SW Austin Property values increase 9-17% last year (Spring, Van: 2014, house)

[CptnRn]

Interesting article in Impact News:

Strong housing market revives affordability concerns - Community Impact Newspaper

Graphic: http://impactnews.com/downloads/2512...4-01-01-2m.jpg

The graphic shows SW Austin property value increases averaged 10.97% in the last year 2012-2013. It lists 11 different neighborhoods and shows the percentages increased in the last year versus 2009-2013, ranging from 9.16% to 17.54%.

Cost per SF ranging from $110 to $155/sf.

Encouraging if you want to sell soon but discouraging if you are retired and paying property taxes.

Supply and demand

Historically, Southwest Austin homes have been in demand because of the area’s highly ranked schools, Sprague said.
Housing supply has been limited by the recession and environmental codes.
Most of Southwest Austin falls in the recharge or contributing zones of the Edwards Aquifer. The 1992 Save Our Springs Initiative limits the amount of impervious cover, or covered ground, that can be placed in those areas—thereby limiting density.
Austin’s population has continued to grow, and there was an insufficient supply of homes put into the pipeline during the recession, Sprague explained.
Housing supply citywide is still not meeting current demand or the pent-up demand of the past seven years, he added.
“This supply constraint could lead to a further escalation in home prices above and beyond normal trends until industry production returns to historic equilibrium,” he said.

[centralaustinite]

I don't live SW but central. As an indicator of demand, I've already received two handwritten letters from realtors asking if I am interested in selling as they have a client who is interested in our home. Sigh.

I usually get about 1-2 of these letters a year and often not personalized. Now I have gotten two in 5 weeks and both were personalized and handwritten.

Kinda makes me wish for 2008-09 when housing was so flat and our home even declined slightly in value. And yes, I was right there at TCAD pointing it out. Now, I can't even begin to argue values as homes on my block are selling for record asking prices within 24 hours.

[scm53]

Saw that article when they delivered the paper. Great news for us, because DW and I have decided to move once we get to retirement age. Our house is too big. The combination maintenance time and cost, utilities, and taxes mean we can't stay. Our goal is to carry enough equity out to pay cash, and to do that, we need prices to stay up. I was telling her the other day that SOS, as bad a policy as it is, is our best friend, since it limits competition by limiting supply.

Thank, Bill Bunch!

[Chip_Vanilla]

There's no bubble, haven't you heard?

[Uberguber]

http://pics4.city-data.com/ztrends/78748.png

http://pics4.city-data.com/ztrends/78745.png

http://pics4.city-data.com/ztrends/78749.png

http://pics4.city-data.com/ztrends/78739.png

http://pics4.city-data.com/ctrends/ctr21611.png

[CptnRn]

Originally Posted by Chip_Vanilla

There's no bubble, haven't you heard?

It's supply and demand, haven't you heard?

[scm53]

Originally Posted by Chip_Vanilla

There's no bubble, haven't you heard?

Since you don't really know anything about Austin RE, or breakfast tacos, I'd recommend sticking to breakfast tacos for commentary.