Central East Austin Real Estate - Mueller and More

New homes have dominated the sales at Austin’s Mueller Development in 2009, though there has been a mixed bag of results for the resale homes. Here’s a quick recap and some thoughts on how to sell your home here. All data is from the Austin MLS.

The successes: Three resale homes have sold in 2009.

Time on market: The number of days on market averages at 18, which is outstanding for an average list price of $341k. Compare this with an average of 81 days for other homes in the city of Austin sold in 2009 between $300,000 and $400,000.

Other listings that didn’t sell: Two were leased out rather than sold, one failed to sell (expired) and one is temporarily off the market. So 25% of listings have failed to sell, though the statistical sample is laughably small.

Other resale homes available: There is one other home available on Pinckney Street opposite the pool. There are around 14 new homes in various stages of completion available as of this morning.

What’s the price per square foot of homes at Mueller? I’m not a big fan of this basic type of analysis - it misses out the detail of what makes each home unique, and sales between $150/sqft and $202/sqft give a very wide deviation. I don’t put much stock in the number.

How do I price my home at Mueller for sale? Pricing is always interesting when there have only been a few resales and the builders are still active in a neighborhood. The good news for those considering reselling right now is that the Mueller builders only have very limited inventory, and no fixed plans are in place for the next phase of development.

Pricing must be realistic and is based on competition, supply and demand. If your home is competing with a builder model, then pay attention to the incentives that they are offering, and what upgrades and options your home has.

For example, an inventory home listed at $369,000 might seem like fair competition for your two year home unless you consider that the builder may be offering seller paid closing costs or other incentives to use their preferred lender. The builder will also offer a warranty with their new home, while much of your warranty might have expired.

When pricing your home, get professional advice from a local real estate agent who has been involved in the new home sales. There are several that live in Mueller including myself.

Garreth Wilcock is a Realtor® specializing in new and resale homes at Mueller.Call him on 512 215 4785 for a chat about home sales.

Why is there a “for rent” sign where the Meritage model home on Antone Street used to be? There’s not much left for Meritage to sell of their existing lots. One home at the last count. So there’s not much reason for them to have a model home in Mueller right now.

Is this normal? This is pretty standard operating practice for some builders. They will sell their fully furnished models and then rent them back to use as model homes.

Meritage haven’t owned the home in some time, but given that they had a “Meritage model home” sign outside, no-one noticed.

Buying a model home can be a good opportunity for an investor - typically a builder in a model home is a great tenant. They pay the rent and keep things in tip top condition -did you ever see a model home with dead grass or bad landscaping?

So Meritage don’t need a model home right now. David Weekley have sold one of their model row homes, and have their Willie model for sale right now too.

Why is the sign big and red? Well it made you notice didn’t it!
Are there any more homes for sale at Mueller? Yes, there are some new homes and some resale opportunities pop up too. Right now there are 24 homes in the MLS, of which 10 are under contract. What this means is that the remaining homes are selling quickly and that inventory is low.

Given that the available 14 and a few custom home lots represent all the remaining lots that the builders have to work on, it’s likely that homes under $600k won’t be around for long.

When is the next phase of development in Mueller? That’s the million dollar question right now. We’re anticipating some news from Catellus in 2010. For now, all is quiet on the western front.

I want to buy a model home at Mueller. How do I do that? There are still some remaining models on the ground - David Weekley, Standard Pacific and Streetman still have model homes. While they’re not listed for sale, you might want to consider getting a Realtor and making an offer.

How do I rent a home at Mueller? Many leases at Mueller pop up on the MLS - here’s a link to active leases in Mueller.

So while I might not expect any more “for rent” signs on model homes at Mueller, I fully expect some “for sale” signs until the developer reveals the next phase of development.

Garreth Wilcock is a resident and Realtor at Mueller Austin where he keeps his finger on the pulse of homes for sale.

