The Gibbs Team

512-431-2403

Keller Williams

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Update on Lakeway Development Projects

LAKEWAY/ BEE CAVES AREA IS GROWING!

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Ranch Road 620

1. The Oaks at Lakeway – New Town Center of Lakeway. A total of 175,000 SF of retail space is planned. HEB has been open for several weeks. A total of 13 new businesses have signed leases to move in to the center, including several restaurants. Tenants to date include: HEB, High Five, Trattoria Toscano, Factory Mattress, Level 12 Salon, MOD Pizza, Twin Liquors, Pro Nails, Orange Leaf Yogurt, MAD Greens, Torchy’s Tacos, Subway, Asia Cafe, McArthur’s Restaurant, Raising Cane’s and Engel & Voelkers.

2. Lakeway Medical Center Village – The Harbor at Lakeway is a 150-room assisted living center now open. The Goddard School of Lakeway pre-school and day care is about to open. The 125-room independent living facility under construction behind The Harbor. Newest planned is an 80-90 room La Quinta and similar sized Marriot hotel.

3. Gateway at Falconhead Business Park – New office/ retail development under construction south of Falconhead Boulevard along the frontage of RR 620. The development includes 80,000 SF of office space in 6 buildings and 46,000 SF of retail space in 7 buildings. The buildings will be two-stories with a planned completion of June 2016.

4. The Backyard – New development approved by the City of Bee Caves to include 335,000 SF of office, 125-room hotel, 16,000 SF of meeting/ restaurant space, 4 firm and recording sound stages, 3,410 person capacity Live Oak Amphitheater, 500-person capacity private party venue and 2 parking garages.

5. The Terrace – New development approved by the City of Bee Caves to include 250,000 SF of office, 120-unit Ethan’s View Condominium project and 6,500 SF of restaurant space.

 

State Highway 71 West

1. Summit 56 Complex – Located on SH71W near Vail Divide currently has Nitro Swim Center and Hill Country Guitar & Golf, proposed Covert GM Auto Dealership (was proposed to be BMW Auto Dealership at one point) plus has site plan approval for two 4,500 SF fast-food restaurants and a 5,000 SF of convenience store space with gas pumps.

2. Canyonside at Falconhead West – Ash Creek Homes newest Master-planned Community at the northwest corner of SH71W/ Vail Divide with 60-70 homesites. LTISD also owns 100 acres across SH71W with 30 acres currently transportation facility and remaining 70 acres planned for 2nd Lake Travis High School.

3. The Mansions of Lakeway – New 300+ unit luxury apartment complex is under construction at the northeast corner of SH71W/ Serene Hills Dr. Units will range from 800 to 2,500 SF. Intersection also includes the two-story 24,000 SF retail/ office building space which recently got approved for a 15,000 SF joint replacement medical center. The northwest corner is still owned by HEB.

4. LTYA Field of Dreams Two – Conceptual 70-acre master-planned sports complex to include 10 soccer/ lacrosse fields, 9 baseball fields, 3 softball fields, 13 batting cages, 3 sand volleyball courts, 3 football fields, 2 playscapes, two-story indoor basketball/ volleyball building and 2 perimeter hike-bike trails and one zipline to connect to the new Lake Travis Middle School.

Source: Ross Frie, KW Commercial

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October 2015 Austin Real Estate Review

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Austin-area homes sales remain high, could signal record year.

Austin Board of REALTORS® releases real estate statistics for October 2015.

AUSTIN, Texas – Nov. 19, 2015 – Austin-area single-family home sales increased year-over-year for the fifth consecutive month in October 2015, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). Austin-area single-family home sales increased by two percent year-over-year to 2,378 home sales and median price increased five percent by the same measure to $252,790 in October 2015.

Barb Cooper, 2015 President of the Austin Board of REALTORS­®, explained, “We’re on pace for another record year and while home sales typically slow each fall, housing demand has remained strong far past the typical peak selling season. This demand stems from strong employment and our area’s high growth rate—factors that help create a stable housing market.”

In a recent Freddie Mac report, Austin was ranked the second-most stable housing market in the U.S. The report ranked Austin’s housing market as “improving,” with positive gains in employment and mortgages in good standing.

“A stable housing market bodes well for Central Texas,” added Cooper. “But we need to find ways to give more Austin-area homeowners access to that stability by increasing our density, preserving our existing housing stock through stronger code enforcement and creating more affordable housing options.”

