The Joa Realty Family would like to wish you and your loved ones a happy holiday season!  It has been a pleasure to serve you this year, and we look forward to working with you in the upcoming year!

We've recently moved to a new office and welcome you to visit us.  Not far from our previous downtown Austin office, we are now located inTarrytown, Austin, TX.  Just minutes from Lady Bird Lake, our new address is:

800 Newman Dr

Austin, TX 78703

 

 

Good news!  Manpower Inc surveyed employers from 200 of major US cities regarding their hiring outlook for 2009, and Central Texas responded with positive numbers for the first quarter of the upcoming year.  The staffing firm's survey revealed that 15% of the participating firms planned to add jobs.  This rate was in line with the national result, as the participating employers collectively predicted a 16% job growth.  Comparatively, fellow tech city Seattle can boast about 17% of employers increasing staff, while San Jose trails behind at only 9% employers expacting growth and 17% of employers planning to downsize. 

Austin is remaining strong even in times of national economic shifts!

On 25 November 200828 November 2008, applications for home mortgages increase by over 200%.  Some lenders are offering rates below five percent for 15-year mortgages. , the Federal Reserve announced it was going to buy up $500 billion of securitized loans and interest rates began to fall!  By

National Association of Realtors® President Charles McMillan comments, “NAR estimates that lowering the mortgage interest rate by 1 to 2 percentage points can result in up to an additional 800,000 home sales. Housing has always led our economy out of downturns and lower interest rates are key to bringing home buyers back to the market.  We strongly encourage the Treasury to move quickly with its plan to lower interest rates to encourage current buyers to act rather than continue to wait.”

Even with foreclosures driving the prices of homes down across the country, people have been on the fence about buying.  Please contact your mortgage professional and accountant to see if this is a good time to buy for you or a good time to refinance your current mortgage. 

Austin Business Journal highlighted the rise in stock prices of Austin businesses After Monday's announcement of the $20 Billion bail out for Citigroup.  In our very own backyard the following companies saw a jump in numbers:

American Campus Communities Inc. (NYSE: ACC) up 12 percent to $18.60.

Dell Inc. (Nasdaq: DELL) up 6 percent to $9.85.

Forestar Real Estate Group Inc. (NYSE: FOR) up 17 percent to $4.25.

HealthTronics Inc. (Nasdaq: HTRN) up 12 percent to $1.15.

Pervasive Software Inc. (Nasdaq: PVSW) up 7 percent to $3.80.

Valence Technology Inc. (Nasdaq: VLNC) up 14 percent to $1.74.

Whole Foods Market Inc. (Nasdaq: WFMI) up 15 percent to $9.42.

This trend was shared with others on the market.  The Dow gained an average of 300 points after the announcement!

Scents of pumpkin pie and cinnamon sticks signify people gearing up for the holiday season- the gift giving season.  So portable, so flexible: gift cards are available for almost all retailers, from you favorite designer clothing store to your local hardware warehouse!  This season, please be use caution before buying gift cards from stores that may be offering awesome end of the year sales only to close in the beginning of 2009. 

With the economic woes squeezing the retail sales numbers tighter, many retailers have announced store closures or even company shut downs.  *The following companies may not be at the usual location you are used to seeing them at:

Circuit City (filed Chapter 11)

Ann Taylor 117 stores nationwide closing

Lane Bryant, Fashion Bug, and Catherine's to close 150 stores nationwide

Eddie Bauer to close 27 stores and more after January

Cache will close all stores

Talbots closing down specialty stores

J Jill closing all stores (owned by Talbots),

Pacific Sunwear closing 154 demo stores and CA distribution center(also owned by Talbots)

Gap closing 85 stores

Footlocker closing 140 stores, more to close after January

Wickes Furniture closing down

Levitz closing down remaining stores

Bombay closing remaining stores

Zales closing down 82 stores and 105 after January

Whitehall closing all stores

Piercing Pagoda closing all stores

Disney closing 98 stores and will close more after January

Home Depot closing 15 stores

Macy's to close 9 stores after January

Linens and Things closing all stores

Movie Gallery closing all stores

Pep Boys closing 33 stores

JC Penny closing a number of stores after January

Wilsons Leather closing down all stores

Sharper Image closing down all stores

KB Toys closing 365 stores

Lowes to close some stores

Dillard's to close some stores

Please verify with other stores that may not be on this list. 

