Buffett Says Buy Retirement Home Now!

Posted on February 3, 2012 by SCarroll Leave a comment

Buying a Home for Retirement in Austin

Billionaire Warren Buffett,  the 3rd richest man in the world, says now is the time for Baby Boomers to buy their retirement homes.  The investor extraordinaire even convinced his longtime secretary, Debbie Bosanek (imagine that) to buy her 2nd home recently.

Buffett, who is CEO of Berkshire Hathaway, says current interest rates of 4% will not last long and in 5-1o years they will be higher.  How much he didn’t say, but the median loan rate in the US is 8.9%.  That’s a long way from 4%.

Some 7,000 Boomers are turning 65 every day in the US.  They represent 26% of the US population, though less in Austin.  People over 55 make up only 16% of the Austin population.

In any case, many folks will be looking for retirement homes.  So, should you retire in Austin?  David H. McDonald writes in Saving America’s Cities that “state capitals are in a class all by themselves…the presence of the state government infuses these cities with assets and revenues that other cities are not able to generate…these cities have also been able to attract state-supported colleges and universities.”

Mr. McDonald goes on to say that state capitals rarely lose population and value.

Capital City     Area Population   # Gov’t. Employees    #  Students              Austin, TX              1,403,000                          51,515                             113,655

Austin has experienced a 15% growth rate over the last 10 years, according to Mr. McDonald.  The City of Austin says the growth rate is even faster.  The gain is closer to 18%, according to the CoA website.

Needless to say, if you want to retire in a city that is growing, offers jobs and provides cultural attractions, then choose a state capital. If you want to retire in Texas that means Austin, although David McDonald says great things about Houston and San Antonio, too.

Austin has several areas in its central core that should appeal to Boomers- featuring entertainment, cultural activities and a chance to mix with all age groups and professions in Austin.

Here are some new projects close to downtown or in the downtown area that could be retirement homes:

Milestone, which is offering 55 single family homes within two miles of downtown.  Prices from low $200′s

PSW Builders. Their Villa Court project (sold out) had 13 single family homes starting at $270+

Downtown condos:  new condos:  starting in $600s, like the Austonian.

Here is my newest video touching up on some of these developments.

Best Places, Blog, Buying Opportunity, Central Austin, Condos, Downtown Austin, Downtown Housing, First Time Home Buyer, Real Estate, Relocation

Best Cities – Austin is the ONLY City in Texas to Retire In

Posted on January 27, 2012 by SCarroll Leave a comment

Austin Listed by Forbes as One of the Best Cities For Working-Retirement.

Forbes recently listed the Top 25 Cities to Retire and Continue to Work .  Three of those were in Texas: Austin, College Station and San Angelo.

Since I currently live in Austin, the good news is that I can tell my wife we don’t have to move.  I moved to Seattle in 1999 to marry Laura, my wife, and I lasted only 6 months in the grey and damp climate.  After my first dreary winter I asked if we could move back to Texas.  My wife also is a native Texan, but had spent more of her life outside the Lone Star State:  Seattle, Madison, New York, London and Amsterdam..  Her answer was “Yes, but only if we can live in Austin.”

I couldn’t answer fast enough…YES!!  Having grown up in Texas, I had gone to school in Dallas and lived in Houston and San Antonio…but never in Austin.  I couldn’t wait to move to Austin.

After 10 years of living in Austin, I’ve found it’s on everyone’s list!  Heritage Title of Austin recently compiled Austin Tops the Charts in 2011, a list of lists where the city is mentioned.  Austin ranked in the Top 10 Cities for dogs, families, IT business, golf, restaurant expansion – and that doesn’t even include the Forbes list.  (Left click on the picture and open it in a new tab, you can also zoom in to read this wonderful list) 

Austin isn’t just for retirees and or retirees who want to continue working.  It’s for students, teachers, techies, politicians, lobbyists, attorneys, musicians, artists, cyclists, runners, restaurateurs, and yes, even movie stars.  Every UT graduating senior tries to find a job in order to stay in Austin.  We have one of the best educated wait staffs in the country.  Austin brings a light of hope to all who want to come and call this beautiful city home.

So whether you are just starting your career or winding down, you will probably find reasons to want to live in Austin.  Here’s my homegrown video of Austin and some of its highlights, including music from local talent

Austin, Best Cities, Best Places, Blog, Buying Opportunity, Central Austin, Central Texas, Dogs, Downtown Austin, Downtown Housing, First Time Home Buyer, Golf, Real Estate, Relocation, Top 10 List

Austin Withers Towards Stage 3 Water Restrictions

Posted on January 20, 2012 by SCarroll Leave a comment

Stage 3 Restrictions Looming Over Austin

At a Leadership forum on Jan. 17, Austin Water Utility Director Greg Meszaros warned that Stage 3 water restrictions loom for the city this year.  Given the probability of the current drought continuing, Meszaros said the harsher restrictions could be just months away.

