Lot Inventory Shrinking

According to the Austin American Statesman article published July 6 and quoting Bill Hinckley, president of the Lookout Group Inc., a Texas-based real estate and investment company that is Crystal Falls‘ master developer, every builder he knows in the area is scrambling around looking for lots to buy.

Also quoted in the article was Terry Mitchel, a local real estate developer who said that with a 6-7 month inventory of new and existing homes for sale there is no excess housing inventory here and with 2000 lots currently available to build on in the area, inventory is being depleted faster than it can be replaced. He believes there may be evidence of a tighter housing market here as early as 2011.

Stunning Views

Right now there are 23 new homes for sale in Crystal Falls. They range in size from 2300 to over 4000 square feet and in price from $345,000 to over $700,000. With most of them having 4 or 5 bedrooms and three car garages, they’ll make a great home for any growing or large household. The amenities in Crystal Falls are excellent and many of these homes offer hill country, greenbelt and stunning panoramic views.

There are several builders in Crystal Falls including David Weekley, Perry, Mercedes, Drees and Highland Homes, so buyers have many options and floorplans to choose from. Also, Taylor Morrison Homes has just completed a purchase of 1200 lots in the Highlands at Crystal Falls. They estimate that they will begin construction in September and that their new homes will range in price from $200,000 to over $600,000.

Best Time to Buy

Buyers looking for a new home, take advantage of this opportunity to pick and choose what you want without going through the hassle of construction, get it for a comparative bargain, and secure historically low financing. There is evidence to indicate this may not last much longer.

Add to this the green movement that is gaining momentum as communities become more socially conscious of their impact on the earth, and what we get is neighborhoods growing out of the new urbanism movement. Mueller is a great example of new urbanism.

 What is New Urbanism?

It’s a lot of things, but in a nutshell it’s a way of life that doesn’t involve getting in your car, because everything you could possibly need or want is within a short walk from where you live. The streets and sidewalks are scenic and pedestrian-friendly. Retail shops are mixed with commercial, office and residential structures. There are green spaces,  pools  and playgrounds,  and all are built around a town center concept. Neighborliness, community self-sustainability and green building are promoted in the architecture and design of the neighborhood. This is what Mueller in East Austin offers.

 Home Affordability Program

In addition, Mueller’s developers, along with other foundations, have created a Home Affordability Program which allows qualified individuals  who might otherwise be unable to afford to live here the opportunity to own a home in Mueller. The use of green building, which is being incorporated in everything from infrastructure to housing, also promotes affordability through lower utility and energy bills.

Walkability is key also, which Mueller offers in spades with Dell Children’s Hospital, the impending arrival of the Austin Children’s Museum, and what is rumored to become a full-service HEB fashioned after its Central Market Design. 

 What’s Selling In Mueller

The homes that are selling in Mueller right now range from about 1800 square feet up to 3600 square feet and are priced  from the mid $300’s  to $900,000.  Builders in the neighborhood  include David Weekly Homes, Standard Pacific and Muskin.  One of the most outstanding and innovative builders in Mueller is locally-based Streetman Homes, which year after year has garnered impressive awards including Best Green Builder and Best Product Design.  Their model home at 2300 Tom Miller Drive should be included in any tour of the area.  It’s energy-efficient, gorgeous, creatively designed, and very unique. 

The next time you’re sitting in traffic along I35 North near the Airport Road exit, take a detour to Mueller and spend a little time strolling the greenbelt that surrounds the development and was designed and is currently maintained by the Lady Bird Johnson Wild Flower Center.  Also don’t miss the still-standing and soon to be restored control tower, and one of the original wood hangars in place from its airport days. 

Mueller Development, shaping up to be one of the most vibrant and progressive urban village concept communities that Central Texas real estate has to offer, is a must-see for any newcomer to the area or current Austin suburbanite looking for a place closer to town.

What Is Bond 77?

Bond 77 is providing $500 million in tax exempt mortgage revenue bonds  and sponsored by the Texas Department of Housing and Community Affairs (TDHCA) looks to be a viable new source for first-time low and middle income homebuyers to secure financing on primary residences.  It features below-market interest rates OR (not both) down payment assistance grants in the form of second mortgages.

How Does Bond 77 Work?

