Rare Lot – Avery’s Brookside Neighborhood

Charming brick 5-bedroom home on large corner lot with mature trees — a rare find in Brookside, Avery Ranch’s premier neighborhood. This home is stunning with its archways, open layout, 2 story living room windows overlooking Continue reading “Rare Lot – Avery’s Brookside Neighborhood”

Home on 0.578 Acres, 5 Min from the Domain

0.578 acres of lush greenbelt backing to Walnut Creek park/trail system, featuring private wet weather creek access, all conveniently located within 5 minutes to the Domain shopping center. Well manicured grounds and excellently maintained home Continue reading “Home on 0.578 Acres, 5 Min from the Domain”

UT Condo – Incredible Location

About as close to UT as you can live!  Wood laminate floors, high ceilings, surprisingly large walk-in closet, balcony overlooking tree tops, fireplace, and appliances including washer, dryer, and refrigerator convey.  Condo complex Continue reading “UT Condo – Incredible Location”

Downtown Austin Luxury Condo

Space in all the right places! Most of the designer furnishings included! This condo features a large gourmet kitchen with granite countertops and stainless appliances that is open to formal dining and living rooms. Custom built banquet seating at the Continue reading “Downtown Austin Luxury Condo”

High-End Avery Ranch Home

Virtual Tour: www.EchoHillsDr.com

Immaculate one story home with bonus/theater room up and nursery/exercise room off master bath. Recent wood floors, fresh carpet, tile throughout. Plantation shudders, granite counters and stainless built-in refrigerator. Crown molding, high baseboards,and 42″ cabinets in kitchen. Unbelievable closets and storage space! Attic can be finished out for additional room.

For questions and showings please contact Jared Crecelius at 512-771-9129, jared@mysolis.com

5 Bedrooms
3.5 Bathrooms
3,376 Sqft.
2-Car Garage
Built in 2005

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Austin – Third Most Recession-Resistant City

Brookings Institute published the top 10 stable cities in the US and Austin ranked 3rd:

1. Albany, NY
2. Augusta, GA
3. Austin, TX
4. Baton Rouge, LA
5. Buffalo, NY
6. Columbia, SC
7. Dallas, TX
8. Des Moines, IA
9. El Paso, TX
10. Honolulu, HI

The Brookings Institute examines trends in metropolitan-level employment, output, and housing conditions to look “beneath the hood” of national economic statistics to portray the diverse metropolitan trajectories of recession and recovery across the country.

Read the Full Report: http://www.brookings.edu/metro/MetroMonitor.aspx

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78704 Mid-Century Modern W/ A Pool

Walk to Zilker Park from this charming, mid-century modern home with sparkling pool in Barton Hills. Features include high ceilings, beautiful architecture, large windows with lots of natural light, open kitchen, and vintage light fixtures. On the inside, enjoy a great layout with the living rooms, entertaining spaces, and master overlooking the pool. On the outside, enjoy a private, treed lot on a quiet street. Very few homes come available in this highly desirable neighborhood—come view before it’s gone!  For question or showings, please contact Jared Crecelius 512-771-9129, jared@mysolis.com

Virtual Tour: www.2404Briargrove.com
Offered At: $509,000
4 Bedrooms
2.5 Bathrooms
2033 Sqft.
2-Car Garage

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Sabine Auction Results

Today’s auction, attended by 200+ people, had a charged atmosphere.  Thirty-one condos were sold in a little over an hour, with places going anywhere from 178% to 221% of the starting bid (based on the winning bid amount – before the 4% premium was added).  Here are the details:

1 BEDROOMS
Unit…..Sqft…..High Bid……$/Sqft
510……682……$160K…….~$235
610……682……$161K…….~$236
303……693……$166K…….~$240
502……755……$186K…….~$246
504……728……$185K…….~$254
910……682……$174K…….~$255
904……728……$186K…….~$255
704……728……$188K…….~$258
1004….728……$190K…….~$261
802……755……$198K…….~$262
703……695……$190K…….~$273

1 BEDROOM + STUDY
Unit…..Sqft…..High Bid……$/Sqft
508……951……$181K…….~$190
808……951……$191K…….~$201
308……925……$186K…….~$201
409……918……$186K…….~$203
909……918……$188K…….~$205
1008….951…..$203K…….~$213

2 BEDROOMS
Unit……Sqft……High Bid……$/Sqft
907……1426……$253K…….~$177
1007….1426……$258K…….~$181
305……1462……$266K…….~$182
605……1467……$276K…….~$188
707……1426……$269K…….~$189
805……1460……$298K…….~$204
401……1461……$307K…….~$210
501……1461……$315K…….~$216
801……1461……$343K…….~$235
1001….1419……$351K…….~$247

