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While other parts of the country are experiencing a slow down and even a decline in home prices many investors have been recently looking to Austin and the surrounding areas for a number of reasons:
- Still very inexpensive to purchase properties (As of July of 2008 the median price for an existing single-family home was $195,000 up from $151,200 in 2004).
- High rental rates versus cash carrying costs.
- Property appreciation rates on the rise.
- Rapid growth and expansion in Austin.
- Rebound of industry and technology in area.
- Unemployment at lowest levels in years.
- Massive expansion of spending on infrastructure. New 130 toll road and 45 freeway will be completed in 2007.
- Austin is a great place to live and work creating a large pool of renters to keep good rental properties leased.
- Diversified Workforce.
As other areas of the country have been caught up in talk of a "Bubble" Austin is talking about 5+ years of good growth ahead.
According to the Austin Chamber of Commerce:
"Growth in the Greater Austin Region has been extraordinary --Metro Austin population reached 1.4 million in 2003. The 1990's saw a 47 percent increase in population and growth has been averaging 3 percent annually since the 2000 census. "
Also the diversified workforce makes Austin's economy less prone to dramatic downturns if any one sector experiences corrections. Austin's largest employers are:
Austin Independent School District
City of Austin
Dell
Federal Government
Freescale Semiconductor
IBM Corp.
Seton Healthcare Network
State of Texas
St. David's Healthcare Partnership
Texas State University--San Marcos
University of Texas at Austin
Why you should contact Steve Mallett to help you invest in Austin:
- I specialize in finding the "diamond in the rough" type properties for investors. I look for properties with recent price reductions or properties that are new to the market.
- I am constantly searching for properties that fit the "rent ready" guidelines that investors have. I always have 4-5 properties that are ready to go. I have inspected them and ran the numbers to make sure that they make sense for you.
- I handle the transaction for you from offer to contract to closing. Most investors are not even in Austin when they close on their properties. It is all done electronically and through Fed-Ex. When writing the offer I help answer all of the tough questions, such as "how much to offer?"
- If you are planning a trip to Austin I do an "Investor tour" that will show you the highlights of Austin along with major employers locations and properties currently available.
If you have an interest in investing in Austin but are not sure please do not hesitate to call me. I enjoy talking about our fine city and would be happy to answer any questions you might have.
I am available by cell phone at (512) 627-7018
Questions Investors usually ask me...
Steve Mallett
*Rent Ready are properties can be rented with very little or no improvements. Typically they will have ceramic tile in the wet areas, neutral paint, sprinklers and window coverings
Helpful Links for investors interested in Austin:
Greater Austin Chamber of Commerce
Austin 360.com
AustinTexas.org
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