INHABIT AUSTIN: real estate

Last week the W Hotel and Residences officially broke ground. To be honest, it’s the first time I’ve seen the letter “W” downtown without an anti-symbol displayed with it. In fact, this seems to be a W that many Austinites are happy to welcome to town.

Block 21 of the 2^ND Street District is now the construction site of a $260 million dollar project that once completed, will be home to a 35 story, Platinum LEED-certified structure designed by Arthur Andersson of Andersson-Wise. Here’s what’s planned for the site: 

• 250 hotel guestrooms

• 196 condos  

• Austin City Limits Studio Theater (2,200 seats)

• Spa and Pools

• Signature bar and Restaurant

• 25,000 sq ft of ground floor retail space (The sales staff shared with me a list of possible tenants including Uchi, Eddie V’s, and a high-end grocer)

Unfortunately, I probably will not become a lucky resident of the W Austin anytime soon, but that doesn’t stop me from daydreaming about the legendary “Whatever/Whenever” service the home owners will enjoy. If you’re unfamiliar with the experience, W/W stands for pretty much anything and everything you could possibly request… so long as it’s legal, which some would argue is a relative term here in Austin… Here are few examples of that delightful W/W service:

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First it’s important to know the definition of both market conditions. In a sincere attempt to avoid insulting anyone’s intelligence, a buyer’s market is characterized by supply outpacing demand. In other words, there are too many homes on the market for the number of buyers. Typically, we see the following in a buyer’s market: 

1. Flexibility in negotiating price.
2. Added seller concessions (closing costs, repairs, etc.)

Conversely, a seller’s market is characterized by an insufficient level of supply for the ready, willing and able buyers. In a seller’s market, it’s common to see this happening: 

1. Multiple offers.
2. Shortened time on the market.

Regardless of when or where you want to move, generally the market is trending in one of two directions defined above. Yet, it is possible for the market to be stagnating in transition, which is all the more reason buyers and sellers need to anticipate which way the market will move. More specifically, you should have a clear understanding for which direction the particular neighborhood that you’re searching or selling in is trending. The real estate market is not monolithic. Some neighborhoods outperform others (see below).

Markets constantly fluctuate. Unfortunately, by the time we read about it in the paper, it’s already history. So apart from negotiating transactions on a regular basis how can you remain informed and know if Austin is presently a buyer’s or seller’s market? How can you know which way things are headed? (faint drum roll) ….Behold, the INHABIT INDEX. I developed and routinely update this index for my clients to easily gauge how supply and demand is faring in the Austin, Texas real estate market. Here’s how it works.

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I’ve mentioned before, what attracts me to downtown Austin is that there’s something unique and  different to experience almost everyday. The conversations with people you meet, the condo developments going up and the events going on… this weekend is no exception. From noon to 6pm this Saturday you’ll find a pet-centric design competition taking place in the 2ND Street District. So what is it you ask?   

30 Designers, 30 Doghouses

“The 2ND Street District is pleased to announce Barkitecture Austin 2007, a doghouse design challenge benefiting local Austin animal rescue groups.

30 Austin architecture and design firms have been invited to unleash their creativity while working under a set of guidelines: The doghouses must contain some recycled and sustainable materials.

Awards for distinguished doghouse designs and winners of the silent auction will be announced at 6pm at Design Within Reach (200 W. 2nd Street). Several participating architects and designers will also be on hand to discuss their creations. Winning doghouses will be on display at Design Within Reach for the rest of the weekend.”

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If you’ve ever sold a home before you know how important it is to maintain showing condition while on the market. It’s imperative that both the structural and aesthetic condition substantiate the asking price. Otherwise, the home will likely linger for days without generating any offers. Initially, it can take a lot of work to make it look like a model home, but the bigger challenge for most sellers is keeping the home in showing condition while it’s on the market.

Regardless if you have a family at home or not, maintaining showing condition doesn’t have to be as arduous as it is for many people. One way to defeat the challenge is to hire professional cleaners to take care of what you don’t have the time to do. But that can be expensive and you’re probably more of the do-it-yourself type. If the latter is true of you, below is an easy plan I’ve assembled to help you maintain showing condition. If you can’t do anything more, at least focus 15 minutes of your time each day to the designated task.