For further information, see previous post: http://mysolis.com/2010/02/08/auction/

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Census Bureau Jobs – Austin

Census Bureau expects to hire up to 3,000 temporary workers for Travis County.  Work schedules are flexible and pay ranges from $8-$24 per hour.  To apply, call 1-866-861-2010 to schedule a basic employment test.  For more information visit: www.2010censusjobs.gov

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Auction at Sabine on Fifth

We have some clients who were considering purchasing a unit at Kennedy Wilson Auction of Sabine on Fifth, so we did some further research.  Here are our notes from speaking with a rep at Kennedy Wilson and reading the literature:

*Sabine on Fifth is located at 507 Sabine Street, Austin, TX 78701
*There are 44 units left, 27 of which will be auctioned on Sunday Feb 28th at 1 pm at the Hilton Austin Downtown, 500 East 4th Street.  Bidders are advised to arrive no later than noon.  The auction is expected to take approximately 1 hour.
*On Sunday, Feburary 21st at 2pm, there is a free seminar reviewing the procedures, registration, strategies, and terms and conditions.
*All bidders must register by 5pm Feburary 25th.
*After registering, you’ll receive a CD of the HOA documents including the financials.
*HOA fees may not include cost for parking. Kennedy Wilson will be able to provide the cost of parking spaces.
*You may view all the units for auction daily from 10 am to 5 pm (including weekends). When I arrived to view, there was valet parking. I was escorted to the sales office in unit 605 where they took my information, gave me a brochure with a map, and in exchange for my driver’s licenses lent me a fob for operation of the elevators. Each unit was clearly marked with the auction number.
*The winning bid will have 4% added to it to establish the purchase price. For instance, if you won with a bid of $135K, then the actual price you would be purchasing the condo at is $140,400. This 4% pays for the seller’s expenses and the cost of the auction.
*There are unpublished reserves (minimum selling price) therefore even if you win the highest bid, the seller may still reject or counter your offer within 5 days following the auction.
*If you use the seller’s approved lender (whom they require you to at least get pre-qualified through), Bank of America or Colonial National Mortgage, and close within 45 days of the auction, you will be credited $3,000 towards non-recurring closing costs.
*If you have the winning bid, you will be immediately requested to sign a Bid Confirmation Sheet and execute the purchase documents. You must also provide a cashier’s check of $2,500 (per condo) plus a personal check to bring the total to 3%-5% of the purchase price depending on the number of condos your are buying. Therefore before the auctioning begins you’ll be required to show that you have the cashier’s check(s) with you.

>Auction Brochure
>Terms & Conditions

Sabine on Fifth had some issues.  On December 16th, 2009, the Statemen reported  “CWS Capital Partners, the developer of Sabine at Fifth, said it had defaulted on the $6.4 million balance on a $16.4 million construction loan for the project but is also nearing completion of an agreement to extend the loan from Compass Bank and GE Capital.

The project is a 10-story former office building at Sabine and West Fifth streets that CWS converted to condominiums in 2007. However, 44 of the 80 units remain unsold, and in March, some residents sued over complaints, including faulty and unsafe elevators and leaks.

Greg Miller, CWS’ vice president for investments, said Tuesday that the loan extension will allow the company to auction the remaining units, probably in February, once a number of improvements have been made, including painting and elevator repairs.

In an agreement with residents, the building will be turned over to the newly formed homeowners association, which “will go a long way to making people feel comfortable” buying into a building owned by its residents, not the developer, Miller said.

Scott Dixon Smith, a resident who had been part of the lawsuit, said the agreement with CWS “resolves our differences and then some.””

>Read More
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**Information deemed reliable but not guranteed.  Buyer must verify.

HUD Policy Helps Quicker Foreclosure Sales

Ann McKinley NMLS#200305, Network Funding

HUD has temporarily waived the rule on FHA loans that prohibits insuring mortgages on homes which the seller has owned less than 90 days.  Previously this requirement has both prevented the quick turn around of foreclosed property and limited buyer’s loan options when seeking affordable homes.  The current plan is for the waiver to be in effect for one year, however FHA may withdraw or extend at any time.  It does come with the following restrictions:

*Transactions must be arms-length.  No identity of interest between the buyer and seller.
*If the sales price is 20% or more above the seller’s acquistion cost, the lender must meet specific conditions for the waiver to apply.
*Waiver is limited to forward mortgages and cannot be used under the Home Equity Conversion Mortgage purchase program.

Read More: full text of waiver on HUD.gov

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