New listings remained unchanged year-over-year at 2,847 listings and active listings increased by three percent compared to October 2014 to 6,342 listings. In addition, pending sales increased four percent to 2,339 single-family home sales. Homes remained on the market for an average of 50 days in October 2015, one day fewer compared to October 2014.

Monthly housing inventory decreased by 0.1 months year-over-year to 2.6 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.

October 2015 Statistics

  • 2,378 – Single-family homes sold, two percent more than October 2014.
  • $252,790 – Median price for single-family homes, five percent more than October 2014.
  • $333,452 – Average price for single-family homes, seven percent more than October 2014.
  • 50 – Average number of days single-family homes spent on the market, one day fewer than October 2014.
  • 2,847 – New single-family home listings on the market, statistically unchanged compared to October 2014.
  • 6,342 – Active single-family home listings on the market, three percent more than October 2014.
  • 2,339 – Pending sales for single-family homes, four percent more than October 2014.
  • 2.6 – Months of inventory* of single-family homes, 0.1 months less than October 2014.
  • $792,948,856 – Total dollar volume of single-family properties sold, 10 percent more than October 2014.

The following sections describe trends in other sectors of the Austin-area real estate market.

Townhouses & Condominiums

The number of townhouses and condominiums (condos) sold in the Austin area in October 2015 was 230, a 15 percent decrease from October 2014. The median price for condos was $234,680, which is four percent more than the same month of the prior year. These properties spent an average of 48 days on market, unchanged from October 2014.

Leasing

In October 2015, a total of 1,384 properties were leased in Austin, which is one percent more than October 2014. Properties spent an average of 41 days on the market, or two fewer days than in October 2014. Active property listings increased by five percent compared to October 2014, reaching 1,891 listings.

The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Department of Public Affairs at marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

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September 2015 Austin Real Estate Review

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Austin Board of REALTORS® releases real estate statistics for September 2015.

AUSTIN, Texas – October 22, 2015 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area single-family home sales and prices hit an all-time high for the month of September. Home sales increased by seven percent year-over-year to 2,603 home sales and median price increased eight percent year-over-year, reaching $258,000 in September 2015.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers. Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth.”

On next month’s ballot, Proposition 1 would permanently lower the cost of homeownership in Texas by raising the homestead exemption from $15,000 to $25,000 for most homeowners and from $25,000 to $35,000 for homeowners who are disabled or over the age of 65. That change would mean a permanent property tax reduction of $125 per year for the average Texas homeowner. Additionally, Proposition 1 would create a permanent ban on real estate transfer tax, protecting Texas’ housing affordability in the future.

The Austin Board of REALTORS® also supports Proposition 7, which will bring increased funding for Texas transportation projects and ensure future sustainability of the state’s infrastructure by closing the gap on the $5 billion in transportation needs that go unmet each year.

“We need a combination of property tax relief, broader development of medium-density housing options, and funding for transportation projects to have a lasting impact on Central Texas affordability and infrastructure,” added Cooper. “Central Texas REALTORS® urge Austin-area voters to vote ‘yes’ on November 3 for both Proposition 1 and Proposition 7 to help ensure Texas is an affordable place to live and work in the future.”

According to September’s MLS report, the average price for Austin-area single-family homes increased five percent to $324,150 in September 2015.

New listings increased 11 percent to 2,860 listings and active listings increased by four percent year-over-year to 6,759 listings. In addition, pending sales increased nine percent to 2,391 single-family home sales. Homes remained on the market for an average of 47 days in September 2015, three more days than September 2014.

Monthly housing inventory remained unchanged compared to September 2014, staying flat at 2.8 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.

September 2015 Statistics

  • 2,603 – Single-family homes sold, seven percent more than September 2014.
  • $258,000 – Median price for single-family homes, eight percent more than September 2014.
  • $324,150 – Average price for single-family homes, five percent more than September 2014.
  • 47 – Average number of days single-family homes spent on the market, three more days than September 2014.
  • 2,860 – New single-family home listings on the market, 11 percent more than September 2014.
  • 6,759 – Active single-family home listings on the market, four percent more than September 2014.
  • 2,391 – Pending sales for single-family homes, nine percent more than September 2014.
  • 2.8 – Months of inventory* of single-family homes, unchanged from September 2014.
  • $843,762,450 – Total dollar volume of single-family properties sold, 13 percent more than September 2014.

The following sections describe trends in other sectors of the Austin-area real estate market.

Townhouses & Condominiums

The number of townhouses and condominiums (condos) sold in the Austin area in September 2015 was 269, an 11 percent increase from September 2014. The median price for condos was $220,250, which is eight percent more than the same month of the prior year. These properties spent an average of 40 days on market, unchanged from September 2014.