Malls of America will have a new look, just don't let it be at your expense!

How do you feel regarding these closures?  We'd love to get some feedback!

*Joa Realty recommends doing the research concerning these retailers and the plans of the stores in your neighborhood.  Joa Realty is not responsible for the accuracy of the status of these companies.  Companies may change their plans, and they may not reflect the statements of this article. 

Everything is big in Texas, except for in this case, the biggest thing is the idea!  Brad Kittel was recently featured in the Austin American Statesmen as the man behind Tiny Texas Houses.  This innovative company constructs prefab homes ranging from 100-500 square feet. 

Based out of Luling, TX, Tiny Texas Houses joins the ranks of similar pint-sized, specialty builders like California’s Tumbleweed Tiny House and Iowa’s Small House Society.  Kittel’s homes range from $40,000- $90,000 and are composed of salvaged materials.  He was inspired to use vintage materials when he spent time rehabbing homes in Austin’s French Place neighborhood. 

The simplicity and resourcefulness of the homes are impressive.  They are easily modifiable, they have customizable kitchens/bathrooms, they reuse durable old wood that is resistant to termites, and they are energy efficient. 

In a slower economy and a time when “green” is the hot button issue, an idea like Tiny Texas Houses may be the beginning of a new housing revolution.  Keep your eye on Kittel!

Austin Board of Realtors reported Oct 2008 Austin Regional Market Updates. The closed sales in Oct 2008 compared to one year ago was down in the following:
Austin-Central: -26.7%
Austin-East: -21.8%
North Central: -24.1%
North West: -23%
South: -18.8%
South East: -32.3%
South West: -12.6%
West/West Lake: -26.2%
Cedar Park/Leander: -12.1%
Georgetown: -16%

Email at Susie@JoaRealty.com for any questions.

Austin Board of Realtors reported for Oct 2008 Real Estate Market Indicators.

• The year to date days on the market in Oct 2008 was 68 days compared to one year ago at 56 days.
• The year to date median sales price in Oct 2008 was $189,000 compared to one year ago at $183,000, which as up 3.3%
• The year to date average sales price in Oct 2008 was $245,876 compared to one year ago at $246,276, which was down 0.2%
  

In September 2008, there were 1717 pending sales, but in the month of October, only 1,188 transactions closed.  That is about 500 transactions that are still pending or failed to close.  Even in this buyers' market, economic uncertainties may sabotage a real estate transaction.  Overall, Austin Real Estate Market is still stronger compared to the national real estate market. For more info, see the original October 2008 Austin Market Indicator report and send email to Susie at Susie@JoaRealty.com for any questions.

The Austin City Council has voted and the decision reached was one that includes the compromises of groups such as the Austin Board of Realtors and Keep Austin Affordable.  As part of the city’s ongoing Climate Protection Plan, home sellers will be required to get their home audited by Austin Energy to assess the energy use and efficiency of their home.

This is a departure from the original intentions to have the improvements suggested from the point-of-sale audits be a mandatory fixes.  There were many outcries regarding the effects of such a mandate, especially on the prolonging of the sales process due to the limited amount of inspectors and the potential to increase the sales price by more than what the market would be able to absorb. 

On 01 June 2009 the energy efficiency audits will be mandatory.  By 2015 the city hopes to have all the Austin homes to be zero net energy capable.   

As some of you may know, Susie Kang is a very active member of the CCIM (Certified Commercial Investment Member) Institute.  It is a prestigious international organization that certifies commercial and investment real estate professionals.

Recently, Susie flew to South Korea to not only take part in CCIM Institute activities, but to teach two workshops.  The workshops included the Site To Do Business workshop and the How to Complete the Portfolio workshop for other CCIM members.  In her down time, she was able to meet with her family and friends in the area. 

Susie’s commitment to volunteering her time with the CCIM institute also includes her work for the Designation Committee, of which she is a member of from 2008- 2010.  It is not only business on her mind; after all, what's business without a community to enjoy it in!