South Austin Texas Real Estate blog: August 2008

Hey everyone, well its almost here, MegaCamp,  starting August 25, monday.. but if you are in town early you can run over and pickup your wristband on Sunday, August 24 between 3-7pm.

The Austin Convention Center is located at 500 Cesar Chavez, Austin Tx 78701 and early registration may smooth your way for monday. You will need to bring a photo ID and a copy of your confirmation of registration.

Monday parking is available in the convention center parking garages for a daily rate of $7.  Cash or chekcs only.  Garages are located at:

601 E 5th St   (5th and Red River)   enter from 5th St or 201 E 7th St (on 7th between Brazos and San Jacinto)   enter from Brazos or San Jacinto.

It looks to be an exciting event and I hope to meet as many of you as possible. 

Ok.. I don't like these $1 coins, maybe its just me, but they are not distinctive enough from a quarter in the dark, they are heavy in numbers and how many coin operated machines accept them?  Aside from all that I fear we are stuck with them.

Locally, here in Austin Texas I am hearing radio commercials often about how we as Americans should do our part to make these coins more popular, to use them, the pitch is.. These coins will last longer than paper dollars and save our economy many gazillions of dollars... and they are more environmentally friendly... cause we dont have to recyle them as often. 

I'm all for environmentally friendly things, but we live in a paper society... not as much as 1970's but still we have and use our share of paper, especially us Realtors!  Did you ever count all the papers that it takes to complete a contract?  From first offer to HUD1 statement? All the parties get copies, my broker gets a copy, the other agent gets a copy and their broker and then I get to keep a copy.  WHOA!!  thats probably at least 100 pages.   So with all that considered maybe I should get a lighter lipstick and start using those coins.

If you have a great interest here is the link that defines the release date of the $1 coins.http://www.usmint.gov/mint_programs/$1coin/?action=schedule

If you would like to purchase a home in my area, Austin Texas, even if you wish to use a wheelbarrow full of $1 coins, call me.   I can help you find the perfect home here.  Gail Tassey, 512-217-9482 gailnttexas@gmail.com

Well folks

I think its gonna be a bumpy ride the next few years...because there will be a Payback time for all these short sales and foreclosures.  Something maybe we can't even imagine right now.  How will this all be resolved in the next 3-5 years. 

 While I was reading Charlie Ragonesi's blog about Is it too Easy to walk away ?   that opened many thoughts for me.  The mortgage meltdown, the housing crisis, whatever terms you use, it has come down to many many (if the news is correct MILLIONS) of foreclosures and shortsales.

What are the ramifications of such a hard hit to an individuals credit score? No new mortgage loans for 5 years (I heard from my local mortgage broker).  We have leasing offices here who demand good credit scores before you can lease their property.

So.. lets play devil's advocate for a moment....  my house is in foreclosure, I lease a place for 12 months, then I decide I want the kiddies in another school, so I start looking around.   I'm out of the home-buying population, will I be able to get a new lease?  with these new shattered credit scores?  A foreclosure on my record?  What is going to happen to such a large part of our population.  Surely rents could skyrocket? 

Is Congress going to make a "forgiveness bill"?  Or will the foreclosure be viewed as it has been historically, you are now a bad risk?  The 2008 Tax Credit bill will NOT fix this.  Perhaps the media could play up the ramifications and repercussions of walking away from a mortgage... perhaps some could find a way to pay that mortgage... or is Charlie right and some will walk because its easy now? 

If that is the road chosen, be prepared for a bumpy road ahead guys, its gonna be a bumpy ride (to quote the esteemed MS BETTE DAVIS)

Now after reading that don't you think I'm going to be rich today?  or tomorrow at the latest... gosh I have so many things I can do with all that money, commission negotiable... mmmmmmmmm maybe I will ask for 10%, so what is 10% of 28 million USDollars? around $2.8 million... I'm gonna retire!

LOL.. just another scam and now they are using our Active Rain Contact program to send this to us...  I always remember the old adage, if it looks too good to be true, it probably is too good to be true.

