As for Lakeway homes that have sold in the last 30 days, 28 homes have sold and 20 are under contract.  That gives the city of Lakeway a 4 month supply of inventory, which is pretty low considering how many other markets are doing.  For the same time period a year ago only 12 homes sold.

The average sold price of  homes in Lakeway that sold during the last 30 days was $490,517.  The average sold price per square foot was $146.12.  Homes sold at 91% of list price and took 86 days to sell.  For the same time period last year the average sold price of a Lakeway home was $559,250 and the average sold price per foot was $160.09.  Homes sold last year sold at 91$ of list price and were on the market for 117 days before selling.

So what does this tell me?  More homes have sold this year because sellers are more realistic about pricing their homes.  Prices are down by 14%, but homes are selling more quickly.

Lakeway is a city on Lake Travis around 40 minutes west of downtown Austin.  It is served by the outstanding Lake Travis ISD schools.

Partners in Building picked up at auction a development near Mansfield Dam in the northwest Austin area.  With much infrastructure and permitting already in place, the 121 acre site is almost ready for Partners in Building to begin construction of new homes.

Homes to be built will be customizable by buyers and prices will start in the high $400,000 range.  Landscaping is being done at the entrance, which is off RR 620 North, and a custom gate will be put in as well.

This development is in a great area.  The development is served by Lake Travis ISD schools, which are excellent.  The elementary, middle and high schools serving the development are all within 5-15 minutes.   Not far northeast on 620 is major shopping with an HEB grocery store, Target, Super Walmart and more just 10 minutes away.

Being so close to Lake Travis and Lake Austin, recreational opportunities abound.  Being close to Mansfield Dam, a public boat ramp into Lake Travis is just minutes away.  The lake offers boating, water skiing, wakeboarding, swimming, fishing and even scuba diving.  A boat ramp for Lake Austin is available at the end of Quinlan Park Rd and the trip 22 miles down the lake to Austin is amazing.

In the other direction are the cities of Lakeway and Bee Cave.  Retail, restaurants, medical offices and more are all up and down 620.  In Bee Cave, the Hill Country Galleria Mall offers major shopping and the Shops at the Galleria offer another 500,000 square feet of retail.  This is all just 10-15 minutes from the new 121 acre community.

In addition, the Lakeway Regional Medical Center is under construction in Lakeway.  The medical center will contain a hospital with a Level III Trauma Center, floors for pediatrics, women’s health, surgery and more.  In addition, there will be medical office space, a hotel, restaurants and much more at the medical center.

Access from the 121 acres to north, central and downtown Austin is good and drive time isn’t terribly bad in the absence of bad weather.  Some of the one-acre home sites will also offer very nice Hill Country views.  Overall, this looks like it will turn in to a very nice community.

See Also:
Texas Mortgage Credit Program
New Homes in Austin

With good Leander ISD schools, major employers close by and being located near major transportation, Crystal Falls has a bright future.  Residents can get into Round Rock or Austin quickly by taking 1431 to 183A.  Also close to Lake Travis, lake recreation is also fairly close to Crystal Falls.

The biggest thing that has happened in Crystal Falls recently was the acquisition of 1200 lots by home builder Taylor Morrison.  Taylor Morrison had a large presence in Steiner Ranch, a similar community a bit closer to Austin.  This purchase was a huge investment so Taylor Morrison must be pretty high on Austin’s future.

Knowing Taylor Morrison’s success in Steiner Ranch, the developer of Crystal Falls saw a good fit.  Taylor Morrison will build 4 new communities within the 440 acres the company purchased.  There will be different products at different price points in each community.  Prices in the various new communities are expected to be from around $200,000 to $400,000.

As Steiner Ranch sells out, many Austin home buyers looking for a nice master-planned community in an area with good schools will probably turn to Crystal Falls.  That could happen over the next several years.  Home sales in Steiner Ranch have been brisk this year with 231 homes sold year-to-date and 44 currently under contract.