Basically, a first- time homebuyer will be able to select from either a ZERO-down loan, or a mortgage with below-market rates.    The down payment is actually a loan of up to 5% towards the purchase price which can include some of the closing costs. It will typically be paid back upon the subsequent sale of the home.   According to my source, most of the Bond 77 dollars will be seen in conjunction with FHA loans.  Existing  homebuyers, if they are buying in targeted areas and meet the income limits, are also eligible for this financing.   

Bond 77 For Owner-Occupied Buyers Only

Bond 77 Financing is for owner occupied single family homes, agency approved condos and planned unit developments (PUDS).  It is not available for investment properties, recreational, vacation or second homes.    Homebuyers are subject to income limitations and are required to complete a very short, online, homebuyer education class, which is probably something all homebuyers should be required to to do.

Austin Homes That Qualify for Bond 77 Financing

 This loan program is not going to work for all first time homebuyers in Austin and it does have associated costs.  It’s not a silver bullet, but if you have a first-time buyer who is really strapped for cash, take the time to check this program out.  It can even be an option for a non-first time homebuyer if they are looking in a targeted area.

 The Market Analysis Reports shown below provide a snapshot of the real estate market conditions in Twin Creeks as of May 17.   These types of reports are extremely useful tools used by real estate professionals in determining what to advise clients to offer on a purchase or what to price  their  home for sale.  The reports provide valuable information like selling price per square foot, list price per square foot, and days on the market.    

 Market  Stats for Twin Creeks

Market Analysis Reports

Average Price Up, DOM Down in Twin Creeks

The statistics for a neighborhood can change daily as houses move from one status to the next and then finally sell.  In Twin Creeks for instance, six of the active listings have come on the market within just the past week, causing an increase in inventory of approximately 20% as summer approaches and the buying season heats up.  Using these reports and comparing average solds to the same period a year ago, as shown in the following table, also indicates the average selling price has moved up and days on the market has moved down.  This information bodes well for homeowners in Twin Creeks who want to sell.

Market Analysis Report

 Twin Creeks Neighborhood  Has  Appeal

 Market Analysis Reports are important, but statistics alone don’t tell the whole story.  Condition of the home, the immediate surroundings, expired and withdrawn listings, and what other similar houses have sold  for or are currently for sale are just a few other factors that must be taken into consideration in determining  the value a property.    

 It is worth noting however, that withdrawn listings have been minimal in 2010, solds are in stellar condition, and Twin Creeks overall is a very strong neighborhood with a lot of appeal for the buying public

Community Membership

Homeowners in Twin Creeks purchase a mandatory Community Membership to the club when they purchase their home, which provides access to the fitness facility, aerobics studio, junior Olympic-sized swimming pool, poolside cabana, tennis courts, Kid’s Corner and outdoor playscape. If golf and other amenities are desired, a higher level of membership is available.

Builders

The homes in Twin Creeks, which was developed in the early 2000’s , range in size from 1800 square feet to over 6,000 square feet and were built by a variety of builders, including David Weekly, Fairway View, Federick Harris and KB Custom homes. The distinctive style of many of the homes, such as the Arts and Crafts series designed by Heimsath Architects blends beautifully against the backdrop of rolling hills and traversing creeks.

Many Amenities

Twin Creeks offers many special amenities and features for a discerning buyer, with close access to Lake Travis, a gorgeous country club, and in Leander ISD, some of the best quality schools in the region. This neighborhood is a must-see for any buyer looking for a new home in Northwest Austin or Cedar Park.

Davis Spring Schools

The Davis Spring neighborhood, which was developed between 1995 and 2000, offers brick and native stone homes that range from approximately 2,000 to 3800 square feet in size. It feeds into the Round Rock Independent School District campuses of Patsy Sommer Elementary School, Cedar Valley Middle School and McNeil High School, all of which are within a few miles. Additionally, there are two private schools in the neighborhood as well, Holy Family Catholic School, and St. Dominic Savio Catholic High School.

Easy Commuting From Davis Spring in North Austin

One of the main arterial roads leading into Davis Spring, Neenah Avenue, has recently been extended west beyond Parmer Lane and eventually feeds into and becomes Lakeline Blvd. Traveling west on Neenah about a mile past Parmer Lane is the new Lakeline MetroRail Station. The MetroRail offers commuters five morning southbound trips into downtown Austin and five afternoon return trips each lasting about 50 minutes. Check the train schedule here.

