Gilbert Tuhabonye to speak at KW Mega Camp

I am so excited to see that my running coach and good friend Gilbert Tuhabonye will be speaking at KW Mega Camp next month.  The KW Mega Camp brings in top real estate producers from all around the country (and internationally) for top notch training, networking and renewal.  Also this year, Gary Keller will be launching his new book “Shift”.  This book provides leading edge insight on succeeding in real estate during changing market conditions.

If anyone knows how to power through changing conditions it would be Gilbert.  Gilbert survived a terrible attack on his school in native Burundi.  He relied on his faith, self-talk, and skill to escape genocide.  See Gilbert and other scheduled speakers at http://megacamp.kw.com/pages/speakers.shtml

Leveraged real estate through a 1031 exchange

One of the best ways to preserve equity made in real estate is through the tax deferred method of a 1031 exchange.  Simply put, if a seller plans to reposition equity in another real estate asset, he can use a qualified intermediary to facilitate a 1031 exchange and “trade” one asset for another.  In doing so, any tax liability on the profit of the sale is deferred until the replacement property is dispositioned.

As a real estate agent, I have helped several clients (including myself) preserve capital and improve their asset leverage in these types of exchanges.

Some examples my clients have done are:

* Exchange a condo earning $1200/mo rent for two 4-plexes earning over $5000/mo rent

* Exchange acreage earning $4000/yr on a farm lease to two condos earning over $25,000/yr in rents

* Exchange a vacant single family house for a cash flowing 12-unit apartment building

With the US real estate market searching for a bottom, now may be a good time for some sellers to reposition real estate holdings to take advantage of the next real estate cycle.  Here are some examples of exchanges that might work depending on individual situations:

1) Take non or low income land (acreage) and convert to income generating property

2) Take several properties and convert to a single property

3) Take non appreciating property and convert to a higher appreciating property

4) Take a single property and convert to several properties

5) Take a property with high equity and convert to a more valuable property with a lower equity position

Austin has some great opportunities right now to assist in building a healthy real estate portfolio.  Give me a call if you would like to talk about how a 1031 exchange might be a good strategy for you.

“Run for the Water” welcomes Keller Williams Realty as 2008 title sponsor

I am excited to announce to my blog readers that Keller Williams Realty has come on board as the 2008 Title sponsor for the “Run for the Water”.  This 10-mile running race is in its second year and benefits the Gazelle Foundation.  There are still sponsorship opportunities for some of the lower levels.  Stay tuned for more information on this one-of-a-kind event.

Gazelle Foundation link:  www.gazellefoundation.com

Run for the Water link:  www.runforthewater.com

Good time to buy real estate in Austin?

I get this question all the time.  Statistics tell the story.  General guidelines we use in the industry are:

Less than 3 months of inventory:  Sellers’ market

3-6 months of inventory:  Balanced market

More than 6 months of inventory:  Buyers’ market

Keep in mind, these are general guidelines.  Regardless of the market and whether you are a buyer or a seller, an experienced Realtor can help you gain the best negotiating advantage.  Enjoy the latest statistics for general Austin MLS.  Keep in mind that depending on what part of Austin you are looking at, the statistics can vary widely from the general averages.  Give me a call if you need help:

 

All
Price Range	# of Solds	Avg Sales Price	Avg DOM	Current Actives	Avg. # of Solds	Months of Inventory
< 100,000	1765	$74,307	38.80	484	147.08	3.29
100-149,999	5622	$128,322	28.58	1679	468.50	3.58
150-199,999	5912	$172,677	28.37	2295	492.67	4.66
200-299,999	5571	$243,372	33.38	2979	464.25	6.42
300-399,999	2455	$345,343	36.86	1833	204.58	8.96
400-499,999	1164	$443,168	42.84	1088	97.00	11.22
500-749,999	1074	$600,021	49.08	1251	89.50	13.98
750-999,999	313	$853,237	58.06	522	26.08	20.01
> 1 Million	307	$1,603,693	75.21	664	25.58	25.95
Total	24183	$247,974	33.79	12795	2015.25	6.35

Sneak Peek at Karen Saenz new artwork

OK guys, so this is a shameless plug for my lovely wife’s new show starting July 12th at Cafe Josie.  Just minutes ago she published images on her website for the world to see.  These pieces mean alot to me because they were born while we were on our honeymoon in Italy and Greece last spring. 

I am really proud of her not only because these originals are breathtakingly beautiful, but because Cafe Josie have invited her to become their resident artist.

What does artwork have to do with real estate?  Well, I can tell you from experience, that on more than one occasion, Karen’s original oil paintings have been featured in my listings.  And in these instances, her paintings made such an impact on prospective buyers’ first impressions, that the sellers and I believe that her artwork helped fetch a higher price in less time on the market.