Austin has NEVER had to implement Stage 3 restrictions before.  The city is currently under Stage 2 restrictions, which have been in place since September 2011.  Stage 2 restrictions allow lawn watering one day a week between 7 p.m. and 10 a.m.

Stage 2 restriction guidelines can be found on the City of Austin’s Water Conservation page.

Stage 3 restrictions are intended for short-term and catastrophic circumstances.  A community-wide discussion about how to adapt Stage 3 to current circumstances was approved by the Austin City Council in October.

Williamson County was temporarily under Stage 3 restrictions in 2011 and if Austin follows in kind they might look like this:

* No water for lawns, even without a hose.

* No water for cars, even at car washes.

* No water for swimming pools, public or private.

* Possible allowance for watering foundations once a week.

The Lower Colorado River Authority has warned that if the drought continues at its present rate, Lake Travis will reach an all-time low by July.  This is does not work in Austin’s favor because Lake Travis provides drinking water for Austin.  Given this gloomy forecast, homeowners should look into installing drought tolerant plants on any new landscaping, and maintaining present tree canopies.

Xeriscaping has grown incredibly popular in Austin.  It allows you to landscape and garden by reducing and possibly eliminating the need for irrigation.  EarthEasy’s website has a helpful guide and tips for Xeriscaping.

If the City of Austin does decide to ban lawn watering, you might want to know the total amount of water you use.  The Water Utility has a great water calculator on its website.

Last of all, praying for rain might help, though Gov. Perry tried it with little success.

Austin, Blog, Central Texas, Drought, Xeriscape , , , , , ,

Waller Creek Area, Sabine Street and 555

Posted on January 12, 2012 by SCarroll Leave a comment

Waller Creek Area Gaining Momentum

While the Whole Foods neighborhood has soared in popularity in recent years, a lesser-known area east of Downtown Austin is gaining momentum as a place where people want to live and work.

I’m calling it the Waller Creek Neighborhood.  The creek provides  a focal point for various developments, as you can see in the map below.

Waller Creek Area Map

Map of Waller Creek Area

First and foremost is the Waller Creek Re-development, which centers on the Waller Creek Tunnel and will be a pedestrian magnet when completed in 2014.

A “beachhead” of the re-development is the Sabine Street Promenade, which will open to the creek and where construction could begin within 18 months, according to a Jan. 5 report in the Austin American-Statesman.  The City of Austin will use a recently awarded $2.7 million federal rant and $700,000 approved by Austin voters in 2010 for the project.

The Sabine Street Promenade is a four-block long street that would be widened to 80′ and feature trees on both sides.  As a “great street,” the Sabine Promenade will be specifically designed for pedestrian and bike traffic.

 

Take a Second Look at the 555 Condos

In December, the Greater Austin Chamber of Commerce reported its purchase of 20,000 square feet of office condo space at the downtown Hilton 555, making it the largest office condo sale to date in Downtown Austin.

The Chamber headquarters will refocus attention on the area, and on the 555 condos located in the Hilton Hotel.  Opened in 2004, the smaller condo units sold out quickly, with the penthouses being some of  the last sales.

Smaller, lower-priced units typically sell before larger, more expensive ones-that is a fairly standard rule of thumb in the condo market.  The challenge for the 555 has been prolonged remodeling to move the hotel kitchen, following problems in floors 5-9.

Lower-floor units had to be discounted to re-sell.  Many recent sales on the lower floors were $300 psf (per square foot) or less, below prices paid for similar residential condos in the Central Business District.

Now the kitchen remodeling has finished, and the Austin Chamber is expected to move into the 555 in March.  The Waller Creek Tunnel project makes the 555 an attractive offering for downtown residential buyers or investors.

Take another look at the 555.

Waller Creek Area Gaining Momentum

555, Blog, Buying Opportunity, Condos, Downtown Austin, Downtown Housing, First Time Home Buyer, Parks, Sabine Street, Waller Creek

First Time Homebuyers Part II

Posted on January 6, 2012 by SCarroll Leave a comment

First Time Homebuying Part II

Based on my July 22, 2011 Blog, a lot of folks are still interested in buying their first home.  In response to a number of questions about first time buying, I am adding a First Time Buyers, Part 2.  Some of the content may seem repetitious but it does need underlining. 

First- financing is key.  Financing is the first and major hurdle first time buyers face.  So find a lender you can work with.  Interview at least two, and be honest in your answers.  Don’t let them hit your credit until you are ready to start shopping.**  A good lender will tell you this:   don’t make any major purchases until after closing; including:  furniture, cars, vacations, etc.  Don’t muddy the credit waters. 