In addition to light rail access, Davis Springs is within a few minutes access of the 183A Toll Road, the TX-45 Toll Road, and MoPac Expressway. With a location just east of Parmer Lane, South of Avery Ranch Blvd., and north of FM620, it truly does offer the benefits of a suburban neighborhood and the convenience of accessibility in virtually any direction.

Davis Spring Photos

Road to Austin MetroRail

Davis Spring Tennis Court

Great Way To Downtown Austin!

Swimming Pool in Davis Spring

Anyone with a weekday commute who is considering a move to north Austin will want to put Davis Spring on their shortlist of contenders for their next home address!

Cedar Park Facts

There are over one thousand caves in urban areas across Texas and over 759 of these are in Williamson County. The caves in Cedar Park and Williamson County are home to several unusual species of insects and mammals including the cave cricket, the cave beetle, certain types of bats and raccoons. Some of these are on the endangered species list.

The Texas Cave Conservancy, a non-profit organization formed in 1984 in New Braunfels, Texas, by a group of concerned cavers, works to protect and preserve many of these caves through cave management and the formation of cave preserves.

Great Family Event for Cedar Park Residents and Visitors

If you are like many of the local residents or newcomers to our area who are literally ‘in the dark’ about caves in Texas, this event will be a fantastic opportunity to not only learn more about the caves in our area, but also to visit some of them. There will be five separate sites available to visit, including Discovery Well Cave Preserve, Buttercup Cave Preserve, Twin Creeks Historical Area, Avery Ranch Cave, and the Dies Ranch Treasure Cave. Each location will offer tours, information, and either hiking trails, cave access, or both.

For directions and more information on Cave Day, visit the Texas Cave Conservancy website at http://texascaves.org/cave_day.html or contact the City of Cedar Park-Parks & Recreation Department at 512-401-5500. See you on Saturday!

Buttercup Creek Photos

Bluebonnets in Buttercup Creek in Cedar Park, Texas

Flowering Trees in Buttercup Creek in Cedar Park, Texas

New Home Construction by Meritage Homes in Buttercup Creek in Cedar Park, Texas

Homes in Buttercup Creek

Most notable was the rapid construction of new homes in Buttercup Creek.  Meritage Homes is putting up this 2,570 square foot one-story home on the corner of Nelson Ranch and David Cove in Buttercup Creek. The picture above is one of the final-four-closeout homes that Meritage will build in Westside Preserve at Buttercup Creek. The last three homes will be built on Nancy Jean Cove and construction on those will begin soon! 

Take the opportunity while the weather is still pleasant to get out and see what’s blooming in the neighborhood!  Please contact me for additional information on the new Meritage Homes that are being built in Buttercup Creek, or for details about any homes for sale in Cedar Park.

Events at Cedar Park Center

This April 21-25, a visit to The Cedar Park Center for Disney On Ice is sure to please the entire family.  Worlds of Fantasy, Feld Entertainment’s action-packed ice spectacular features four fun-filled classic and current Disney stories.  Showcased will be characters from Disney/Pixar’s Cars, Disney’s The Lion King and The Little Mermaid, as well as the magical cast of Fairies from Walt Disney Pictures Tinker Bell. Tickets for performances at Cedar Park Center are on sale now.

Cedar Park Nightlife

If instead what you’re looking for is a night out, that can be found at The Dig Pub,  at 401 Cypress Creek Road.  Beer aficianados especially, will love the selection of 20-25 beers on tap, and not the usual beers.  Quickly becoming known for the best suds on the north side, hit The Dig any night before 7 for half price happy hour.

Cedar Park Karaoke

Finally, who could pass up the opportunity for a fabulous evening of Karaoke?  If that’s you, head straight to Spotlight Karaoke, at 601 E. Whitestone Blvd.  The ambience is  great, as the crowds will attest.  You won’t have to wait long to clear your pipes on a Saturday night, and any song you can think of will be found in their books.

As Cedar Park grows, it becomes easier and easier to find interesting, exciting and cultural events close to our neighborhood.    If you’re in the market for a new home in this vibrant community, I can help you find what you’re looking for.