Kimball Hill Homes Announces New Boerne Community SableChase
March 30, 2008
Kimball Hill Homes, one of the nation’s leading homebuilders, is excited to announce the opening of eight new communities in the Austin, Dallas, Houston and San Antonio areas.
Coming soon to north San Antonio, in Boerne, is the community of Sablechase. The community is tucked in the luxurious Hill Country while maintaining the convenience of “Big City” living. With easy access to Hwy 1604 and l-10, it is close to the Medical Center and the San Antonio International Airport. The children of Sablechase will attend the award-winning Boerne Independent School District.
Brittany Garritson, a spokeswoman for Kimball Hill in Dallas, says the models for Sablechase are currently under construction and should be complete by mid- to late April.
Home sites will be built in the 2,100- to 3,600-square-foot range. Prices for the homes have not yet been determined. During the first phase of the project, Kimball Hill plans to build 45 homes. Future phases will be determined by market demand.
Even though the national residential market has received its share of negative publicity, Kimball Hill officials insist that Texas remains a viable homebuilding market.
“Texas is the best place to buy a home right now,” Garritson says.
Kimball Hill Homes is based in Rolling Meadows, Ill. The company has been building homes since 1939 and today has subdivisions in Texas, Florida, Illinois, Nevada and California. Kimball Hill first expanded to the San Antonio market five years ago.
Source: San Antonio Business Journal
Builders/Remodelers Must Have Certain Projects Inspected Starting September 1, 2008
March 29, 2008
In Texas, residential builders and remodelers have not had to secure inspections on projects in unincorporated areas. On September 1, 2008, however, all that changes.
Part of House Bill 1038, co-authored by Reps. Allan Ritter and Ruth Jones-McClendon, mandates code inspections on every new home construction and remodeling project built in unincorporated areas of the state or in municipalities that do not conduct such inspections, if the project is required to be registered with the Texas Residential Construction Commission. The law requires inspections on qualifying new construction that starts after September 1, 2008.
The law requires inspections at the following stages of construction, if they are part of a project: foundation, framing and mechanical systems and a final inspection upon substantial completion of a project. If the home is located in an unincorporated area where windstorm insurance coverage is available, the builder or remodeler must also comply with the Texas Department of Insurance rules and if required, obtain a windstorm certification.
Builders must use a Texas-licensed professional engineer; a Texas-licensed architect; a professional inspector licensed by the Texas Real Estate Commission; or a third-party inspector registered with the commission to conduct the inspections. The commission currently is developing an online reporting system that inspectors will be able to use to file inspection reports.
Commission Executive Director Duane Waddill said that he is pleased that the commission has rules in place well before the requirements actually begin because having the rules available now gives the building and remodeling community more time to prepare and adapt.
Waddill said, “More importantly, the new inspection program will help ensure that home or remodeling projects, regardless of where construction occurs, meet certain standards. We expect the program to help the commission meet its mission of ensuring quality residential construction for all Texans.”
The commission will periodically conduct spot checks across the state to make sure inspections are occurring and will send certificates to homeowners and builders, if the inspections are passed and reports are filed timely. For more information, visit the commission’s Web site.
Top 10 U.S. Metro Areas With The Highest Population Growth
March 28, 2008
Dallas-Fort Worth had the largest numeric gain of any metro area between 2006 and 2007, increasing by 162,250, according to July 1, 2007, estimates of metro area population size and growth released today by the U.S. Census Bureau. Atlanta (151,063), Phoenix (132,513) and Houston (120,544) rounded out the metro areas with a gain of at least 100,000.
The Midwest metro area with the greatest numeric change between July 1, 2006, and July 1, 2007, was Chicago (seventh overall nationally), while the Northeast metro area with the greatest numeric change over the same period was New York (21st overall nationally).Eight of the 10 fastest-growing metro areas between 2006 and 2007 were located in the South.
Four of these fast-growing Southern metro areas were not only among the top 10 in percent growth from 2006 to 2007 but also among the 20 largest numeric gainers during the same period. Raleigh, N.C., was the third fastest-growing metro area, 4.7 percent, as well as the 12th largest numeric gainer, at 47,052. Austin, Texas, was the fifth fastest-growing metro area, 4.3 percent, as well as the eighth largest numeric gainer, at 65,880. Charlotte, N.C.-S.C., was the seventh fastest-growing metro area, 4.2 percent, as well as the sixth-largest numeric gainer, at 66,724.