In Crystal Falls this year, 52 homes have sold in the MLS and 12 are under contract.  Not all homes sold will be in the MLS so I do not have true numbers for the number of sales this year.  My understanding is that around 1400 homes have been sold in Crystal Falls since it was first developed in the 1990s.

Similar to Steiner Ranch, amenities in Crystal Falls are nice.  There is a golf course, there are a number of community swimming pools and swim centers.  There are a number of parks and playgrounds for the kids.  Crystal Falls also has sports fields, tennis courts and volleyball courts.  In addition, there are picnic areas, a fishing pond and a disc golf course.

Click to learn more about Crystal Falls homes and to see homes for sale.

Rough Hollow is a master-planned community on Lake Travis.  Amenities include a marina, restaurant, pool, covered pavilion, hike and bike trails and a fitness center.

I, as most of the 300 or so Austin REALTORS present did, walked through all of the homes.  None had been finished, but all could give people a decent idea of layout and a few gave people a glimpse of some design features and finish-out.

There was to be a drawing for various door prizes at the end of the event.  While waiting for the drawing, I talked with a number of agents.  Everyone wanted to know everyone else’s favorite homes.  A few were not far enough along to have a really great idea of what they would look like so some were probably discounted.

The consensus among people I talked with was that the Jenkins Custom Homes and the Master’s Touch Custom Homes properties were favorites.  One guy liked the Triton Custom homes home because it had a contemporary look and feel to it.

I think the developer, Haythem Dawlett, was smart to have people out during what looks like the mid-point of construction for most of the Parade homes.  It gave us enough of a look to make us curious to see the finished products.

The 2010 Austin Parade of Homes will be held on the last three weekends of October so get out to Lakeway and check it out.

Single-family home sales in Lakeway have been better this spring and summer than a year ago, but it is still a bit slow in this Hill Country city.  For the time period from April 27, 2009 through June 27, 2009, 45 single-family Lakeway homes have sold.  The average price was almost $348,000 and that put the average sold price per square foot at $123.47.  On average, homes sold for 95.16% of list price and took an average of 125 days to sell.

Fast forward to the same time period in 2010.  During the same period there were 40 single-family homes sold.  The average price was just over $369,000 and that put the average sold price per square foot at $131.25.  On average, homes sold for 94.6% of list price and took an average of 87 days to sell.

There are currently 228 single-family homes in Lakeway listed for sale in the MLS with 32 of them showing to be under contract. Home prices range from $199,000 to $2.295 million.

The Austin Market:
The number of active listings is down 1.81% from last year during the same week.
 New listings are up 19.20%.
 Pendings are up this week by 34.86%.
 Sold residential units are up 60.49% compared to the same week last year.
 
The Week in Review
Units for Sale:
Feb. 28 – Mar. 6, 2010
(compared to the same week in 2009)
New listings are up this week 19.20%
Pendings are up this week 34.86%
Solds are up 60.49%
 
As for Average Prices:
Feb. 28 – Mar. 6, 2010
Sold average sales prices increased 4.52% to $236,502.  In 2009 it was $226,272 for the same week.

The Month In Review
Preliminary February 2010 Data: 
Units for Sale: (compared to February 2009)
New listings are up 8.22%.
Pendings are up 18.37%.
Solds increased by 19.64%
 
As for Average Prices:
The “New Listings” average list price is down 10.17% to $295,379.  In February 2009 the average list price was $328,804. 
Sold average sales prices decreased 3.78% to $236,145.  For February 2009 it was $245,430. 

Did You Know…?
That we had 10,875 active listings during the same week in 2009?  Today there is 10,678 active listings!  That is 1.81% decrease from last year.

Lake Travis real estate agent Sam Chapman’s comments:
These numbers are similar to those of the past several weeks and indicate a great trend.  Sales are up and that is a very good thing.  My thinking is that people who pulled homes off the market toward the end of last year will be listing them again soon and the number of active listings may go up. 

