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Old 07-05-2007, 11:00 PM
 
979 posts, read 2,944,374 times
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Quote:
Originally Posted by Cowboy74 View Post
My greatest fear would be for Austin to grow to fast for it's population which through the market it into a recession and caught a bunch of people in a tight spot. We are buying based on our wants and plan on living there for some time, but never say never...and it would be a thorn in my side if what happened in D.C. ever happened in Austin...Especially since I love Austin so much.
This already happened in the North/Northwest part of Austin in the early 2000s (2001-2004). I've also heard stories of a property bust in the late 80s I think. So, I guess we get one here almost every decade. Hopefully we are in the clear until the 2010s.

One thing about Texas is that when there is demand, builders will build as many houses as they can feasibly build. This is also true with downtown condos right now... tons of new projects on the table. Looks like the demand is there as long as the economy keeps humming.
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Old 07-06-2007, 09:52 AM
 
Location: Austin, TX
1,235 posts, read 3,756,993 times
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Quote:
Originally Posted by AustinGuy View Post
I've also heard stories of a property bust in the late 80s I think.
The 80s bust in Austin was one of the worst in the nation. I came through here in 1981 and the skyline was filled with cranes putting up the first wave of highrises. By 1986, the office vacancy rate in downtown had reached something crazy like 60%! They were referred to as "see-through" office buildings because there was nothing inside.

By the time I moved here in 1990, things were slowly picking up but the ghosts of abandoned projects were everywhere, shopping malls that were half-constructed and overgrown with weeds, stuff like that. Housing was really cheap and I could have bought a place for $65,000 that would sell today for at least $350,000. Yeah, I kick myself for not being able to foresee what would happen, but that 80s bust really scared people.

Dell, the music scene, and a number of other forces have given this place a critical mass that now is self-sustaining for growth. I don't think we'll see a repeat of the 80s because the economy is much more diversified and people are moving here more for lifestyle than jobs. This tends to be self-perpetuating, even during a recession (although prices would probably dip a wee bit.)
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Old 07-06-2007, 09:56 AM
 
Location: South Austin (Circle C)
260 posts, read 1,327,420 times
Reputation: 62
Quote:
Originally Posted by Austin97 View Post
It may be possible to get your earnest money back. It depends on the builder and market conditions. If your agent has a great relationship with the builder that may also help (one possible reason to use a real estate agent I guess)

If you're agent was on top of it, he/she should have made the contract on the new construction home contingent on the sale of your home. That way you have an out if you need one.
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Old 07-06-2007, 10:04 AM
 
111 posts, read 331,906 times
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Quote:
Originally Posted by Derek ATX View Post
If you're agent was on top of it, he/she should have made the contract on the new construction home contingent on the sale of your home. That way you have an out if you need one.
Actually, I am getting my earnest money back and not because of my agent.
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Old 07-06-2007, 10:11 AM
 
Location: South Austin (Circle C)
260 posts, read 1,327,420 times
Reputation: 62
Luckily it's a good strong market here and they shouldn't have any trouble finding a buyer for it. I know there are many places where this would not be the case.
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Old 02-12-2008, 01:25 PM
 
22 posts, read 100,983 times
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Quote:
Originally Posted by Daisey31 View Post
I sure will. I can tell you that the woman I am dealing with there is AWESOME so far. She is Johnny on the spot when you ask for something, or a question. Her name is Audra.
We had originally purchased a Pulte Sheffield. I LOVED the thing, it really is beautiful. But at 3300 sq ft, it is just too big for 3 of us. In our hearts we really wanted a single story. The Oxford II is that except for the game room. My Dad is 74 and lives with us and I was a little concerned about his bedroom being upstairs. He loved the idea of having a whole floor to himself. LOL. I think the Oxford answers all of our needs.
Yep, I can concur that Audra is awesome. Very customer-oriented. We've been thrilled with our Wilshire experience so far.
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