 Blog postings the same subject same day

Did you ever wonder how that happens?  I once read somewhere that there are no original ideas, somewhere someone else is thinking the same thing you are, patents are often days ahead of a competitors same invention.

Yesterday in reviewing some things I realized I had written a post with the same subject matter as a fellow blogger... wow, I thought, I hope I didn't grab the information from their blog and rephrase it? I do try to be careful and somewhat original.   So as I went about reading other blogs this thought kept niggling at me, squirming around in my head, am I guilt of near plaguriziam?  OHNO, ohmy, what to do... I really worried about it.

So, I went back and re-read my post, and looked at the time, 5:somethingAM, then I went to the other blog and checked.. 11something AM, since we are in the same time zone, now I do know.. Iam ok, I didn't beg borrow or steal anyone elses work.

I guess there really are no new thoughts?  well maybe a few but I'm not a rocket surgeon so I wouldn't know. 

Chain or not? I don't know but Cannoli Joe's Italian Buffet is an excellent choice for a fun lunch, its an Italian feast.

Did you ever wonder what to choose and want to have a bite of it all? Now you can, thats one of the reasons I chose Cannoli Joe's for a great lunch, another reason?  the rooms are so fun, its almost like a street side look at a village across the world. And the waitstaff.. excellent, cheerful, helpful and always anticipating when I need more iced tea. 

I have visited our local Cannoli Joe's many times and never left with an ounce of disappointment... if I could give a 5 star rating for a good time it would go here!!  Keep up the good work guys and gals and you have my business for a long time to come.

Located right on 290/Ben White Blvd in South Austin,  at 4715 S Hwy 290, its easy to find with plenty of free parking, and being a buffet one never has long to wait for those days you forgot to eat breakfast and your just starving. Visit their website for complete directions.   http://www.cannolijoes.com/index.htm

Enjoy lunch, oh yes,  they have great dinners too! 

Everyone who has a radio, tv, Blackberry or other means of electronic media is aware ogf what the "MEDIA" keeps telling us..  the housing market is in the dumps, Congress is at an all time low rating and so they, CONGRESS, are coming to the rescue of the American Home Buying Public.

Enter the new $7500 First Time Homebuyer Tax Credit for homes bought after April 09,2008 and until July 1, 2009... if qualified one can get a TAX CREDIT off their income tax of up to $7500.   Big WHOOP.

Remember they (Congress) took away the Seller funded down payment assistance programs.

Here is a handy-dandy link to read all the FAQs of the new tax credit in simple laymans terms. http://www.federalhousingtaxcredit.com/faq.php

Please please read all the print, fine or detailed or not...  while this could be a break for some FirstTime homebuyers, I personally do not believe it will help the majority who are looking forward to the great American Dream of HOME OWNERSHIP.

This FAQ shows the money is to be PAID BACK with $500. a year (interest free) payments on the individuals income tax return.   The other part that I think should be scrunitized is Question #16.. It states, If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven; now my questions are what constitutes insufficient profit?  Who determines what is sufficient?

Since costs of selling a home vary greatly from state to state what are the guidelines?  When will we know what are considered reasonable costs of selling ones home to get to the profit?   Until those terms are public knowledge I am hesitant to promote this program. 

While Congress may think this is a wonderful idea, how many of our first-time homebuyers have that money laying around to be able to take the Tax Credit.. remember you need to spend it first then you can claim it... and then you can repay it ... of course interest free...  Yippeee Congress you did it again!

Oh yes, I have heard all the explainations about the seller funded programs are the ones going into foreclosure because the new Home owner had none of their own hard earned dollars invested, so it was easy to walk out on a home loan.  Some how I don't think that is the whole story, and here we go again, tossing out the baby with the bathwater.

Good news in the days of rising prices, Kids EAT FREE, this information was brought to me by Gracy Title and I would love to share it with you all.   These offers are for Austin Texas and many have age limits.

So I will pass along good information to families who are trying to stay in their budgets in these days of rising gas and food prices.  We still all need a night out!!

SUNDAY

Cannoli Joe's  .. Kids under 4 eat free, Kids under 12 eat 1/2 price   Italian Buffet on Ben White Blvd.       

