It’s hard enough selling houses in Albuquerque these days. Now local realtors have to contend with vacant properties becoming “love shacks”. “AWKWARD!”

Realtor finds unwanted guests in home: krqe.com

The report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country.  Recognizing that housing trends are different as you travel across the country,the report divides the country into regions and reports the data separately for each region.  The on-line version of the new report allows you to select the region of the country and major metropolitan area you’re near for the most relevant information.

According to the report, replacing a front door returns the most money, with an estimated 102.1% of cost recouped upon resale.  It it is also the only project in this year’s report that is expected to return more than the cost. 

A mid-range garage door replacement, a new addition to the report this year, is expected to recoup 83.9% of its cost.  Both projects are small investments that cost little more than $1,200 each, on average.  The Realtors surveyed identified these two door replacements as projects that can significantly improve a home’s curb appeal. 

A great description of these projects and their costs can be found on the National Association of Realtors’ website.

Then more news (that financing had been secured.)  And better yet, that it was government-backed financing.  And now here we are on the eve of Thanksgiving 2010 and construction of an over one million square foot medical complex is in full swing! 

That’s right.  I said over one million square feet; 1,100,000 when fully-phased to be precise.  To give you an idea of the scale, that’s very close to the size of the nearby Hill Country Galleria. 

With a 170-bed hospital at its core, the Lakeway Regional Medical Center site also includes two medical office buildings, parking garages, a day care center, an extended-stay hotel, and a retail center with shops and restaurants.  

The hospital will be operated by a group of doctors who have, collectively, invested $40 million of their own money in the construction of the $200 million+ project.  According to the developers, as a physician-operated hospital, the doctors will have much more control over patient care and how the hospital is run than they would ever have in a traditionally-managed, corporate-run hospital.

The hospital is scheduled to have a Level 1 Trauma Center (the highest level of trauma care in the nation.)  As a point of reference, only Brackenridge and Dell Children’s Medical Center offer Level 1 Trauma centers in the Austin-area.    Otherwise, as it was pointed out to me in a recent presentation that I attended hosted by the hospital developers, a Level 1 trauma center is a 45-minute helicopter ride from here.

As for the economic impact to the area, the hospital piece alone will initially employ nearly 1,500 people.   Likewise, from ancillary services like pharmacies to home health care to linen suppliers, I am told that each bed in a hospital like this has the potential to add 20 jobs to the local economy.  That’s over 3,000 new jobs created.  Moreover, as it stands, over half of the doctors slated to come to the new hospital are coming from out of the Austin area.  These doctors and their staffs will likely see virtue in living near the complex.  This means real estate sales. 

The magnitude of the financial impact the hospital could have on the area is mind-boggling.  Will it add to an already difficult traffic situation?  Almost certainly.  Will it add to the development and re-development of the surrounding area?  Probably so.  But the reality is that population in this area of Austin is predicted to double in the next 10 years.  That kind of population must have quality medical care, both emergency and non-critical, in the area.  The fact that a first-class, physician-managed facility might just be the offering is a real coup for area residents current and future.

Let’s take Village at Western Oaks for example. It is around 9 miles from Downtown Austin. So outside of rush-hour, it would take the average person around 15 minutes to get from point A to point B. It’s almost a fairytale to get anywhere faster than that these days, isn’t it? And those who live in Lake Pointe can expect about a 15-20 minute drive to work if they office dowtown. What a breeze, especially considering how much house you get for your money in Lake Pointe!

When comparing to cities like Los Angeles (where 10 miles could take you well over and hour and 1/2, even on a random Saturday afternoon) or Houston (where you’ll easily spend 45 minutes trying to get from one end to the other, with no traffic), the scale of Austin starts to look really manageable. You can get from Sunset Valley to the Domain in around 15-20 minutes. Wow!

So for those of you who live just a touch outside of Central Austin, say it proudly “I do NOT live THAT far!”

Well folks, this week (October 25-31, 2010) is the final week of this year’s Parade of Homes in Rough Hollow near Lake Travis.

The weather looks to be fantastic again this week in Austin.  So, if you’re going to be in town and you like seeing the latest and greatest in home furnishings, decor, automation, and appliances, definitely put this year’s Parade of Homes on your list.

From two-story studies to artificial turf grass to complete window-walls with lake views,  each of the seven homes available to tour has something truly special that you’ll come home talking about.

Above is the highlight reel from my tour last week…

The vanity (for lack of a better description) is a stunning piece of art designed and built by master builders Matt and Kim Bailey.  The piece was carved from a solid piece of onyx and is back-lit to create the surreal luminescence.  The “faucet” effect (at some point I suppose someone will want to actually wash their hands in it) is created by a waterfall that cascades down the onyx from about 8 feet above.

I recognize the video is not the best quality, but it’s something you just have to see in person anyway!

I hit the scene at Lucy in Disguise yesterday to check out this year’s costume selections. WOW! They have every costume under the sun (and then some). Located in the heart of SoCo, Lucy in Disguise is an Austin fave for Halloween costume shopping. They have floor to ceiling, wall-to-wall, costume selections ranging from full-blown mascot costumes to traditional choices like ghosts and goblins. Lucy in Disguise even has halloween makeup, rubber masks, clown feet, case after case of costume jewelry, and more.