The fourth metro area in the South, New Orleans, was the eighth-fastest growing metro area between July 1, 2006, and July 1, 2007, as its population climbed 4 percent. It also was the 16th largest numeric gainer over the same period, with an increase of 39,885. The metro area previously had the highest rate of decline between July 1, 2005, and July 1, 2006.
In addition to New Orleans, other Gulf Coast metro areas where populations increased between 2006 and 2007 after having experienced 2005-2006 population declines included Gulfport-Biloxi, Miss. (1.8 percent population growth from 2006 to 2007); Pascagoula, Miss., (1.6 percent); Beaumont-Port Arthur, Texas (0.5 percent); and Lake Charles, La. (0.4 percent).
The 50 fastest-growing metro areas were concentrated in two regions — 27 in the South and 20 in the West. One metro area, Fayetteville, Ark.-Mo., straddled both the South and Midwest regions. Sioux Falls, S.D., and Springfield, Mo., were the two metro areas among the 50 fastest-growing located completely in the Midwest. None of the 50 was in the Northeast. That region’s fastest-growing metro area was York, Pa., which ranked 107th.
New York was the most populous metro area on July 1, 2007, with 18.8 million people, followed by Los Angeles (12.9 million) and Chicago (9.5 million). Nine metro areas had 2007 populations of 5 million or more.
More than four-fifths of all U.S. metro areas (303 out of 363) had a larger population on July 1, 2007, than on July 1, 2006. The 50 fastest-growing metro areas grew by at least 2.3 percent during this period, which is more than double the nation’s total population gain of 1 percent. As of July 1, 2007, the 363 metro areas in the United States contained 251.9 million people — 83.5 percent of the nation’s population.
Source: www.census.gov
Foreclosure Prevention Workshop Offers Homeowners Options
March 27, 2008
Newly-created San Antonio Foreclosure Prevention Taskforce offers assistance
The City’s Department of Community Initiatives (DCI) is presenting a free workshop to help prevent San Antonio homeowners who are behind on their mortgage payments from losing their homes. The free workshop is scheduled from 9:30 a.m. to 2:30 p.m. on Saturday, March 29 at Northwest Vista College, Huisache Hall (Student Center), 3535 N. Ellison Drive. Free parking in front of the building and refreshments will be provided.
From 9:30 a.m. to 10:30 a.m., attendees will learn from mortgage lenders about options to keep their home. After the presentation, homeowners will have an opportunity to meet one-on-one with their lender or a certified housing counselor to discuss work-out options to prevent foreclosure.
Earlier this week, the Texas Foreclosure Prevention Task Force announced that 150,000 homes in Texas will face foreclosure this year, with 14,000 homes posted for foreclosure in San Antonio. More than half of homeowners who are behind on their mortgage payments never talk to their lender to discuss ways to save their home. This workshop allows lenders and homeowners to meet and discuss options.
In addition to affecting their credit score significantly, a foreclosure causes homeowners to feel scared, depressed, angry and embarrassed at the prospect of losing their home. The City hopes the upcoming workshop will provide assistance to San Antonio families who are at risk of losing their home. For more information, call 207-5910.
San Antonio Ranks 34th Best Place To Live and Launch by CNN
March 27, 2008
CNNMoney.com ranked the top 100 cities to live and launch your own company based on the best mix of business advantages and lifestyle appeal. San Antonio came in at 34th out of 100 with the only con being the “Hot Summers.” Stats are below along with the link to the article.
Population: 1,251,086
Pros: Cultural attractions, talented labor pool
Con: Hot summersWhile San Antonio is one of the larger cities on FSB’s list, it offers lower living costs than many other metropolitan hubs. Electricity, water, and property are all relatively cheap in San Antonio. The small business community is thriving (more than 16,000 startups launched in the area last year). Healthcare, technology, and financial services are particularly strong local industries. Government contractors are attracted to the proximity of several military bases, according to David Marquez, executive director of the Bexar County of Economic Development.
Local amusement parks such as Six Flags and Sea World draw a steady stream of tourists each year. Visitors also flock to the Alamo and to the vibrant River Walk, or Paseo del Rio. -Mina Kimes
Read the entire article “100 best places to live and launch” at CNNMoney.com
San Antonio Real Estate Market Report February 2008
March 26, 2008
San Antonio home sales for February drop 10 percent from 1,701 a year ago to 1,529, as well as a 0.3 percent drop in the median home price from $143,100 to $142,800, according to the Texas A&M University Real Estate Center.