If you have a family at home, even better, that means you have easy access to cheap labor to assist you. Remember, the idea is to maintain showing condition, as the plan will work once the interior of the home starts to resemble a model. Also, depending on the level of traffic that is coming through your home, you may want to shuffle the daily tasks around to fit your situation. Lastly, a good rule to apply to the household is the old leave-no-trace axiom - pack it in, pack it out. If you take a dish to the living room, take it back to the dishwasher when you’re finished and put it back in the cabinet once it’s clean. Encourage the kiddos once they’re done playing with a toy to put it back where they got it… pretty simple really. Here’s the plan:

• Monday- Clean the floors, sweep and mop.

• Tuesday- Dust windows, fixtures and wood trim.

• Wednesday- Quick sweep floors.

• Thursday- Take out all trash.

• Friday- Clean bathrooms.

• Saturday- Sweep and mop.

• Sunday- De-clutter (focus on areas where paper stacks up).

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This won my vote at least. Note to self… before building a new home… purchase a horribly difficult lot in a great neighborhood and consult Tim Cuppett to do the unthinkable. Here’s Tim’s take of the project from his website.

“This house sits on a heavily wooded lot that was deemed too constricted by an easement to be suitable for construction; but that feature mandated the very beauty of the place. In response to these constraints, the house is narrow and deep. A high, wide overhang supported on slender columns creates shading while a sun protecting wooden brise-soleil on the West side screens the house. Both features meld the structure into its context of trees and vegetation in the natural undisturbed easement. With the exception of some limestone walls, exterior materials were chosen to disappear into the landscape.

The house is Modern but warm because of the raw materials and colors used. There is only a thin veil of separation from inside to outside and every room features windows on multiple sides.”

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It’s no secret our emotions play a large part in the decision making process when it comes to buying a home. “What about my home would influence a buyer’s emotions when they enter?” This is what a seller should be asking weeks before they begin marketing their home.  If you’re thinking about selling, take a whiff and you may find the answer.

The Smell of Money: Marketers Use Scent to Encourage Spending describes how of all the 5 senses, smell is thought to be the most closely linked to emotion. The post goes on to discuss how major corporations leverage the subtle tactic to encourage a sensory, emotional response and subsequent purchase of their products.

It can be akward for both a Realtor and seller when the topic of “this house has a smell” comes up.  Truth is, every house has a smell, it’s usually either good or bad. When selling your home, know that scent is a catalyst for either a positive or negative first impression. Baking cookies before an open house or showing will only last for so long. My suggestion. Deep clean with a lemon scent.

I should point out I’ve never had a client decide to buy a particular house because it smelled nice, but I have seen contenders crossed off the list because they didn’t.

3 quick tips to make your home smell better and sell faster:

1. Keep it clean (if you don’t have the time, call in the professionals). 

2. Remove pet odors (litter boxes, dog beds, pets…etc.).

3. Replace the air filters (keep the house ventilated with fresh air).

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If you’re not headed out to the Red River Shootout this weekend, I highly recommend buying a ticket to the 22nd Annual AIA Austin Homes Tour. This isn’t your typical run of the mill Saturday open-house-marathon… these homes aren’t for sale, yet. This is a two day self-guided tour that showcases the work of Austin’s most sophisticated and forward thinking architects, interior designers, craftsmen and material suppliers.

Whether you’re looking for inspiration for home improvement ideas, or searching for a professional designer at the top of their game, or simply out to get your fix of refreshing design, you won’t be disappointed. What I really like about the tour is that you get to engage and talk to almost everyone that has a stake in the homes (architect, builder, interior designer, homeowner, etc.). However, keep an eye out for competing architects on the tour as well, they’re usually the ones sneaking from house to house sneering as they go… very funny to watch.  

