We reported 9 days ago that downtown Austin condo sales were up 44% year-over-year while prices were down 3%. This was good news but not necessarily indicative of the broader Austin market. Today, newly released MLS numbers show that central Texas existing home sales soared 38% in October with 1,823 houses selling compared with 1,322 a…
News
Austin real estate news combined with editorial and opinion.
New, Less Restricttive FHA Rules for Condo Loans
In a dramatic temporary reversal of policy , the Federal Housing Administration is giving condo buyers a much-needed break. Last week, the FHA, the federal agency that insures low-down-payment home loans for private lenders, said it was relaxing its building underwriting guidelines as a way of helping the struggling sector ride out the downturn. The move…
Exclusive: Strong October & September Downtown Condo Sales
In the year between the summer of 2008 and the summer of 2009, a typical month saw 8 downtown condo sales captured in the Austin MLS. In four of those months, only 4 units sold. In the best month, 13 units sold. All of this has changed in the last two months. Between September 1…
New Home Buyer Tax Credits in Works
The U.S. Senate is working on a bill that would extend the first-time buyer home credit of $8,000 and add a new credit of $6,500 for homeowners who have lived in their current home for 5 years or more. The new provision, if enacted, would go into effect on December 1, 2009. The new bill…
W Receives Financing: Averts Crisis
The W Austin Hotel and Residences is an important project for downtown Austin. It’s located at the heart of the emerging Second Street District. It’s a $300 million multi-use project including a much-needed hotel, a prominent condo project, retail, and entertainment. It’s the home of the new Austin City Limits studio. Until this week, the…
Secret Congress Avenue Town Home on Market
Although not widely known, there are a small number of private town homes on Congress Avenue between 8th street and the Capital. They are well hidden — when you walk by you would never know that these buildings are private residences. If you have $6 million, if you want to live downtown but need more…