Posts Tagged ‘homes’

Asking Prices For Homes Hold Steady In North Texas

Friday, October 10th, 2008

Homeowners were able to hold steady on the sales price they sought their property in North Texas in September, which put the area ahead of most in the country, according to research released Wednesday from Real IQ and Altos Research.

Asking prices for homes in Dallas-Fort Worth had no change in September from the previous month and increased 0.3 percent from three months ago, according to the figures.

The research found that listing prices in 21 of 26 metro areas surveyed declined from the previous month.

The inventory of homes in North Texas has fallen 3.8 percent in the past month and 9.2 percent in the past three months.

The homes are staying on the market longer. The average number of days a North Texas home stayed on the market in September was 96, an increase of 9.9 percent over the past three months. The figures show that 19 of the 26 metro areas average 100 days or more.

A composite index of 10 metro areas studied showed that asking prices dropped 1.4 percent in a month and 2.9 percent since July.

Las Vegas had the largest drop in asking prices, with a 3.5 percent decline in September. In the past year, asking prices there have fallen more than 30 percent.

Credits: Star Telegram

Central Texas Real Estate - Home Values Continue To Rise

Monday, September 22nd, 2008

The national economy may be struggling, but Central Texas homes remain a wise investment, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. In the Austin area, the median price for single family homes reached $195,000 in August 2008, up two percent from one year ago and a record for the month.

The 1,992 single-family homes sold in August represent a 20% decrease from one year ago. These sales contributed $521,503,608 to the Austin economy, a 20% decrease from August 2007. The 1,792 pending sales and 3,114 active listings recorded for this month each slipped 18% from one year ago, while active listings rose five percent to 10,348. The average number of days a single-family home remained on the market also increased this month, up 19% from last August to 69 days.

“The fundamentals of Austin’s economy are solid,” says ABoR Chairman Socar Chatmon-Thomas. “Our city’s job market receives high marks for its consistency, which in turn drives more people to move here. A robust labor pool and an expanding population are key to maintaining a healthy housing industry.”

August 2008 - Single Family Homes

• 1,992 was the number of homes sold, down 20% from one year ago
• $195,000 was the median price, up 2% increase from one year ago and a record for August
• $521,503,608 was the total dollar volume of properties sold, down 20% from one year ago

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 9,000 licensed REALTORS® in Central Texas.

Credits: RIS Media

Texans Suffer Damaged Homes, Property

Thursday, September 18th, 2008

Travis Johnson’s expansive home in Missouri City’s Estates of Silver Ridge suffered what he called “an almost unexplainable amount of damage” from the cruel, capricious fury of Hurricane Ike in the wee hours Saturday morning.

Once the roof came off, several ceilings collapsed and sheets of rain poured in. For a while, Johnson and his wife and young children took refuge in a closet, hoping for the best.

So, the Texans’ mammoth defensive tackle was asked after the team’s first post-Ike practice Tuesday if it’s going to be difficult for him to focus on playing football anytime soon?

No, he said. Is he disheartened? Absolutely. Is he distracted? Absolutely not.

“This is what bought me the house in the first place,” Johnson said. “This is my job. To be a professional, you’ve got to take the good with the bad. We’re blessed to be able to come out here and enjoy our teammates, our friends.

“There’s a lot of stuff I’ve got to figure out, but I’ll be all right. It was sad to see my house like that. You work to have the American dream, to have a nice house, a car, two dogs and a cat. To see it destroyed, it’s kind of disheartening. But you’ve got to pick yourself up.”

That was a universal theme for Texans players, coaches and executives as they returned to work after an unnerving and ill-timed four-day hiatus caused by one of the most devastating natural disasters ever to strike the area. Conspicuously lost in the tempest was the scheduled home opener against the Baltimore Ravens, a chance to seek redemption for an ugly season-opening defeat in Pittsburgh.

Instead, the Texans must confront the reality of having to play 15 weeks in a row — and away from Houston the next two Sundays. Against a backdrop of rumbling 18-wheelers and blaring police sirens (a major disaster-relief staging area has been established nearby), their forlorn-looking deflated practice bubble and the gap-toothed retractable roof of Reliant Stadium, they began preparing for their trip to Nashville to play the Tennessee Titans.

“It’s going to be very challenging for us,” quarterback Matt Schaub said, “but it’s something that, collectively, we can get done. If we rally around each other, we can accomplish some great things. When we’re between the white lines or in the meeting rooms, we (need to) focus on what it takes for us to be successful, which will not only be therapeutic for us but also for the city and our fans.

“Once we get outside this facility and go back home, that’s when we can think about — those personal things we have to deal with.”