The continuing development at the old Mueller airport in Austin has seen fast paced sales in 2009, and the developer Catellus is remaining tight lipped about plans for 2010.

New home sales in 2009 have been brisk to say the least, and I’m grateful for all the business. At a recent development budget meeting, the number of residential homeowner assessments was announced as 671.

Compare that with the number of occupied units at the end of 2008 (around 350) and assuming 20 unsold units, that means that around 300 new homes have sold in 2009. Mueller is certainly Austin’s fastest selling development.

Another example is a success in a tricky price point. The 2009 Parade of Homes showcased five million dollar five star green homes. This is a slow selling price right now - the absorption rate of homes in the $900k-$2m range within Austin is very low - there are over 15 months of inventory right now. Nevertheless, one of the five in Mueller has sold this year - congratulations to The Muskin Company and Kevin Burns.

During 2009, most of the remaining builder lots have been sold and much of the construction completed. Visiting the model homes right now shows that there are only a handful for each builder available. I ran into Bob Brock at Streetman Homes a few days ago and he has only three townhomes available and three other lots to build on (and the Parade home).

There are some new homes still available at Mueller, but not many.

So what’s in store for 2010 at Mueller? The developer’s original plans have certainly changed. While we had anticipated an announcement from Catellus on the next phase by the end of this year, it looks like this has been pushed back until 2010. So when will we see new homes under construction at the old airport? It’s unclear at this stage.

I’ll talk about what this means for the resale market in Mueller in my next post.

Garreth Wilcock is a Realtor® specializing in new and resale homes at Mueller. Get in touch at 512 215 478, or leave a question in the comments below!

The Lights of Love 5k will be held in conjunction with the tower lighting ceremony at the old airport this evening. Things kick off sometime after 5p, with the kids run starting at 6p, and the rest at 6:30p. Where is it, what’s to see and will it happen if it snows?

The lighting ceremony is Mueller’s version of turning on Christmas tree lights. Rather that a giant tree, we get a giant illuminated Noel sign on the old control tower. The tradition is now in its fourth year since its revival - a similar sign was used for 38 years when the control tower was actually in use at the old airport.

Yes, I know, the photo on the right is from last year. It’s cold out there so I left my camera at home this year.** see edit **

In addition to the ceremony, the Lights of Love 5k is taking place in the neighborhood. It’s a fund raiser for the Austin Ronald McDonald House, and looks like it’s going to raise over $111,000 this year. There’s a 5k run / walk and activities starting in the Browning Hangar -  the unmissable single (golden?) arch visible from Airport Boulevard.Both events are set to continue in both rain or snow, and despite predictions of freezing temperatures (lows of 27 degrees). To get a feel for how that would be, I ran the course yesterday evening, while temperatures were in the mid 40s, and here are some things to watch out for on the Lights of Love 2009.

If you can’t make the ceremony and want to get some holiday spirit, take a look at the top of the water tower on 51st St. The workers welding on top of the water bowl make it look like it’s twinkling.

[edit] ok, so I went out in the cold and made a quick video! See you out there - I should be there from 3:45p - come and say hi!

Garreth Wilcock is a Mueller Resident and Realtor® and represents buyers and sellers of Mueller Austin Homes.

The Lights of Love 5k course runs through the Mueller Development in Austin this evening.

The course map is available from the Lights of Love page and I took a snapshot (right) and ran it a few times last night in preparation. Here are a few things to watch out for:

