My New Blog

The gas station at HEB opened this past week which has had a considerable effect on local gas prices.  The store itself will open this Friday, July 23rd.

Get ready to shop!!

According to In Chief Executive's annual survey, Texas comes out on top again.

Read more at the following link:  http://chiefexecutive.net/ME2/Audiences/dirmod.asp?sid=&nm=&type=Publishing&mod=Publications::Article&mid=8F3A7027421841978F18BE895F87F791&tier=4&id=59FD13C5177B40B0B2D3EBA9E4384572&AudID=F242408EE36A4B18AABCEB1289960A07

"During the boom years it became popular to buy real estate at inflated prices on a shoestring.  This was done by encumbering it with a 1st, 2nd, and 3rd mtge.  Second mortgage loan companies were formed to buy these 2nd, mortgages at a discount of 10% to 25% per year.  It has proven to be a bad investment because at each sheriff sale the 2nd mortgage is wiped out.  Most of these companies have frozen assests and seem to be heading for bankruptcies.  Good, conservative first mortgages have proven to be good investmensts altho' in many cases the mortgagee has been force to take over the property."

             ---Benjamin Roth, June 1931

Prices in Austin down a bit but sales are up. 

TEXAS' EXISTING HOME SALES DOWN, PRICES UP IN FEBRUARY

TEXAS (Real Estate Center, Reuters, CNNMoney.com) – A total of 13,064 existing single-family homes were sold in Texas last month, a 2 percent drop from February 2009, according to MLS data compiled by the Real Estate Center at Texas A&M University.

The median price was up 2 percent to $141,100 during the same period, and the state finished the month with a 6.9-month inventory of existing homes.

Here is how select Texas cities fared in February (data current as of March 25, 2010):

Additional home sales data for these and other major Texas cities are available on the Center's website.

At the national level, the National Association of Realtors reported this week that existing-home sales fell 0.6 percent to a seasonally adjusted annual rate of 5.02 million units in February from 5.05 million in January. That was 7 percent higher than the 4.69 million-unit pace from February 2009.

Total housing inventory at the end of February rose 9.5 percent to 3.59 million existing homes, representing an 8.6-month supply.

The national median existing-home price for all housing types of $165,100 last month, which was 1.8 percent below February 2009.

ROBUST CONSTRUCTION EXPECTED FOR AUSTIN RETAIL MARKET

AUSTIN (Marcus & Millichap) – The prospect of a shallow economic downturn has restored developer optimism in Austin, resulting in a leap in supply this year that will hamper property operations in older assets, according to the 2010 National Retail Report by Marcus & Millichap.

Although anchors are in place at most new developments, including the 500,000-sf Domain II, lenders continue to show restraint when considering small business loans, limiting owners’ ability to fill in-line space.

“Sidelined investors with capital are poised to re-enter the retail market, although significant activity is not anticipated until mid 2010, when a pricing floor will emerge,” said J. Michael Watson, regional manager of Marcus & Millichap’s Austin office.

Some findings from the Austin Retail Research Report:

• Employers will increase payrolls by 2.5 percent, or 19,100 jobs, in 2010.
• Developers are projected to add 1.6 million square feet of retail space to the market this year, more than double deliveries in 2009.
• After a 40 basis point rise last year, vacancy is expected to push up 50 basis points to 10 percent by year-end 2010.
• In 2010, asking rents are forecast to retreat 1.3 percent to $19.68 per sf, while effective rents will slip 4.1 percent to $17.12 per sf.

The HEB in Dripping Springs is moving along.  Looked like it was slowed today with all of the snow that we recieved in area.  We will keep you updated.

The PIR Team