When you purchase your ticket, you’ll receive a brochure with a small map of the tour and more detailed information regarding each home. In the meantime, for my fellow design enthusiasts, I attached a pdf version for you to plan your trip ahead of time. Also, here are few tips to chew on:

1. Start backwards.The homes at the beginning of the tour can get really crowded at the start of the day. I recommend starting at home #11 on the list and work your way backwards. Or pick one in the middle and go from there.

2. Don’t rush it. Photography is prohibited on the tour, so take your time and enjoy the designs. Also, take a note pad to capture a few ideas from each house.  

3. Look deeper. If you’re looking for ideas to implement in  your own home before you sell it, absorb as much as you can about the design and construction materials used, but also take note of the more subtle qualities in each home. How does the landscaping make you feel when you approach the front door. How does it compare to your home’s curb appeal? What about lighting and colors used? How do the lighting and colors make you feel when you enter each particular room? Buyer’s are always attentive to the subtle features of a home and if you’re thinking about selling, you should be too.

 HOMES TOUR MAP

11 homes were exclusively selected for this year’s tour. This year my wife and I are helping David Manning and his team docent the house on Turkey Creek Drive on Saturday. Hope to see you there! Here are the featured architects and their respective works:

• Antenora Architects - 1404 Garner Ave.

• Stephen Zagorski - 2603 west 49th St.

• Barley & Pfeiffer Architects - 2100 Stamford Ln.

• The Lawrence Group Architects - 2307 McCullough

• Tim Cuppett - 1200 Barton Creek Blvd, Watersmark, Lot 12

• Dick Clark Architecture - 5431 Tortuga Trl.

• Urban Jobe - 909 Post Oak

• David Manning Architecture - 4312 Turkey Creek Dr.

• Hugh Jefferson Randolph - 2801 Greenlee Dr.

• Webber + Studio - 1312 Hurst Hollow

• Merzbau Design Collective - 2101 De Verne St.

TICKET INFO: $25 in advance; $30 at the door

Austin Center for Architecture

801 W. 12th St.

512/452.4332

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 Should you live downtown or in the burbs? With the re-emergence of downtown living, this question is on the minds of many in Austin. There are obvious advantages and disadvantages to both the urban and suburban way of life. But ultimately, it comes down your preferences.  

So what are the top 3 advantages to urban and suburban lifestyles in Austin? I’ve lived in both Austin’s urban and suburban environments. Here’s what I think.
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[youtube=http://www.youtube.com/watch?v=8bfIFhDKk-M]

Take a 4 minute tour of Downtown stopping at a few key destinations including, Waterloo Records, Fado Irish pub, BookPeople and 6th street. Enjoy.

Provided By: jellybeanempire

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On March 9, 2006 the City of Austin amended its Transit Oriented Development [TOD] Ordinance to include a TOD district in Oak Hill. Since then, stakeholders in the area [residents, business owners, employees, etc.] have been participating in the planning process that will ultimately determine what the redevelopment will look like and how it will fit in the greater context of the city and region. Oak Hill by and large has received minimal attention compared to other redevelopments that are closer to Austin’s core.

The proposed TOD district will provide a walkable destination for the residents that will promote greater connectivity to downtown Austin via new transit alternatives. In the planning process, residents are requesting zoning changes that would allow for a mixed-use, live, work and play environment. The town center presents a remarkable quality of life improvement for the surrounding neighborhoods and ought to contribute to increased social engagement, environmental sensitivity and economic benefits. This type of development isn’t unique to Oak Hill; in fact, it’s the prevailing philosophy in sensible, urban growth throughout Central Texas. 

So how might this impact the local real estate market? The benefit of being well connected to the rest of the city will get capitalized in the market value of the land. TOD in Dallas suburbs, such as Plano and Addison, has driven property values higher. According to an impact study performed by economists from the University of North Texas, residential properties near transit stations rose 39% more than a comparable, control group of properties not served by mass transit over a four year span. The redevelopment of Oak Hill will have a similar effect on home values near the town/transit center. Austin will have its own hard data to support the TOD argument once the Red Line opens in 2008.

If you have an interest in the proposed Oak Hill town center, join us for the next neighborhood planning meeting this Thursday.

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