Bond 77 – The New First Time Homebuyer Loan Program

Feeling bummed out that the $8,000 Tax Credit for First Time Home Buyers has ended?  Well, there is some light at the end of the tunnel.  R.I.P. USDA Loans (for now!) and Tax Credit.  Hello Bond 77!

What Is Bond 77?

Bond 77 is providing $500 million in tax exempt mortgage revenue bonds  and sponsored by the Texas Department of Housing and Community Affairs (TDHCA) looks to be a viable new source for first-time low and middle income homebuyers to secure financing on primary residences.  It features below-market interest rates OR (not both) down payment assistance grants in the form of second mortgages.

How Does Bond 77 Work?

Basically, a first- time homebuyer will be able to select from either a ZERO-down loan, or a mortgage with below-market rates.    The down payment is actually a loan of up to 5% towards the purchase price which can include some of the closing costs. It will typically be paid back upon the subsequent sale of the home.   According to my source, most of the Bond 77 dollars will be seen in conjunction with FHA loans.  Existing  homebuyers, if they are buying in targeted areas and meet the income limits, are also eligible for this financing.   

Bond 77 For Owner-Occupied Buyers Only

Bond 77 Financing is for owner occupied single family homes, agency approved condos and planned unit developments (PUDS).  It is not available for investment properties, recreational, vacation or second homes.    Homebuyers are subject to income limitations and are required to complete a very short, online, homebuyer education class, which is probably something all homebuyers should be required to to do.

Austin Homes That Qualify for Bond 77 Financing

 This loan program is not going to work for all first time homebuyers in Austin and it does have associated costs.  It’s not a silver bullet, but if you have a first-time buyer who is really strapped for cash, take the time to check this program out.  It can even be an option for a non-first time homebuyer if they are looking in a targeted area.

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Featured Commercial Lot at 1151 San Bernard in East Austin

Team Ensor has recently listed a 75% interest in a commercial lot in East Austin at 1151 San Bernard St, Austin TX, 78702.

A great example of the type of development that could be built on this lot at 1151 San Bernard would be a three-story mixed-use building, with retail and commercial spaces on the lower level and condos on the upper levels.

For more information about this unique opportunity in East Austin, please contact us.

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What’s Selling In Twin Creeks

As of May 17, 2010 there were 38 single family homes for sale in Twin Creeks in Cedar Park, 14 homes either pending or pending accepting backup offers , and a total of 9 homes sold in the last 90 days.

 The Market Analysis Reports shown below provide a snapshot of the real estate market conditions in Twin Creeks as of May 17.   These types of reports are extremely useful tools used by real estate professionals in determining what to advise clients to offer on a purchase or what to price  their  home for sale.  The reports provide valuable information like selling price per square foot, list price per square foot, and days on the market.    

 Market  Stats for Twin Creeks

Market Analysis Reports

Property Type: ResidentialStatus: ActiveNumber of Properties: 38
 BedsBathsSqFtListing PriceLP/SqFtDOM
High646,321$1,200,000$189.84246
Low321,904$233,000$95.943
Average433,434$423,176$121.6860
Median433,473$386,200$121.1326

 

                                                                 

 
Property Type: ResidentialStatus: Pending, Pending – BackupsNumber of Properties: 10
 
 
 BedsBathsSqFtListing PriceLP/SqFtDOM
High644,217$480,000$121.1205
Low321,981$239,900$90.975
Average433,449$383,820$111.4669
Median433,679$399,950$116.0143
 
  

Property Type: ResidentialStatus: SoldNumber of Properties: 9
 BedsBathsSqFtListing PriceLP/SqFtSelling PriceSP/SqFtDOM
High544,518$599,900$146.97$599,000$138.91520
Low322,088$239,000$83.47$230,000$87.941
Average433,389$409,856$119.59$400,222$116.8889
Median433,470$392,000$116.71$375,000$116.0322
 
   

Average Price Up, DOM Down in Twin Creeks

The statistics for a neighborhood can change daily as houses move from one status to the next and then finally sell.  In Twin Creeks for instance, six of the active listings have come on the market within just the past week, causing an increase in inventory of approximately 20% as summer approaches and the buying season heats up.  Using these reports and comparing average solds to the same period a year ago, as shown in the following table, also indicates the average selling price has moved up and days on the market has moved down.  This information bodes well for homeowners in Twin Creeks who want to sell.