The Texans’ new normal is an imperfect environment, one that’s clearly less than conducive to tackling a nemesis in the Titans to whom they’ve lost in 10 of 12 previous meetings. Yet, as general manager Rick Smith reminded, “That’s the hand we’ve been dealt, and we’ve got to work through it.”

Ike didn’t bring tragedy to anyone in the Texans’ extended family, just a thousand irritations — some major, most minor. They’re dealing with the same problems as most of the area’s population — whether it’s a lack of electricity or no fuel for their cars or a lot of spoiling food in the fridge or toppled tree trunks resting on rooftops.

Mario’s home smashed

A mighty pine bashed into defensive end Mario Williams’ new Memorial-area home and the roof of his mother’s home in Sugar Land flew off. Owner Bob McNair may be a billionaire entrepreneur/businessman, but he wasn’t spared Ike’s ravages, either. His River Oaks mansion has no power and many beautiful old trees on the property have been lost. At least one of them is resting on his roof, too.

But, like Johnson, McNair hadn’t lost his perspective.

“It’s such a tremendous tragedy,” he said. “The breadth of the storm — it was as big as the state of Texas. We’d never experienced anything like that. The people in Galveston and the Bolivar Peninsula took the brunt of it, much more than we in Houston did. Our hearts go out to them. All we have to do is clean up the debris and repair our houses, but many lost everything.”

McNair concedes that football, despite all he personally has invested in it, is suddenly a secondary concern.

“It’s a distraction and one that should be a distraction because there’s human loss involved,” he said. “We should be concerned about that. But everyone has come together. We appreciate the security, the fire departments and the police departments. We’re all in the same boat with the loss of power. Very few of us have any. As the old saying goes, ‘You don’t appreciate the water until the well goes dry.’ You flip the switch and nothing happens. That’s a reminder.

“But a lot people lived in this country for a long time without power and running water, and they did just fine. So I’m sure we’ll work our way through this.”

As Johnson suggested, it shouldn’t be that hard.

“I can’t do anything about what happened,” tight end Owen Daniels said, “so all I can do now is focus and get ready for Sunday.”

Before Ike struck, the admitted weather junkie had confessed the prospect of experiencing his first hurricane excited him. Daniels now understands the folly of that thinking, after his home also took some nasty blows.

“It’s a mess,” he said. “I have big holes in my ceilings (and) the carpet’s ruined. I’d say I really don’t like (hurricanes). ”

Place of refuge

But Daniels never lost electricity, so he became a popular destination or, as he called it, “a house of refuge” for perspiring teammates – if not an extended-stay option.

“With my guestroom ruined,” he said, “there’s really no place to sleep except the couches downstairs.”

More than one Texan insisted the team could profit from its shared misery by pulling closer. Receiver Andre Johnson said he’d also welcome teammates “hanging out” at his Bellaire house, which wasn’t damaged and has electricity.

“We’ve been calling around, checking on each other and making sure everyone was OK,” Johnson said. “It’s difficult. All we can do is just help each other as much as we can. And help other people around our neighborhoods, too, if they need it.”

The scope of the disaster fully hit home for Johnson when he approached the stadium and saw the gaping holes where roof sections had been. Being from Florida, he had experienced a hurricane’s fury before, but, he admitted, “It was bad, worse that what I thought it would be. It’s a devastating time.”

Credits: Chron

Where U.S. Home Prices Are Likely To Rise

Wednesday, September 10th, 2008

Believe it or not, in the future people will be buying and selling homes in the United States. Some of them will even make a profit.

It’s not so crazy an idea. Consider Albuquerque, N.M. The mid-sized Southwestern city has experienced housing price declines since a peak in the third quarter of 2007, job growth has been flat, and housing starts are expected to fade by 45% through the end of 2008. Nevertheless, it’s a city that home builders and economists are bullish about for 2010 and beyond.

According to analysts at Moody’s Economy.com, Albuquerque’s job growth through 2012 is projected at an average annual rate of 1.6%, fueled in large part by its low costs and local business expansion. Housing starts in the city are expected to reverse course in 2009, growing by 26.6%, according to the National Association of Home Builders (NAHB). This means builders have high hopes for 2010 and 2011, when those homes will be completed and on the market.

It’s the same story in several other cities: more tough times to come in the short term, but potential for a recovery and a rise in prices in the long term.

Behind The Numbers

To determine where house prices are expected to rise next, Forbes.com looked at projections for housing starts from the NAHB and job-growth figures from Moody’s Economy.com, for the 100 largest metro areas in the U.S. The estimates are based on the cost structures of business in the respective cities and the composition of the local economies.

Housing start projections from the NAHB may seem like wishful thinking. Trade-association economists often view their own industry through rose-colored lenses. The National Association of Realtors (NAR), for example, has developed a reputation for its positive outlooks despite negative numbers.

