February 2016

There are 6 blog entries for February 2016.

Predicting the city's economic future is critical to everyone from real estate developers to retailers to transportation planners

In Texas, Austin has set the pace for growth. The population in Austin’s metro area hit 1.9 million in 2013; its population grew by 37 percent in the decade ending in 2010. It grew the fastest among the 100 largest metro areas in 2011-12, and grew 2.6 percent for the year ending July 2013, according to Census Bureau figures. It ranked first among the 50 largest metros for net migration in 2013.

Austin's Angelou Economics predicts that at this pace Austin should eclipse 5 million residence by 2050!  This type of growth would close the gap between Austin and San Antonio and create the type of growth that Dallas and Fort

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Austin-area single-family home sales dropped slightly in January 2016 compared to the same month the year prior. Home sales decreased by 1.9 percent year-over-year to 1,459 home sales and median price increased 6.3 percent year-over-year, reaching $254,999 in January 2016.

"The slight dip in prices to begin the year, especially with the the drop in oil prices and stock market plunges is something we expect."  Said, Michele Turquist, Owner at Engel & Voelkers Austin, she went on to say "Affordability continues to be a main concern throughout the Austin-area as average home prices continue to inch towards $300,00 or even more in some areas and with inventory beginning to pick up to begin the year it will be interesting to see how it affects pricing."

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Type 2 short-term rentals' days in Austin are now on the clock.  The Austin City Council has voted and Austin will now have a ban set on Type 2 Short Term Rentals (STR's).  This ruling will not apply to Type 1 STR's, which are owner-occupied homes.  But the ruling could have a major effect on residential real estate investors and small business that rely on renting through sites such as AirBnB and HomeAway which Headquarters is located in Austin, TX.

Austin City Council approved on Tuesday a suite of changes to the city's regulations governing short-term rentals. The most controversial aspect of those changes would eventually outlaw non-owner-occupied short-term rentals in residential areas, the so-called "Type 2 STRs."

Leaders in the vacation

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We would like to recognize a handful of amazing Engel & Voelkers Austin real estate advisors for their nominations to be apart of the 2016 class of top realtors in the Austin-area!  Join the Austin Business Journal in recognizing the 2016 Residential Real Estate Awards honoring the Top 50 residential real estate agents, as well as Custom, Production & Green Home Builders and Master-Planned Communities.

Engel & Voelkers Austin Nominees Include: 

  • Desmond Milvenan 
  • Cheryl Albanese 
  • Jamie Novak
  • Paula Jo Pierce

Event Location and Details: 

Thursday, March 3
11:00- Registration & Networking
11:30- Lunch & Awards Program
1:00- End of Program

Hilton Austin
500 E 4th Street
Austin, TX 78701

The Residential Real Estate

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Although being a landlord certainly has its cons, tops among its pros are the tax deductions rental homeowners enjoy.

From finding tenants to fixing faucets, renting out a home can be a lot of work. If that doesn’t dissuade you, you’ll appreciate collecting the rent checks and taking advantage of tax deductions.

In fact, you can use many rental property expenses to offset your rental income. IRS Publication 527 has all the details.

Writing Off Rental Home Expenses

Many rental home expenses are tax deductible. Save receipts and any other documentation, and take the deductions on Schedule E. Figure you’ll spend four hours a week, on average, maintaining a rental property, including recordkeeping.

In general, you can claim the

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Luxury home sales continued to be one of the fastest growing housing segments in Texas’ largest markets in 2015, according to the 2016 Texas Luxury Home Sales Report released today by the Texas Association of Realtors. The report cited sales volume increases from 4.5 percent to 36.4 percent for homes sold at $1 million or more in Texas’ four major markets. Based on data analyzed by the Real Estate Center at Texas A&M University, the Texas Luxury Home Sales Report analyzes trends in homes sold for $1 million or more from January through October 2015 in Texas’ four largest markets.

A popular trend for homebuyers in this price class is to purchase homes on smaller lots, but in more desirable locations and with higher-end amenities. The Houston market saw

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