• The start is at the bow-trussed Browning Hangar is a remnant of 1940’s airport construction which eschewed steel supports
• Running along Simmond and Berkman, the course is going to be windy. There is no construction on the North and East, so wear a hat and gloves for this part. If there’s going to be ice on the roads, this is my best bet for where that will be.
• The Control Tower with its illuminated Noel sign will be your light house here, and althrough last year, much of the course was pitch black, this year there are street lights all the way.
• Turning onto Tom Miller there is less wind exposure, and you turn at the Mueller Streetman model onto Antone. The route takes you past model homes for Meritage, Standard Pacific and David Weekley too, and you’ll be able to see which of these has the most supernaturally-green colored lawn. Compare this with the more natural grass in the surrounding parks and streets.
• You run past Ella Wooten park and pool from both sides, before and after Threadgill, and from McCloskey you will run past Lawless. Look right to see Austin’s new emerging Street of Lights.
• You might notice a few rooftop solar installations on McCloskey and then run past my house, and then turn back onto Tom Miller and then up Zach Scott keeping Lake Park on your left as you run onto Camacho.
• The 2009 Parade of Homes part of the route on Camacho takes you past the five million-dollar plus homes, and the lot that is under contract to build another custom home. Of these, the Muskin / Michael Hsu custom home is also currently under contract
• As you go left on Mattie, you’ll retrace your steps on Simmond back to the Hangar to see Santa.

The event is going to be cold. There wlil be artificial snow in the hangar and perhaps real snow and ice on the streets so be careful!

Mueller Austin Homes for sale on the route: You’ll run or walk past several homes for sale this evening. Top of mind are:

• Townhomes on Berkman - three from David Weekley and three from Streetman in the $300s ranging from 1715 to 1967sqft.
• A two story 1925sqft David Weekley yard home on Threadgill at $363,592
• A 2543sqft Standard Pacific Simkins plan with a garage apartment on Antone at $505,545
• A 2122sqft Meritage Home on Antone in the mid $300s
• Standard Pacific Whitis Court, Littlefield and Roberts plans on Tom Miller from $400k-$472k
• 2009 Parade of Homes models from the mid $900s to $1.2m

For more details on Mueller Austin homes, check out my website or call 512 215 4785. December is traditionally a time where builders are keen to sell their inventory homes, so maybe you’ll be running past some opportunities to negotiate.

Garreth Wilcock is a Mueller Resident and Realtor® and represents buyers and sellers of homes at Mueller.

The Austin Chronicle ran a story on another sustainable accolade achieved by Mueller, Austin last week. Where are we in the development and where is it heading?

The Mueller Development has been awarded a silver LEED-ND status - a new designation at the neighborhood level which allows recognition of sustainable design and construction. The US Green Building Council allowed Mueller to participate in the pilot program which rewards developments in categories such as Smart Location (Mueller is a few miles from UT and Downtown) Pattern and Design (compact development and walkable streets).

Some aspects are mandatory (walkable streets) and some score points towards the rating (solar orientation, mixed-use neighborhood centers). Ratings are silver, gold and platinum, and at 51 points out of 100 Mueller is silver.

There are some 4600 homes planned for Mueller, of which around 400 are occupied presently. The timeline for development has been extended and the roll out of new homes has been modified. While the original plan called for development to move East of Berkman, it seems slated to move North now - towards the planned town center.

While the developer is still waiting to reveal exact plans, it sounds like denser development is coming:  town homes and possibly Mueller Houses may be the next steps along Berkman. Maybe this more compact development will help the neighborhood gain the next rating level - LEED-ND Gold.

I’ll write some more about the developer’s announcements as they happen, and talk about implications for future home buyers and existing home sellers.

Garreth Wilcock is a Realtor resident in the Mueller Development. Search homes at the old airport.

The second question I normally get asked by people looking to buy a home at Mueller is “When is the grocery store going to get here and which one is it?”. The developer gave some positive news this morning.

Greg Weaver at Catellus discussed progress on the grocery store at the Mueller Neighborhood Association meeting today. Here’s a clip in which he talks about things in motion.

My take on what he said is:

• It could be soon
• He’s positive about the discussions that are happening with potential tenants
• The developer appreciates the importance to the community
• Berkman will probably be opened up to allow access to the market district
• It’s still planned to be at 51st and Berkman, with parking on the 51st side

Compared to the news on the Mueller town center timeline, this seems pretty positive.