Market Analysis Report

Property Type: ResidentialStatus: SoldNumber of Properties: 9
 BedsBathsSqFtListing PriceLP/SqFtSelling PriceSP/SqFtDOM
High544,684$549,000$135.42$490,000$120.87252
Low322,210$215,000$85.38$212,500$78.999
Average432,943$327,262$112.38$306,625$105.71128
Median422,465$298,662$111.56$279,625$109.64146

 Twin Creeks Neighborhood  Has  Appeal

 Market Analysis Reports are important, but statistics alone don’t tell the whole story.  Condition of the home, the immediate surroundings, expired and withdrawn listings, and what other similar houses have sold  for or are currently for sale are just a few other factors that must be taken into consideration in determining  the value a property.    

 It is worth noting however, that withdrawn listings have been minimal in 2010, solds are in stellar condition, and Twin Creeks overall is a very strong neighborhood with a lot of appeal for the buying public

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706 Riverlawn Dr, Round Rock, Texas 78681

Team Ensor recently listed a stunning home at 706 Riverlawn Dr! Plenty of color and warm space invites you in as you enter the front door. A loft space upstairs can be used as a second living room. Schedule an appointment to see this home today!

We're sorry, but we couldn't find MLS # 8762994 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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Twin Creeks In Cedar Park, Texas

If you are looking for a neighborhood that offers panoramic vistas of both the Texas Hill Country and the gorgeous Twin Creeks golf course, look no further than Twin Creeks in Cedar Park, Texas. This 760 acre community located near Anderson Mill and Volente Road in northwest Travis County offers the first signature golf course in the Austin area to be designed by Masters champ Fred Couples.

Community Membership

Homeowners in Twin Creeks purchase a mandatory Community Membership to the club when they purchase their home, which provides access to the fitness facility, aerobics studio, junior Olympic-sized swimming pool, poolside cabana, tennis courts, Kid’s Corner and outdoor playscape. If golf and other amenities are desired, a higher level of membership is available.

Builders

The homes in Twin Creeks, which was developed in the early 2000’s , range in size from 1800 square feet to over 6,000 square feet and were built by a variety of builders, including David Weekly, Fairway View, Federick Harris and KB Custom homes. The distinctive style of many of the homes, such as the Arts and Crafts series designed by Heimsath Architects blends beautifully against the backdrop of rolling hills and traversing creeks.

Many Amenities

Twin Creeks offers many special amenities and features for a discerning buyer, with close access to Lake Travis, a gorgeous country club, and in Leander ISD, some of the best quality schools in the region. This neighborhood is a must-see for any buyer looking for a new home in Northwest Austin or Cedar Park.

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30 Newest Condo Listings in Downtown Austin

Downtown Austin Condos

Below are the 30 newest Downtown Austin condos that are listed on the Austin MLS, including rentals and sales.  Despite recent condo auctions, demand for Downtown Austin condos has remained steady.  It has been argued that there is a relative shortage of available units compared to the projected increase in population in the downtown area over the next several years.  This makes for a compelling argument for buying and holding downtown Austin real estate.

Please contact us for additional information regarding any of the listings shown below or to schedule a showing.