But the NAHB data are filled with laggards, signifying some realistic thinking. Housing starts in Las Vegas are expected to drop by 32% in 2008 and actually get worse in 2009, falling by a further 43%. In overbuilt, highly leveraged Phoenix, starts are predicted to fall 50% this year and descend another 11% more in 2009.

Because houses take six months to two years to build, that means home builders aren’t expecting profits in the Vegas or Phoenix market until past 2011.

“These are some of the most overbuilt markets,” says Robert Denk, an economist at the NAHB. “There are some markets that got really out of hand and they’re going to be in trouble for a couple years still.” He cites Cape Coral, Fla., as the poster child of overbuilding exuberance. “They built 10 years of housing in two years.”

The prognosis isn’t as bad elsewhere.

Texas On The Rise?

Centex, one of Texas’ largest homebuilders, has been stung by overextension into Michigan and Colorado, as well as big bets on the vacation-home market in Texas. In July, the builder reported losses of $150 million. There’s a bright spot, however.

San Antonio and Austin, Texas, have largely avoided the real estate crash, with price increases of 2.5% and 4.1% in year-over-year terms, respectively, according to the NAR. This is driven in part by the fact that the two markets are expecting building slowdowns of 24.7% and 28.2%, respectively, through the end of the year, as home builders are bearish about the remainder of 2008 and 2009 in the sales market or cannot find financing. Builders as a whole are taping their wounds and cutting back production, adopting a wait-and-see approach to home prices in the coming year.

But for the start of 2010 and into 2011, builders expect a more vibrant market for sellers. For homes built in 2009, which would come off the conveyor belt in 2010 and 2011, the NAHB forecasts a 9.6% increase in Austin and a 20.9% increase in San Antonio above 2008 levels. Much of that has to do with expected job growth in all non-farm sectors.

Recovery In Obvious Places

At this point, it’s clear the subprime contagion won’t be contained in the next year, based on the acceleration of home price drops and foreclosures nationwide. But when the bad vintages of loans finally come off the books, the cities where prices are expected to rebound are largely those with vibrant economies.

“The logic is pretty straightforward,” says Mark Zandi, chief economist at Moody’s Economy.com. “People will spend as much on housing as their income will allow them. House prices are very closely tied to household income over the long run when you look at business cycles.”

This means that recovery is likely in the cards for even the hardest-hit spots. Cities like Atlanta and Colorado Springs, Colo., may be reeling from high defaults and foreclosures, but from 2007 through 2012, their economies are expected to experience 2% and 1.6% average annual job growth. That means more in-migration and more money in the economy, factors that help businesses grow and profit–and put more money in residents’ pockets.

As local economies grow bigger and more dynamic, land values increase because the value of what can be produced on that land increases. When land prices go up, home values go up.

Home prices moving up; it sort of makes one nostalgic.

Credits: Financial Post

Texas Homes Use Recycled Paper For Blocks

Wednesday, August 27th, 2008

Old newspapers, phone books and lottery tickets are trapped within the walls of three homes in Mason.

Mason Greenstar, a new company settling into Mason, is mixing recycled paper with water and cement to create home building blocks to use in place of the conventional wood framing and cement cinder blocks.

Zach Rabon started the company.

“I was just fascinated with the amount of waste that was going into every one of those homes,” said Zach Rabon. “Not to mention all the different crews that had to go into the process of construction itself.”

Rabon plans on sticking to his motto: ‘one material, one crew.’ Each block weighs about 17 pounds and is made of 65 percent recycled paper. When they stack up and are cemented down, they create a monolithic wall.

The material is designed to do more than create less waste in the landfill.

“I have a 3,200 square foot home, and my electric bill runs about $130 a month,” said Rabon.

Rabon built his first “paper block” home for himself. Not only do the walls keep the heat out in the summer, but they help retain heat in the winter. He says home insurance is lower, because the blocks do not succumb to termites, mold, fire, and even bullets.

For Rabon’s father, a fellow home builder, it is the environmental side he has warmed up to.

“I just don’t believe we can afford to cut down anymore trees for houses,” said Kent Rabon.

He also enjoys the Santa Fe style look the walls create.

With so many wood framed homes going up, finding crews with the right skill set to build the homes may the biggest challenge.

“This is very nice, because it is standard masonry and that’s done around the world, but a majority of the frame homes in United States use a different skill set,” said Mason Greenstar investor Ed Risinger.

Risinger is confident the building ‘green’ trend is here to stay.

Equipment is being transferred to mass produce the blocks at their first plant in Mason. The plan is to open up five additional plants across the U.S. over the next five years.  For more information on the material, visit their Web site.

What do you think about this new way of making homes?

Credits: KXAN