China Chef.. Free Buffet for kids under 5  11:30=3pm.. both Austin and Bastrop locations.

Zen Japanese Food.. Kids 12 and under eat free all day.

Elsi's Restaurant .. Kids 12 and under eat free from 4PM-closing.

Moe's Southwest Grill.. kids eat free all day, see store for details.

MONDAY

Cartwrights BBQ Bastrop.. kids 10 and under free 4:00-8:00pm

El Rincon Mexican Pflugerville..kids uner 12 eat free 6:00-9:00pm  also clowns and face painting.

Fajita Warehouse..kids 10 and under eat free all day

Hangtown Restaurant.. West Lake Hills, kids under 12 eat free after 5:00pm

Jim's Restaurant.. kids 12 and under eat free 5:00-9:00pm

Fish Daddy's Pflugerville..kids 12 and under eat free all day

Mama Fu's .. kids 12 and under eat free all day

Spaghetti Warehouse..kids 10 and under eat for 99 cents all day

TUESDAY

Bennigans.. Austin, Round Rock and San Marcos, kids eat free 4:00-10pm

Black Eyed Pea..Austin .. kids free meal after 5PM

Berryhill Baja Grill.. Austin, kids eat free

Red Robin Gourmet Burgers .. Austin.. kids under 12 eat free 3:00-9:00pm

Pizza Hut m, Heart of Texas Pizza BUDA location.. kids under 12 eat free all day

Kerby Lane.. Austin.. kids 12 and under free all day

McAlister's Deli.. Austin and Georgetown..kids 12 and under eat free 5:00pm-close

La Salsa .. Austin and West Lake Hills.. kids 12 and under eat free 4:00pm-close

Central Market..Austin (n Lamar location)  kids 12 and under eat free 5:00-9:00pm

WEDNESDAY

Cannoli Joe's, China Chef, Zen Japanese, Jim's Restaurant, La Salsa, repeat specials.

Luby's  Austin, Round Rock, San Marcos, Georgetown and Sunset Valley, kids 19 and under eat free after 4:30 pm.

Serranos .. Cedar Park, Round Rock and Austin, kids 12 and under eat free all day

Roadhouse, Bastrop..kids 12 and under eat fro half off all day

EZ's Austin.  kids 12 and under eat free after 5:00pm

THURSDAY

Cannoli Joe's, China Chef, La Salsa, repeat specials

Wings N More .. Austin .. kids 12 and under eat for 1/2 price 4:00pm-close

FRIDAY

Cannoli Joe's, China Chef, Gatti Land Round Rock, repeat specials

SATURDAY

Cannoli Joe's, China Chef, La Salsa, Lubys, repeat specials

Iron Cactus  Austin.. kids 12 and under eat free all day

Texas Land and Cattle Austin.. kids eat free from kids menu 11:00-4:00.

Denny's Austin.. kids 12 and under eat free 4:00-10:00pm

Remember there may be others that offer specials and were not included .. ALL programs, details and prices subject to change without notice. Please call the restaurant in advance to verify the KIDS EAT FREE promotion requirements, including the hours available. 

Happy Dining!!

It was GOOD NEWS in the media yesterday, home sales up nationwide, across the states home sales had risen in June 2008 from the previous months. 

 Some spectulative newscasters see this as THE turn around point of the housing slump that has plagued our industry for sometime now.  I thought this was fantastic news.

While its always said one never knows when the bottom has passed until prices rise: perhaps this should be a warning to fence-sitting buyers, prices may be on the rise in the near future.  Interest rates are still good, under 7% so get off that fence and commit to what you know you want.  A NEW HOME.

Builders are offering incredibly great incentives right now and many sellers are offering great concessions to buyers, like helping with closing costs.  Doing requested repairs without question and overall making it easy for a buyer to purchase their home.

Call me if you are looking in the Austin Texas area, I also work Dripping Springs, Kyle, Buda and many other surrounding areas, I know the Austin Market and will help you get the home of your dreams.              Gail Tassey,  Keller Williams Realty, Southwest Market Center, 512-217-9482 gailnttexas@gmail.com