New Downtown Austin Listings

  1. 1 bed, 1 bath
    Home size: 852 sq ft
    Lot size: 130 sqft
  2. 2 beds, 3 baths
    Home size: 1,964 sq ft
    Lot size: 3,441 sqft
  3. 2 beds, 2 baths
    Home size: 1,266 sq ft
    Lot size: 1,481 sqft
  4. 2 beds, 2 baths
    Home size: 1,389 sq ft
    Lot size: 130 sqft
  5. 2 beds, 2 baths
    Home size: 1,395 sq ft
    Lot size: 914 sqft
  6. 2 beds, 3 baths
    Home size: 1,672 sq ft
    Lot size: 392 sqft
  7. 1 bed, 1 bath
    Home size: 706 sq ft
    Lot size: 435 sqft
  8. 1 bed, 2 baths
    Home size: 1,416 sq ft
    Lot size: 130 sqft
  9. 1 bed, 1 bath
    Home size: 1,059 sq ft
    Lot size: 87 sqft
  10. 1 bed, 1 bath
    Home size: 650 sq ft
  11. 1 bed, 1 bath
    Home size: 731 sq ft
  12. 1 bed, 1 bath
    Home size: 731 sq ft
  13. 1 bed, 1 bath
    Home size: 746 sq ft
  14. 1 bed, 1 bath
    Home size: 745 sq ft
  15. 1 bed, 1 bath
    Home size: 745 sq ft
  16. 1 bed, 1 bath
    Home size: 746 sq ft
  17. 1 bed, 1 bath
    Home size: 745 sq ft
  18. 1 bed, 1 bath
    Home size: 756 sq ft
  19. 1 bed, 1 bath
    Home size: 865 sq ft
    Lot size: 217 sqft
  20. 2 beds, 3 baths
    Home size: 2,736 sq ft
    Lot size: 217 sqft
  21. 2 beds, 3 baths
    Home size: 1,423 sq ft
    Lot size: 130 sqft
  22. 1 bed, 1 bath
    Home size: 806 sq ft
    Lot size: 174 sqft
  23. 2 beds, 2 baths
    Home size: 1,322 sq ft
    Lot size: 392 sqft
  24. 3 beds, 3 baths
    Home size: 2,136 sq ft
    Lot size: 3,136 sqft
  25. 1 bed, 1 bath
    Home size: 1,134 sq ft
    Lot size: 130 sqft
  26. 2 beds, 4 baths
    Home size: 5,298 sq ft
    Lot size: 1,263 sqft
  27. 2 beds, 2 baths
    Home size: 1,271 sq ft
    Lot size: 304 sqft
  28. 1 bed, 2 baths
    Home size: 1,002 sq ft
  29. 2 beds, 2 baths
    Home size: 1,464 sq ft
    Lot size: 87 sqft
  30. 1 bed, 1 bath
    Home size: 940 sq ft
    Lot size: 33,192 sqft

See all Downtown Austin MLS Listings.
(all data current as of 1/19/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Top 25 Newest Listings in 78704 Zip Code in Austin, TX

Below are the 25 newest Austin MLS listings in the 78704 zip code.  78704 is Austin’s “hip” zip code — located just south of downtown — with its funky boutiques, shops, and people-watching!  Let us know if you have any questions about South Austin real estate — we know it well, because we too live in 78704!

  1. 2 beds, 1 bath
    Home size: 1,347 sq ft
  2. 1 bed, 1 bath
    Home size: 780 sq ft
    Lot size: 1.87 ac
  3. 0 beds, 0 baths
    Lot size: 1.03 ac
  4. 4 beds, 2 baths
    Home size: 2,506 sq ft
    Lot size: 1.03 ac
  5. 4 beds, 3 baths
    Home size: 2,549 sq ft
    Lot size: 6,882 sqft
  6. 1 bed, 1 bath
    Home size: 700 sq ft
    Lot size: 26,745 sqft
  7. 4 beds, 4 baths
    Home size: 2,849 sq ft
    Lot size: 11,891 sqft
  8. 2 beds, 3 baths
    Home size: 1,101 sq ft
    Lot size: 2,221 sqft
  9. 3 beds, 1 bath
    Home size: 1,074 sq ft
    Lot size: 7,840 sqft
  10. 2 beds, 2 baths
    Home size: 960 sq ft
    Lot size: 8,015 sqft
  11. 2 beds, 2 baths
    Home size: 7,498 sq ft
    Lot size: 16,030 sqft
  12. 2 beds, 2 baths
    Home size: 1,117 sq ft
    Lot size: 740 sqft
  13. 2 beds, 3 baths
    Home size: 1,443 sq ft
    Lot size: 4,791 sqft
  14. 2 beds, 2 baths
    Home size: 2,172 sq ft
    Lot size: 13,764 sqft
  15. 2 beds, 3 baths
    Home size: 1,500 sq ft
    Lot size: 2,570 sqft
  16. 4 beds, 2 baths
    Home size: 2,244 sq ft
  17. 1 bed, 2 baths
    Home size: 972 sq ft
    Lot size: 392 sqft
  18. 2 beds, 1 bath
    Home size: 700 sq ft
    Lot size: 8,015 sqft
  19. 3 beds, 4 baths
    Home size: 2,130 sq ft
    Lot size: 2,395 sqft
  20. 3 beds, 1 bath
    Home size: 1,216 sq ft
    Lot size: 6,534 sqft
  21. 2 beds, 2 baths
    Home size: 968 sq ft
    Lot size: 2,003 sqft
  22. 2 beds, 2 baths
    Home size: 1,261 sq ft
    Lot size: 8,929 sqft
  23. 2 beds, 3 baths
    Home size: 1,491 sq ft
    Lot size: 2,526 sqft
  24. 3 beds, 3 baths
    Home size: 1,868 sq ft
    Lot size: 5,227 sqft
  25. 3 beds, 2 baths
    Home size: 1,449 sq ft
    Lot size: 9,408 sqft

See all 78704 zip code MLS Listings.
(all data current as of 1/19/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Video of Home at 706 Riverlawn in Round Rock

Check out this newly listed home at 706 Riverlawn in the Creekmont West subdivision in Round Rock! Warm and inviting, this home has designer touches throughout, including a recently upgraded bathroom and crown molding. 