Leasing

In September 2015, a total of 1,593 properties were leased in Austin, which is 15 percent more than September 2014. Properties spent an average of 38 days on the market, or two fewer days than in September 2014. Active property listings increased by four percent compared to September 2014, reaching 1,937 listings.

The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data.

For more, contact the ABoR Department of Public Affairs at marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

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296 Limestone Trail • MLS #3231288

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296 Limestone Trail (MLS #3231288) – a charming, two-story home in Village at Ledge Stone right past Nutty Brown on Hwy 71 towards Dripping Springs – sits on a greenbelt lot in a private gated, kid friendly community.

This area is known for its incredible Dripping Springs schools! The community is a very sought after, tight knit community where neighbors are more like family. Enjoy many community amenities to include your own club house, community pool, play ground, jogging trails, and much more! It is just far enough out to beat the city traffic and to also see all the stars at night! You will love the twilight glimpses of white tail deer and being in the serene hill country just minutes from downtown Austin. There are also tons of restaurants, shops, and entertainment nearby.

Offered at just $300,000, this fo_30A7923_4_5_6_7_fusedur bedroom and three bathroom home is quite the find and priced to sell quick! Interesting enough, 296 Limestone Trail has an Austin address but is in highly acclaimed Hays County. Those looking in this area will love that the home and neighborhood features natural gas, which is much cheaper than propane in many of the surrounding communities like Belterra!

Built in 2007, tax records show a square footage of 2205. 296 Limestone Trail is light, bright, and has an open concept floor plan with a lovely covered patio that looks out to stunning hill country/ greenbelt views. Covered with a composition shingle roof, this home contains a variety of exquisite characteristics that you will be delighted to discover.

For example, the formal dining room when you first enter the main level foyer leads to a sizable chef’s eat-in kitchen featuring stainless appliances, a custom stone wall over a gas top stove with an attached breakfast area and breakfast bar. 296 Limestone Trail boasts Corian-type countertops, a self-cleaning oven, recessed lighting and has lots of room to grow, lounge or entertain guests._30A7713_4_5_6_7_fused

Throughout the home you will find inviting colors, fancy fixtures and well kept flooring to include tile, carpet and floating wood tile. The kitchen opens to the family living area with recessed lighting and lots of windows for a comfortable and relaxed atmosphere. Also downstairs is one of the three secondary bedrooms and bathroom.

The master and other two secondary bedrooms are located upstairs along with an office nook perfect for working from home. The two extra bedrooms upstairs are spacious and connected by a large Jack-and-Jill type bathroom.

The master bedroom is suited for a king-sized bed, along with several more large pieces of furniture and the bathroom is absolutely magnificent! Featuring a large walk-in shower and garden tub, the master bathroom contains his and her vanities and a dressing area._30A8073_4_5_6_7_fused

Built by award winning Lennar Home Builders, other features include a smoke detector, window treatments, gas dryer connection and gas water heater. You will fall in love with this cozy and comfortable home. It is move-in ready and will not last long! Easy to show! Come check it out!

If you are interested in 296 Limestone Trail or buying/selling real estate in the Austin or surrounding areas, please contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com. It would be an honor to earn your business!

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Texans for Prop 1: The Homeowner Tax Relief Proposition

Prop 1

As a Texas REALTOR®, I want to tell you about an important measure on the ballot this November—it’s called Proposition 1 and it will directly benefit you as a Texas homeowner.

First, let’s look at the official language:

Proposition 1

“The constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $15,000 to $25,000, providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property”

I understand how this language might be scary and confusing, but here’s the breakdown of what this proposed amendment actually does.

1)     Lowers property taxes by increasing the state-mandated homestead exemption, which saves you money … every year

2)     Provides tax relief to seniors and disabled Texans by extending the full benefit of the new homestead exemption, which protects some of our most vulnerable homeowners

3)     Prevents local governments from “undoing” the property tax relief the state is offering, which ensures you keep more of your hard-earned money

4)     Prohibits state and local governments from slapping a sales tax on real estate transactions in Texas, which stops a tax that burdens consumers in 36 other states!

And … despite what you may have heard, Prop 1 does all this without harming our local school districts.

I hope you’ll head to the polls and Vote For Proposition 1—the Homeowner Tax Relief Proposition.

Election Day is November 3 and early voting runs from Oct. 19-30.

Dates to remember

Please let me know if you have any questions …

Please visit TexansForProp1.com for more information!