market. Here's the grid:

GTW
Price Range # of Solds Avg Sales Price Avg DOM Current Actives Avg. # of Solds Months of
Inventory
< 100,000 6 $80,258 5 0.50 10.00
100-149,999 116 $134,769 10.37 44 9.67 4.55
150-199,999 203 $173,706 17.13 77 16.92 4.55
200-299,999 267 $240,416 14.42 152 22.25 6.83
300-399,999 97 $349,229 19.05 96 8.08 11.88
400-499,999 43 $443,401 29.09 65 3.58 18.16
500-749,999 22 $577,134 20.45 62 1.83 33.88
750-999,999 4 $859,475 57.00 20 0.33 60.61
> 1 Million 4 $4,011,420 14 0.33 42.42
Total
762 $263,373 16.15 535 63.50 8.43

The idea behind "months of inventory" is basically to provide a simple answer to this question: How long would it take to sell off the current listings at the rate we've been selling over the previous 12 months if no new listings were added to the market. You can see, we have a lot of high end inventory here.

No analysis of Georgetown would be complete without a look to what is east of the interstate:

GTE
Price Range # of Solds Avg Sales Price Avg DOM Current Actives Avg. # of Solds Months of
Inventory
< 100,000 32 $74,313 12.59 7 2.67 2.62
100-149,999 118 $127,112 8.80 40 9.83 4.07
150-199,999 103 $170,405 12.42 50 8.58 5.83
200-299,999 32 $232,772 34.91 28 2.67 10.49
300-399,999 9 $347,044 14 0.75 18.67
400-499,999 3 $444,063 2 0.25 8.00
500-749,999 1 $675,000 7 0.8 87.50
750-999,999 1 $991,587 4 0.8 50.00
> 1 Million
Total
299 $162,207 12.83 152 24.92 6.10

Most of the higher price range properties in GTE will be rural homes with acreage or restored Victorian homes in "Old Town." The lions' share of what trades on the east side are homes priced at $300k or less. Generally, land on the east side has been cheaper for developers to acquire. This allows them to price lots at a lower price, and ultimately you have more affordable homes. That said, the east side offers some great value, as well as convenience, proximity to the park and downtown.

Well, I suppose I'm packing too much into this blog, so I'll go ahead and use this as my stopping point.

Russell Phillips can be found at www.GeorgetownRealEstateExpert.com/blog.