The average home price drop 2.45 percent from $175,800 a year ago to $171,500.
Meanwhile, the inventory of homes in San Antonio rose in February to 12,631 total listings or 6.5 months of inventory from 4.8 months a year ago.
The San Antonio Board Of Realtors (SABOR) reported for February the average Days On Market (DOM) of 87 from 74 for last month. Also, the Price Per Square Foot drop to $69 compared to $88 a year ago.
San Antonio real estate market has changed into a buyers market and with more options to choose from, now is great time to make your move. If your one of the many home buyers on the fence, register below and find out how Trend Setter Realty could help you find your next home.
Source: Texas A&M University Real Estate Center
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Texas Real Estate Market In Much Better Condition Compared To Other States
March 25, 2008
Foreclosure rates on loans in Texas went up slightly this past year, but at a much slower clip than the national rate, according to the Mortgage Bankers Association’s latest national delinquency survey.
The Washington, D.C.-based industry organization’s survey shows that Texas’ foreclosure rate rose from 1.24 percent in the fourth quarter of 2006 to 1.36 percent in the fourth quarter of 2007.
The U.S. foreclosure rate over that same period increased from 1.19 percent to 2.04 percent.
The story was the same for the subprime loan market. A subprime loan is one that is offered at a higher interest rate to borrowers who have nicks in their credit history.
Subprime foreclosure rates for the fourth quarter of 2007 came in at 5.28 percent for Texas and 8.65 percent for the United States overall. This represented an increase over the fourth-quarter 2006 subprime foreclosure rates of 4.32 percent for Texas and 4.53 percent nationwide.
Ironically, says Doug Foster, commissioner of the Texas Department of Savings and Mortgage Lending, Texas has the lowest borrower credit scores, on average, of any other state in the country.
“That’s really bad for us because the credit score is the major factor that determines what type of loan you get,” Foster explains. “With Texas having the lowest score, you’d expect it to have a higher volume of subprime lending.”
What helped Texas, he says, is a low unemployment rate and conservative property values that haven’t gone up significantly in 10 years — unlike states on the East and West coasts.
Read the entire article “S.A. lenders say city, state positioned to weather subprime storm” written by Tamarind Phinisee at the San Antonio Business Journal.
San Antonio Is Still A Great Place To Invest
March 24, 2008
This information is from “San Antonio heats up for spring” written by Robin Rogers at the National Association of Residential Real Estate Investments Advisors (NARREIA).
San Antonio is still a great place to invest for income and long-term appreciation. According to the latest figures, it is a buyer’s market, with a little over 6 months of inventory for single-family homes. New-home builders are expected to have sold all their inventory by the end of the year. Foreclosure levels are high, but not at record highs considering the number of homes sold. Sales prices have come down, especially for homes in poor condition and/or priced under $150,000, but with spring the market is already starting to pick up and homes in all price ranges are selling. So it’s a great time to buy a rental property or a distress property to rehab for what I call a “slow flip”: rent out the property after (or even during) renovation and keep it for at least a year to cover some of your costs. After 366 days, you could sell it at a reduced capital-gains tax rate, or keep it for income and long-term appreciation.
Employment prospects are great in San Antonio, especially for civilians at the various large military installations, tourism and service workers, healthcare and bio-research professionals, financial personnel, and IT and technical workers.
Not mentioned in the article is the construction at Fort Sam Houston which began in January 2008 on a $1.56 billion project and is expected to add approximately 10,000 jobs during the next three years. With a healthy economy and more jobs being added every year, San Antonio continues to grow with one of the most affordable home market’s in the country.
For more information about San Antonio’s real-estate investments or if you need assistance finding properties in the San Antonio area contact us at anytime.
Best Places To Buy Foreclosed Homes by Forbes
March 20, 2008
Forbes magazine released the Best Places To Buy Foreclosed Homes.
