Real Estate News From Austin Texas

" A number of new statistics      of homes on the market is the      and reports out now will be     largest in a number of years. It   of interest to real estate      looks as though the market is      entrepreneurs and home buyers in      moving to a buyer’s market,        the Austin, Texas area. The           although median prices continue    Austin Board of Realtors is           to increase, at least so far. In   reporting that for the first June     June 2007, the median price for    in five years, sales of existing      homes in the area was $191,050 in  homes in Central Texas have           June, which is a 7% rise over the  dropped. In fact, in June 2007,       same time last year.               sales dipped 6% from the same                                            time one year previously. Some        In other market news, Grubb &      suggest that the reason may be        Ellis' second quarter Industrial   stricter credit regulations           Market Trends survey is out and    imposed by lenders after the          is showing that the net            collapse of the sub-prime             absorption in Austin’s industrial  mortgage market. The drop in          rental market during the second    sales occurred mostly in              quarter of 2007 was over 2.6       properties priced at $130,000 or      million square feet.               less, which suggests to experts       Entrepreneurs and investors take   that the dip in sales comes from      note. Vacancy rates in the         buyers who no longer qualify for      industrial sector were the lowest  loans from lenders who a few          in seven years after dropping 90   years ago would have gladly           basis points. The 68.4             handed out mortgages.                 million-square-foot sector is now                                        at 7.3% and over 1.4 million       In June 2007, over 9,000 homes        square feet are still being        were on the market. This              constructed currently.             represents an 8% rise over the                                           same time last year. This number      According to Grubb & Ellis'        second quarter Industrial Market      part of 2007. The over 39.2        Trends survey, Austin has a low       million square feet office         vacancy rate of only 3.7%, which      leasing market now has an          is in the standard industrial         absorption level of 600,811        product. The standard industrial      square feet. However, the vacancy  product led all sectors in            rate overall in the city grew 20   growth, with 1.8 million square       basis points higher to 11.5 % by   feet. At the same time, rents         the end of the quarter. The        increased $1.38 PSF compared to       highest vacancy rate was among     the same time last year. Asking       Class-B office spaces, which had   rents rose from $0.66 to $7.75        a 12.7% rate. Class-A office       triple-net                            space had an 11.4 % vacancy rate.  per-square-foot-per-year (NNN         Class-C office spaces had a 6.8 %  PSF/YR). The survey reports that      rate of vacancy. According to the  part of the growth comes from         report, rents rose from $1.25 to   Samsung Electronics Co. Ltd.,         $25.88 per-square-foot-per-year    which opened a 30 mm NAND flash       as landlords increased rents over  memory wafer plant in the             the previous records set in        northeast. The 1.6                    2000."                             million-square-foot facility is                                          one of the biggest such                                             facilities in the country.                                                                                      The Grubb & Ellis' second quarter     type="text/javascript">               google_ad_type =                                                   "text_image";                                                                type="text/javascript"             google_ad_channel                                                  ="3545651507";                                                                                           src="http://pagead2.googlesyndica  google_color_border =           tion.com/pagead/show_ads.js">      "FFFFFF";                                                                                                                           google_color_bg = "FFFFFF";                                                                                              About the Author: Kinan Beck is the Broker and co-owner of One Source Realty in Austin Texas. Visit Kinan’s Austin Real Estate Guide, visit his Austin Texas Homes website. Read more articles by: Kinan Beck Article Source: www.iSnare.com ...Archive >>