Garreth Wilcock is a Mueller Resident and Realtor® and represents buyers and sellers of homes at Mueller. Which grocery store would you like to see at Mueller? Please comment below!

One of the first questions I get asked by people looking to buy a home at Mueller is “When is the Town Center going to be developed?”. Here’s the answer straight from the developer.

Greg Weaver at Catellus addressed the Mueller Neighborhood Association meeting today, and one of the topics discussed was the Town Center. There have been lots of discussions about the town center - for example a focus group 15 months ago as discussed in this Mueller blog.

Here’s the clip in which he talks about the potential timeline and challenges of developing the center.

In a nutshell he said:

• It could be three to five years out
• Perhaps it can be developed incrementally
• Maybe something will spring out of the Austin Children’s Museum moving here
• The developer is considering alternative development strategies

One interesting idea, which I hope isn’t a red herring, is to indulge in the Austin boom of Airstream restaurants. Greg said that he’d been watching videos of shipping container restaurants as one alternative. Check out one example of a Müvbox in action - a green shipping restaurant.

I for one would enjoy walking to eat a few Flip Happy Crepes and some Torchy’s tacos while I wait 3 years for the town center of my dreams. Will the news that the town center is so far out affect residential sales? That remains to be seen.

Garreth Wilcock is a Mueller Resident and Realtor® and represents buyers and sellers of homes at Mueller. What would you rather see? A full planned town center later, or an organic growth starting now - please feel free to comment!

How is the resale market at Mueller Austin? Here’s an overview of what has happened so far, and a brief clip of Catellus’ Greg Weaver talking about the upcoming development plans.

If you’ve been out and about in Mueller lately, you’ll have seen a few for sale signs - some of them popping up in the last fortnight. It’s interesting to see the difference between the current list prices and the orginal purchase prices a few years back, and the difference between list price and sales price of the recent sales. Contact me if you want more info on that.

Is now a good time to compete with new builds?

On the one hand, some of the resale floorplans or locations aren’t available for the builders. For example, the resale homes on Zach Scott with views of Lake Park or on Pinckney with easy access to the pool at Ella Wooten are hard to beat.

In addition, the builders are running out of lots and of homes they can build for the near future, until the next development phase is announced. David Weekley is selling it’s Willie model home on Zach Scott as one example, and Meritage have removed their construction trailer from McCloskey to build a home there.

Catellus, the developer, is still saying it may be 60-90 days before they release news of the next development steps. So there may be no new homes in the next phases ready in time for Spring 2010. Here’s Greg Weaver at Catellus talking about the next phases of development:

• smaller phases of development
• more organic evolution
• sticking to the original master plan, while changing the execution plan

So it seems that right now and for the next few months, there is less builder competition for portions of the resale market. Sellers can take advantage of the availability gap to sell their homes.

On the down side, the developer is talking of a 3-5 year lag for a town center, which is one key set of amenities in the eyes of many considering a new or resale home at Mueller. Less amenities might mean less interest.

In the last few months we have seen successful sales on Scales, Zach Scott and Cal Rodgers with low times on market compared to similar price points in the rest of Central Austin. If you’re considering selling, check out the tips in this article on selling your home at Mueller.

Garreth Wilcock is a Realtor® representing buyers and sellers at Mueller and beyond. Call 512 215 4785 for more info.

Affordable homes at Mueller Austin? Available in time for the $8,000 tax credit? Yes!

There are two Longhorn plans currently available for income qualified buyers. To write a contract you need to be pre-approved with the program and the preferrred lender. You can live opposite the beautiful Lake Park close to UT and downtown for under $165,000.

Let me know if you’ve missed out on the affordable program before or want to get into the Mueller shared equity scheme.

Garreth Wilcock is a Mueller Resident and Realtor® and represents buyers of homes at Mueller. Call 512 215 4785 to talk about your new home.