To compile our list, we started with the country’s 100 largest metro areas and ranked them by annual foreclosure rate, based on data from RealtyTrac, a listing firm that tracks foreclosures. To give a sense of scale, hard-hit markets have foreclosure rates in the 3% or 4% range. Riverside, Calif., has a foreclosure rate of 3.8%, and Detroit has a foreclosure rate of 4.9%. By contrast, Seattle, has a foreclosure rate of 0.4%, and Austin, Texas, has a rate of 0.8%, two figures which are within a healthy range for
foreclosures, as all markets, at all times, have them.Then, we looked at how real estate prices have moved since 2006, based on data from Moody’s Economy.com. No city has seen massive median price jumps, but making a foreclosure buy in San Antonio, where prices grew 8.24% between 2006 and 2007, carries far less risk than Sacramento, where prices dropped approximately 10% over that same time period.
1. Charlotte, N.C.
2. Raleigh, N.C.
3. Nashville, Tenn.
4. Oklahoma City, Okla.
5. San Antonio, Texas
6. Albuquerque, N.M.
7. Knoxville, Tenn.
8. Seattle, Wash.
9. Indianapolis, Ind.
10. Washington-Arlington-Alexandria
For the complete article written by Matt Woolsey and Jon Bruner visit Forbes.com
San Antonio Ranks 2nd For Most Affordable Home Markets
March 19, 2008
Bizjournals compared median home payments and household income levels in the nation’s 50 largest metros. The study was based on statistics from the U.S. Census Bureau’s 2006 American Community Survey, the most up-to-date source of federal data on housing costs. I must point out that the study shows the typical monthly housing payment for San Antonio at $747 dollars a month. While this is possible just realize that monthly payments for a house located in Alamo Ranch or the Stone Oak’s of San Antonio would be much higher but still very affordable compared to other markets. Links to the full article and slideshow are provided below.
“The healthiest housing markets today generally are moderately priced and are experiencing job growth and often population growth, which in turn is supporting strong price growth,” said Lawrence Yun, the National Association of Realtors’ chief economist, in a report issued in February.
And, indeed, most of the affordable metros enjoyed price appreciation and income growth in 2007, keeping prices in line with the ability to pay. They avoided the fourth-quarter slump that hit several of the costly markets in California and elsewhere.
Read the entire article “To find affordable homes, head away from California.”
View the slideshow by Bizjournals here.
The Vidorra Condos Construction Update
March 18, 2008
The Vidorra keeps getting taller. The downtown condo got its 17th floor on Saturday.
The 18th floor is supposed to be poured today, but rainy weather could delay that.
Developers are planning an April 17 topping out party, a customary construction celebration that happens when a building reaches its full height. In the Vidorra’s case, that’s 20 stories.
Exterior framing has reached the 12th floor and interior framing is on the 9th floor.
Another big change on the way: a stucco application on floors 6 through 20, which is supposed to start in April.
The Vidorra is near Sunset Station. Eventually, a second 20-story residential tower is planned.
Written by: Jennifer Hiller, Express-News
Construction Begins On 870-Acre Kings Gate Project in Medina County
March 13, 2008
JMJ Development announced today construction has started on a $25 million, 870-acre master-planned gated community in Medina County 30 miles west of San Antonio in the Texas Hill Country. The upscale single-family development is comprised of 382 two-acre custom home sites, all offering extraordinary views of the Hill Country.
“This type of development was missing in the San Antonio area,” said Tim Barton, President and CEO of JMJ Development. “Kings Gate will offer homeowners peaceful tranquility while maintaining easy access to city convenience. It’s the perfect combination for those who work in San Antonio but want to live in a rural setting.”
JMJ selected Lajolla Construction to handle all construction phases of the project. Located in Dallas, TX, Lajolla Construction offers the most technically complete construction management services.
Homes in the community will be required to meet architectural guidelines and code requirements. Other features of the project include an elaborate gated entrance, impressive landscaping and a secure mailroom located inside the gated community.
“One of our top priorities is protecting the Texas Hill Country,” said Barton. “We’ll make every effort to preserve the vegetation and wildlife that makes this area such a desirable place to live.”
Kings Gate is located on FM 1283 in a high-growth area of San Antonio. It is just 20 minutes from the Shops at La Cantera, a five-minute drive to Lake Medina and in the Medina Valley Independent School District, known for its excellent arts and science programs. Phase one of Kings Gate is scheduled to be complete in January 2009. Lot prices will range from mid-$60,000s to mid-$160,000s.
For more information about JMJ Development visit www.jmjholdings.com