Features of 706 Riverlawn Dr

One thing sure to please about this Round Rock home is that there are NO neighbors behind the house! Mature trees shade the already private backyard as well. 

You will also find that this floor plan is quite spacious. The home has two dining areas (breakfast room and formal dining), a flex space upstairs that separates the bedrooms (ask about dimensions, these rooms are larger than average!) and with walk-in closets in every room. The master bathroom features a garden tub, separate shower, double sinks and modern fixtures.

To find out more about this home, please contact me today!

Video of 706 Riverlawn Drive in Round Rock

MLS Listing Details of 706 Riverlawn Drive

We're sorry, but we couldn't find MLS # 8762994 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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How to Get Austin Condominiums FHA Approved

If you’re an owner of a condo in the Austin area and are about to list your condo to sell, you may be surprised when you find out that your condo building isn’t FHA Approved.  What does this mean to you as a seller?  It means that any buyer who is looking to obtain FHA financing will not qualify, leaving you to only be able to sell to conventional buyers who have to make a large down payment (usually 20% or greater).  This could seriously shrink your pool of potential buyers, making your visions of a quick sale slowly wither away.

What Can You Do To Get Your Condo FHA Approved?

You can contact your HOA and ask them to start filing the paperwork, but this probably isn’t the fastest approach unless you are on the board.  Mortgage lenders also have the ability to file the necessary paperwork to apply for FHA approval for your building, but you’ll have to have your place under contract for the buyer’s lender to start the process. What if a buyer isn’t willing to write an offer on your non-FHA condo and “hope” that his/her lender can get it on the list in time for closing? You could pick up the phone and try calling a few lenders and ask if they will help you. But with nothing in it for them, there’s no reason for a stranger to do all of this legwork. Your best bet is to hire a Realtor who has a great working relationship with a lender who can handle this type of unique situation.

We have one of those great relationships with one such lender: Eric Silvas at Envoy Mortgage. He filed the initial paperwork for FHA approval for an older condominium complex in Central Austin for us (we are representing the seller), and after he jumped through several hoops, we are happy to say that the complex is now approved!

FHA approval helps everyone in the building, not just our listing. It’s the kind of value that hiring the right Austin Realtor and Austin Mortgage Banker can bring to the table.

We are fortunate to have a great relationship with an Austin mortgage banker like Eric Silvas. There aren’t many lenders who would be willing to put forth the efforts of doing something like this, especially on a complex that is already developed. Thank you, Eric!

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May 2010 Calendar of Austin Events

It’s the beginning of summer in Austin, and there are some great Austin events going on! So get out there, enjoy the great weather, and keep yourself entertained!

May 4-9

STOMP at Paramount Theater. www.austintheatre.org

May 6

First Thursday on South Congress Ave in SoCo District. www.firstthursday.info

May 8

March of Dimes “March for Babies” Event at Auditorium Shores. www.marchforbabies.org

May 11-16

A Chorus Line at Bass Concert Hall.  www.utpac.org

May 15

94th Annual Paramount Theatre Gala event at Paramount Theatre.  www.austintheatre.org

May 15-16

26th Annual Women’s Symphony League Designer Showhouse at The Austonian. www.wslaustin.org

May 22

33rd Annual O. henry Museum Wold Championships Pun-Off at the O. Henry Museum.  www.ci.austin.tx.us/ohenry/punoff.htm

May 28-29

Texas Greek Festival at Laguna Gloria.  www.texasgreekfestival.com

May 29

TXRD Lonestar Rollergirls at Palmer Events Center.  www.txrd.com

Other May 2010 Events:

American Cancer Society Cattle Barons Ball “Discover Your Inner Cowboy” at the TDS Exotic Game Ranch. www.cattlebaronsballaustin.org

28th Annual Schlotzsky’s Race Expo Kid’s & 5K Bun Run at Auditorium Shores. www.schlotzskys.com

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