I think what we are seeing a lot of activity because of several things.  First, the tax credit is looming and that is pushing some buyers.  Second, the threat of rising interest rates has people moving forward.  Third, people are just glad that 2009 is over and even though many do not thing 2010 will a lot better, they are moving forward anyway.  Fourth, people are moving to Austin.  Some are moving for jobs, some for the lifestyle and some because they can work from anywhere.  Finally, some buyers are back in the hunt for a home near or on Lake Travis because it is finally back to a normal level after two years of drought.

See also:

Falconhead West
Rough Hollow

Rough Hollow is currently one of the largest developments on Lake Travis.  It started out a few years ago and really kicked things off with the 2008 Parade of Homes. Rough Hollow consists of almost 1800 acres of hills, valleys and lake frontage.  Of the almost 1800 acres, 400 has been developed and homes are on the ground.  Rough Hollow homes will generally range from the low $300,000s into the low millions.

The amenities at Rough Hollow are very nice.  The Rough Hollow Yacht Club has a large marina, ships store and valet service and almost all slips are leased.  There is an excellent restaurant called The Grille.  There is a fitness center with windows looking out over Lake Travis.  As Rough Hollow continues to build out, there will be 22 miles of hike and bike trails in the community.  The start of the trails will be a club called the Trailhead.  The Trailhead will have two pools and a lazy river, fitness center and tennis courts.  A day care facility is also in the plans.

Rough Hollow builders include Coventry, Monterrey and Grand Haven Homes and many custom builders.  Grand Haven has 3 specs going up in the area called the Overlook.  They are also building in a new section of Rough Hollow off Rough Hollow Blvd.  When Rough Hollow Blvd. is opened, it will connect Lakeway with Bee Creek Road to the west.

For all of you folks with kids, the schools that serve Rough Hollow are excellent.  They are in the highly rated Lake Travis Independent School District.  Elementary and middle schools are great at preparing kids for high high school.  Lake Travis High School excells academically, in music, debate, theater and many sports.  The football team recently won its third state championship in a row.  The schools have many great clubs and service organizations as well.  For those of you without kids, having access to great schools is excellent for resale value down the road.

The 2010 Parade of Homes will be in Rough Hollow In October.  Custom builders for the Parade include Masters Touch Custom Homes, Zbranek Custom Homes, Jenkins Custom Homes, Copperleaf Property Group, Triton Custom Homes, Foursquare Builders and Vil Custom Homes.  So far at least 3 homes have been pre-sold and the goal is to have all pre-sold by October.  Several of these builders built in the 2008 Parade in Rough Hollow.

See also:

New Home Builders In Austin
Ridge At Paloma Lake

helicopter ride over Lake Travis

The Reserve on Lake Travis is the most recent development with waterfront home sites on the lake.  The Reserve is around 45-60 minutes west of downtown Austin depending on time of day and weather conditions.  Home sites range from the $300,000s to $3 million for an 11 acre waterfront parcel.  The one acre waterfront sites are going for the mid $700,000s and up.  The amenities will be very nice.  I went to the grand opening last year and The Reserve looks like it will be a very nice community. The only thing there at the time was the covered pavilion by Lake Travis.

Update as of now:  the roads are 70% complete. They will be paving the last two cul-de-sacs in the next 45 days. The swim center is well underway. They Lazy river is getting poured today and they’re on tract to finish everything by the end of the year.  The Equestrian Center arena is complete and they have broken ground on the barn. The barn should be finished in the first quarter 2010.  The developer, Hal Jones, has moved into his home and lives there full time. Red McCombs’ house is about 75% complete. We have 4 custom homes starting construction in the next 3-4 months. Two of those four will start in the next 60 days. There have been 18 homesites sold so far.  There are several deals in the works and the developer is anticipating those going to contract very soon.

By the way, the photo is from a helicopter tour I took while at the grand opening.

Questions about The Reserve or other Lake Travis real estate?  Call me at 512-29392422.