Second- is timing.  Don’t wait for the proper time.  No one can predict the bottom.  Rates are the lowest in anyone’s memory.  Make the time right for you. 

Third- gifts.  With a conventional mortgage the borrower must have 5% of his OWN money to contribute to down payment and closing costs.  If not, the % down will escalate from the average 5% to 20%.  with an FHA mortgage a gift can be made without significant or matching borrower contribution.  Finding the right type of mortgage also enters into your decision.  Why, because not all condos, for instance are FHA approved.  All condos are in the process of recertifying for FHA approval following a September 2010 blanket cut-off.  Now everyone is scrambling. 

Fourth- is also a major hurdle in the homebuying process.  Find a realtor you can work with and that you feel will do the best job for you.  That means a realtor is not just agreeing with you, but giving you straight answers.  For instance, what is the most important thought first time buyers should remember?  Resale.  As a first time buyer, you will be reselling your first home, so location is vital to your purchase.  Don’t just shop for a house, but rather shop for a location that works best for you and find the best house in that area.  Find a realtor whoseexperience will guide you through the purchase process and help relieve your anxiety.  You will have anxiety because I have had anxiety with every home purchase I have made.  Total so far is 14.  That’s a bit above the average, but I am a realtor. 

**Email me at sam@myagentsam.com for my preferred lender list.

Blog, Buying Opportunity, Condos, Downtown Austin, Downtown Housing, First Time Home Buyer, Single Family Homes

Wilson Street Flats & Homes Under $500,000 In South Austin

Posted on December 30, 2011 by pg1116 Leave a comment

Wilson Street Flats

Last reported on November the 11th the Wilson Street Cottages were being demolished to make way for a new project. Although nothing has been announced I shot this video showing the current razing. As seen in the video the current dwellings are in the process of abatement. Upon completion of window, electrical, insulation and other materials the buildings will be torn down.

According to an onsite contract 14 buildings hosting 62 units will be built. The 1-2 bedroom units will all feature an attached garage. There are 1/1 with approximately 1100 square feet and 2/2 with approximately 1400 square feet planned for the new Wilson Street Flats.

While the old apartments were home to many of Austin’s up and coming musicians the new Wilson Street Flats will bring new tenants and new rents that will probably be out of reach of the aspiring musicians that formerly resided on Wilson Street in the Bouldin Creek neighborhood of south Austin. Out with the old and in with the new. http://shrvl.com/GU058

Shonda Novak at the Austin American Statesman also reported on December 20, 2011 that homes under $500,000 in central Austin sold fast. http://shrvl.com/2aUZU Mark Sprague tracts and forecasts Austin housing says ” the supply of homes priced below $500k is very tight”.

Well I suggest you look on Havana Street in the Dawson addition. This single family home has been remodeled, it sits on a large lot, has 4 beds, two baths and covered parking. This home is priced at $345,000. So If indeed, homes priced below $500k move quickly this should be a home to watch. It’s been on the market about two months and it is the holiday season.

Still this home should be well priced. It is hard to find good homes under $500k and this home is under…way under. I would expect this home to be object of more than one buyers eye. So again, Bouldin Creek, south Austin, great price!

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Keeping Christmas Weird- In Austin

Posted on December 23, 2011 by SCarroll Leave a comment

Keeping Christmas Weird: Austin Style

Christmas Armadillo

 

Whether you’re a local, new resident, or just a visitor, keeping Christmas weird in Austin is alive and bustling  this winter season.  Austin is a unique blend of Texas history, the beautiful hill country and high tech fusion. Downtown and central Austin have been the center stage for art, politics, music and great food since 1839.

Every city has its own way of celebrating the holidays – and Austin is no exception. Residents’ love of weirdness is in full display at this time of year.

Let’s start with 37th Street, a perfect example of  keeping Christmas weird in Austin. Here you will see lights festooned over furniture, appliances and cars.  All are displayed IN THE FRONT YARD of homes.  Abandoned stoves and toilets become yard art.

Next, we visit the Armadillo Christmas Bazaar, a holiday shopping destination that combines art and music. Its name plays off the Armadillo World Headquarters.  An Austin premier music hall and entertainment venue in the 1970′s. Local artists showcase their handmade trinkets.  For those shopping on a budget, all items are at affordable prices.  The bazaar ends on December 24, so hurry and do your part in keeping Christmas weird this holiday season.

On New Year’s Eve, you can enjoy a family friendly event in Downtown Austin, including fireworks at midnight.  Auditorium Shores is near downtown and the fireworks are visible from many downtown condos.