Austin is huge on supporting local businesses so this Halloween I suggest you give Lucy in Disguise a whirl! And then send us photos of your best dance moves in a cockroach costume!

A game that one can play from age 8 to 80 and learn so many things about life and business in the wonderful hill country with beautiful weather is pretty tough to beat…kind of like par.

If you’re lucky enough to be a member, Barton Creek Resort, Lost Creek Country Club, and Austin Country Club are excellent options but so are Grey Rock Golf Club, Avery Ranch Golf Club and Falconhead Golf Club for the Austin area.  So what are you waiting for, get out there and enjoy some fall golf in the hill country! …and remember, you can always catch the college football night game when you’re done.

Most recently, the Texas Attorney General,  Greg Abbott, sent a letter to thirty or so mortgage-loan servicers doing business in Texas.  Here is a list of the mortgage companies receiving letters from the AG’s office.  The letter demands that the recipients immediately halt:  

     1. all foreclosures;

     2. all sales of properties previously foreclosed upon; and

     3. all evictions of persons residing in previously foreclosed upon properties.

The AG is demanding that the banks cease these activities until a review of their internal processes can be conducted. 

Whether or not the AG has the actual authority to stop anything is arguable.  After all, these are banks with contractual agreements with their customers (in the form of deeds of trust) that spell out what the parties to that contract can and can’t do.  What is clear in most deeds of trust is that ”if you don’t pay, you can’t stay.”  That is, if you don’t make your mortgage payment then the mortgage company has the contractual right (with proper notice and opportunity to cure any default) to foreclose on the lien that secures your repayment. 

The AGs are not saying that foreclosures in and of themselves are evil and their citizens should be above the law and beyond their contractual agreements.  That would be silly. 

What they are saying though is that there appears to be evidence that some of these foreclosures may not be being handled in a lawful manner.  In that case, they may be invalid, unlawful, and/or most significantly, give rise to claims of fraud.  The allegations are that of widespread sloppiness, corner-cutting and perhaps outright fraud in the way some banks are processing the multitude of delinquent loans, foreclosures, loan modifications, evictions and the like that have inundated their industry over the last few years.

Specifically, Mr. Abbott’s office charges these banks with, among other things: 

     Signing thousands of documents a month without even reading them;

     Making affidavits to facts they couldn’t possible be aware of;

     Notarizing documents before they are signed by the party; and

     Signing documents with inaccurate statements about loan balances, changes, payments, etc.

So what can the Attorney General do about all is? 

Well, what the office does have the right to do is bring lawsuits against companies and individuals who are alleged to have committed fraud against the state’s citizens.  So what Mr. Abbott’s office has done is send a demand letter to these loan servicers saying basically “ it has come to our attention that you may have engaged in certain conduct and if you have we may sue you on behalf of our constituents for engaging in deceptive trade practices in our state”.  (That’s not exactly what was said, but you get the point.)  The demand letter is a required step under the Texas Deceptive Trade Practices Act before a lawsuit can be filed.

Whether lawsuits will be filed or not, whether the loan servicers will be able to properly document their files, whether any missteps were made, etc., will remain to be determined.  But it seems highly unlikely that the recipients of the letter will be able (by any stretch of the imagination) to meet the 10-day deadline issued for producing the documentation demanded by the AG’s office.  That would seem to suggest that this move was merely a formality and a necessary first step in a grander plan.

The processes for approving short sales, loan modifications, foreclosures, and the like these days is ludicrous at best.  I have just negotiated my way through one recently for a client and it was a joke how many twists and turns we took.  That story will be the subject of another blog.  But the point is that there are literally millions of stories just like mine waiting to be told. It’s an enormous problem waiting for a solution. 

In its unprecedented move, the AG’s office has certainly added to the drama of this unfolding story.  Whether it will be part of the solution remains to be seen.   At the moment it would appear that it’s business as usual.  See this video report regarding foreclosure activity as recently as yesterday in Houston’s massive Harris County.

Stay tuned.

The primary difference is that the Austin Zoo is an animal sanctuary that rescues and rehabilitates injured and mistreated animals. So when you toss that credit card over the counter to pay for admission, you’re contributing to a beautiful thing!

The Austin Zoo is a 501(c)(3) registered non-profit organization. They rely on private donations, gate admissions, grants and sponsorships to continue to care for the animals they have and to take in new animals seeking refuge.

“Austin Zoo started out as a goat ranch. In 1990, it became the Good Day Ranch, which catered to animals in need. At that time, the animals consisted mostly of goats, pigs, fallow deer, donkeys and ponies… with just a few exotics. Today, the ranch is home to many more exotic animals, as well as domestic animals, that were either rescued from, or unwanted by, their owners.”- Austin Zoo

On our trip this week we were greeted by some adorable ringtail lemurs, then met tigers, lions, a gigantic pig, an array of beautiful birds and more. You can feed the majority of the barn animals, which is fantastic for the kiddos. And there’s a train ride that all would adore. You can pack a lunch or buy snacks/lunch while you’re there. You can even plan a birthday party. What fun!!

My suggestion- pack up the family, friends or even your date, and hit the Austin Zoo! It’s a double-whammy as an activity and donation you can feel great about!