On New Year’s Day join hearty Austinites for the annual Polar Bear Plunge at the Barton Spring’s Pool. Zilker Park and Barton Springs are close to both the beautiful Bouldin Creek and the Barton Hills neighborhoods.

If you are still undecided as to how to spend the holidays in Austin check the Downtown Austin Alliance/City of Austin site.  There are plenty of events keeping Christmas weird this year in Austin.

I may have overlooked some weird events, so let me know if you spot some good ones over the holidays!!!  Although Christmas is celebrated worldwide, Austin adds a little extra weirdness to this holiday season in addition to the funkyness found here all year round.  To all you locals, thanks for keeping Christmas weird in Austin.  As we look to 2012 we remember things past and wonder what the future holds.  If you can’t come to Austin for Christmas then come visit our beautiful city when you can.

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Austin Marathon Shapes City’s Image

Posted on December 16, 2011 by SCarroll Leave a comment

Austin Marathon Gets City Into Shape

The Austin Marathon is a defining event on the city’s annual calendar, and race organizers have started dispatching goodwill ambassadors to neighborhoods along the route.

I attended the recent Bouldin Creek Neighborhood Association meeting where ambassador Ari Witkin reminded folks that the Feb. 19 race will encircle their neighborhood. Residents appreciated the courtesy call from race sponsor and simply asked that booster bands (playing music to encourage racers) keep it down at 6 am.

The 26.2-mile race, now in its 20th year, symbolizes the active and outdoor lifestyle enjoyed by Austinites. The marathon is one of dozens of foot races held in Austin each year.

Runners, both amateur and professional, love Austin because they can train year-round in the mild climate.

Runners like the Austin Marathon because February is a great time to visit the city. The weather is usually milder than other parts of the country and chances are spring is starting to blossom in Texas.

Austin being the “Live Music Capital of the World,” many bands and entertainment perform for the marathoners coming to town.

The Austin Marathon route showcases a variety of neighborhoods, if you’re thinking of relocating to Austin or moving within the city. Besides Bouldin Creek the race course winds around Lady Bird Lake, Old West Austin, Clarksville, downtown, UT and the Capitol. See a video of Bouldin Creek via this link.

See the race website for maps, entry forms and lodging. Plan on participating in the Austin Marathon whether as a runner or just cheering from the sidelines. Either way it’s a great way to be a part of the Livestrong cancer-fighting nonprofit. If you would like to register for the marathon click here.

To our visitors and residents, enjoy the city and be sure to visit the old iconic Austin neighborhoods for yourself.

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Visit to East Austin’s Holly St. Neighborhood, aka, the Garden District

Posted on December 9, 2011 by SCarroll Leave a comment



In this video, Sam shows us around the Garden District, located just east of I-35 and centered around Cesar Chavez St. and Waller St.

Blog, Buying Opportunity, Downtown Austin, Downtown Housing, Real Estate, Single Family Homes , , , , , , ,

Austin is a Boomer (Boom) Town!

Posted on December 2, 2011 by SCarroll Leave a comment

Austin, The Boomer Town

Central Texas is in the vanguard of a growing boomer population in the US, according to an Austin American-Statesman report on Dec. 1.

Boomers (age 65+) in Travis County jumped 70% from 2000 to 2010, as shown in the Census Bureau map below. Travis County is the dark blue county in the center of the state.

In Austin, the boomer population rose 27% and 60-64 year-olds nearly doubled. That clearly outpaces statewide growth of 25%.

Does this mean Austin is greying? Nope, not by a long shot.

The median age in Austin is 31 years, compared to 33 in Texas and 37 in the US. In other words, Central Texas, and Austin in particular, appeal to both older and younger residents.

Boomers grew up with rock and roll and prosperous parents who provided more opportunities to travel, dine out and pursue leisure activities than ever before. Those opportunities are on offer in Austin – to old and young alike. Five universities, including UT, music, food, great outdoors, and lively arts community.

“Baby Boomers are seeking out communities with culture, activities, and events and turning to college towns, urban environment and smaller towns with vibrant downtowns, “ Fox Business reported on June 26, 2011.

Best Boomer Town website ranks Austin in the top 20, saying “Austin checks in by being a college town and having an urban environment with a robust downtown.”

Another website, www.cityretirement.com says “College towns like Chapel Hill, NC and Austin, TX are popular with retirees because they have cultural attractions, beautiful environment, as well as plenty of technology companies which keep the population up to date and energized.”

Again, check, check, check – we got all of the above.

So expect central and downtown Austin to lure more baby boomers and younger workers to the core because they want the same things. Maybe in different degrees, but the attraction is there.

In fact, Edward Glasser in Triumph of the Cites said that cities are our best hope for the future and boomers want to be a big part of the future.

Blog, Downtown Austin, Downtown Housing, Real Estate , , , , , , ,